#APR

22 02, 2024

DAILY022224

2024-02-22T17:00:09-05:00February 22nd, 2024|2- Daily Briefing|

CapOne Deal Draws GOP Fire

Late yesterday, Sen. Josh Hawley (R-MO) joined Democrats in strongly opposing the CapOne/Discover merger, doing so not only via a short statement, but also a letter to Assistant AG Kanter.

CFPB Buttresses Calls to Block CapOne Deal

Adding still more heat to the fire it built Friday on credit-card industry practices, the CFPB today reported that the average APR margin for credit-cards has reached an all-time high.  APR margins were also found also to account for about half of the absolute card rate, which rose from 12.9 percent in 2013 to 22.8 percent in 2023.

Hsu Presses Cross-Border Cryptoasset-Platform Regulation

Speaking before the FSB’s Crypto Working Group today, Acting Comptroller Hsu made it clear that multi-function cryptoasset intermediaries require a home/host-country regulatory construct akin to that adopted in the U.S. and around the world after BCCI’s money-laundering scandal and failure in 1991.

Daily022224.pdf

21 03, 2023

DAILY032123

2023-03-21T17:00:01-04:00March 21st, 2023|2- Daily Briefing|

US Races to Calm Depositors, Bankers

In a concerted effort to quell depositor fear, the White House has told Bloomberg that it will not allow community banks to experience a panic and Secretary Yellen is said shortly to assure bankers that smaller banks will not be allowed to experience a concerted run.

Treasury Stands Behind Small Banks In Systemic Situations

In her formal remarks today, Treasury Secretary Yellen confirmed press reports that the U.S. would contemplate interventions similar to those for SVB and SBNY should a smaller bank suffer a deposit run posing contagion risk.

CFPB Adds to Credit-Card Competition Interventions

Continuing its campaign against large credit-card companies (see FSM Report CREDITCARD36), the CFPB today launched an expanded credit card issuer survey to post new information on smaller companies the agency thinks beneficial to increase competition in this sector.

Adeyemo Reiterates US Backstop

In addition to Secretary Yellen’s comments today, Deputy Secretary Wally Adeyemo not only praised his agency’s response, but also reaffirmed that the government is prepared to back smaller banks.

Daily032123.pdf

3 02, 2022

FEDERALRESERVE69

2023-04-05T14:06:42-04:00February 3rd, 2022|5- Client Report|

FedFin Assessment: Raskin Confirmation Possible, But a Squeaker

As this report details, all three Fed nominees before the Senate Banking Committee today emphasized the vital importance of Fed independence and their anti-inflation zeal to quell GOP opposition and cement it among moderate Democrats.

FEDERALRESERVE69.pdf

3 02, 2022

FedFin Assessment: Raskin Confirmation Possible, But a Squeaker

2023-04-05T14:06:56-04:00February 3rd, 2022|The Vault|

As this report details, all three Fed nominees before the Senate Banking Committee today emphasized the vital importance of Fed independence and their anti-inflation zeal to quell GOP opposition and cement it among moderate Democrats. Professor Philip Jefferson sailed through and will be confirmed — perhaps quickly — by a relatively -wide bipartisan margin. We expect Professor Lisa Cook also to prevail, with Democrats likely joined by a
couple of moderate Republicans convinced that attacks on her expertise art unseemly with regard to a Black woman given how rarely similar concerns are voiced about white nominees with no macroeconomic-policy expertise.

The full report is available to retainer clients. To find out how you can sign up for the service, click here.…

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