HFSC Ponders Russia, China Payment Alternatives

The majority staff memo for Tuesday’s HFSC subcommittee hearing on alternative payment messaging  and settlement systems targets efforts by Russian and China to circumvent SWIFT, assessing the extent to which they threaten sanctions enforcement and the dollar’s reserve-currency status.

New HDMA Data Collections at the CFPB?

The Federal Register today includes a CFPB comment request regarding the Bureau’s Regulation C implementing HMDA reporting.

Treasury Accelerates Crypto, CBDC Illicit-Finance National-Security Action

Following the publication of its crypto illicit finance action plan last week, Treasury today released a request for comment seeking views on illicit-finance and national-security risks.

HFSC Democrats Ready the Rack for Big-Bank CEOs

As we anticipated, the HFSC majority-staff memo for Wednesday’s “mega-bank” hearing focuses on mergers, arguing that these have adversely affected market competition and consumers.

BIS Fears FBO Liquidity Draws

Among the reports released today by the BIS is one concluding that, in times of stress, FBOs may draw down liquidity in host jurisdictions to support their parents, posing financial-stability risk.

Senate Banking Brings Out The Big-Bank Spikes

Earlier today, we concluded that the upcoming HFSC hearing with big-bank CEOs will put them through a wringer even as Democrats position new, reform-minded measures for discussion, if not also action.

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