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WASHINGTON, July 30 - A U.S. bank regulator is considering a stricter framework for how large asset managers like Blackrock , and Vanguard can prove they are not influencing banks where they hold large stakes.
Under law, third parties that obtain a greater than 10% stake in a bank can be considered a controlling interest in the bank and subjected to stricter regulation and oversight. But firms can avoid those restrictions under so-called"passivity agreements," in which the investor commits to regulators they will not exert influence on the bank.
FDIC Chairman Martin Gruenberg also backed the proposal, which would also seek broader feedback about the role of asset managers obtaining large stakes in banks. When asked, Gruenberg said he expected notifications to begin review existing agreements could happen soon.
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