Fed CBDC Work Considers Payment-System Future, Digital Monopolies
Confirming that the Fed continues to move forward on CBDC arena, the Boston Fed today announced a new research initiative aimed at creating a hypothetical digital currency platform to map CBDC tradeoffs.
Oversight Commission Fails to Agree on Main Street Program Improvements
The CARES Act Congressional Oversight Commission today released its fourth report on Treasury and Fed emergency lending, focusing on the Main Street program. As in the Commission’s hearing, Members could not reach a consensus on improvements, instead just listing an array of possible changes. However, the report does urge the Fed to expedite launch of the nonprofit window.
Agencies: Risk-Based Approach Required When Banking Politically Exposed Persons
The federal banking agencies, NCUA, and FinCEN today issued a statement on due diligence requirements for politically exposed persons (PEPs), reminding institutions to apply a risk-based approach but changing nothing substantive in existing standards.