Top Senate Democrats Heighten Payment App Scrutiny
Continuing to shift their focus from Zelle to payment-service providers, Senate Banking Chairman Brown (D-OH) along with Sens. Reed (D-RI) and Warren (D-MA) today sent letters to Paypal and CashApp urging them to adopt new scam-reimbursement policies.
Treasury Defends Russian Sanctions, Economic-Warfare Clout
Facing increasing assertions that U.S.-led sanctions are not meaningfully affecting Russia, Treasury today issued a blog stoutly defending sanctions effectiveness.
Reed Presses OFR to Subpoena Shadow-Bank Data
The principal sponsor of the Dodd-Frank provisions creating the Office of Financial Research, Sen. Jack Reed (D-RI), today defended the agency on grounds that it lacks a confirmed director, promising to push the appointment on the floor as quickly as possible.
Basel Targets Stablecoin Reserve-Asset Risk
Liang Disputes Over-Arching Need for New AI Regs
Treasury Under Secretary Liang today argued that AI is not fundamentally different than other financial innovations and is already subject to existing consumer-protection, safety-and-soundness, illicit-finance, and financial-stability guardrails.
FRB-NY Official Highlights AI Promise, Problems, Policy Action
Summarizing a recent Federal Reserve Bank of New York AI conference, the Bank’s chief risk officer, Mihaela Nistor, concluded that AI can now identify GSIB and GSIFI risk due to its ability to detect tail behavior not now captured by relevant models.
Democrats Urge CFPB to Take Second Stand Against Forced Arbitration
Sens. Warren (D-MA) and Sanders (I-VT) were today …