A U.S. banking regulator on Tuesday proposed easing a rule requiring banks to se...
WASHINGTON - A U.S. banking regulator on Tuesday proposed easing a rule requiring banks to set aside cash to safeguard derivatives trades between affiliates, marking one of the biggest wins for Wall Street lenders under the business-friendly Trump administration.
The proposal is subject to public comment and will likely face resistance from Democratic lawmakers and consumer groups, who have warned that chipping away at regulations put in place following the 2007-2009 financial crisis could sew the seeds of the next one. FDIC Chairman Jelena McWilliams, a Trump appointee, said large banks now have multiple checks and buffers in place, and that repealing the “inter-affiliate” margin requirement could help free up bank liquidity.
At the same meeting, the FDIC also proposed delaying rules that would require smaller funds to post margin for derivatives transactions. The proposal brings the FDIC in line with the Basel Committee of global banking regulators, which already agreed to postpone to September 2021 that requirement for the smallest firms.
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