Chopra Has Big Plans for Payments
Likely assuming the coast is clear after the Supreme Court seemed reluctant to undo its charter earlier this week, CFPB Director Chopra today announced a series of steps designed to give the Bureau considerably more control over the payment system. First, the agency plans to issue supplemental orders to “certain” bigtech companies – doubtless PayPal – to ascertain stablecoin plans and how this affects consumer data.
Waller Still Sees Little Need for CBDC
Governor Waller today continued his skeptical CBDC stance, noting that Fed work on the product is largely motivated by preparedness concerns. Nonetheless, any US CBDC will be two-tier with direct retail CBDC requiring Fed master account access not permitted under current law. Mr. Waller also strongly disputed claims that CBDCs such as those in China pose a threat to the US dollar and countered suggestions that FedNow is a CBDC-precursor, emphasizing that its primary purpose is to speed payments.