CFPB As Good as Its word on Campaign vs. “Junk” Fees
Today, the CFPB acted on its promise to the President to counter “junk fees,” announcing a new request for public input on “inflated and back-end” fees which Director Chopra says allow banks and other financial institutions to exploit average Americans.
In Side Note, Powell Backs SEC MMF Reforms
Although his press conference today almost entirely focused on monetary policy, FRB Chair Powell was also asked about asset price stability. He continues to stand by the Fed’s financial stability report (see Client Report SYSTEMIC92) suggesting risk, while elevated, is within acceptable bounds.
Partisan Battle Over Crypto Emerges on China Competition Bill
House Democrats’ America COMPETES Act introduced yesterday includes several provisions of note addressing financial-stability risks seeming to emanate from China.