Dems Demand Answers re Zelle Fraud Risk
Although not yet publicly circulated, a letter sent by Sens. Warren (D-MA) and Menendez (D-NJ) takes sharp issue with Zelle and banks that own the payment service regarding consumer fraud risk.
Basel Tries Again on Crypto Prudential Standards
The Chair of the Basel Committee on Banking Supervision, Pablo Hernández de Cos, today confirmed that Basel is working on a second consultation addressing crypto assets to succeed the tough proposal (see FSM Report CRYPTO19) that led to stiff criticism in 2021, with this release due out in the next “couple of months.”
FSB, SEC Turn Focus on Open-End Funds
Reflecting the systemic risks highlighted during the IMF meeting, the FSB today issued a report on emerging-market economy (EME) exposures in USD-funding markets. Going beyond analysis showing the scope of this highly interconnected risk and its growing scope as the dollar’s value and U.S. rates rise, the report also accelerates FSB work on open-end funds.