House Democratic Coalition Lambasts OCC’s Crypto, Payment Construct
Joined by the HFSC fintech task force’s chairman, Rep. Stephen Lynch (D-MA), Rep. Rashida Tlaib (D-MI) and a group of progressive and more moderate Members sent Acting Comptroller Brooks a letter sharply criticizing his plans for special-purpose payment charters.

Oversight Commission Again Demands SMCCF Halt
Following the Fed’s announcement earlier this week that the Secondary Market Corporate Credit Facility (SMCCF) continues each day to purchase about $20 million of corporate bonds, the CARES Act Congressional Oversight Commission on bipartisan basis reiterated its position that SMCCF purchases should be discontinued.

FSB Determines GSIB Risk Reduction
Although GSIBs will be cheered by the FSB’s decision yesterday generally to lower their capital surcharges, the skepticism with which this was met suggests that those in the U.S. and elsewhere demanding tough GSIB sanctions will only redouble their efforts for alternative strategies to rein in the biggest banks.