BlackRock, Fidelity and Vanguard Pan FSOC's Push to Label More Firms Too-Big-to-Fail

Also, credit union trades announce merger; DeFi group wants to know why Gensler didn't opine on whether leveraged loans are securities

Being big has certainly helped BlackRock, Fidelity and Vanguard dominate the investing business. But it’s also why they will be big targets if regulators once again start tagging firms as threats to financial stability. That’s a determination that no company wants because it brings Fed oversight, as well as likely stringent capital and liquidity require…