#FRB KC

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17 10, 2022

DAILY101722

2022-10-17T17:11:36-04:00October 17th, 2022|2- Daily Briefing|

FRB KC: Distrust, Wealth Gap Behind Black Consumer Crypto Appeal

A new article from the Federal Reserve Bank of Kansas City reviews multiple factors that contribute to cryptocurrency’s appeal to Black consumers, an issue initially highlighted by Karen Petrou in an op-ed in September of 2021.  Key factors include the racial wealth gap, the “generational” distrust of financial institutions, crypto’s accessibility and perceived stability compared to traditional financial institutions, and increasing comfort with digital technology.  The article’s conclusions are grounded in an array of survey data reiterating significant statistical disparities in equity ownership and median household wealth between white and black households, correlating these with higher proportional crypto ownership of Black compared to white adults.

Daily101722.pdf

11 10, 2022

DAILY101122

2022-10-12T10:26:48-04:00October 11th, 2022|2- Daily Briefing|

FSB Slow-Walks Global Crypto Action

As promised, the FSB today released preliminary recommendations for global cryptoasset regulation and questions for consultation.

FSB Demurs on Crypto Systemic Risk

In its latest letter to the G20, the FSB today leaves its prior global-risk assessment largely unchanged, but refines its action plan.

Hsu Hunts for Reasons to Tolerate Crypto

In two speeches today, Acting Comptroller Hsu has again reiterated his concerns that cryptoassets pose an array of risks, a view of course echoing the FSOC’s findings (see Client Report CRYPTO33) and those in recent Treasury reports (see Client Report CBDC14 and Client Report CRYPTO32).

FRB KC: Better Data, Research Needed to Guide Payment Inclusion

A new research briefing from the Federal Reserve Bank of Kansas City calls for more research and data collection on underserved populations excluded from the payment system as well as more systematic research into public and private payment inclusion initiatives.

HFSC Republicans Press Hsu on Bank-Fintech Partnerships

HFSC Ranking Member McHenry (R-NC) and four other House Republicans today sent a letter to Acting Comptroller Hsu demanding clarification on the OCC’s treatment of bank-fintech partnerships.

Daily101122.pdf

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