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16 04, 2024

DAILY041624

2024-04-16T17:10:39-04:00April 16th, 2024|2- Daily Briefing|

House GOP Takes on New Merger Guidelines

The House Small Business Committee today sent a GOP letter to the FTC and Justice Department  strongly protesting new merger guidelines (see FSM Report MERGER13) on grounds that they sharply curtail needed small-business capital.

House Hikes Iran Sanctions

Working through a series of sanctions bills in the wake of recent geopolitical developments, the House yesterday voted 294-105 to advance H.R. 5921, a bill introduced by Rep. Huizenga (R-MI) that prohibits Treasury from authorizing transactions by U.S. financial institutions in connection with Iranian imports or exports other than food, medicine, and other humanitarian assistance.

House Passes Bill Targeting China-Iran Petroleum Trade

Continuing its response to recent geopolitical events, the House yesterday voted by a 383-11 margin to pass H.R. 5923, a bill from Reps. Lawler (R-NY) and Gottheimer (D-NJ) that would require the President to periodically determine if any Chinese financial institutions have purchased petroleum or petroleum products from Iran, stating that U.S. financial institutions also may not open or maintain certain accounts with Chinese institutions that have done so.

Warren Again Targets OCC Merger Decisions

Continuing recent attacks on the OCC’s approach to mergers, Sens. Warren (D-MA) and Blumenthal (D-CT) yesterday sent a letter to Acting Comptroller Hsu sharply criticizing the agency’s decision first to allow NYCB to acquire Flagstar bank and then do the same shortly thereafter for Signature.

OCC Toughens LCR, NSFR via New Reporting Requirements

The OCC today sought public comment as required by law for …

14 04, 2022

DAILY041422

2023-03-02T11:15:36-05:00April 14th, 2022|2- Daily Briefing|

Admin Issues Low-Impact Equity Plans

We have reviewed the Treasury and HUD reports filed in compliance with President Biden’s executive order on racial equity.

CEA Urges Tough Merger Policy, New Government Green Investments

Today’s Economic Report of the President from the Council of Economic Advisers emphasizes the Administration’s positive view of the economy and its own macroeconomic and equity accomplishments.

GSE Strategic Plans Demands Equity, Sustainability

FHFA today released the final version of its forward-looking strategic plan for Fannie, Freddie, and the FHLBs.  As we noted when the proposal was released in February, the plan redirects all of the GSEs to focus not only on safety-and-soundness and more traditional mission criteria, but also on equity and sustainability.

EXIM Enters Domestic C&I Finance

The U.S. Export-Import Bank today announced a fundamental shift in its decades-long function, going beyond export finance now to fund or guarantee domestic manufacturing companies even if they are only “export-focused” and do not use EXIM funds for export-related activity.

DOJ Equity Report Quiet on Mergers and Fair-Lending

Our review of the Department of Justice’s report implementing President Biden’s equity order indicates no discussion of bank-merger policy (see FSM Report MERGER10) or fair-lending enforcement, despite the high-priority focus given to these issues and the link drawn from them to equity outcomes in Mr. Biden’s competition order (see Client Report MERGER6).

FinCEN Targets Kleptocrats, Corrupt Public Officials

FinCEN today implemented provisions in the President’s anti-corruption order, issuing an advisory laying out how financial …

19 01, 2022

Daily011922

2023-04-24T13:33:40-04:00January 19th, 2022|2- Daily Briefing|

GOP Signals Congressional CBDC Strategy
Although the bill will not pass in this Congress, we draw client attention to H.R. 6415, legislation just now noted in the Congressional Record to bar the FRB from offering the “FedAccounts” Democrats espouse (see FSM Report CBDC).

OCC Grants Non-Traditional Charter Conditions on BHC Status
After close of business yesterday, the OCC gave conditional approval to SoFi’s acquisition of an insured depository and thus to its charter now as a full-service national bank.  The approval signals not only that the OCC will approve acquisitions and continue to charter national banks even in non-traditional cases, but also that the moratorium on crypto charters remains in full force.

Senate Banking Split on Several Key Nominations
The Senate Banking Committee today voted on several key Biden Administration nominees without taking up any of the pending Fed appointments.  The narrowness of several votes makes it clear that, as we anticipated (see Client Report FEDERALRESERVE66), controversial appointments such as Sarah Bloom Raskin and Lael Brainard have uncertain futures.

Large Banks Lead on D&I, CFPB Study Finds
The CFPB today released a report analyzing publicly-available FY2020 diversity and inclusion data for depository and nondepository institutions, putting forward a series of best practice recommendations.

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