Bowman Cautions on Payment-System Access, CBDC
In remarks today, FRB Gov. Bowman pointed to the Fed’s final payment-system access guidelines, again urging nonbanks not to have “false expectations” about access while an implementation process advances. She also noted a longstanding inter-agency proposal addressing partnership risks (see FSM Report VENDOR9) and said she believes final action is needed but provided no insight into when this might in fact occur. Noting also yesterday’s Fed supervisory letter on cryptoassets, Gov. Bowman indicated that additional supervisory guidance on stablecoins, custody, and other outstanding digital-asset issues is also being developed.
CFPB Digital-Market Standards Start Now
Today’s Federal Register includes the CFPB’s interpretive rule subjecting digital companies using behavioral or similar data to market consumer-finance products to federal consumer law (see FSM Report FINTECH30). The rule is effective immediately. As noted, the rule curtails the extent to which digital advertising and marketing strategies are exempt from CFPB regulation and state or federal enforcement actions.