The Treasury Department outlined its vision Friday for how and when federal agencies should use their powers to subject nonbanks to enhanced regulatory scrutiny, emphasizing activities over individual firms.
Mnuchin’s former business associate is likely to be sworn in next week; Mulvaney, as a congressman, called the CFPB a “joke” and co-sponsored a bill to kill it.
The differences in business model between commercial banks and universal banks should not be ignored as Congress works to recalibrate the regulatory regime.
Freeing a number of big banks from enhanced oversight, including capital requirements, could motivate CEOs to pursue deals. Still, other impediments could prevent a flood of large mergers.
Federal Deposit Insurance Corp. Chairman Martin Gruenberg on Tuesday opposed efforts to roll back “core reforms” to bank regulation that were implemented after the 2008 financial crisis, but said some review of the Dodd-Frank law is warranted.
Bipartisan proposal would remove the SIFI label from more than two dozen banks; European regulator cautions investors on the risks as bitcoin price plunges.
The authority of the Financial Stability Oversight Council to label a firm a “systemically important financial institution” triggers duplicative regulation even if bank-like rules are not appropriate to the company.
Discussions on a regulatory relief package between the top Democrat and Republican on the Senate Banking Committee broke down late Tuesday, but members from both parties remain hopeful they can reach a bipartisan deal.
It's been a decent year for banks, especially given the industry's return on assets hit a 10-year high. But there are signs it might not last. With Halloween near, here is a look at some potentially frightening developments that could keep bankers up at night.
Momentum is building to replace the hard-target $50 billion asset systemic risk threshold for banks with an indicator test, but it remains unclear whether it will be enough to get Congress to act.
