The Federal Deposit Insurance Corporation and BlackRock are headed for a January showdown over the US watchdog’s efforts to step up its oversight of investors who take large stakes in small and midsized banks.
The FDIC has given the $11.5tn investment giant until January 10 to accept proposed new compliance measures whenever it owns more than 10 per cent of the outstanding shares in FDIC-supervised banks, people familiar with the situation said.
Some politicians and regulators have grown increasingly concerned about the growing power of BlackRock, Vanguard and State Street as a result of the vast flood of money flowing into “passive” funds that buy every company in an index.
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