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☆ FDIC Chair, Known for Temper, Ignored Bad Behavior in Workplace
▼ + stars: | 2023-11-16 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

In 2019, the FDIC’s No. 2 legal official left a ranting, cursing voicemail for an employee criticizing her work. The federal bank regulator paid that employee a $100,000 settlement because of it, former officials said. The legal official kept his job. Last year, Chairman Martin Gruenberg promoted him to become the federal agency’s general counsel.

Persons: Martin Gruenberg

☆ Pressure mounts on FDIC chief amid calls for recusal, congressional probe
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters as Chairman Sheila Bair announces the bank and thrift industry earnings for the fourth quarter 2010, in Washington, February 23, 2011. In a statement, FDIC Vice Chairman Travis Hill and board member Jonathan McKernan said that "at a minimum" Gruenberg and FDIC General Counsel Harrel Pettway should recuse themselves from the internal review of workplace conduct at the agency. "It is clear Mr. Gruenberg never should have been reappointed or confirmed in the first place," McHenry said. McHenry also said Gruenberg had "initially misled" the committee during testimony on Wednesday, at first claiming he had not been the subject of an investigation to his workplace conduct before acknowledging that he had. Reporting by Douglas Gillison; Editing by Chizu Nomiyama and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Travis Hill, Jonathan McKernan, Harrel Pettway, Patrick McHenry, McHenry, Douglas Gillison, Chizu Nomiyama, Nick Zieminski Organizations: Federal Deposit Insurance Corp, REUTERS, Republican, U.S, U.S . Federal Desposit Insurance Corporation, Financial Services, Thomson Locations: Washington, U.S .

☆ Republican FDIC Board Members Call for Broader Oversight of Misconduct Probe at Agency
▼ + stars: | 2023-11-15 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

FDIC Chair Martin Gruenberg, at left, sat alongside Travis Hill and Jonathan McKernan, Republican members of the FDIC board, at a hearing in 2022. Photo: Amanda Andrade-Rhoades/Bloomberg NewsTwo Republican members of the Federal Deposit Insurance Corp. board on Wednesday called for the board—not just the chairman—to oversee an investigation into allegations of harassment and discrimination at the agency. “The conduct reported by The Wall Street Journal earlier this week has no place at this agency or anywhere in the workforce and should not be tolerated,” Vice Chairman Travis Hill and Director Jonathan McKernan said in a joint statement.

Persons: Martin Gruenberg, Travis Hill, Jonathan McKernan, Amanda Andrade, Rhoades, — Organizations: Republican, FDIC, Bloomberg News, Federal Deposit Insurance Corp, Wall Street

☆ FDIC Chairman Denies Being Investigated, Then Changes Testimony
▼ + stars: | 2023-11-15 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: +1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg denied being subject to investigations for inappropriate workplace conduct at a House hearing, but later recanted his testimony, citing a 2008 investigation. Photo: Alex Wong/Getty ImagesFederal Deposit Insurance Corp. Chairman Martin Gruenberg testified before a House panel Wednesday that he had never been investigated for inappropriate conduct. But the FDIC tapped an external investigator more than a decade ago to examine complaints about his temperament, former officials said. In a previously scheduled hearing before the House Financial Services Committee that followed a Wall Street Journal report that found a toxic workplace culture at the agency, the panel’s chairman asked Gruenberg, “Since you’ve run the agency, you’ve been there for 20 years, have you ever been investigated for inappropriate conduct during your time at the FDIC?”

Persons: Martin Gruenberg, Alex Wong, Gruenberg, you’ve Organizations: Deposit Insurance Corp, Getty, FDIC, Financial Services Committee, Journal

☆ ‘What the Hell Is Going On at the FDIC?’ Lawmakers Grill Agency Chairman
▼ + stars: | 2023-11-14 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

FDIC Chairman Martin Gruenberg appeared Tuesday at a previously scheduled Senate hearing. Photo: stefani Reynolds/Agence France-Presse/Getty ImagesSenators on Tuesday questioned Federal Deposit Insurance Corp. Chairman Martin Gruenberg over the agency’s handling of allegations of harassment and discrimination revealed by a Wall Street Journal investigation. “What the hell is going on at the FDIC?” asked Sen. John Kennedy (R., La.

