CFPB Tackles Core-Service Providers
Late yesterday, CFPB director Chopra told community banks and credit unions that he wants to be sure that entities that he described as focused on relationship banking are included in CFPB decision-making, in contrast to the large banks that had previously influenced its actions.
Hsu Supports Special-Purpose Stablecoin Charter
Picking up on both Secretary Yellen’s comments yesterday and the PWG’s stablecoin report (see Client Report CRYPTO21), Acting Comptroller Hsu today went farther to conclude that cryptocurrency in general poses systemic risk that warrants immediate attention to stablecoin regulation.
FSOC Worries About Commodity-Market Risk
The FSOC readout from its closed meeting today was as inscrutable as usual. However, we infer that the Council convened principally to assess commodity-market volatility in the wake of the Ukraine invasion.