The House of Representatives voted, 288-130, to pass the bill that would replace the $50 billion threshold for enhanced supervision with a five-point risk-based assessment. Critics have long characterized the $50 billion threshold for the designation of systemically important financial institutions, or SIFIs, as arbitrary. The bill would give the Federal Reserve the authority to assess enhanced supervision on a bank holding company based on its size, interconnectedness, substitutability, global cross-jurisdictional activity and complexity.
In a 51-48 vote, the Senate passed the Republican tax bill. However, the House of Representatives must vote again before the measure reaches President Donald Trump because the House bill did not comply with Senate budget rules.
The Fed and the FDIC gave the resolution plans, or "living wills," of eight of the nation's largest banks a passing mark. While the regulators did not find deficiencies that would require a resubmission for any bank, they found shortcomings in the living wills of Wells Fargo & Co., Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley. No shortcomings were identified for the living wills of JPMorgan Chase & Co., Bank of New York Mellon Corp., Citigroup Inc. and State Street Corp.
In Oklahoma, SSB Holdings Inc. is buying First Picher Bancshares Inc., according to a regulatory filing recently obtained by S&P Global Market Intelligence.
And Texas-based AIM Bancshares Inc. agreed to acquire Platinum Bancshares of Texas Inc. and unit Platinum Bank.
In asset management news, Beecken Petty O'Keefe & Co. LLC has purchased Zenith American Solutions Inc. from Water Street Healthcare Partners LLC.
And in the fintech space, Broadridge Financial Solutions Inc. is buying Morningstar Inc.'s 15(c) board consulting services business in a deal that is expected to close in January 2018.
In other parts of the world
Asia Pacific: Industrial Bank of Korea eyes M&A in Indonesia; Chinese lender gets HK license
Europe: Lloyd's changes strategy; Brydon keeps LSE chair post; BPM selling bad loans
Middle East & Africa: Takaful Emarat buying Al Hilal Takaful; Qatar launches currency-rigging probe
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 0.07% to 29,234.09, and the Nikkei 225 was up 0.10% to 22,891.72.
In Europe, as of midday, the FTSE 100 was down 0.12% to 7,535.33, and the Euronext 100 had fallen 0.39% to 1,041.90.
On the macro front
The Bank Reserve Settlement report, the MBA mortgage applications report, the existing home sales report, the EIA petroleum status report are due out today.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.