The outgoing No. 2 of the Federal Deposit Insurance Corp. and the agency's former chair say the proposed changes would increase the likelihood of another financial crisis.
FDIC Vice Chairman Thomas Hoenig has been a tough critic of risky practices by big banks and a key voice among federal regulators in support of stronger capital requirements.
All 12 directors win nearly 90% of the vote, as does long-time auditor KPMG; Mulvaney says records haven’t been vetted by the agency and shouldn’t be released.
During earnings calls, bankers welcomed the latest efforts by regulators to modify capital rules. JPMorgan Chase CFO Marianne Lake, meanwhile, called on policymakers to focus on overhauling the G-SIB surcharge.
Over the past week, regulators have proposed the most substantial changes to capital requirements for the largest banks in years, but the most startling thing was how unremarkable they were.