Persons: Martin Gruenberg, stefani Reynolds, ”, Sen, John Kennedy Organizations: Agence France, Getty, Insurance Corp, Wall Street

REUTERS/Evelyn Hockstein/ Acquire Licensing RightsWASHINGTON, Nov 14 (Reuters) - The Federal Reserve's top Wall Street cop Michael Barr and other bank regulators will defend plans to hike U.S. bank capital requirements when they appear before Congress this week as they come under increasing pressure from many lawmakers to rein in their efforts. The proposal would overhaul how banks gauge risk and, in turn, how much capital they must hold against potential losses. Regulators say stronger cash cushions will make the financial system safer and are especially crucial after three banks failed earlier this year. As part of their campaign to kill the Basel proposal, banks have been lobbying lawmakers to put pressure on the regulators. On Monday, 39 Senate Republicans stepped up the pressure, asking the regulators to scrap the proposal, citing economic harm.

Persons: Michael Barr, Evelyn Hockstein, Barr, Federal Deposit Insurance Corporation's Martin Gruenberg, Mike Hsu, Mark Warner of Virginia, Jon Tester, Isaac Boltansky, Gruenberg, Michelle Price, Pete Schroeder, Jonathan Oatis Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, Federal Deposit Insurance, Financial, Democrat, Senate, Republicans, Journal, Industrial, Commercial Bank of China, Treasury, Thomson Locations: Washington , U.S, U.S, Basel, Montana

☆ FDIC Chair takes heat over stunning allegations of sexual harassment and discrimination at agency
▼ + stars: | 2023-11-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Federal Deposit Insurance Corporation Chair Martin Gruenberg testified Tuesday that he was unaware of the allegations of widespread sexual harassment and discrimination at the agency detailed in a Wall Street Journal investigation. “I did not know about the individual cases,” Gruenberg told him. Martin Gruenberg, chair of the Federal Deposit Insurance Corporation, told senators on Tuesday he was troubled by the allegations detailed in a Wall Street Journal investigation. The report also referenced a 2019 survey conducted by the inspector general that found 8% of the 2,376 respondents experienced sexual harassment between January 2015 to April 2019. The 2020 inspector general report made 15 recommendations to prevent and address sexual harassment at the agency, which Gruenberg said in his testimony on Tuesday had been implemented but acknowledged “didn’t change the culture” at the FDIC.

Persons: Martin Gruenberg, Gruenberg, “, we’ve, ”, Mike Rounds, Thom Tillis, ” Gruenberg, Michael Barr, Michael Hsu, Urban Affairs Gruenberg, Jelena McWilliams Organizations: New, New York CNN, Federal Deposit Insurance, Street, Senate, Street Journal, FDIC, Federal Reserve, Federal Deposit Insurance Corporation, Banking, Housing, Urban Affairs, Financial Locations: New York, South Dakota, North Carolina, “, U.S

☆ US lawmakers demand FDIC watchdog briefing on workplace culture
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Reed/File Photo Acquire Licensing RightsNov 14 (Reuters) - Republican lawmakers on the House Financial Services Committee said Tuesday they were calling for an urgent briefing from a government watchdog to address reported allegations of pervasive sexual harassment at the Federal Deposit Insurance Corporation (FDIC). FDIC Chairman Martin Gruenberg was likely to face questioning on the matter during Congressional hearings with other top banking regulators this week, including a Wednesday appearance before the House Financial Services Committee. Gruenberg on Monday told staff the agency would not tolerate sexual harassment and announced that the agency had hired an outside law firm to review its internal practices. The FDIC Office of Inspector General (OIG) reported in 2020 that the FDIC's efforts to prevent sexual harassment were inadequate. "As is our practice, we will continue to monitor management challenges at the FDIC as they are brought to the attention of the OIG, including matters related to sexual harassment," said FDIC Chief of Staff Jon Lebruto.

