Today the FDIC announced what we’ve known since last week- it held a little meeting with a motley crew of people who care about private equity investments in banks.
Strangely, that group only included three private equity pros out of 20 attendees. The rest represented pension funds, private investors, investment managers, advisors, hedge fund managers and “others,” all gathered to conduct the much-clamored about six-month review. The GPs include David Coulter of Warburg Pincus, Charles Davis of Stone Point Capital and Randal Quarles of Carlyle Group.
The lack of GPs, or perhaps the lack of sympathy to their concerns, likely contributed to the failure to get any of the FDIC’s stringent rules relaxed, at least so far. There could be a further announcement as to any policy changes, but the FDIC’s press release today doesn’t leave much room for optimism.