Crypto Measures Await Next Session
As anticipated, HFSC Chair McHenry (R-NC) was able to fend off concerted efforts by Sens. Brown (D-OH) and Warren (D-MA) to add the Warren-Marshall crypto bill to the National Defense Authorization Act.
FSOC to Target Hedge Funds, Nonbank Mortgage Companies
The readout from Treasury on yesterday’s FSOC meeting provides insight into the Council’s executive session suggesting significant near-term systemic action regarding hedge funds.
FSB Plans Broad Rewrite of Public Backstops, GSIFI Resolvability, Operational Readiness
The FSB’s 2023 Resolution Report today advises banks and public sector authorities to be prepared to access public sector funding in resolution, with the Board planning to review whether existing public sector backstops are adequate to meet potential failure scenarios.
Brown Renews Bipartisan Quest to Constrain Nonbank Banks
Advancing the big-tech concerns he most recently voiced before GSIB CEOs (see Client Report GSIB23), Senate Banking Chairman Brown (D-OH) has introduced S. 3538, bipartisan legislation to impose bank regulation on non-bank parent companies of insured depository institutions.
DOJ Targets Fraudulent Microtransactions
Cracking down on unauthorized bank account charges, the DOJ today announced multiple actions against “sham” companies alleged to have used misrepresentations or unauthorized charges to steal money from consumers’ financial accounts.
CRS Warns Credit Card Act Could Result In Risky Retailer Payment Networks
The CRS this week issued a report analyzing the Durbin-Marshall Credit Card Competition Act, S.1838 (see FSM Report INTERCHANGE10), projecting that fee caps will have a greater impact on transaction fees than competition, with the bill in fact reducing merchant transaction fees.
Progressives Again Push Public Banks
“Squad” Democrats such as Reps. Tlaib (D-MI) and Ocasio-Cortez (D-NY) have introduced H.R. 6775, the latest version of their efforts to facilitate state and local public banks.
Senate Bill Seeks Supervisory Oversight
The rush of end-session bills also includes one from Sens. Moran (R-KS), Hagerty (R-TN), Tillis (R-NC), and Manchin (D-WV), S. 3541, that would force supervisors more quickly to answer bank queries and create an FFIEC independent review officer from whom banks could seek review of supervisory judgments.