Fed Staff Study: Climate Risk-Based Capital Impossible for Foreseeable Future
FRB staff released a stylized study of one critical climate-risk policy question: the extent to which banks should hold capital against it. Members of Congress have suggested this over recent years (see FSM Report GREEN9) and the BIS at the outset of its thinking recommended both “brown-penalty” and “green-incentive” capital charges (see Client Report GREEN).
FSB Presses for MMF, Open-End Rules; Government-Bond CCPs
Gruenberg Gives No Clue as to Timing, Content of Inter-Agency Crypto Guidance
In remarks today, Acting Chairman Gruenberg reiterated the risks laid out in the FSOC digital asset report (see Client Report CRYPTO33), repeated warnings against misrepresenting FDIC deposit insurance, and announced forthcoming interagency crypto guidance without providing any details or timeline.
Bipartisan Senators Press Secondary Sanctions for Enactment
Sens. Toomey (R-PA) and Van Hollen (D-MD) released a readout of a conversation with the Ukrainian Ambassador on the upcoming G7 Russian oil price cap, positioning their oil sanctions amendment for inclusion in the National Defense Authorization Act (NDAA) in light of the Ambassador’s support for it.
Warren Calls for Stronger, More Transparent CFPB Remittance Rule
Joined by four Senate Democrats, Sen. Warren (D-MA) today sent a letter to CFPB Director Chopra asking that the agency strengthen its remittance rule to ensure greater transparency for exchange rates and fees it …