#digital-asset

Eliza Allen2023-11-15T16:42:07-05:00November 15th, 2023|2- Daily Briefing|

HFSC Advances Sanctions Bills

HFSC yesterday reported an array of Hamas-sanctions related measures, extending its reach to Iran, China, and other nations deemed to support Hamas. Bipartisan bills with some hope of advancing include measures to require Treasury to report on financial institution’s involvement with Iranian officials (H.R. 6245), mandate that OFAC develop a licensing program for private firms to conduct nominal transactions with sanctioned entities (H.R. 6370), and to expand secondary sanctions to Chinese banks financing the purchase of Iranian oil (H.R. 5923).

Basel Tackles Digital Fraud

The Basel Committee has released a discussion draft seeking views on supervisory and financial-stability implications of digital fraud. Discussion papers of this sort are often precursors to more formal standards, and this one appears to be no exception. While Basel seeks comment on broad questions such as the definition of digital fraud, it also wants views on the prevalence of digital fraud as commenters choose to define it and resulting risks.

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Arezou Rafikian2023-05-10T17:20:41-04:00May 10th, 2023|2- Daily Briefing, Uncategorized|

McHenry Seeks To Use Appropriations Denial As Legislative Weapon

In his letter to Appropriations Committee leadership late yesterday afternoon, HFSC Chairman McHenry (R-NC) not only highlights GOP budgetary issues, but also requests that the panel deny funding for further SEC action on new rules governing open-end funds, equity-market execution, and climate-risk disclosures.

CFPB Declares Unilaterally Reopened Deposit Accounts To Be UDAAP

Continuing its and the Administration’s campaign against “junk fees,” the CFPB today issued a circular establishing that its UDAP authority may apply to banks that unilaterally reopen a deposit account to process debits or deposits after a consumer has closed it.

FHFA Concedes on DTIs, May Even Address LLPA Controversy

FHFA today retreated far more completely on its controversial March decision to retain an upfront fee related to a borrower’s debt-to-income level, now saying that it will postpone this requirement indefinitely pending views to be solicited via a forthcoming RFI.

Barr Lambasts Regulators as Democrats Press Targeted Change

At the HFSC Financial Institutions Subcommittee hearing today, Chairman Barr (R-KY) was scathing in his denunciation of reports from the Fed (see Client Report REFORM221) and FDIC (see Client Report REFORM222) on the failures and of what he called a “term paper” from the FDIC outlining deposit-insurance options (see Client Report DEPOSITINSURANCE119).

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