Quarles Takes FSB Victory Lap
Speaking as he heads toward the end of his term as FSB chair, FRB Gov. Quarles today applauded the FSB for all the work it did to ensure financial stability during the pandemic.

Fed Researchers Conclude U.S. Regulatory Perimeter More Permeable Than Ever
A new Fed staff note builds on a major recent research paper to assess the U.S. regulatory perimeter. It concludes that the debate between entity- and activity-based regulation is a “red herring” in the U.S., urging an “if you do, you are and because you are, you do” approach.

BIS Advances CBDC, Payments Projects
In remarks today, BIS Managing Director Carstens reinforced the benefits of ongoing global work to advance CBDCs, focusing in particular on the BIS Innovation Hub’s recent project on CBDC cross-border settlement and the retail-facing construct (see Client Report CBDC6) endorsed last week by the G7.

OCC’s Libor Assessment Addresses Benchmark Replacement
The OCC today provided national banks with an updated self-assessment tool to gauge their readiness for the end of LIBOR. While a self-assessment, the tool is also an important advisory as to issues about which examiners are likely to inquire.

FHFA Revises Refi Standards, Continues Capital and Mission Rewrite
In remarks today, Acting FHFA Director Thompson announced changes to the GSEs’ refi-underwriting standards aimed at expanding access for low- and moderate-income households.