#FRB Richmond

27 06, 2022


2023-01-25T14:00:14-05:00June 27th, 2022|2- Daily Briefing|

FRB-Richmond: Reform MMFs or End Prime Institutional Funds

A new paper from the Federal Reserve Bank of Richmond authored in part by the Bank’s former president argues that the heart of prime MMF risk is continuing expectation of a Fed backstop under stress.  As a result, swing pricing or other changes proposed by the SEC (see FSM Report MMF19) are, they say, unlikely to reduce systemic risk.  They thus recommend that MMFs be required to have pre-positioned liquidity support backstops above and beyond the additional liquidity that would be mandated for MMFs in the SEC proposal.

HFSC Plans Look at Mortgage Discrimination, Servicing

HFSC Democratic staff today released plans for the full committee’s hearing this Wednesday on mortgage finance and economic equality.  It will look at the hot housing market and the extent to which it affords wealth accumulation to low-and-moderate-income households and those of color, with the memo noting an array of obstacles to home ownership such as the inability to save for down payments, obstacles to FHA loans, and the prevalence of cash buyers (a matter also to be taken up by the panel tomorrow).

CFPB Details Immigrant Financial Challenges

The CFPB today released a blog post asserting that financial institutions make it unduly difficult for immigrants to obtain financial services.  Barriers include those to account and language access, vulnerability to predatory actors, and refugee or newcomer-specific challenges such as a lack of credit history and legal protection.


7 06, 2022


2023-02-10T15:50:52-05:00June 7th, 2022|2- Daily Briefing|

New Crypto Bill Empowers Digital Assets, Faces High Hurdles

After months of negotiation and public discussions, Sens. Lummis (R-WY) and Gillibrand (D-NY) today introduced a comprehensive crypto-reform measure designed to promote the proverbial “responsible-innovation” on which all sides agree despite wide differences in how each defines this goal.

CBDC Adoption Has Compelling Rationale Even Though CBDC Not Essential

A new article from the Federal Reserve Bank of Richmond weighs the pros and cons of US CBDC adoption, concluding that – although CBDC would be unlikely to bring short-term benefits to the money and payments system – several compelling reasons nonetheless exist for implementation and, at the least, serious design and functionality research and policy preparedness.

Brown Wants FSOC to Quell Consumer-Data Sales

Senate Banking Chairman Brown (D-OH) today renewed his campaign against consumer-data sales, directing his requests to FSOC but doubtless also firing up CFPB action in a newly-high profile arena.

HFSC Dems Demand More on Historic Patterns of Slavery Finance, Insurance

HFSC Chairwoman Waters (D-CA) and all of the panel’s subcommittee chairs today sent a letter to the ten largest U.S. banks and five largest life insurers demanding more data on the financing of slavery.


2 12, 2021

FedFin: Going Down?

2023-05-23T13:59:59-04:00December 2nd, 2021|The Vault|

Two recent studies add fuel to the fire we first spotted late last year: demands for ARMs that only go down.  Director Thompson’s latest scorecard combines with her equitable-finance mission to make this option a top political priority even if its market feasibility remains at best uncertain.

The full report is available to subscription clients. To find out how you can sign up for the service, click here.…

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