Fed Concedes, Funds Move Back to Coffers
As we forecast last week, the Fed late Friday evening determined that it needed to adhere to Secretary Mnuchin’s demand that the Fed return unspent funds for the facilities expressly authorized by the CARES Act and several others it authorized.

G20 Takes Dim View of Digital Finance, Presses NBFI Action
The G20 communique from the weekend meeting is unsurprisingly focused largely on pandemic relief. With specific regard to financial regulation, the statement emphasizes the importance of sustainable finance and financial inclusion for economic growth.

IOSCO Promises Little on FSB NBFI Reform
At IOSCO’s annual meeting late last week, global securities regulators agreed to work with FSB on its new NBFI strategy, but went no further with any specific assurances or tasks.

Kraninger Wary of Alternative-Data Complexity
In remarks ahead of today’s Academic Research Council, CFPB Director Kraninger laid out potential risks associated with using alternative data in credit decisions.

OCC Expands National Bank, FSA Powers
Continuing Acting Comptroller Brooks’ march through the rulebook, the OCC today finalized a significant proposal (see FSM Report CHARTER26) expanding the activities authorized for national banks, conforming standards for federal savings associations to those for national banks, and making the entire activity construct technology-neutral.