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7 05, 2024

DAILY050724

2024-05-07T17:04:28-04:00May 7th, 2024|2- Daily Briefing|

GAO Presses FDIC, OCC for Blockchain, Third-Party Risk Standards

The GAO today issued its annual reports to the FDIC and OCC, stating that the agencies had failed to implement two of last year’s priority recommendations on the coordination of blockchain policy and policy clarifying how banks must handle third-party relationship’s use of alternative underwriting data.

SF Fed: Less Bank Lending, Fewer Jobs

A new study from the San Francisco Fed looks at why banks curtailed lending in 2023, attributing about half of this to re-evaluating their ability to take on risk without analyzing why this internal decision might have been made.

Gruenberg Faces Fight of His FDIC Life

The key policy question aroused by the independent counsel’s blistering report today on the FDIC is whether Chair Gruenberg can survive it and, if not, what happens next to an FDIC board likely to be tied on key questions such as finalizing all the capital standards and the agency’s particularly stringent merger policy (see FSM Report MERGER15).

Daily050724.pdf

17 11, 2021

Daily111721

2023-05-26T10:39:14-04:00November 17th, 2021|2- Daily Briefing|

Williams Emphasizes Treasury-Market Failures
FRB-NY President John Williams today reinforced the principles laid out in the recent Inter-Agency Working Group on Treasury Market Surveillance report (see Client Report TMARKET2) – i.e., the “imperative of resilience.”

OFR: U.S. Financial Stability at Mid-Range, Too Soon to Judge Climate Risk
OFR today released its 2021 annual report, concluding that overall risks to U.S. financial stability remain in the medium range. Notably, the report generally downplays risks resulting from climate change, arguing these are difficult to quantify and thus deferring conclusion until more data are available.

Waller Breaks with PWG on Limiting Stablecoins to Banks
Although FRB Chair Powell has not yet decided on the need for CBDC, Fed Gov. Waller today opposed it on grounds that private innovation suffices to ensure U.S. payments innovation. This sets up a conflict should Mr. Powell’s endorse CBDC after pending discussion the draft or if Gov. Brainard takes over the chair.

JEC Reviews Crypto Construct
At today’s Joint Economic Committee hearing on cryptoassets, Chairman Beyer (D-VA) urged Congress to update the crypto regulatory framework to better protect consumers, prevent insider trading, and ensure economic stability in part by preventing runs on cryptoassets.

Daily111721.pdf

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