Persons: Sheila Bair, Jason Reed, Patrick McHenry of, Martin Gruenberg, Tyler Smith, Jon Lebruto, Douglas Gillison, Anna Driver Organizations: Federal Deposit Insurance Corp, REUTERS, Republican, Financial, Federal Deposit Insurance Corporation, Street Journal, Financial Services Committee, FDIC, Monday, Reuters, Thomson Locations: Washington, Patrick McHenry of North Carolina

☆ FDIC Hires Independent Firm to Investigate Alleged Harassment and Discrimination at Regulator
▼ + stars: | 2023-11-13 | by ( Rebecca Ballhaus | ) www.wsj.com time to read: 1 min

Federal Deposit Insurance Corp. Chairman Martin Gruenberg testified on Capitol Hill earlier this year. Photo: EVELYN HOCKSTEIN/REUTERSThe Federal Deposit Insurance Corp. has hired an independent firm to conduct a “top-to-bottom assessment” of alleged harassment and discrimination at the banking regulator, its chairman told staff Monday, hours after The Wall Street Journal published an investigation that found a longtime toxic atmosphere prompted women to quit the agency. In a three-minute video to staff reviewed by the Journal, Chairman Martin Gruenberg said the article “raises some serious allegations about the FDIC workplace” and said the firm would contact employees to solicit their confidential input. He didn’t specify which firm the agency had hired.

Persons: Martin Gruenberg, EVELYN HOCKSTEIN Organizations: Deposit Insurance Corp, Capitol, Federal Deposit Insurance Corp, Journal

[1/3] The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. FDIC Chairman Martin Gruenberg said in March the agency was also probing possible misconduct related to the collapses of Silicon Valley Bank (SVB) and Signature Bank (SBNY.PK) New York. As with SVB and Signature Bank, the FDIC is probing whether First Republic executives and board members broke rules that require them to act in the bank's best interests. NO ACTIONThe March implosions of SVB and Signature Bank sparked a deposit run at First Republic. FDIC bank failure probes can take years.

Persons: Jason Reed, Martin Gruenberg, SVB, Michael Roffler, James Herbert, Roffler, Michael Krimminger, IndyMac, Michael Perry, Douglas Gillison, Christine Prentice, Michelle Price, Matthew Lewis Organizations: Federal Deposit Insurance Corp, REUTERS, Federal Deposit Insurance Corporation, First Republic Bank, Reuters, FDIC, Valley Bank, Signature Bank, Regulators, First Republic, U.S . Justice Department, Securities, Exchange Commission, SEC, First, Bloomberg, Federal, JPMorgan Chase &, JPMorgan, Reserve, New, Thomson Locations: Washington, Republic, New York, First Republic, Massachusetts, SVB

☆ Sam Bankman-Fried talked crypto with Jerome Powell the same month that the Fed chair met with JPMorgan and Goldman Sachs CEOs
▼ + stars: | 2023-09-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried met with Jerome Powell last year to discuss crypto, per the NYT. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementJerome Powell, the chair of the Federal Reserve, once met with Sam Bankman-Fried to discuss crypto, The New York Times reported. Prior to the meeting, Wetjen sent the Fed chair some policy papers that FTX had recently published, according to the NYT. The FDIC and a spokesperson for Bankman-Fried did not immediately respond to Insider's request for comment, sent outside US working hours.

Persons: Sam Bankman, Fried, Jerome Powell, SBF, Martin Gruenberg, —, Mark Wetjen, Wetjen, FTX, Powell, stablecoins, cryptocurrencies, Goldman Sachs, David Solomon, Jamie Dimon, Morgan Stanley, James Gorman, Lael Brainard Organizations: Wall Street, Service, Federal Reserve, The New York Times, Commodity Futures Trading Commission, JPMorgan Chase, Times, Fed, National Economic Council, Federal Deposit Insurance Corporation, FDIC, Customers Locations: Alameda

Mr. Powell’s public calendar shows that he and Mr. Bankman-Fried met as planned. And Mr. Wetjen went on to send the Fed chair two policy papers that FTX had recently published, according to emails obtained through a public records request. “Hope you’re finding these useful!” Mr. Wetjen wrote. According to newly released records, Mr. Wetjen managed to gain access to a range of federal officials. And public calendars show that Mr. Bankman-Fried went on to meet with another top financial regulator, Martin Gruenberg, head of the Federal Deposit Insurance Corporation.

