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.