Hsu Renews, Heightens Crypto Criticism
Late yesterday, Acting Comptroller Hsu pointed to recent stablecoin collapses to reaffirm his crypto skepticism, arguing that – until a better regulatory construct is established in this sector – strict controls such as those recently instituted for national banks are necessary and appropriate. Although crypto may offer benefits for both innovation and inclusion, Mr. Hsu described fundamental challenges made evident by recent events.
Treasury to Revisit Investment-Adviser AML/CFT Standards
In remarks today, Treasury Under-Secretary of Terrorism and Financial Intelligence Brian Nelson underlined Treasury’s commitment to working with the private sector to maximize sanctions impact, mentioning the long-delayed beneficial ownership rule only in passing and without providing any timeline. However, Mr. Nelson did provide additional insight into Treasury’s latest priority relating to investment advisers.
CFPB Calls Out Credit Card Lenders for Payment Data Reporting Practices
Combining its campaign against credit-card lenders, the CFPB today sent strongly-worded letters to large credit-card lenders inquiring about the alleged practice of suppressing or neglecting to report the actual payment-amount field. The Bureau is concerned that this makes it more difficult for consumers to obtain optimal products, phrasing its release as a direct appeal to consumers.