Pete Schroeder(@peteschroeder) 's Twitter Profileg
Pete Schroeder

@peteschroeder

@Reuters correspondent, Notre Dame alum. Spelled like the Peanuts character, pronounced like Hank from "Breaking Bad." [email protected]

ID:14659350

calendar_today05-05-2008 13:32:16

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Fed's Mike Barr, speaking at The Clearing House conference, says the industry ads opposing Basel endgame are effectively adults droning in old 'Peanuts' cartoons to him.

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After a brutal stretch in the press and on Capitol Hill, the FDIC abruptly canceled a scheduled public meeting on a new fee to recoup costs tied to bank failures, will now handle it “notationally.”

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And the Fed signs off on the interchange proposal. Gov. Bowman dissents, as she has frequently (exclusively?) to Fed reg proposals of late.

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The Fed is meeting at 1pm today to discuss lowering the 'swipe fee' cap banks charge merchants on debit card transactions by nearly a third (21 cents to 14.4 cents).

To say this is going to set off a lobbying fight would be an understatement.

federalreserve.gov/aboutthefed/bo…

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Michael Barr makes his first comments on bank reg since Basel endgame proposal released -- speaking before American Bankers Association, no less. Basic theme is, 'We hear you don't like it, but I think it's still worthwhile.'

federalreserve.gov/newsevents/spe…

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FDIC says in its new internal review of its supervision of First Republic before its failure that the bank doubled in size from 2018 to 2023, but examiners actually spent 11% less time at the bank during that time. Pretty wild.

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Any Hill reaction to the Basel proposal at all?

Kind of a big deal for people who are ostensibly interested in banking.

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Powell's tone in his statement on the Basel III endgame proposal is going to lead to a lot of speculation as to 1) how much the final package might change and 2) what changes he might need to actually support the final rule.

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Powell very much tiptoeing down the middle on the Basel proposal in his prepared statement -- says he supports receiving comment, but lays out numerous questions/concerns:

federalreserve.gov/aboutthefed/bo…

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We're 45 minutes into the FDIC board meeting, and have gotten through a summary and two comments from FDIC board members.

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FDIC looking like it'll be partisan vote at the FDIC on the Basel proposal -- FDIC Vice Chair Travis Hill says he'll vote against.

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Not a ton of surprises in the Basel III endgame proposal if you've been paying attention, but it's a biggie -- aggregate 16% capital hike, proposal spans over 1000 pages.

reuters.com/business/finan…

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We've entered the 'purchasing bank pays huge fines for sins of the acquired bank' part of the tumult cycle:

reuters.com/business/finan…

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