HUD’s Controversial Fair-Lending Rules Go Live
The Federal Register today includes HUD’s final rule on disparate-impact standards (see FSM Report FAIRLEND8).

EU Crafts Sweeping Digital, Payment Regime
Continuing its push for both functional and innovative financial regulation, the EU today advanced a new framework for digital payments and cryptography.

BIS: Fintech/Big-Tech Share Small, Growing, Worrisome
Earlier this week, the BIS released a working paper establishing a database on fintech and big-tech credit offerings and warning of emerging stability concerns.

FRB-NY: No Need to Worry Now About Moral Hazard
In a new blog post today, Federal Reserve Bank of New York staff discount moral hazard concerns stemming from the scale of government market backstops. The paper rejects moral-hazard assertions echoing now in many quarters largely on grounds that intervention was sparked by the pandemic and market participants cannot foresee the odds of another pandemic against which to arbitrage risk-taking.

Waters Reiterates Big-Bank Diversity Critique
In a statement today, HFSC Chairwoman Waters (D-CA) extended her sharp criticism of Wells Fargo CEO Charles Scharf’s comments on qualified Black job candidates to all large banking organizations.

Mnuchin Working on PPP Forgiveness, Powell Faces Racial-Equity Drubbing
Although today’s Senate Banking hearing with Secretary Mnuchin and Chair Powell ramped up partisan fiscal-policy battles (see Client Report COVID15), Secretary Mnuchin said that he is talking today to SBA on ways to streamline PPP forgiveness applications without additional legislation.

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