#Wells Fargo – Page 2 – Federal Financial Analytics

7 11, 2022

DAILY110722

Eliza Allen2022-11-07T17:22:53-05:00November 7th, 2022|2- Daily Briefing|

Toomey Calls for More Fed Transparency

Sen. Toomey (R-PA) continued Republican demands for still more Fed transparency, sharply criticizing the Fed’s Friday proposal to provide some transparency into which institutions are granted master accounts.

Sweeping CFPB Fee Restrictions Now Effective

The Federal Register today includes the CFPB’s circular on Unanticipated Overdraft Fee Assessment Practices and a bulletin now effective on Unfair Returned Deposited Item Fee Assessment Practices.

CFPB Advances Bigtech Market Power Campaign

Continuing its campaign against bigtech’s market power, the Federal Register today includes the CFPB’s notice and request for comment on what fees bigtech payment operators levy on users for violations of acceptable use policies and whether their policies include provisions to restrict user platform access.

Fed Staff Paper Tries To Gauge Social Welfare Impact Of Liquidity, Capital Regs

A new Fed staff study attempts to lay out the social costs and benefits of large-bank liquidity and capital regulation.

Warren Continues Campaign Against Wells Fargo, Zelle

Sen. Warren (D-MA) today continued her campaign against Zelle by sending letters to its parent company and Wells Fargo, taking particular aim at what she deems the latter’s failure to provide adequate claims and reimbursement data and labelling responses to previous letters “insulting.”

Warren Denounces Fed “Culture of Corruption”

Sen. Warren (D-MA) today also continued her campaign against Chairman Powell, sending him a letter alleging “another set of egregious and embarrassing ethics breaches.”

Daily110722.pdf…

29 06, 2022

DAILY062922

Eliza Allen2023-01-24T16:00:53-05:00June 29th, 2022|2- Daily Briefing|

FRB-Cleveland Study: Small-Business Finance Availability Shows Continuing Disparate Impact

The Federal Reserve Bank of Cleveland today published the results of the Small Business Credit Survey, finding that small businesses owned by people of color were far less likely to have recovered to pre-pandemic levels than their white counterparts, due in part to continuing gaps in financial access.

GOP Renews Demand for Reserve Bank Reform

Picking up on the GOP’s serious concern about Federal Reserve Bank governance expressed when Chairman Powell came before them last week (see Client Report FEDERALRESERVE70), Senate Banking Republicans today sharply criticized the head of the Kansas City Fed for what they call her unresponsiveness and even untruthfulness related to how Reserve Trust achieved payment-system access.

CFPB Report: Credit Line Reductions Harm Vulnerable Borrowers

Continuing the CFPB’s assessment of credit-card finance, Bureau staff today issued a report about the adverse impact that credit line reductions or withdrawals have on consumers, especially those under stress.

HFSC Homeownership Session Fans Partisan Flames

Today’s HFSC hearing on homeownership and inequality was a largely partisan session where each side repeated policy and macroeconomic arguments along party lines about the best ways to govern the nation’s housing market.

IMF Calls for Improvements to Capital Market Regulation

The IMF issued a report today on capital-markets regulation calling for new market liquidity backstops, strengthened CCP risk management, and greater attention to emerging risks to strengthen the regulatory perimeter focus.

Waters Renews Demands to Break Up Big Bad Banks

Following the hearing …

31 05, 2022

DAILY053122

Eliza Allen2023-02-21T13:29:23-05:00May 31st, 2022|2- Daily Briefing|

Basel Finalizes Climate Standards, Advances Those for Crypto

The Basel Committee today announced progress on two key policy concerns: climate risk and cryptoassets. Although it did not release its final action, the Committee has finalized proposed high-level principles for climate-risk management and scenario analysis (see FSM Report CLIMATE12). As we noted in our initial analysis, Basel tried here to give banks and regulators considerable time to ramp up climate-risk analytics and yet make clear that doing so is urgent.

Brown Portrays Wells Fargo as Repeat Offender

Senate Banking Chairman Brown (D-OH) today sent a blistering letter to Wells Fargo CEO Charles Scharf accusing the bank of failing to combat racial and gender discrimination in light of allegations that Wells Fargo conducted fake job interviews for minority and female candidates. The Senator also contends that the bank’s commitment of $150 million to its new refinancing program in response to the chairman’s letter is inadequate.

Daily053122.pdf…

26 04, 2022

FedFin on: Chopra Stands His Ground on Sweeping Agenda, Administrative Process

Arezou Rafikian2023-03-01T15:52:51-05:00April 26th, 2022|The Vault|

The Senate Banking Committee’s hearing today with CFPB Director Chopra was a sharply partisan session with little immediate impact on what Mr. Chopra plans to do to achieve his sweeping new vision. Although the debate will have little to no impact on bank-merger policy, much of the session focused on the actions Mr. Chopra took in concert with Acting Chairman Gruenberg to wrest FDIC control from former Chair McWilliams and issue an RFI suggesting significant changes to both merger analytics and bank-resolution policy…

The full report is available to retainer clients. To find out how you can sign up for the service, click here.…

4 04, 2022

DAILY040422

Eliza Allen2023-03-27T12:49:01-04:00April 4th, 2022|2- Daily Briefing|

FDIC Climate-Risk Principles Set for Public Comment

Today’s Federal Register includes the final text of the FDIC’s request for public comment on climate-risk management principles.

FRB-NY Reasserts that Disasters Don’t Damage Bank Resilience

The Federal Reserve Bank of New York today released a blog post on its earlier staff paper finding that weather events triggering federal disaster declaration did not pose significant risk to bank resiliency, even for the most damaging of disasters.

