Two Democrats Pressure Incentive-Comp Regulatory Laggards

In a prelude to questioning at this week’s hearings, Sen. Chris Van Hollen (D-MD) and Rep. Nydia Velázquez (D-NY) today pressured the FRB and SEC to join the inter-agency proposal on incentive compensation so that it can quickly advance (see FSM Report COMPENSATION38).  The letter was also addressed to the NCUA head, but the NCUA has in fact signed on to the inter-agency proposal.

Bowman Proposes Approach to Faster, More Innovation Approvals

FRB Gov. Bowman today outlined a new approach to financial innovation she believes will allow supervisors to authorize a greater number of new approaches.  She argues that new products such as tokenization must be assessed to determine if they parallel existing offerings and, if so, if they come with the same prudential standards.