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FDIC looks to tighten control of asset managers’ bank stakes

Image of Michael Hsu (OCC) and Michael Gruenberg (FDIC) chatting at a conference table.
The OCC’s Michael Hsu and FDIC Chairman Martin Gruenberg supported Chopra’s proposal. Photo: Drew Angerer/Getty Images
Julie DiMauro profile image

Julie DiMauro

2 min read

FDIC officials might review “passivity agreements” with large asset managers, to ensure they are not taking an active role in bank management.

The Federal Deposit Insurance Corporation (FDIC) issued a proposal July 30 that would increase its oversight of the largest asset managers, such as BlackRock and Vanguard, that hold hefty investments in banks.

The proposal would “launch a broader inquiry into very large asset managers that are accumulating increasingly large

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