FDIC Officially Rescinds Deposit-Advance Guidance – As previously announced, the FDIC officially rescinded its previous guidance laying out supervisory concerns and expectations for deposit advance products (see FSM Report PAYDAY6) following the issuance of interagency principles on small-dollar lending earlier this year (see FSM Report PAYDAY9).

BIS: EMDEs Should Promote Digital Payments, Adopt Digital IDs – Building on prior BIS statements calling for CBDC adoption and warning of a “digital divide” due to the end of cash, the BIS’s Financial Stability Institute issued a paper calling on regulators to promote the use of digital payment channels so that consumers can better weather the pandemic.

FDIC Reduces Bank Employment Barriers Due to Past Crimes – As long sought by criminal-justice advocates and some bankers, the FDIC finalized a rule reducing barriers to bank employment for individuals convicted of certain crimes.

FRB Confidentiality Rule Eases Bank Info-Sharing With Service Providers – The FRB has finalized a controversial proposal to revise its rules implementing the Freedom of Information Act (FOIA) and confidential supervisory information

Senate NDAA Leaves Out Beneficial Ownership Reporting – The National Defense Authorization Act for Fiscal Year 2021 (NDAA) that passed the Senate on an 86-14 vote does not appear to include provisions based on bipartisan beneficial ownership disclosure legislation (see FSM Report LAUNDER29).

FDIC/SEC Finally Set Systemic Broker-Dealer Resolution Process – Doubtless chastened by turbulence across the nonbank sector in recent months, the FDIC and SEC finalized a long-pending orderly liquidation authority (OLA) procedure for covered broker-dealers largely as proposed (see FSM Report RESOLVE38).

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