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Federal Regulators

All articles tagged with #federal regulators

business1 year ago

Capital One Proposes $265B Plan to Secure Discover Acquisition Approval

Capital One has proposed a $265 billion community benefit plan to gain regulatory approval for its $35 billion merger with Discover Financial. The plan includes $200 billion in loans to low- and middle-income consumers, $44 billion in community development, and significant investments in nonprofits and minority-owned businesses. The merger would create the world's largest credit card company, but faces scrutiny from regulators and consumer groups concerned about competition and market exposure.

via Yahoo Finance|
#business#capital-one#community-benefit-plan
finance2 years ago

Bank Lobbyists Take Their Fight Public Amid Frustration with New Rules

Frustrated with what they perceive as regulatory overreach, banking trade groups in the United States are taking their fight against new rules to the public. Lobbyists representing banks of all sizes, including the American Bankers Association and the Independent Community Bankers of America, have resorted to legal threats and public attacks to challenge the legitimacy of federal regulators' powers. They have filed lawsuits against regulators such as the Consumer Financial Protection Bureau and the Federal Reserve, accusing them of exceeding their authority. The lobbyists argue that the Biden administration has appointed regulatory heads who are unwilling to compromise or listen to their concerns. This shift in tactics marks a departure from the more discreet lobbying efforts of the past and reflects the acrimonious political discourse in the country.

via The New York Times|
#banking#federal-regulators#finance
energy2 years ago

"Feds Take Action to Streamline Power Source Integration into Energy Grid"

Federal regulators have unanimously approved new rules aimed at speeding up the process of connecting new power sources, such as wind or solar farms, to the energy grid. The rules include changes such as conducting larger regional interconnection studies for clusters of power generation requests, setting deadlines and penalties for transmission providers, allowing co-location and sharing of interconnection requests, and considering alternative transmission technologies. The rules aim to address the bottleneck in the interconnection process, which has hindered the integration of clean energy sources into the grid and contributed to power grid constraints. While seen as a positive step, experts note that further reforms, including long-term transmission planning and cost allocation, are needed to fully address the challenges in the energy transition.

via CNBC|
#clean-energy#energy#federal-regulators
finance2 years ago

Former Silicon Valley Bank CEO blames Fed and social media for collapse.

Former CEO of Silicon Valley Bank, Gregory Becker, will testify before Congress that no bank could have survived the unprecedented deposit flight that led to the bank's closure by federal regulators. Becker will also defend SVB's top executives against charges of incompetence and his annual compensation of nearly $10 million. The bank suffered $142 billion in actual and requested withdrawals over two days, which is a multiple of the previous largest bank run in U.S. history. Becker links the bank's failure to government spending and Federal Reserve interest rate decisions.

via The Washington Post|
#bank-run#compensation#federal-regulators
technology2 years ago

Officials vow to use civil rights laws to combat biased AI.

Federal regulators from various agencies in the Biden administration have announced plans to enforce existing civil rights laws against AI systems that perpetuate discrimination, as concerns about bias in American society continue to grow. With AI increasingly being used to make decisions about hiring, credit, housing, and other services, regulators are concerned about the risk of "digital redlining" and the perpetuation of racial disparities. The officials promised to use existing law to combat those harms and called rapid AI development a "new civil rights frontier."

via The Washington Post|
#ai#biden-administration#civil-rights
finance2 years ago

Senators push for stronger bank executive accountability through clawback legislation.

Senate Democrats, led by Elizabeth Warren, are urging federal banking regulators to implement stronger capital requirements for banks by aligning with the international "Basel III" framework. The lawmakers blamed lobbyists and some Republicans for efforts during the Trump administration to ease capital requirements established after the 2008 financial crisis. They also pointed to the Fed's March 2020 decision to simplify capital rules for large banks as evidence of a drawdown of regulations. The senators are pushing for regulators to fully implement Basel III to safeguard against more bank failures and fend off aggressive lobbying from Wall Street.

via CNBC|
#banking-regulations#basel-iii#capital-requirements
politics2 years ago

Republican AGs blame Biden's climate policies for bank collapse

Sixteen Republican attorneys general accused the U.S. Treasury, Federal Reserve, FDIC, and Comptroller of the Currency of contributing to the collapse of Silicon Valley Bank (SVB) by prioritizing President Biden’s climate agenda over sound banking practices. They detailed the Biden administration's directive to banks to give climate-related risks special treatment and to downplay investment in traditional energy infrastructure, factors that they say led to the demise of SVB and possible other financial institutions in the future. The AGs charged that the federal leaders’ "lack of focus on true systemic and prudential risk issues creates concern about the health of the financial system in general, as investors have fled bank stocks in recent days."

via Fox News|
#banking-practices#climate-change#federal-regulators
finance2 years ago

Banking Regulations Under Scrutiny: Senators and House Republicans Speak Out.

Senator John Kennedy, R-La., criticized Silicon Valley Bank (SVB) and federal regulators for the need for a federal bailout of SVB. Kennedy said SVB could have avoided the crisis if it had hedged the risk of owning securities sensitive to interest rates. He also criticized federal regulators for not preventing the crisis and the Federal Deposit Insurance Corp. for not finding a buyer for the bank. Kennedy insisted that the Biden administration bailed out SVB, even though the administration has noted that the money being used to pay back depositors was money collected by bank fees.

via Fox News|
#banking#federal-bailout#federal-regulators
business2 years ago

The Rise and Fall of Silicon Valley Bank: Lessons Learned.

Silicon Valley Bank collapsed on March 10 after a run on deposits, prompting regulators to take over and contain the fallout in the U.S. banking system. The collapse led to the failure of a second bank, Silvergate Capital, and caused panic among investors, with many dumping bank stocks. Federal regulators reassured investors that the banking system was resilient and invoked a "systemic risk exception" to prevent dire consequences for the economy or financial instability. The collapse is the largest bank crash since the 2008 financial crisis.

via The New York Times|
#bank-runs#business#cryptocurrency
business2 years ago

Assessing the Fallout: Lessons from Silicon Valley Bank's Collapse.

Silicon Valley Bank collapsed on March 10 after a run on deposits, prompting regulators to take over and contain the fallout in the U.S. banking system. The collapse led to the failure of a second bank, Silvergate Capital, and caused panic among investors, with many dumping bank stocks. Federal regulators reassured investors that the banking system was resilient and invoked a "systemic risk exception" to prevent dire consequences for the economy or financial instability. The collapse is the largest bank crash since the 2008 financial crisis.

via The New York Times|
#bank-runs#business#cryptocurrency