ECB Plans Payment-System Barriers, CBDC Action
EU plans for the payment system and CBDC advanced yesterday with a clear path for action, if not yet a certain direction. ECB President Christine Lagarde made it clear that, while the EU may not need to be actively protectionist against foreign-based payment systems (most of which are U.S.-based), it must take care to ensure that growing protectionism elsewhere (likely again in the U.S.) does not undermine the EU.
Banks Catch an SEC-Reporting Break
In the wake of CECL and the detailed financial statements released by banking organizations, the SEC has finalized disclosure requirements for registrant banking organizations designed to reduce duplication and burden.