FDIC

The proposal is "significantly flawed" in its approach to corporate governance, the lawmakers said.

In addition to a new rule enabling more active review of large asset managers acquiring shares in FDIC-supervised banks, the FDIC board finalized living will guidance and requested public input on deposits.

The Federal Deposit Insurance Corp. issued proposals Tuesday that would reverse Trump-era rules on brokered deposits and tighten the agency's guidelines for approving applications to incorporate new industrial loan companies.

Federal Deposit Insurance Corp. Vice Chair Travis Hill has called for a full reproposal of the Basel III endgame capital standards, emphasizing the need for joint advancement by all three major federal banking agencies and an additional comment period for industry feedback.

The agencies are considering a rule change that would impact their policies on money laundering and terrorism finance. The proposal comes as the Financial Crimes Enforcement Network considers a similar update.

President Joe Biden's nominee to lead the Federal Deposit Insurance Corp. signaled openness to withdrawing and resubmitting the Basel III rule.

During his second day of congressional testimony this week, the Federal Reserve chair said the central bank does not have supremacy over other agencies on their joint rulemaking.

Federal Deposit Insurance Corp. Board Members Jonathan McKernan and Rohit Chopra agreed on the value of clearer bank-fintech guidance to enhance regulatory clarity, foster innovation and ensure fair competition in the financial services sector.

The Federal Reserve chair said there is a consensus within the central bank's board of governors for reproposing its capital rules, but notes that other agencies have not yet signed off on this approach.

The fate of Capital One's acquisition of Discover should be determined based on its own merits and not be maligned for the foibles of other failed banks.