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CCAR Results: 2021 MONDAY JUNE 28, 2021 VOL. 186 No. 122 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Biden appoints Sandra 5 Thompson acting FHFA director Thompson, who was most recently the CCAR results: 2021 deputy director of the FHFA’s Division Foreign-owned and custody banks were among the most of Housing and Mission Goals, replaces well-capitalized companies as ranked by projected minimum Mark Calabria, who was fired Wednesday common equity Tier 1 ratios afternoon. Page 5 See story on page 2 House follows Senate 6 in rejecting OCC’s Deutsche 23.2% ‘true lender’ rule UBS Americas 20.1% Credit Suisse 15.9% The House voted on Thursday to dismantle a Barclays US 15.7% TD Group 15.2% Trump-era rule that sought to make it easier Morgan Stanley 12.7% for national banks to make and sell loans BNY Mellon 12.4% RBC US 12.4% through fintech partnerships.Page 5 Northern Trust 12.2% MUFG Americas 11.9% Capital One 11.5% State Street 11.4% Columbia Banking System PNC 10.8% buying California bank for JPMorgan Chase 10.7% 7 Bank of America 9.9% $266 million BMO Financial 9.5% Ciǎgroup 9.4% The deal for Bank of Commerce Holdings U.S. Bancorp 9.1% Regions 8.9% in Sacramento would be the first bank Goldman Sachs 8.8% Wells Fargo 8.8% acquisition in the Golden State for Tacoma, Truist 8.6% HSBC 7.3% Washington-based Columbia. Page 6 0% 5% 10% 15%20% 25% Visa agrees to buy Source: Federal Reserve (based on severely adverse scenario, 1Q2021 - 1Q 2023) 8 open-banking platform Tink for $2 billion Visa Inc. has agreed to buy Swedish open- banking platform Tink AB as the payment higher capital buffers than most of their giant looks to expand beyond its card dailybriefing peers last year. Will their decisions pay off for network. Page 7 shareholders? Page 3 Banks get green light Paul Manafort’s banker 1 to resume payouts after JPMorgan Chase takes 9 was ‘greedy’ for power, acing stress tests 3 long view with U.K. digital prosecutor says The Federal Reserve found that under its consumer bank Stephen Calk, a Chicago banker, pushed harshest stress-test scenario, bank capital The nation’s largest bank has no retail through $16 million in sketchy loans to ratios would decline to 10.6% on average — presence outside of the U.S., but that will Donald Trump’s one-time campaign manager well above the 4.5% minimum requirement. change later this year when it launches an because he “wanted a powerful government Restrictions imposed on dividend payments online-only bank in the United Kingdom. title,” Assistant U.S. Attorney Alexandra and share repurchases during the economic CEO Jamie Dimon has hinted that if the Rothman said in her opening statement in crisis last year will be lifted after June 30. venture proves successful, the Chase brand Calk’s criminal bribery trial. Page 7 (See chart above.) Page 2 could eventually be rolled out in other parts of the world. Page 4 JPMorgan warns employees Why these banks opted in to 10 it may require them to get 2 Fed stress tests when they Acting CFPB Director Dave Uejio vaccinated didn’t have to 4 nominated for HUD post The nation’s largest bank is ordering Four companies — Regions Financial, President Biden has informed the Senate workers to fill out a questionnaire on their MUFG Americas Holdings and the U.S. he wants Uejio, the acting head of the vaccination status by the end of this month, arms of the Royal Bank of Canada, BMO Consumer Financial Protection Bureau, to CEO Jamie Dimon and other members of Financial— felt they had something to prove be an assistant secretary at the Department the operating committee wrote in a memo to to the Federal Reserve after being assigned of Housing and Urban Development. Page 5 staff Wednesday. Page 7 MONDAY JUNE 28, 2021 AMERICANBANKER.COM PAGE 2 required to submit data from their balance weighted assets. FEDERAL RESERVE sheets as of year-end 2020. The Fed tests The Fed did not publish the stress capital those balance sheets against baseline and buffer requirements Thursday, to allow for severely adverse scenarios. banks to make changes to their original Banks get The harshest scenario banks were tested capital distribution plans. But banks will against this cycle was elevated stress in be able to disclose their stress capital green light the commercial real estate and corporate buffer requirements and planned capital debt markets along with an intense global distributions on Monday after the market recession. In that severely adverse scenario, closes, if they choose to do so. to resume banks had to account for a rise in the U.S. The Fed will then release the final unemployment rate by 4 percentage