Former director says his old agency is now “favoring predators”; Senator is looking into how the bank’s program to repay improperly charged loan customers.
Timothy Sloan says Federal Reserve sanctions won’t affect the bank’s stress test submission; not everyone believes the mobile-payment system is worth $100 billion.:
JPM CEO is expected to remain at the bank for another five years; Michael DeVito had been serving on an interim basis since his predecessor was fired late last year.
The Financial Stability Oversight Council filed a joint motion with MetLife that all but cemented the 2016 court ruling throwing out the insurance giant's designation.
The Trump administration's Financial Stability Oversight Council is likely to remove the systemically important financial institution label for the remaining nonbanks on the list, but it might consider adding other firms such as Fannie Mae and Freddie Mac.
After the FSOC voted to rescind its systemic designation for AIG, it's unclear whether the interagency council will continue to appeal a court ruling overturning MetLife's SIFI designation.
The Financial Stability Oversight Council said Friday that AIG, whose collapse threatened to bring down the U.S. financial system during the financial crisis, should no longer be subject to enhanced standards.
