Crypto-Custody Battle Back in Bank Regulators’ Laps

The House yesterday voted 228-182 to approve H.J. Res. 109, a GOP motion under the Congressional Review Act to revoke the SEC’s Staff Accounting Bulletin 121 requiring additional disclosures and balance-sheet recognition related to cryptoasset custody (see FSM Report CUSTODY5).

GOP Tries to Place Gruenberg Blame on President Biden

Late yesterday, the GOP leadership of the House Oversight Committee sought to escalate the political focus on FDIC Chair Gruenberg, writing to the White House to demand all communications with Mr. Gruenberg and others related to workplace conduct.

Brown, Scott Take Usual Stand on “Junk,” Credit-Card Fees

Today’s Senate Banking Hearing focused on “junk fees.”

Waters Focuses on FDIC Report, Not Gruenberg

Without directly supporting FDIC Chair Gruenberg, HFSC Ranking Member Waters (D-CA) today pointed to aspects of the Cleary report that focus narrowly on Mr. Gruenberg rather than all recent FDIC Chairs.

CFPB Heightens Attack on Credit Card Rewards

At today’s CFPB-DoT hearing on credit card rewards, Director Chopra indicated that the agency will protect points against currency devaluation, stop “bait and switch” scams, examine exclusive deals, and promote interest rate competition.

Climate Scenarios Show Significant Challenges

At close of business, the Federal Reserve released the results of the climate risk exploratory stress test imposed on six of the largest banks