#coronavirus – Federal Financial Analytics

30 01, 2023

DAILY013023

Eliza Allen2023-01-30T16:59:06-05:00January 30th, 2023|2- Daily Briefing|

FDIC Sets New Comment Deadline For Advertising NPR

The FDIC today extended the comment deadline for its NPR modernizing restrictions on the agency’s official sign and logo, advertising statement, and misrepresentations of deposit insurance coverage by 45 days until April 7.

Banking Agencies Report No Material Differences in Capital, Accounting Rules

Ahead of efforts later this winter to rewrite large-bank capital standards, the banking agencies today submitted their annual report to HFSC and Senate Banking assessing the differences between the agencies’ accounting and capital standards.

HFSC Lays Out Initial Action Plan

HFSC Chairman McHenry (R-NC) is moving forward, today announcing plans for a meeting on Wednesday to set the committees’ rules and near-term oversight priorities.

Controversial CFPB Initiatives Advance

The Federal Register today includes the CFPB’s nonbank enforcement action registry proposal as well as its circular regarding negative option marketing practices.

FHA Expands Loan-Mod Options, Incentives

The FHA today announced it will extend incentive payments to mortgage servicers that complete COVID-Recovery loss-mitigation options, also releasing several other changes to help struggling borrowers avoid foreclosures regardless of the nature of repayment hardship.

Daily013023.pdf…

DAILY120122

Eliza Allen2022-12-01T17:57:37-05:00December 1st, 2022|2- Daily Briefing|

FDIC, FRB-NY Highlight AOCI Losses

In remarks accompanying the banking-sector 3Q report, Acting FDIC Chairman Gruenberg noted that unrealized losses on AFS/HTM securities now total $690 billion, up 47 percent from just the second quarter. This issue is also highlighted in remarks today from the head of supervision at the Federal Reserve Bank of New York, but neither she nor Mr. Gruenberg indicates if the agencies plan any action in this arena.

Brown Talks Civil Rights, GOP Attacks CFPB

Although Chairman Brown (D-OH) used today’s Fair Lending hearing to renew discussion of his 2020 legislation bringing financial institutions under the Civil Rights Act (see FSM Report FAIRLEND9), most of the focus at the session was on the CFPB.

House Panel Blasts Fintech PPP Practices, Seeks Investigation

A new report from the Select Committee on the Coronavirus investigating the role of fintechs in PPP fraud concludes that fintechs failed to implement appropriate oversight and fraud-prevention strategies despite accruing “massive” profits from administration fees.

Barr Talks Even Tougher on Bank Capital Rewrite

Although Vice Chairman Barr today confirmed statements to the Senate Banking Committee (see Client Report REFORM214) that his holistic-capital review is under way without any immediate conclusions, he also emphasized that it will ensure that ample capitalization is sufficient for severe stress and creates incentives for prudent lending. Current capital levels are, he said, at the low end of what research suggests they should be.

Daily120122.pdf…

DAILY101422

Eliza Allen2022-10-14T17:04:18-04:00October 14th, 2022|2- Daily Briefing|

Along with a Squeaker Merger Approval, Fed/FDIC Begin Work on Large-Bank Resolvability

As anticipated in Karen Petrou’s speech yesterday, the Fed today unanimously approved and the FDIC will shortly do the same on an advance notice of proposed rulemaking re-enforcing large-bank resolvability. That this complex rulemaking will not slow near-term merger decisions was made clear today also by the Fed and OCC decisions to clear USB’s acquisition of MSFG’s California banking organization.

Covid Comm Presses CFPB for Still More Credit-Reporting Reform

The Chairman of the Select Subcommittee on the Coronavirus Crisis, Rep. James Clyburn (D-NC) sent a letter to CFPB Director Chopra requesting that the Bureau investigate the three nationwide consumer reporting agencies (NCRAs) for failing to properly address credit reporting errors. Citing data, the Subcommittee obtained from the NCRAs, Chairman Clyburn alleges that reporting errors occurred far more often than previously thought, that the majority of disputes do not result in consumer relief, and that the NCRAs discarded “tens of millions” of submissions without investigation by claiming they came from unauthorized third-parties.

Waller Dismisses Threat To Reserve Dollar Without A CBDC

In remarks today, FRB Governor Waller reiterated his skepticism of foreign-issued CBDCs and stablecoins, arguing that the underlying reasons for dollar dominance are non-technological and CBDCs will not affect them. He dismisses concerns that foreign CBDCs would undermine dollar dominance because they could neither reduce payment frictions nor prevent illicit finance.

Daily101422.pdf…