FSB Stays Its Course
HFSC Democrats Don’t Like Overdrafts, But No Action Imminent
As anticipated, today’s HFSC Consumer Protection Subcommittee hearing reviewed Democratic complaints about overdraft fees and a general Republican defense of the importance of the private sector in setting consumer-finance charges.
Sanctions Now Reach Sectors
Treasury’s OFAC today sharply expanded U.S. sanctions against the Russian Federation.
Gensler Tackles Climate Disclosures, Crypto
Noting that the SEC is focused on disclosures, not the “merit” of what issuers may do, SEC Chairman Gensler today defended the controversial Scope 3 climate-risk disclosures, calling them “layered” because mandatory upstream and downstream disclosures would only be required if exposures are material or if a company had made a risk-reduction commitment.
GOP Bill Would Ban CBDC
Clearly still laying out the CBDC political divide, Sens. Cruz (R-TX), Braun (R-IN), and Grassley (R-IA) have introduced S. 3954, legislation essentially barring a retail-focused CBDC if it serves – as the senators expect – as a “financial surveillance tool.”
Thompson Open to FHLB Inquiry, New Mortgage Product
In the wake of another op-ed questioning the purpose of the home loan bank system, acting FHFA director Thompson said today that the creation of an advisory committee to review the system is a “great idea” to which she is open, saying also …