#State Street

7 07, 2023

DAILY070723

2023-07-07T16:47:33-04:00July 7th, 2023|2- Daily Briefing|

House Judiciary Joins GOP Asset-Manager ESG Attack

Continuing the GOP campaign against ESG, House Judiciary Chairman Jordan (R-OH) and Reps. Massie (R-KY) and Bishop (R-NC) sent letters late yesterday to the leadership of BlackRock, Vanguard, State Street Global Advisers, the Glasgow Financial Alliance for Net Zero, and the Net Zero Asset Managers initiative, claiming that what they call “collusive agreements” violate antitrust law.

FRB-KC: Farm Credit System Mergers May Influence Ag-Bank Portfolio Strategy

New research from Federal Reserve Bank of Kansas City staff concludes that, while Farm Credit System mergers over the past twenty years had relatively minor effects on agricultural-bank profitability and efficiency, they may have altered bank portfolio decisions with broader implications both for banks and the communities they serve.

CFPB, Treasury, HHS Launch Interagency Inquiry Into Medical-Payment Products

As part of the White House initiative to address medical-sector “junk fees” and consumer protection, the CFPB today was joined by HHS and Treasury in issuing an RFI on high-cost specialty financial products it says harm medical patients by driving up debt.

FHFA Joins Repeat-Offender Crackdown

Acting on the “repeat-offender” crackdown initiated by the CFPB and recently picked up by the OCC, FHFA today issued a proposed rule that would revise its Suspended Counterparty Program (SCP) regulation to authorize FHFA to immediately suspend business between the GSEs and counterparties who are found to have committed civil or criminal misconduct in connection with real property management or ownership.

Daily070723.pdf

4 10, 2021

Daily100421

2023-06-28T15:36:45-04:00October 4th, 2021|2- Daily Briefing|

Fed Staff Study Ratifies GSIB Scoring; We’re Not So Sure
Late last week, the Fed published a new staff note using a novel approach – high-frequency stock trading – to identify SIFIs. Looking to determine if one firm’s negative stock return creates market-wide contagion risk in a short time period, the study finds that the eight U.S. designated GSIBs demonstrate this systemic market correlation.

USPS Experiments with New Banking Services
Following an American Prospect story today, a number of news sources have confirmed that the U.S. Postal Service has launched a pilot postal-banking proof of concept.

Warren Demands Still More Retribution for Fed Trading Practices
Based in part on news today that Vice Chairman Clarida also engaged in trading some believe has the appearance of impropriety, Sen. Warren (D-MA) has expanded her campaign demanding not just a Federal Reserve inquiry, but now also an SEC investigation.

Fed Plans Single-Day Implementation for ISO 20022 in 2023
The FRB today issued notice that Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service.

Gensler’s Next Grilling
Ahead of its hearing with SEC Chair Gensler tomorrow, HFSC’s majority staff memo indicates that the session will cover the full SEC agenda.

Daily100421.pdf

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