Senate Dems Demand Facebook End Crypto Projects
Five Senate Democrats including Banking Chairman Brown (D-OH) late yesterday demanded that Facebook terminate its cryptocurrency (Diem) and digital wallet (Novi) projects, citing CEO Mark Zuckerberg’s 2019 HFSC testimony (see Client Report CRYPTO12) pledging not to launch financial products such as these without U.S. regulatory approval.

Banking Agencies, CFPB Do What They Can to Accelerate LIBOR Transition
Today, the Federal banking agencies and the CFPB, NCUA, and state regulators issued guidance yet again emphasizing their LIBOR transition expectations. This follows an OCC self-assessment tool to gauge transition readiness earlier this week and emphatic statements from the other agencies.