points capital plans before the stress capital buffer payouts after to 10.75%. requirement is set to take effect in the fourth The Fed found that under that scenario, quarter. all of the banks subjected to the stress tests Also on Thursday, the Fed said it had acing stress would collectively suffer $470 billion in corrected an error in both of last year’s stress losses, with almost $160 billion losses from tests that affected the results for BNP Paribas tests commercial real estate and corporate loan USA, and altered the bank’s pre-provision investments. Still, bank capital ratios would net revenue, projected pretax net income By Hannah Lang decline just to 10.6% on average — well above and projected capital ratios accordingly. June 24, 2021 the 4.5% minimum requirement. However, senior Fed officials said that the WASHINGTON—The nation’s largest The central bank also noted that the correction would not affect the bank’s stress banks weathered the worst of the coronavirus stressed capital ratios varied widely across capital buffer. pandemic with plenty of capital, the Federal the 23 banks tested, which reflects the Reserve said Thursday upon release of stress- differences in the composition of each test results that demonstrated for the first firm’s loan portfolios. HSBC North America time how balance sheets were affected by Holdings experienced the lowest capital ratio COVID-19. under the severely adverse scenario at 7.3%, All 23 of the banks tested are cleared after while DB USA — the U.S.-based affiliate of June 30 to resume full dividend payments Deutsche Bank — had the highest, at 23.2%. and share repurchases for the first time in The results of the CCAR stress test are a year. The Fed said each of the firms has used to dictate a firm’s planned capital sufficient capital levels to “continue lending distributions for the year. Banks have to to households and businesses during a severe comply with a so-called stress capital buffer, recession.” which is calculated as the difference between “Over the past year, the Federal Reserve a bank’s starting and projected capital ratios has run three stress tests with several under the “severely adverse” stress-test different hypothetical recessions and all have scenario, and factors in a bank’s common confirmed that the banking system is strongly stock dividends as a percentage of risk- positioned to support the ongoing recovery,” Fed Vice Chair for Supervision Randal Quarles said in a statement. Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 Nineteen of the biggest banks were Phone 212-803-8200 AmericanBanker.com subjected to the annual Dodd-Frank Act Stress Tests and the Comprehensive Capital Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 Analysis and Review examinations, plus Managing Editor Dean Anason 770.621.9935 four smaller firms that chose to opt in: BMO Reporters/Producers Financial Corp., MUFG Americas Holdings, Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 RBC U.S. Group Holdings and Regions Washington Bureau Chief Joe Adler 571.403.3832 Financial. Executive Editor, Technology Miriam Cross 571.403.3834 Under rules the Fed finalized in 2019, Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 banks with assets of between $100 billion BankThink Editor Rachel Witkowski 571.403.3857 and $250 billion are only required to undergo John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 stress tests every other year. However, those Hannah Lang 571.403.3855 banks can choose to opt in to stress tests in Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 an “off year” if they wish to make changes to Digital Managing Editor their capital distribution plans. Christopher Wood 212.803.8437 Kevin Wack 626.486.2341 Banks subject to the stress tests are For up to date and complete coverage go to AmericanBanker.com MONDAY JUNE 28, 2021 AMERICANBANKER.COM PAGE 3 “This gives an opportunity for an difference narrowed from a 2.4 percentage CAPITAL independent third party, in this case, the point drop during last year’s test. Federal Reserve, to show everybody what BMO’s ratio fell by 3 percentage points to our losses are relative to peers,” Turner said a bottom of 9.5%, compared with a nearly Why these during the earnings call. “So we’re excited 6 percentage point decline in last year’s about participating. We think it will show results. banks opted well.” MUFG’s ratio fell by 3.4 percentage points The foreign-owned companies,to a low of 11.9%, which is a smaller drop meanwhile, may have opted to prove to the than the 4.4 percentage point decline last in to Fed Fed that they are as safe and sound as any year.
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