BIS Staff: DeFi Demands Tough Prudential, Governance Standards
As noted on Monday, the BIS has published several policy-making papers targeting different facets of nonbank financial intermediation that are sure to guide both U.S. and global action.
BIS CBDC Experiment Successfully Settles Wholesale FX Transactions
The BIS today ended its joint wholesale CBDC experiment with the French and Swiss central banks, concluding that CBDC can be effectively deployed for international settlements. This is a significant finding and one that surely puts still more pressure on the Fed to issue its discussion draft and then proceed to determine the U.S. role as other major central banks ramp up operations with major market and even reserve-currency impact.
OCC Defines a “Good-Overdraft” Construct
Acting Comptroller Hsu today advanced the anti-overdraft campaign launched last week by CFPB Director Chopra, arguing that overdrafts disadvantage lower-income households and thus erode the trust essential to an industry success.