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5 04, 2022

DAILY040522

2023-03-27T12:44:22-04:00April 5th, 2022|2- Daily Briefing|

HFSC Set to Quiz Yellen on Sanctions, Global Finance

As anticipated, the HFSC memo ahead of tomorrow’s hearing with Secretary Yellen highlights many pending bills designed to increase sanctions against Russia and Belarus, as well as the companies, oligarchs, and others affiliated with them or found to be acting on their behalf.  The memo includes not only a thorough compilation of bills to which we have alerted clients since the invasion began, but also a draft measure to bar an array of investment-banking or brokering activities related to Russia-based or -related obligations regardless of currency and to prohibit any such securities in investment funds.

IMF Official Urges Caution on CBDC Adoption

Bo Li, Deputy Managing Director at the IMF, urged caution today at an East African Finance Conference about building central bank digital currencies, referencing the findings of an IMF study on CBDC pilot programs.

Waters Demands Racial-Equity Action

As anticipated, the HFSC’s Oversight Subcommittee hearing on reparations featured considerable criticism of the financial services industry.  Most notably, Committee Chairwoman Waters (D-CA) said that some banks that provided loans to finance the purchase of slaves are still in operation, solely singling out JP Morgan. She also stated that she was looking forward to discussing the actions of the financial industry and how it will remedy the lingering effects of profiting from slavery.

Daily040522.pdf

25 03, 2022

Daily032522

2023-03-27T16:04:54-04:00March 25th, 2022|2- Daily Briefing|

Fed Puts Off Finalizing New DIHC Framework
The FRB today extended the comment deadline on a longstanding proposal crafting a new regulatory framework for depository institution holding companies principally engaged in insurance services.

CFPB Wants to Hear More re Pricing Practices
Saying it has been swamped with consumer tales about “junk fees,” the CFPB today extended the comment deadline until April 11 on its request for views on this hot topic.

Bipartisan Crypto Construct Harder to Build than Describe
On a Politico webcast last night, Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) announced a bipartisan alliance to craft cryptoasset standards they expect to see on the Senate floor by year-end.

Waller Still Wants Little to Do with a CBDC
At a feisty panel today, FRB Gov. Chris Waller stood by his view that a CBDC is “a solution in search of a problem.”

Senate Democrats Demand Overdraft-Fee Fix
Sen. Rev. Warnock (D-GA) and Chairman Brown (D-OH) joined other Democrats demanding lower or eliminated overdraft fees.

FDIC Starts Process of Revising Bank-Merger Policy

The FDIC today has officially released the bank-merger RFI that now-Acting Chairman Gruenberg and CFPB Director Chopra sought to release under Chair Jelena McWilliams.

Daily032522.pdf

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