9 08, 2023


2023-08-09T15:04:49-04:00August 9th, 2023|1- Financial Services Management|

Novel-Activity Supervision

FRB Vice Chairman Barr’s assessment of SVB’s failure included a commitment to pay additional supervisory attention to “novel” activities.  New supervisory “information” from the Federal Reserve now acts on this conclusion, creating what is described as a new supervisory program and stating explicitly that the Board will assess certain BHC and state member bank tech-focused activities.  The standards by which this is done are not made clear even though all but the stablecoin activities cited here are under way in varying forms at state member banks and BHCs.


21 09, 2021


2023-08-03T14:30:53-04:00September 21st, 2021|5- Client Report|

HFSC Tackles Consumer Data Ownership

Today’s HFSC Fintech Task Force Hearing featured an appearance by Full Committee Chairwoman Waters (D-CA) arguing against consumer opt-out. Although her statement was focused on privacy given the nature of the hearing, it may have broader implications for other financial services issues, including overdrafts. The hearing also featured bipartisan support for the CFPB’s consumer data ownership ANPR (see FSM Report DATA), with Ranking Member Davidson (R-OH) highlighting the need to read consent narrowly and provide “property rights” for consumers over their financial data. Rep. Davidson indicated that he is also developing a bill to secure those rights.


20 09, 2021


2023-08-03T14:33:08-04:00September 20th, 2021|2- Daily Briefing|

HFSC Dems Lay Out CFPB Data-Ownership Priorities
Ahead of the HFSC FinTech Task Force consumer-data hearing tomorrow, majority staff’s memo indicates the session is only an update on recent developments such as President Biden’s Executive Order (see Client Report MERGER6) urging the CFPB to expedite its consumer-data ownership ANPR (see FSM Report DATA).

Gensler Stands by SOFR
SEC Chairman Gary Gensler today reiterated that he has and will raise objections to LIBOR alternatives that fail to meet his standards for market liquidity and rate-setter objectivity.


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