House GOP Slams Beneficial-Ownership Database
Reiterating longstanding concerns, HFSC Chairman McHenry (R-NC) and National Security, Illicit Finance, and International Financial Institutions Subcommittee Chairman Luetkemeyer (R-MO) submitted a comment letter today strongly opposing FinCEN’s latest beneficial ownership NPR.
House GOP Decries SEC Crypto-Custody Construct
Reflecting GOP concerns about the SEC’s new custody proposal as well as broad GOP objections to much of what Chairman Gensler does, HFSC Republicans today tweeted that the proposal will not ensure sufficient investor safeguards in part because restrictions on bank custody services remain.
Biden Order Reasserts Racial-Equity Agenda
Reiterating much of his last racial-equity executive order, President Biden today issued an order directing federal agencies to establish equity teams and comprehensive strategies to implement the order’s new equity initiatives.
FSB Pledges Further Work on DeFi Financial-Stability Risks
The FSB today released a report finding that DeFi’s financial stability risks are limited but may grow should linkages increase to traditional finance.
CFPB: Unfair Credit-Card Competition Evident Via Data Suppression
Following strongly-worded letters to six credit card lenders last May, the CFPB today concluded that these companies have suppressed payment data for competitive purposes.
FHFA Floats Single-Family ESG Bonds
Building on its equitable-finance initiative, FHFA today released a request for input on the benefits and risks of Fannie and Freddie single family social bonds.