FRC

29 01, 2024

DAILY012924

2024-01-29T16:36:27-05:00January 29th, 2024|2- Daily Briefing|

White House Advances AI Governance, Government Adoption

Following the President’s AI executive order (see Client Report AI3), the White House today released an update following a steering-group meeting.

BIS Study Examines Stablecoin Run-Risk

A new BIS study supports pending U.S. legislation and possible rules related to stablecoin reserve assets and run-risk, finding that transparency increases stablecoin stability when reserve assets are of high quality, but decreases stability when reserves are perceived to be low quality or when there are low transaction costs to convert to fiat.

Hsu Sets Course to New OCC Merger Policy with No Fed Companion in Sight

In remarks today emphasizing the need for a more transparent bank-merger process, Acting Comptroller Hsu announced that the OCC will today release an NPR eliminating the possibility that merger applications will be approved solely by the passage of time.

Warren Starts the New Year with Political Pressure on Fed Policy

Reiterating concerns about high interest rates, Sen. Warren (D-MA) along with Sens. Hickenlooper (D-CO), Rosen (D-NV) and Whitehouse (D-RI) today sent a letter to Chair Powell calling on him to reverse rate hikes, citing its impact on the current affordable housing crisis.

Daily012924.pdf

30 11, 2023

CONSUMER54

2023-11-30T14:26:00-05:00November 30th, 2023|5- Client Report|

Chopra Breezes Through Senate Banking as Senators Revisit Concerns Over AI, FRC Bidding Process

Today’s Senate Banking hearing with Director Chopra was even more cordial than yesterday’s HFSC session (see Client Report CONSUMER53) even though Republicans continued to criticize the Bureau’s recent rulemakings.  Today’s hearing also showcased renewed focus on JPM’s controversial acquisition of FRC, with Sen. Vance (R-OH) grilling Mr. Chopra about the bidding process.  Director Chopra emphasized that the least-cost test was adhered to and insisted that JPM’s bid was found to be higher than PNC’s, although he promised to provide the senator with more information.  Chairman Brown (D-OH) raised serious concerns over AI lending decisions and explainability, while Sen. Warner (D-VA) called it an issue “tailor-made” for FSOC.

CONSUMER54.pdf

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