Brown Adds to Anti-Crypto Pressure on OCC
Even as the Acting Comptroller told HFSC that he has qualms about crypto charters, Senate Banking Chairman Brown (D-OH) sent him a letter urging a complete OCC halt to any more of the charters advanced by two former agency heads pending thorough review not only of these charters, but also of the procedures applicable to their considerations.
House-Passed Bill Renews Efforts to Tap the Fed for Funding
The House yesterday passed seven bipartisan banking bills, including H.R. 1711 from Rep. David Scott (D-GA). The measure would establish a CFPB Office of Community Affairs to coordinate interagency research on obstacles to banking-access in un/underbanked communities and to identify best practices to increase participation. The office has no rulemaking or policy role but would be required to report to Congress every two years.
Brown Takes Anti-Wall Street Campaign to Infrastructure Legislation
Although much of today’s Senate Banking hearing focused on the infrastructure bill, affordable housing, and transportation, Chairman Brown (D-OH) continued his criticism of what he believes is a Wall Street-centered economy, saying it has left the rest of the country to “fend for themselves.”
Biden Plan Insists on Expanded 1099s
Although potential crypto-transaction tax reporting requirements are grabbing early headlines, President Biden’s tax-compliance plan also includes controversial bank reporting requirements despite strong industry efforts to block them.
Fed Sets Course Towards CBDC
In the unusual format of a video statement, FRB Chairman Powell today laid out the Fed’s new CBDC strategy.