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27 12, 2022

Daily122722

2022-12-27T16:34:28-05:00December 27th, 2022|2- Daily Briefing|

FHFA’s New-Product Rule Effective Date Set

Today’s Federal Register includes FHFA’s final rule on new Enterprise products now with an effective date of February 27.  As we noted in our in-depth analysis, the rule requires the Enterprises to notify FHFA of new activities and then to obtain approval of any activities deemed to be new products, with FHFA having considerable discretion to determine if a new offering is an activity or a product.

FRB Atlanta: Political Compromise Essential To Successful CBDC

A new paper from Federal Reserve Bank of Atlanta staff finds that technical design features will not resolve difficult policy issues arising from CBDC issuance, concluding instead that political compromises will be necessary for successful introduction of CBDC.

Daily122722.pdf

30 08, 2022

DAILY083022

2023-01-03T16:41:05-05:00August 30th, 2022|2- Daily Briefing|

FRB-Atlanta: Cardless Consumers Pay More Per Transaction

After the Fed announced imminent FedNow liftoff, the Federal Reserve Bank of Atlanta yesterday issued a release summarizing research that concludes that lower-income consumers pay considerably more per each payment transaction due the use of cash and debit cards that do not provide credit-card rewards and the overall price increase that merchants charge to compensate for interchange fees.

Oversight Subcomm Chair Presses Agencies on Crypto Oversight, Jurisdictional Warfare

The Chairman of the House Oversight Committee’s Subcommittee on Economic and Consumer Policy, Rep. Raja Krishnamoorthi (D-IL), today sent letters to Treasury, the SEC, the CFTC, the FTC, and several major crypto exchanges demanding information and documents showing what each is doing to combat cryptocurrency-related fraud.  Calling for improved regulation and guidance, the Chairman criticizes regulators for their insufficient coordination in response to escalating risks.

Daily083022.pdf

11 07, 2022

DAILY071122

2023-01-24T15:11:32-05:00July 11th, 2022|2- Daily Briefing|

FSB Highlights Crypto, Stablecoin Risk

The FSB today issued an unusual statement warning of cryptoasset risk.  Rejecting the BIS’s more sanguine view that stablecoins and other digital assets have yet to prove, the FSB warns that inter-connectivity with the financial system already poses grave hazard.

HFSC to Consider CRA Reform, Rewrite

As noted, the HFSC Consumer Protection and Financial Institutions Subcommittee on Wednesday will consider the inter-agency CRA rule (see FSM Report CRA32).

Basel Committee Will Be Slow to Advance Climate-Risk Capital, Disclosure Standards

The head of the Basel Committee, Pablo Hernández de Cos, today reiterated that global bank regulators are dedicated to a cautious but determined set of climate-risk standards.

BIS Group Charts Course to Cross-Border CBDC

As part of the G20 cross-border payments roadmap, the BIS, IMF, and World Bank released a joint report today urging governments working on a CBDC to coordinate their designs and account for cross-border functionality early in their process.

FRB Atlanta Blog Refutes Dem’s Zelle Allegations

Coming in the wake of a letter sent by Senate Democrats alleging Zelle of mishandling fraud, FRB Atlanta today published a blog post defending the payments industry in cases where customers willingly authorize a fraudulent payment.

Chopra Promises to Promote Fierce Competition

CFPB director Chopra today reasserted his agency’s authority over ensuring financial-market competitiveness, describing recent actions against credit-card companies (see FSM Report CREDITCARD35), bigtech, and “junk fees” (see FSM Report CONSUMER38).

Daily071122.pdf

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