FedFin Assessment: Tales of a New TLAC
With press reports strongly suggesting that U.S. banking agencies will impose TLAC requirements on at least some regional BHCs, we think it helpful to provide an update on the 2016 rule imposing this resolution buffer (see FSM Report TLAC6) to note the implications of reopening the regulation.
HFSC Dems Attack Lack of Diversity in Insurance
Ahead of an HFSC hearing on Thursday, Chairwoman Waters (D-CA) and Rep. Beatty (D-OH) released a report sharply critical of the lack of diversity in the largest US insurance companies. Noting an array of problematic practices, the report also calls for action on legislation to require insurance companies to report their diversity data and policies to their respective regulators and to publicly disclose the gender and race makeup of their board directors and senior executives.
Senate Banking Fires Another Shot at Big Banks
Following yesterday’s “snapshots” of Truist, PNC, and USB ahead of the Thursday big-bank hearing, Senate Banking Democrats today continued their attack on large banks, releasing similar reports on Citi and Bank of America. These snapshots again focus on consumer issues such as Zelle fraud and also highlight recent enforcement actions.