#Comer – Federal Financial Analytics

10 07, 2023

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Eliza Allen2023-07-10T16:43:24-04:00July 10th, 2023|2- Daily Briefing|

HFSC Lays Out Its ESG Priorities

The majority staff memo ahead of Wednesday’s HFSC hearing on ESG follows the outline anticipated last week and that laid out in the GOP agenda for ESG-related action (see Client Report ESG4).

OCC Concurs On Capital, Tries For The Merger Middle

Acting Comptroller Hsu today confirmed our assessment of Vice Chair Barr’s comments earlier today (see Client Report CAPITAL228) that the three banking agencies are aligned on the new capital construct to be shortly released for public comment.

Barr, Foster Demand Delay to Capital Rewrite

Anticipating Vice Chair Barr’s remarks this morning detailing near-term capital policy changes (see Client Report CAPITAL228), HFSC Financial Institutions Subcommittee Chair Barr (R-KY) and Ranking Member Foster (D-IL) sent a letter late Friday demanding that he appear before the Subcommittee to present the conclusions of his capital review and upcoming Basel III implementation plans prior to public release, asking also for details and likely outcomes for industry consolidation.

House Republicans Keep Spotlight On FRB-SF

Continuing the GOP’s attack on the San Francisco Fed’s supervision of SVB in the wake of what many believe are “woke” priorities, House Oversight Committee Chairman Comer (R-KY) was joined today by Financial Services Subcommittee Chairwoman McClain (R-MI) in sending a letter to FRB Chairman Powell taking serious issue with the Federal Reserve Bank of San Francisco and the Fed for what they describe as SVB-related transparency and communication failures.

BIS Survey: Most Central Banks Considering CBDCs

The BIS …

DAILY060523

Eliza Allen2023-06-05T16:41:32-04:00June 5th, 2023|2- Daily Briefing|

FRB-NY: Bank Discrimination Not To Blame For More Black Fintech PPP Loans

A new paper from Federal Reserve Bank of New York staff concludes that differences in PPP applications between white and Black firms entirely explains why Black PPP borrowers received a greater share of loans from fintechs rather than banks. This issue has been a longstanding point of contentiousness used by fintech advocates to argue that their business model warrants less regulation on grounds that it is also less discriminatory. However, the paper’s results suggest that any fintech-driven mitigation of racial disparities in lending outcomes is the product of higher Black-borrower applications, not higher approval rates that would demonstrate less discrimination.

GOP Leadership Presses Treasury, SEC On US/EU Climate Coordination

Senate Banking Ranking Member Scott (R-SC) was joined today by House Oversight Committee Chairman Comer (R-KY) in sending letters to Treasury Secretary Yellen and SEC Chairman Gensler taking serious issue with reports that the Department and Commission have been facilitating EU regulators’ efforts to advance international climate-related disclosure policies and ESG initiatives. Although the letter references U.S. companies, Ranking Member Scott and Chairman Comer sharply criticize EU standards they say would cause serious business and financial system harm through “onerous extra-territorial climate mandates.”

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Daily102221

Arezou Rafikian2023-06-05T15:18:13-04:00October 22nd, 2021|2- Daily Briefing|

BIS Official Presses Climate Risk Go-Slow
In remarks today, Fernando Restoy, head of the BIS’s Financial Stability Institute, reinforced the complexities climate risk presents for financial regulation emphasized also in last night’s FSOC report (see Client Report GREEN11).

Agencies Announce Anti-Redlining Priorities, Target Nonbank Lenders
In concert with a landmark anti-redlining enforcement action, the Department of Justice today announced a new anti-redlining initiative. This will not only prioritize cases such as the one settled with Trustmark National Bank, but also pursue redlining at nonbank mortgage lenders.

Senior Republicans Slam Postal-Banking Pilot, Postmaster General
HFSC Ranking Member McHenry (R-NC) and Oversight Ranking Member Comer (R-KY) today blasted USPS’s postal banking pilot, accusing the Postal Service of implementing the pilot “in secret” and without Congressional notification.

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