One of the most anticipated trends in US banking began this month not in Wall Street or San Francisco but in Salt Lake City, Utah.
On Wednesday, Zions Bancorp, a regional player with $66 billion in assets, saw its proposal to shed federal oversight approved by the Financial Stability Oversight Council (FSOC).
Ever since the US Senate passed a bill raising the key threshold for US banks to be considered to be systemically important financial institutions (Sifis) earlier this year, the market has been expecting a slew of players in the $50 billion to $100 billion size range to eagerly throw off all of the Fed’s enhanced prudential standards.
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