FRB-NY Official Stands by the Stand-By Facilities
In remarks today, senior FRB-NY official Lorie Logan made it clear that the Fed views the new stand-by repo facilities as a money-market backstop. Noting that the GFC and pandemic crisis had significant similarities despite differences in both cases and bank resilience, Ms. Logan focused on the ongoing need for precautionary liquidity.

Gensler Asks Senate for Plenary Crypto Authority for SEC, CFTC, Banking Agencies
Responding to Sen. Warren (D-MA), a letter released today from SEC Chairman Gensler requests that the Commission and other regulators be granted “plenary” authority over the securities, commodities, and lending activities of a wide range of crypto companies.

FFIEC Issues Major Access/Authentication Update
The FFIEC today issued guidance applicable to all of its member agencies detailing effective risk management principles and practices for access and authentication. Replacing guidance last updated a decade ago, the new guidance highlights significant risks associated with the cybersecurity threat landscape, saying these reinforce the need for effective authentication of users and customers.

DOJ Not Only Endorses Debit-Routing NPR, Also Proposes Fed-Competition Policy Shift
In an unusual move, the Department of Justice today filed a comment letter supporting the Fed’s controversial proposal to revise its interchange routing rules (see FSM Report INTERCHANGE8).