#FOIA – Federal Financial Analytics

26 02, 2024

DAILY022624

Eliza Allen2024-02-26T16:36:24-05:00February 26th, 2024|2- Daily Briefing|

BIS: More Bank Competition Leads to Increased Credit Risk

A new BIS paper looks at a question critical to the debate over bank-merger policy: the extent to which competition drives bank risk-based pricing decisions in corporate lending and, by extension, other credit markets.

OCC Proposes Changes to FOIA Procedures

The OCC today proposed several changes to its FOIA procedures, including allowing expedited processing requests and appeals of denials of these requests and those for fee waivers.

Warren, Progressives Expand Blast on CapOne/Discover Deal to Encompass OCC Merger Proposal

Following other Democratic attacks on the CapOne/Discover merger and her own, Sen. Warren (D-MA) continued her challenge in a letter also signed by twelve House Democrats.

CFPB Takes Precedent-Setting Step Bringing Nonbanks Under Supervision

The CFPB late Friday released its first contested finding that a nonbank is subject to its supervision following the establishment in 2022 of a process for bringing nonbanks under its supervisory wings (see FSM Report CONSUMER44).

Senate Republicans Introduce Anti-CBDC Bill

Sen. Cruz (R-TX) alongside Sens. Hagerty (R-TN), Scott (R-FL), Budd (R-NC) and Braun (R-IN) today introduced a bill to prohibit the Fed from directly or indirectly issuing a CBDC or even using CBDC as a monetary-policy tool.

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DAILY033123

Eliza Allen2023-03-31T16:49:24-04:00March 31st, 2023|2- Daily Briefing|

Senate Presses Fed Transparency, Accountability

Responding in part to testimony earlier this week (see Client Report REFORM217), Sens. Tillis (R-NC), Warren (D-MA), and seven colleagues have introduced legislation (S. 1160) to bring Federal Reserve Banks under the FOIA and force greater responsiveness to Congress – a response also to last year’s battle over master-account data and continuing crypto controversies. The measure would also mandate an independent IG, force the Fed to respond to Congressional ethics inquiries, and allow Senate Banking and HFSC bipartisan leadership to review confidential supervisory data. Sen. Tillis and three other Republicans also introduced S. 1155 to redesign the Fed.

Senate Dems Implicitly Chide Administration Reg-Reform Agenda, Demand Holistic Assessment

Following one of the somewhat surprising lines of inquiry at Senate Banking’s SVB hearing, Senate Banking Chairman Brown (D-OH) and all the Committee Democrats today pressed back against the list of rules the White House yesterday prioritized for rewrites. While they did not take issue with that list, they also want FSOC to undertake a holistic review of banking, consumer, and systemic rules, noting the importance in this effort of also protecting small banks from undue harm. The senators expressly want FSOC to go beyond the President’s focus on what they call “traditional” prudential standards also to examine non-quantifiable risks such as social media and AI.

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DAILY120922

Eliza Allen2022-12-09T16:39:45-05:00December 9th, 2022|2- Daily Briefing|

Toomey Gets His Fed Payment-Access Transparency

As we noted (see FSM Report PAYMENT25), Sen. Pat Toomey (R-PA) strongly objects to the Fed’s latest payment-system access policy. As a result, he sought and yesterday won inclusion of language in the NDAA that forces considerably more transparency than the Fed was otherwise willing to contemplate despite assurances that its final rule was indeed “transparent.”

FSB Suspends G-SII Designation

The FSB today announced it would discontinue its annual identification of global systemically important insurers (G-SIIs), instead opting only to publish a list of insurers subject to resolution planning and resolvability assessments in its Annual Resolution Report. As noted yesterday, the FSB’s 2022 Resolution Report lays out a series of significant concerns about G-SII resolvability, especially when it comes to intra-group exposures. It continues to work on ways to shutter large insurers without either adverse impact on policyholders or taxpayers.

Warren, Toomey Fed Transparency Bill Reaches all Financial Regulators

Heightening bipartisan calls for Fed transparency, Ranking Member Toomey (R-PA) and Sen. Warren (D-MA) today introduced legislation designed to ensure the Fed’s accountability to Congress. The measure unites Sen. Warren’s longstanding complaints about the Fed insider-trading scandals with the dissatisfaction Sen. Toomey expressed regarding master-account decisions most recently in the legislation on a new database detailed in a FedFin alert this morning.

Daily120922.pdf…