DAILY103123

2023-10-31T17:02:58-04:00October 31st, 2023|2- Daily Briefing|

HFSC GOP Turns to Merger-Policy Demands

Financial Institutions Subcommittee Chair Barr (R-KY) and Rep. Fitzgerald (R-WI) last night sent the federal banking-agency heads a stiff letter demanding to know when they plan finally to issue the long-promised bank-merger policy following public notice and comment.

China Leads New BIS CBDC Pilot

In a new CBDC project sponsored by the BIS’s Innovation Hub, central banks either directly associated with China or within its ambit will focus on multi-CBDC wholesale cross-border payments.

White House, Labor Turn to Retirement Advice “Junk Fees”

Building on its “junk-fee” initiative, the White House today expanded Obama-era “best-interest” standards to retirement advisers to close what it believes are loopholes in the SEC’s jurisdiction under its broker-dealer best-interest standard.

BIS CPMI: Even Sound Stablecoins May Not Be Worth the Effort

A new report from the BIS Committee on Payments and Market Infrastructures finds that properly designed and regulated stablecoins could improve cross-border payments by increasing speed and transparency while lowering costs, especially in emerging markets and developing economies.

GAO Vacates Key SEC Crypto Ruling

The GAO today released a report finding that the SEC’s staff accounting bulletin (SAB) 121 is a rule subject to the Congressional Review Act, throwing a key Gensler anti-crypto ruling into immediate ineffectiveness and an uncertain future.

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