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9 12, 2022

DAILY120922

2022-12-09T16:39:45-05:00December 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

2 08, 2022

DAILY080222

2023-01-04T13:33:07-05:00August 2nd, 2022|2- Daily Briefing|

FFIEC Turns Back to Troubled Loans

The banking agencies and NCUA today sought comment on proposed changes to troubled-loan standards that would codify action during the great financial crisis on CRE-related allowances for loan and lease losses (see FSM Report ALLL5) and Covid-crisis era regulatory and CECL actions (see FSM Report CECL7).  Although focused on CRE, the statement’s general principles would also apply to commercial loans secured by real property or business assets, reiterating current injunctions for banks to work “constructively” with troubled borrowers.

Senate Banking at Another Loggerhead, This One re Housing

Today’s Senate Banking hearing on rising rent was a partisan session, with Democrats urging support for legislation to provide emergency rental assistance and other federal interventions.  In sharp contrast, Republicans argued that needless government regulation is to blame.  Ranking member Toomey (R-PA) also continued Republican attacks on the GSEs, denouncing what he called their loose underwriting standards and calling for Congress to prohibit them from investing in areas with rent-control laws.

Hsu Fears Continuing Cyber Risk

In remarks today, Acting Comptroller Hsu indicated that, while banks have generally done a good job combatting cyber threats, this has led to an undue sense of security across the industry, law enforcement, and national-security officials.  Mr. Hsu thus urges continued vigilance and investment that recognizes the increasingly inter-connected and complex nature of financial instruments, payment systems, and markets, as well as continued attention to contingency planning and recovery protocols.

Daily080222.pdf

6 07, 2022

DAILY070622

2023-01-24T15:37:46-05:00July 6th, 2022|2- Daily Briefing|

FRBNY Finds Changes to PPP Increased Credit Availability for Small Businesses

A New York Fed blog post today concludes that changes the Biden Administration made to the Paycheck Protection Program (PPP) increased credit access for non-employer firms and application take-up for minority owned firms.  However, the paper also found a continuing gap in approval rates between white and minority owned firms perhaps due to application rates.

FRB Paper: Integrated Methodologies, Better Data Needed to Calculate Climate Systemic Risk

A new research paper from Fed staff provides extensive detail on an array of data and methodology challenges that now make it difficult, if not impossible, to calculate the systemic risk posed by climate change in the U.S financial market.  The paper provides a literature review of research on climate-related financial stability risks, seeking to identify methodologies that comprehensively link climate risk with financial stability.  It finds that no single methodology can address the research challenges.

Banking Agencies, FinCEN Refute Suggestions AML Rules Define Bank Offerings

The banking agencies and FinCEN today released a joint statement reminding banks to use a risk-based approach to assessing customer relationships and conducting customer due diligence (CDD), expressly mentioning that this statement does not alter current BSA/AML requirements.

Daily070622.pdf

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