Small Business Committee Urges Fintech Transparency, New CFPB Role in Fintech Lending
Today’s Small Business Subcommittee on Oversight, Investigations, and Regulations hearing on fintech transparency focused on financial practices that may harm small businesses’ access to credit.
HFSC Party Lines Form on CRA Rewrite
Fed Proposes Debit-Card, Payment-System Data Collections
Although the Fed has yet to finalize a controversial proposal related to debit-interchange fees (see FSM Report INTERCHANGE8), it has proposed changes to how it collects debit-card information essential to implementing changes to network selection and, should it come to do so, fee calculations.
FSB Chair Reiterates Need for Crypto Regulation, Highlights Progress on Climate Roadmap
FSB Chair Klaas Knot’s letter today to the G20 ministerial reiterated all the points regarding COVID exit strategies, regulation of cryptoassets, and executing FSB’s climate roadmap outlined after June’s plenary meeting.
Senate Democrats Demand More Stringent, Binding Fed Ethics Standards
Senate Banking Committee Chairman Sherrod Brown (D-OH) joined by four other Democrats today sent a letter to Chairman Powell again calling for more stringent, enforceable Fed ethics standards, and reminded Mr. Powell in strongly-written arguments about the need to do so via binding regulation or by the kind of statutory change they have already introduced.
Global Regulators Press for Global Stablecoin Payment-Risk Standards
Doubtless spurred by FSB requests and market volatility, the BIS Committee on Payments and Market Infrastructures (CPMI) and IOSCO today issued its final guidance on the application of Principles for Financial Market Infrastructures (PFMI) to stablecoins.