Persons: Jerome H, Powell, Sam Bankman, ” Mr, Mark Wetjen, Fried, Wetjen, FTX, Hope, Mr, Lael Brainard, Martin Gruenberg Organizations: Federal Reserve, Commodity Futures Trading Commission, Fed, White, National Economic Council, Federal Deposit Insurance Corporation Locations: Washington

REUTERS/Jason Reed/File Photo Acquire Licensing RightsWASHINGTON, Sept 7 (Reuters) - U.S. bank profits were largely flat in the second quarter of 2023 after accounting for the impact of three large failed bank acquisitions, the Federal Deposit Insurance Corporation reported Thursday. The bank regulator said industry profits dipped 11.3% to $70.8 billion in the second quarter, but that was primarily due to the impact of the bank failures and ensuing acquisitions. Accounting for those events, bank profits were up 5.7% compared to a year prior. The FDIC said banks saw unrealized deposits on securities increase 8.3% in the second quarter, rising to $558.4 billion. U.S. bank deposits declined for the fifth straight quarter, but only fell 0.5% in the second quarter compared to a record 2.5% decline in the first quarter.

Persons: Jason Reed, Martin Gruenberg, JPMorgan Chase, Pete Schroeder, Chizu Organizations: Federal Deposit Insurance Corp, REUTERS, Rights, Federal Deposit Insurance Corporation, Silicon Valley Bank, First Republic Bank, JPMorgan, Thomson Locations: Washington, Silicon, U.S

It follows a tumultuous spring for regional banks in which Silicon Valley Bank and two other lenders collapsed, forcing regulators to backstop deposits to stave off a broader panic. The proposal, which is subject to industry feedback, would see banks raise their long-term debt issuance by roughly 25%, or $70 billion, according to the FDIC. The agency said banks would have three years from the rule's adoption to meet the new standard. 'COMPELLING CASE'Each bank's debt requirement will be based on their risk-weighted assets, total assets, or total leverage, depending on which number is highest. In a speech previewing the proposals this month, Gruenberg said recent bank failures made "a compelling case" for regulators to impose tougher rules on regional firms.

Persons: Brian Snyder, Martin Gruenberg, Matthew Bisanz, Mayer Brown, “ It’s, Greg Baer, Gruenberg, Ian Katz, Pete Schroeder, Megan Davies, Philippa Fletcher, Andrea Ricci Organizations: First Republic Bank, REUTERS, Rights, Federal Deposit Insurance Corporation, Federal Reserve, Wall, Bank, FDIC, Financial Services Group Inc, Fifth Third Bancorp, Citizens Financial Group Inc, Industry, Bank Policy Institute, Silicon Valley Bank, JPMorgan Chase, FDIC's, Insurance Fund, Capital Alpha Partners, Thomson Locations: Boston , Massachusetts, U.S, Silicon

The new requirement would bring large regional banks more in line with the largest global banks, which already have their own debt requirement. The proposal follows a tumultuous spring for regional banks, which saw three collapse, forcing regulators to backstop deposits to stave off a broader panic. The proposal would mean banks have to raise their long-term debt issuance by roughly 25%, or $70 billion, according to the FDIC. “These banks will have to go into the market issuing capital to meet the capital proposal and then issuing long-term debt to meet the long-term debt proposal," said Matthew Bisanz, a partner at Mayer Brown. The proposed rules were approved by the FDIC at a meeting Tuesday, giving the industry the opportunity to critique the approach.

