Warren, Whitehouse Attack Chamber’s CFPB Litigation
Continuing their support of the CFPB’s credit-card rule (see FSM Report CREDITCARD37), Sens. Warren (D-MA) and Whitehouse (D-RI) took on the Chamber of Commerce, writing to protest its “outrageous and unwarranted” legal challenge.
HFSC Set for Marathon, Partisan Mark-Up
Wednesday’s HFSC mark-up will feature predictable partisan battles over an array of GOP resolutions to repeal the CFPB’s credit-card rule (see FSM Report CREDITCARD37) and all of the banking-agency climate-risk standards (see Client Reports in the CLIMATE series).
Fed Paper: CBDC May Increase Run Risk, Digital Asset Stability
A new Fed staff paper analyzes a CBDC’s potential impact on financial stability, finding that CBDC introduction could cause a small increase in run risk, but could also improve financial stability in the digital-asset space and enhance cross-border payments.
Does Supervision Make Banks Safer? FRB-NY: Probably
Noting that the impact of bank supervision has received far less attention than that of regulation, the Federal Reserve Bank of New York’s blog today includes a post summarizing literature in this area, one that has of course taken on new importance in the wake of last year’s failures and resulting agency self-assessment.
BIS Presses Tokenized Unified Ledger
Building on prior work advocating for unified ledgers to achieve digital efficiencies without added risk, the BIS’s General Manager Agustín Carstens and Infosys Chairman Nandan Nilekani today extended prior analyses to tokenization.