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Prudential Financial Inc.'s appeal against a designation that the firm is systemically important is unlikely to succeed, observers said, but could force the Federal Reserve Board to detail more about how it will supervise such companies.
July 3 -
Sens. Bob Corker and Mark Warner on Tuesday introduced their much-discussed proposal for reforming the mortgage finance market. The effort has continued to win plaudits from fellow lawmakers, regulators and the industry.
June 25
WASHINGTON The Senate Banking Committee said Wednesday that it would hold a hearing July 11 about the progress regulators have made in mitigating systemic risk.
The hearing is scheduled to feature Federal Deposit Insurance Corp. Chairman Martin Gruenberg, Comptroller of the Currency Tom Curry, Federal Reserve Board Gov. Daniel Tarullo and Treasury Undersecretary for Domestic Finance Mary Miller.
The hearing will undoubtedly touch on the Financial Stability Oversight Council's recent designations of three nonbanks as systemically risky as well as concerns that the Dodd-Frank Act did not eliminate the perception of "too big to fail." Sens. David Vitter, R-La., and Sherrod Brown, D-Ohio, have introduced a bill that would significantly raise capital standards for the largest banks.
Regulators are also likely to be asked about housing finance reform. Another bipartisan duo, Sens. Bob Corker, R-Tenn., and Mark Warner, D-Va., recently introduced a bill that would eliminate Fannie Mae and Freddie Mac and create a new system for mortgage-backed securities.
