https://www.milantorres.com Banking analysis: NDFI lending, GSIB exposure, Basel III endgame, Fed banking reform commentary. By Milan Torres. en-us © 2026 Milan Torres. Working thoughts, not advice. Mon, 11 May 2026 23:08:40 +0000 Fri, 17 Apr 2026 12:00:00 +0000 https://www.rssboard.org/rss-specification milantorres-rss-builder/1.0 rss@milantorres.com (Milan Torres) rss@milantorres.com (Milan Torres) https://www.milantorres.com/banking?utm_source=rss&utm_medium=banking-feed https://www.milantorres.com/banking Fri, 17 Apr 2026 12:00:00 +0000 banking NDFI loans to business credit intermediaries as a share of total loans: 8 GSIBs combined at 4.8% ($234.6B) and 34 KRE Top-50% banks at 2.5% ($49.1B), as of 12/31/25. Steve Eisman on the 4/17/26 Real Steve Eisman Playbook: regional banks in the KRE ETF have very little private credit exposure. Charts also break down NDFI by category (mortgage 24%, business 23%, PE 20%) and by individual G-SIB. Milan Torres https://www.milantorres.com/banking?utm_source=rss&utm_medium=banking-feed#ndfi-vs-traditional-lending https://www.milantorres.com/banking#ndfi-vs-traditional-lending Thu, 19 Mar 2026 12:00:00 +0000 banking Governor Cook at the 3/19/26 Fed Banking Reform open meeting reserved judgment on whether granular Basel III calibrations are risk-sensitive when NDFI exposures lack visibility. Excluding NDFI, small banks have lent ~$1T more in traditional loans over ten years; large banks have lent ~$849B more to NDFIs over the same period. Governor Barr dissented to the proposed changes. Milan Torres