True-Lender Rule Advances to Substantive Rewrite
The Senate last night voted 52-47 in favor of a CRA resolution overturning the OCC’s true-lender rule (see FSM Report PREEMPT35), sending the resolution now to the House for likely passage given the bipartisan nature of the Senate’s vote.

Rosengren: CBDC Work Advancing, May Complement FedNow
The Federal Register today includes the Fed’s proposed guidelines to evaluate requests for accounts and services.

Williams: SOFR First, Alternative Benchmarks to Come
Boston Fed President Rosengren today updated Fed work with MIT on CBDC, signaling significant progress even though the FRB has yet even to, as Chairman Powell might say, start thinking about thinking about creating a U.S. CBDC.

Brown, Toomey Preparing Broad China Sanctions Bill
Continuing Congress’s use of sanctions as a tool of U.S. foreign, human-rights, and economic power, Senate Banking Chair Brown (D-OH) and Ranking Member Toomey (R-PA) today agreed in principle on legislation they will offer as an amendment to a broader package on China set for near-term Senate consideration.

New House Disclosure, Fair-Lending Bills Set to Advance
Although recorded votes will take place later tonight, it seems likely that the HFSC bills on which action was incomplete earlier today will be decided on party-line votes.

Daily051221.pdf