Brainard: Fed to Issue Climate Scenario Analysis Guidance
Confirming Fed Chair Powell’s comments (see Client Report REFORM209), Gov. Brainard today said that the Fed will issue large-bank supervisory guidance on climate scenario analysis without providing timing, whether it will be proposed for comment, or details.

FSB: Varying National Stablecoin Standards Present Arbitrage, Fragmentation Risk
The FSB today updated progress on its high-level recommendations on global stablecoin (GSC) arrangements (see FSM Report CRYPTO14), laying out work to date even as much more needs to be done. As previously noted, we expect the U.S. shortly to ramp up its stablecoin work, following the FSB’s lead but likely gold plating it in several areas.

Cleveland Fed: Bank Consolidation Does Not Lead to Banking Deserts
New research from Cleveland Fed Staff finds that, despite banking-industry consolidation, rural and urban consumers have not experienced decreased banking access measured by the nearest full-service branch.