CRA Rules Finally Go Live
The Federal Register today contains the OCC, FDIC, and FRB’s CRA final rule over three months after it was approved last October. The effective date of April 1 is unchanged and the regulation is now official; anyone contemplating litigation can begin formal proceedings.
Congress Takes on SEC Crypto-Custody Accounting
As anticipated, Sen. Lummis (R-WY) has today introduced a resolution to overturn the SEC’s staff accounting bulletin (SAB) 121 via the Congressional Review Act (see FSM Report CUSTODY5). Reps. Nickel (D-NC) and Flood (R-NE) have introduced an identical resolution in the House, with HFSC Chairman McHenry (R-NC) already making clear that he intends to support the measure.