21 03, 2022


2023-04-03T13:15:47-04:00March 21st, 2022|2- Daily Briefing|

FSB Cites Growing FinTech/BigTech Concerns, Policy Solutions Await

The FSB today published its latest assessment of fintech, now adding bigtech to the picture and elaborating on the array of policy concerns it and BIS have previously sketched out.  We will shortly provide clients with an in-depth analysis of a report which concludes that the pandemic has significantly accelerated digital transformation.  This improves financial inclusion, but raises growing risk of structural change by way of dominant players outside the regulatory perimeter.

SEC Sets Out Sweeping U.S. Climate-Risk Disclosure Construct

On unsurprising party lines (3-1), the SEC today released proposed climate-risk disclosures for public registrants.  Although Congressional Democrats pressed for express materiality standards, the proposal relies on current interpretations of what must be disclosed.  Although Congressional Republicans derided the proposal as far outside the Commission’s mandate, it would require not only Scope 1 and 2 disclosures, but also an initial construct designed to lead gradually, but indisputably, to Scope 3 disclosures from larger companies.


17 11, 2021


2023-05-26T10:39:14-04:00November 17th, 2021|2- Daily Briefing|

Williams Emphasizes Treasury-Market Failures
FRB-NY President John Williams today reinforced the principles laid out in the recent Inter-Agency Working Group on Treasury Market Surveillance report (see Client Report TMARKET2) – i.e., the “imperative of resilience.”

OFR: U.S. Financial Stability at Mid-Range, Too Soon to Judge Climate Risk
OFR today released its 2021 annual report, concluding that overall risks to U.S. financial stability remain in the medium range. Notably, the report generally downplays risks resulting from climate change, arguing these are difficult to quantify and thus deferring conclusion until more data are available.

Waller Breaks with PWG on Limiting Stablecoins to Banks
Although FRB Chair Powell has not yet decided on the need for CBDC, Fed Gov. Waller today opposed it on grounds that private innovation suffices to ensure U.S. payments innovation. This sets up a conflict should Mr. Powell’s endorse CBDC after pending discussion the draft or if Gov. Brainard takes over the chair.

JEC Reviews Crypto Construct
At today’s Joint Economic Committee hearing on cryptoassets, Chairman Beyer (D-VA) urged Congress to update the crypto regulatory framework to better protect consumers, prevent insider trading, and ensure economic stability in part by preventing runs on cryptoassets.


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