GOP Demands Disclosure, Not Rules, Govern Stablecoins

Republicans last week outlined their preferred, disclosure-based approach to stablecoin regulation, a sharp contrast to the PWG’s recommendations (see Client Report CRYPTO21) calling for new chartering restrictions.

HFSC Presses Financial Industry for Reparations

The HFSC memo today on tomorrow’s hearing about the need for reparations from the financial-services industry indicates that the Oversight Subcommittee will focus on the extent to which banks provided financing for slavery, allowed for enslaved persons to be used as collateral, and how insurers covered enslaved people’s work or sales value.

Nonbank Small-Business Lenders Face Possible CFPB Sanction

House Small Business Chair Velasquez (D-NY) has introduced H.R. 7351 to force nonbank small-business lenders into the CFPB’s efforts to identify patterns of racial, ethnic, or gender bias via ECOA disclosures.

CFPB Demands Lenders Give Consumers Data in Servicing, Other Disputes

Building on its mortgage servicing initiatives, the CFPB today not only filed an amicus brief in a case against Wells Fargo, but also reiterated that banks must participate in “relationship banking” and respond promptly …

25 03, 2022

Daily032522

Arezou Rafikian2023-03-27T16:04:54-04:00March 25th, 2022|2- Daily Briefing|

Fed Puts Off Finalizing New DIHC Framework
The FRB today extended the comment deadline on a longstanding proposal crafting a new regulatory framework for depository institution holding companies principally engaged in insurance services.

CFPB Wants to Hear More re Pricing Practices
Saying it has been swamped with consumer tales about “junk fees,” the CFPB today extended the comment deadline until April 11 on its request for views on this hot topic.

Bipartisan Crypto Construct Harder to Build than Describe
On a Politico webcast last night, Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) announced a bipartisan alliance to craft cryptoasset standards they expect to see on the Senate floor by year-end.

Waller Still Wants Little to Do with a CBDC
At a feisty panel today, FRB Gov. Chris Waller stood by his view that a CBDC is “a solution in search of a problem.”

Senate Democrats Demand Overdraft-Fee Fix
Sen. Rev. Warnock (D-GA) and Chairman Brown (D-OH) joined other Democrats demanding lower or eliminated overdraft fees.

FDIC Starts Process of Revising Bank-Merger Policy

The FDIC today has officially released the bank-merger RFI that now-Acting Chairman Gruenberg and CFPB Director Chopra sought to release under Chair Jelena McWilliams.

Daily032522.pdf…

17 03, 2022

DAILY031722

Eliza Allen2023-04-03T14:33:52-04:00March 17th, 2022|2- Daily Briefing|

Fed, FHFA Leadership Advance

As anticipated last night, the Senate Banking Committee yesterday advanced all the Fed nominations and that of Sandra Thompson as FHFA director. However, Lisa Cook’s nomination was tied on a strictly partisan basis, meaning that it was not approved by Senate Banking but is nonetheless discharged to Senate Majority Leader Schumer (D-NY).

HFSC Hikes Array of Anti-Russia Sanctions

In the first of a series of markups, HFSC today approved 5 bills ramping up sanctions against Russia and Belarus. The most controversial of them, H.R. 7080 (Waters, D-CA), would broaden FinCEN’s ability to obtain information about the transactions of Russian oligarchs in the US.

Chopra Uses Rate Hike to Press Competition Inquiries

Describing the CFPB as “the arm of the Federal Reserve System that is fully focused on consumers,” Director Chopra today issued a statement following yesterday’s rate hike.

Senate Democrats Take Turns Whacking Wells Fargo

Senior Democrats today took sharp issue with Wells Fargo’s refi lending, asserting it was discriminatory and seeking an array of data from the bank and action by federal agencies. Senate Banking Chairman Brown (D-OH), Majority Whip Durbin (D-IL), and other senators called on HUD and the CFPB to investigate findings in a recent Bloomberg story, confining their comments to a general attack on discrimination without setting a date for a reply or any specific matters the agencies are to review.

Daily031722.pdf…

3 02, 2022

FEDERALRESERVE69

Arezou Rafikian2023-04-05T14:06:42-04:00February 3rd, 2022|5- Client Report|

FedFin Assessment: Raskin Confirmation Possible, But a Squeaker

As this report details, all three Fed nominees before the Senate Banking Committee today emphasized the vital importance of Fed independence and their anti-inflation zeal to quell GOP opposition and cement it among moderate Democrats.

FEDERALRESERVE69.pdf…

3 02, 2022

FedFin Assessment: Raskin Confirmation Possible, But a Squeaker

Arezou Rafikian2023-04-05T14:06:56-04:00February 3rd, 2022|The Vault|

As this report details, all three Fed nominees before the Senate Banking Committee today emphasized the vital importance of Fed independence and their anti-inflation zeal to quell GOP opposition and cement it among moderate Democrats. Professor Philip Jefferson sailed through and will be confirmed — perhaps quickly — by a relatively -wide bipartisan margin. We expect Professor Lisa Cook also to prevail, with Democrats likely joined by a
couple of moderate Republicans convinced that attacks on her expertise art unseemly with regard to a Black woman given how rarely similar concerns are voiced about white nominees with no macroeconomic-policy expertise.

The full report is available to retainer clients. To find out how you can sign up for the service, click here.…

28 10, 2021

Daily102821

Arezou Rafikian2023-06-05T10:44:46-04:00October 28th, 2021|2- Daily Briefing|

Senate Democrats, Even Republicans Press Bigtech Consumer Protection
Senate Banking’s hearing with CFPB Director Chopra today largely rehashed the issues raised yesterday in HFSC (see Client Report CONSUMER37).

Buffers, NBFI Resilience, GSIB Resolution Remain Top FSB Priorities
The FSB’s final report today on pandemic lessons largely reiterates what it has been saying since the pandemic started.

Daily102821.pdf…