Persons: Brian Snyder, Martin Gruenberg, Matthew Bisanz, Mayer Brown, Gruenberg, JPMorgan Chase, Ian Katz, ” Rob Nichols, Pete Schroeder, Megan Davies, Philippa Fletcher, Andrea Ricci Organizations: First Republic Bank, REUTERS, Rights, U.S, Federal Deposit Insurance Corporation, FDIC, Financial Services Group Inc, Fifth Third Bancorp, Citizens Financial, Silicon Valley Bank, JPMorgan, FDIC's, Insurance Fund, Capital Alpha Partners, Federal Reserve, American Bankers Association, Thomson Locations: Boston , Massachusetts, U.S, Silicon

☆ Regional banks face another hit as regulators force them to raise debt levels
▼ + stars: | 2023-08-29 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

Saul Loeb | AFP | Getty ImagesU.S. regulators on Tuesday unveiled plans to force regional banks to issue debt and bolster their so-called living wills, steps meant to protect the public in the event of more failures. Higher funding costsThe requirements will create "moderately higher funding costs" for regional banks, the agencies acknowledged. Still, the industry will have three years to conform to the new rule once enacted, and many banks already hold acceptable forms of debt, according to the regulators. They estimated that regional banks already have roughly 75% of the debt they will ultimately need to hold. Analysts have focused on the debt requirements because that is the most impactful change for bank shareholders.

Persons: Martin Gruenberg, Saul Loeb, Banks, Gruenberg, What's, Morgan Stanley, Manan Gosalia Organizations: Federal Deposit Insurance Corporation, Banking, Urban Affairs, Capitol, AFP, Getty, Treasury Department, Office, Currency, Federal Reserve, Federal Deposit Insurance Corp, FDIC, Brookings Institution, Silicon Valley Bank, Regulators, Analysts, T Bank, Citizens Financial, Northern Trust, Fifth Third Bancorp, Bank Locations: Washington , DC, Silicon

☆ US financial regulators green lit new rules aimed at reducing the cost of bank failures
▼ + stars: | 2023-08-29 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —US financial regulators on Tuesday signed off on new rules to prepare large and regional banks in the case of failure. But the FDIC backed deposits that exceeded that limit when Silicon Valley Bank and Signature Bank failed earlier this year, to reduce the risk of more bank failures. In total, the three bank failures depleted $31.5 billion from the DIF, according to FDIC estimates. Had the proposed rule been in place prior to the three bank failures, it could have prevented many uninsured depositors from causing a bank run, the agencies said. That could make it easier for the FDIC to seize and sell a failed bank, something the agency struggled to do in a timely manner with SVB and Signature Bank.

Persons: Greg Baer, ” Baer, Martin Gruenberg, ” Banks Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Federal Reserve, Currency, FDIC’s, Insurance Fund, Silicon Valley Bank, Signature Bank, Bank, JPMorgan Chase, Bank Policy Institute, FDIC Locations: New York

REUTERS/Kevin Lamarque/File Photo Acquire Licensing RightsWASHINGTON, Aug 29 (Reuters) - A top U.S. banking regulator is set on Tuesday to propose heightened rules to ensure regional banks can be safely dissolved in times of stress. Now, regulators are looking to toughen their rules, particularly for regional banks like PNC Financial Services Group Inc and Citizens Financial Group Inc."The failure of three large regional banks this spring...demonstrated clearly the risk to financial stability that large regional banks can pose," said FDIC Chairman Martin Gruenberg in a speech earlier this month previewing the proposals. The regulator is also set to propose an overhaul to "living will" rules for banks, which require firms to detail how they could be safely taken apart after failing. As banks failed last spring, the FDIC was unable to find immediate buyers for some firms, such as Silicon Valley Bank. The banking industry is already pushing back against the upcoming proposal and similar efforts, calling them unjustified and economically harmful.

