Washington Report 360 | November 22, 2019
Washington Report 360 | November 22, 2019
Insight

Washington Report 360 | November 22, 2019

Schwab purchase of TD Ameritrade; BB&T/Suntrust merger; CRA; Capital rules for Fannie/Freddie; Supervision/Regulation of tech companies

Key Highlights

  • Charles Schwab Corp is in talks to purchase TD Ameritrade, which would combine the first and second largest discount brokerage firms.
  • The FRB and FDIC each approved the merger of BB&T and SunTrust Bank to form a new entity, Truist Bank; approvals were each conditioned on divesting 30 branches “to mitigate competitive effects of the merger.” The merger is the largest bank merger transaction in 15 years and will create the 6th largest U.S. banking organization.
  • The OCC expects to move forward with a proposed rule to modernize CRA by year end; FDIC will decide whether to participate in the proposal.
  • The FHFA announced that it would re-propose capital rules for Fannie Mae and Freddie Mac in 2020 to take into account the GSE process of retaining capital in preparation for exiting conservatorship.
  • The supervision and regulation of technology companies and fintechs is the focus of: the FRB (applicable examination authority over compliance programs and governance); a CFTC op-ed (principles-based regulation); and industry participants’ concerns.

Financial services regulatory and policy news

Banking

Capital Markets

Other

Industry news