CFPB Pursues Overdraft/NSF Fees
Venturing Doggedly pursuing its anti-overdraft campaign despite acknowledging industry concessions, the CFPB today published a list of banks deriving the most revenue from NSF/overdraft fees; a chart also names the banks that have or plan to eliminate these fees.
Toomey Pushes Back on SEC MMF Proposal
Issuing the first official Congressional statement on the SEC’s MMF proposal (see FSM Report MMF19), Ranking Member Toomey (R-PA) today argued that the proposal too narrowly prescribes how MMFs must operate, urging the SEC to broadly authorize MMFs to determine how to ensure their own resiliency.
Senate GOP Readies Objections to Gruenberg Appointment
Doubtless laying pipe should the White House nominate Acting Chairman Gruenberg to serve again as FDIC chairman, Senate Banking Committee Ranking Member Toomey (R-PA) and Sen. Scott (R-SC) today sent a letter to Mr. Gruenberg raising concern about allegations of racial discrimination during Mr. Gruenberg’s previous term as Chairman.
IMF: Faltering Banks Need New Rules along with Fintech, DeFi
The IMF today published a blog post on the rapid growth of fintech and DeFi, focusing on issues of concern to regulators and supervisors. One top-priority risk is, though, to legacy banks, which the post’s authors do not believe are quickly adapting to changing technology and new competitors and thus may also need more stringent prudential standards as their franchises become unsustainable.