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GOP Signals Congressional CBDC Strategy
Although the bill will not pass in this Congress, we draw client attention to H.R. 6415, legislation just now noted in the Congressional Record to bar the FRB from offering the “FedAccounts” Democrats espouse (see FSM Report CBDC).

OCC Grants Non-Traditional Charter Conditions on BHC Status
After close of business yesterday, the OCC gave conditional approval to SoFi’s acquisition of an insured depository and thus to its charter now as a full-service national bank.  The approval signals not only that the OCC will approve acquisitions and continue to charter national banks even in non-traditional cases, but also that the moratorium on crypto charters remains in full force.

Senate Banking Split on Several Key Nominations
The Senate Banking Committee today voted on several key Biden Administration nominees without taking up any of the pending Fed appointments.  The narrowness of several votes makes it clear that, as we anticipated (see Client Report FEDERALRESERVE66), controversial appointments such as Sarah Bloom Raskin and Lael Brainard have uncertain futures.

Large Banks Lead on D&I, CFPB Study Finds
The CFPB today released a report analyzing publicly-available FY2020 diversity and inclusion data for depository and nondepository institutions, putting forward a series of best practice recommendations.

Daily011922.pdf…

FinCEN Takes Cautious Steps to AML Innovation
In remarks just released today, Acting FinCEN Director Him Das largely revisited recent FinCEN actions in response to Congressional requirements.

Brown Lays Out Fed Confirmation Plan
Senate Banking Chairman Brown (D-OH) today told press that he will accelerate hearings on Fed-nominees Bloom Raskin, Cook, and Jefferson as well as seek floor time in early February. He did not make it clear if he hopes to package all these nominations with Mr. Powell’s in hopes that this will provide additional votes, but Senate procedure requires votes on each nomination even if all are taken up together.

DOJ/FTC Propose Structural Antitrust Rewrite
Although the Department of Justice already has opened the door for public comment on bank mergers (see FSM Report MERGER10), it and the Federal Trade Commission today sought comment on the entire U.S. antitrust construct.

Daily011822.pdf…

Biden Fills Out Controversial Fed Slate

As anticipated in our report earlier this week forecasting 2022 regulatory action (see Client Report REFORM211), President Biden today nominated Sarah Bloom Raskin to become the Fed’s supervisory vice chair.

Daily011422.pdf…

CBDC Said to Conquer Another Operational Hurdle
he BIS and Swiss National Bank today announced that “Project Helvetia” – their CBDC pilot – has so successfully handled an array of transactions as to prove that DLT can be successfully adopted across traditional financial products and services.

Dems Demand Still-Tougher CFPB Small-Business Anti-Discrimination Data
Senate Banking Chairman Brown (D-OH), Small Business Committee Chair Cardin (D-MD), and other senior Democrats today filed a formal comment calling on the CFPB to advance its controversial small-business reporting proposal (see FSM Report LENDING10).

Hsu Reiterates Case for Bank-Like Crypto Regs
Acting Comptroller Hsu today elaborated on the risks U.S. regulators have identified for crypto assets, reiterating the need to apply bank regulation to stablecoin issuers (see Client Report CRYPTO16).

Daily011322.pdf…

Ag Committees Enter Crypto Fray

Flexing their jurisdictional muscle, the bipartisan leadership of the House and Senate Agriculture Committees today sent a letter to the CFTC urging it to govern cryptoassets which, they say, are commodities.

CFPB UPs the Ante for Its Anti-BNPL Inquiry

The CFPB today broadened its market-monitoring demand of buy-now-pay-later (BNPL) providers into a general request for public comment.  Focusing in particular on consumers and international agencies, the Bureau seeks views on matters such as risks and benefits, merchant experience, and ways to improve the sector.

Daily011222.pdf…