Dodd-Frank oversight council wants to make it harder to designate nonbanks
The revisions would emphasize activities-based regulation over labeling individual firms as systemically risky. ... Read full article
News Topic: MetLife
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Yet another Wells scandal; House moves closer to passing dereg bill
Wells may have tried to lure 401(k) customers into more expensive IRAs; Hensarling says he will go along with Senate version of Dodd-Frank rollback. ... Read full article
B of A to open branches in Ohio; MetLife pension exec to retire
The bank will serve the state’s three largest cities; the head of the unit that failed to pay retirement benefits to 13,500 people is leaving March 1. ... Read full article
Cordray blasts Trump’s CFPB; Warren wants Wells answers
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. ... Read full article
Wells CEO reassures investors; What’s Ant really worth?
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.: ... Read full article
Looking beyond Dimon; Wells taps mortgage chief
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. ... Read full article
FSOC gives up effort to designate MetLife as SIFI
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. ... Read full article
As FSOC rethinks SIFIs, will any nonbanks remain on the list?
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 ... Read full article
MetLife may be next to lose ‘too big to fail’ label
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. ... Read full article
AIG no longer systemically important, FSOC says
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. ... Read full article
Euro lending outpacing U.S.; JPM unfair to dads?
U.S. C&I loan growth has dropped below that of the eurozone for the first time in six years; bank employee says Chase discriminates against fathers when it comes to family leave. ... Read full article
FSOC agrees to put MetLife suit on hold for 60 days
The interagency regulator says it needs time to coordinate with member agencies on its SIFI designation process. ... Read full article
MetLife asks court to table SIFI appeal
The insurer says the administration’s review of systemic designations could moot the case ... Read full article
Republicans call on Mnuchin to rescind nonbank SIFI designations
A group of 10 Republican senators are calling on Treasury Secretary Steven Mnuchin to drop the government’s appeal of a ruling last year that rejected insurance giant MetLife’s designation as a systemically risky firm and to de-designate the remaining two ... Read full article