18 10, 2023


2023-10-18T17:19:09-04:00October 18th, 2023|2- Daily Briefing|

Treasury Responds to Hamas Sanctions Pressure, More to Come

Reflecting ongoing and high-impact Congressional pressure, OFAC today sanctioned ten Hamas terrorist group members, operatives, and financial facilitators including the virtual currency exchange service known as Buy Cash.

CPMI Wants Faster Payments

The BIS Committee on Payment and Market Infrastructures today submitted an interim report to the G20 with ten initial considerations regarding the structure, design, and oversight of interlinking arrangements for fast payment systems.

Treasury Reiterates CBDC Interest

Treasury International Affairs Under-Secretary Jay Shambaugh yesterday stated that Treasury has a “complementary role” in addressing CBDC’s role in the payment system, reinforcing the likelihood that Treasury continues to press the FRB to go farther into CBDC than the Fed seems willing to do (see Client Report CBDC14).

Senate Sides with Industry versus CFPB Small-business Reporting

Despite a veto threat from the White House, the Senate today voted 53 to 44 to authorize Congressional Review Act withdrawal of the CFPB’s small business reporting rule.


25 05, 2022


2023-02-21T13:42:48-05:00May 25th, 2022|2- Daily Briefing|

Hsu Renews, Heightens Crypto Criticism

Late yesterday, Acting Comptroller Hsu pointed to recent stablecoin collapses to reaffirm his crypto skepticism, arguing that – until a better regulatory construct is established in this sector – strict controls such as those recently instituted for national banks are necessary and appropriate.  Although crypto may offer benefits for both innovation and inclusion, Mr. Hsu described fundamental challenges made evident by recent events.

Treasury to Revisit Investment-Adviser AML/CFT Standards

In remarks today, Treasury Under-Secretary of Terrorism and Financial Intelligence Brian Nelson underlined Treasury’s commitment to working with the private sector to maximize sanctions impact, mentioning the long-delayed beneficial ownership rule only in passing and without providing any timeline.  However, Mr. Nelson did provide additional insight into Treasury’s latest priority relating to investment advisers.

CFPB Calls Out Credit Card Lenders for Payment Data Reporting Practices

Combining its campaign against credit-card lenders, the CFPB today sent strongly-worded letters to large credit-card lenders inquiring about the alleged practice of suppressing or neglecting to report the actual payment-amount field.  The Bureau is concerned that this makes it more difficult for consumers to obtain optimal products, phrasing its release as a direct appeal to consumers.


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