Persons: Martin Gruenberg, Kevin Lamarque, Gruenberg, JPMorgan Chase, Ian Katz, ”, Rob Nichols, Pete Schroeder, Megan Davies, Andrea Ricci Organizations: Deposit Insurance, Financial, Valley Bank, Signature Bank, Capitol, REUTERS, Rights, Federal Deposit Insurance Corporation, Financial Services Group Inc, Citizens Financial, Inc, FDIC, Silicon Valley Bank, First Republic Bank, JPMorgan, FDIC’s, Insurance Fund, Capital Alpha Partners, American Bankers Association, Thomson Locations: Washington , U.S, Silicon

☆ US FDIC to propose new bank resolution, long-term debt rules on Aug. 29
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Aug 22 (Reuters) - U.S. bank regulator the Federal Deposit and Insurance Corporation (FDIC) will on Aug. 29 propose new rules overhauling how large regional banks prepare for their own failure, according to a notice published late on Tuesday. U.S. regulators are seeking to strengthen oversight of the banking system, particularly in light of a string of collapses this year that included three of the largest in U.S. history. The proposal will likely require banks of $100 billion or more in assets to issue long-term debt that could absorb bank losses before depositors and the FDIC's deposit insurance fund do, FDIC Chair Martin Gruenberg said in a speech this month. It will also require bank recovery and resolution plans, also known as "living wills," to give the FDIC more options when overseeing a failed bank's receivership, including by identifying parts of the lender that could be sold separately. Reporting by Michelle Price; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Martin Gruenberg, Michelle Price, Christopher Cushing Organizations: Federal, and Insurance Corporation, Thomson Locations: . U.S

☆ FDIC to propose comprehensive changes to regional US bank living wills
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Evelyn HocksteinAug 14 (Reuters) - A coming regulatory proposal will overhaul how large regional banks prepare living wills in the event of their failure, U.S. Federal Deposit Insurance Corporation Chairman Martin Gruenberg said on Monday. Banks are currently required to submit plans to regulators detailing how they would wind up their businesses should they fail. "The proposed rule would require a bank to provide a strategy that is not dependent on an over-the-weekend sale," Gruenberg said. The proposal would also require banks to identify parts that could be sold separately, Gruenberg said, noting that could reduce their size and "expand the universe of possible acquirers." The proposal would require additional information from banks with more than $50 billion in assets, but not full resolution plans, he said.

Persons: Martin J, Gruenberg, Evelyn Hockstein, Martin Gruenberg, Banks, Douglas Gillison, Richard Chang Organizations: Deposit Insurance, Banking, Housing, Urban Affairs, REUTERS, U.S . Federal Deposit Insurance, . U.S, Brookings Institution, Regulators, Valley Bank, Signature Bank, Thomson Locations: Washington , U.S, U.S ., ., Washington

☆ FDIC Chair Martin Gruenberg calls for tougher regulations on large regional banks
▼ + stars: | 2023-08-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —The chair of the Federal Deposit Insurance Corporation wants more aggressive oversight of large regional banks. He made the remarks on Monday at an event hosted by the Brookings Institution, in Washington, DC. The FDIC chief also praised a proposal that would require banks with more than $100 billion in assets to raise more capital to hedge against unrealized losses as they occur. He also touted a proposal that would implement a long-term debt requirement for large regional banks. His remarks come after the failures of three regional banks earlier this year, which the FDIC took over as mandated by law.

Persons: Martin Gruenberg Organizations: DC CNN, Federal Deposit Insurance Corporation, Brookings Institution, FDIC Locations: Washington, Washington ,

Poland's government, which faces October elections, is even suing Brussels over climate policies. Britain has already quickly gone from being a leader on the world stage to looking quite weak on green policies, he said. CITIZENS, BUSINESSESEurope's green policies are still more credible than U.S. ones, given see-sawing between electoral cycles in the United States, some analysts said. Rows over green policies have propelled right-wing populist parties to second place in both Dutch and German polls. "Otherwise citizens might start to feel that climate policy is always financially overwhelming and bad, and that sentiment is then exploited by populists."

Persons: Timm Reichert, Virginijus Sinkevicius, Sinkevicius, Anna Moskwa, Nathalie Tocci, Mats Engström, GREEN, Bob Ward, Ward, Rishi Sunak, Rob Jetten, Nina Scheer, Simone Tagliapietra, Tagliapietra, Kate Abnett, Sarah Marsh, Gloria Dickie, Anthony Deutsch, Angelo Amante, Pawel, Susanna Twidale, William James, Alexnder Smith Organizations: REUTERS, European Union, Reuters, European People's Party, European Council, Foreign, United States, Grantham Research, London School of Economics, Political, Climate, Energy, Democrats, Thomson Locations: Gruenberg, Germany, EU, BERLIN, BRUSSELS, Netherlands, Brussels, Europe, United States, Grantham, India, China, Britain, Berlin, London, Amsterdam, Rome, Warsaw

☆ Regulators unveil sweeping changes to capital rules for banks with $100 billion or more in assets
▼ + stars: | 2023-07-27 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

(Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)U.S. regulators on Thursday unveiled a sweeping set of proposed changes to banks' capital requirements to address evolving international standards and the recent regional banking crisis. The changes will broadly raise the level of capital that banks need to maintain against possible losses, depending on each firm's risk profile, the agencies said. While the heightened requirements apply to all banks with at least $100 billion in assets, the changes are expected to impact the biggest and most complex banks the most, they said. "Improvements in risk sensitivity and consistency introduced by the proposal are estimated to result in an aggregate 16% increase in common equity tier 1 capital requirements," the regulators said in a fact sheet. Tier 1 common capital levels measure an institution's presumed financial strength and its buffer against recessions or trading blowups.

Persons: Michael Barr, Martin Gruenberg, SAUL LOEB, Long Organizations: Federal Reserve, Federal Deposit Insurance Corporation, Banking, Urban Affairs, Capitol, AFP, Getty Images, Federal Deposit Insurance Corp, Basel III Locations: Washington , DC, Basel

☆ Premarket stocks: Bank CEOs are already complaining about new regulations they haven't even seen yet
▼ + stars: | 2023-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors, worried about the economic atmosphere and the recent regional banking collapse, breathed a sigh of relief at the results. Jamie Dimon, head of JPMorgan Chase, commented on the bank’s Friday earnings call that non-bank financial rivals were “dancing in the streets” as regulators get ready to increase bank capital requirements. “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone,” Dimon said of the proposed regulations. The change, they say, will increase the financial system’s resilience following the failures of three regional banks earlier this year. “The capital in the industry is sufficient,” said Bank of America CEO Brian Moynihan on his company’s earnings call Tuesday morning.

Persons: Jamie Dimon, JPMorgan Chase, ” Dimon, ”, Jeremy Barnum, Barnum, don’t, Brian Moynihan, “ They’ve, Morgan Stanley, James Gorman, Elizabeth Warren, Richard Blumenthal, Tammy Duckworth, Martin Gruenberg, “, Taylor Marr, That’s, they’re, Bryan Mena, Neil Saunders Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, JPMorgan, Blackstone, of America, CNBC, Valley Bank, Signature Bank, Federal Deposit Insurance, Redfin, Retail, Commerce Department Locations: New York, Silicon, Basel, Massachusetts, Elizabeth Warren , Connecticut

☆ US banks gird for dose of post-stress-test trauma
▼ + stars: | 2023-06-29 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 29 (Reuters Breakingviews) - For the biggest U.S. banks, the nerves this year come after the exam. Fed stress tests subject banks to a theoretical market shock and incorporate elements of operational risk, and then spit out a “stress capital buffer” requirement tailored to each firm. The risk for banks is that new rules get piled on top of existing regulations in a process known as gold-plating. U.S. banks are awaiting a proposal from their regulators to revamp capital rules, expected in July. Gruenberg said regulators were considering expanding the reach of a stricter set of capital rules to include banks with over $100 billion in assets.

Persons: Goldman Sachs, Michael Barr, Jamie Dimon, Banks, Morgan Stanley, Jay Powell, PwC, watchdogs, Michelle Bowman, Martin Gruenberg, It’s, Gruenberg, Peter Thal Larsen, Streisand Neto Organizations: YORK, Reuters, Federal Reserve, JPMorgan, Citigroup, Banking Supervision, Basel III, America, State Street, Bank of New York Mellon, Big, Bank, U.S ., Reuters Graphics Reuters, Signature Bank, First, Fed, Federal Deposit Insurance, FDIC, Credit Suisse, Committee, “, “ Basel IV, Federal, Thomson Locations: U.S, Basel, Goldman, Big U.S, Swiss, “ Basel

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