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13 03, 2023

DAILY031323

2023-03-13T17:25:04-04:00March 13th, 2023|2- Daily Briefing|

Biden Promises Regulatory Revamp

In an effort to restore confidence in the banking system, President Biden announced that he will ask Congress and the banking regulators to strengthen regulations that were rolled back by the Trump administration.

Political Battle Lines Take Shape

In the wake of yesterday’s decision to protect all SVB depositors, Members of Congress are now positioning themselves for future action.

Biden Presses Stability in Wake of SVB, Signature Rescues

Reflecting ongoing uncertainties and political fallout, President Biden later this morning reiterated comments from earlier today noted in our prior alert.

Comment Deadline Set for GSE Capital Proposal

The Federal Register today includes the FHFA’s proposal to refine Fannie and Freddie’s capital construct.

Fed Tries to Get Ahead of SVB Storm

Even as Sen. Hagerty (R-TN) led calls to review Fed supervision, the Fed today announced that Vice Chair Barr will lead a review of SVB’s supervision and regulation.

Daily031323.pdf

10 08, 2022

DAILY081022

2023-01-04T12:52:02-05:00August 10th, 2022|2- Daily Briefing|

Penalizes Fintech for Taking Consumer Funds Instead of Encouraging Savings

Striking at the heart of the purported financial-inclusion benefits of fintech, the CFPB today took action against Hello Digit under both its UDAAP powers (see FSM Report CONSUMER39) and its more recent stand on AI (see FSM Report FAIRLEND11).

Sen Dems Demand More re Rental Housing, Short-Term Loans in CRA Standards

Yesterday’s HFSC CRA comment letter has been followed by one from Chairman Brown (D-OH) and eighteen Democrats.

Senate Banking GOP Ramps Up Fed Demands

Following Sen. Toomey’s (R-PA) diatribe last week, Senate Banking Republicans have followed through with direct demands for greater Fed transparency and recognition of the central bank’s duties to the Congress.

Waters Demands Bureau Halt Equifax Scoring Until Erroneous-Data Problems Revealed, Remediated

HFSC Chairwoman Waters today sent a letter to the CFPB calling on the Bureau to use all of its powers to ensure remediation for consumers harmed by Equifax’s alleged credit-reporting error, as well as institute greater protections for consumers in the “broken” credit-reporting system.

CFPB Sweeps Up Bigtech in Scope of Consumer-Protection Standards

Building on its inquiry into bigtech and a controversial interpretive rule expanding its power to nonbanks (see FSM Report CONSUMER41), the CFPB today issued an expansive interpretive rule subjecting digital companies using behavioral or similar data to market consumer-finance products to the full thrust of federal consumer law.

Progresses Press Hsu on Crypto Authorizations

Sens. Warren (D-MA), Durbin (D-IL), Whitehouse (D-RI), and Sanders (D-VT) …

26 07, 2022

DAILY072622

2023-01-04T15:44:21-05:00July 26th, 2022|2- Daily Briefing|

Fed Encounters Tough New Complaints re Governance, Security

Sen. Rob Portman (R-OH) today released a report from the Republican Members of the Senate Homeland Security Committee not only alleging repeated Chinese attempts to infiltrate the Federal Reserve, but also Fed laxity ahead of and in response to this threat.

SEC Official Seems to Doubt Swing Pricing

In remarks today, the head of the SEC’s investment management division, William Birdthistle, seems to cast doubt on the agency’s MMF swing-pricing proposal (see FSM Report MMF19).  As we noted in our assessment of the FSB’s MMF report (see FSM Report MMF18), one alternative to MMFs would be bank deposits, but Mr. Birdthistle indicates that this is both unlikely and undesirable due to the lower rates paid on bank deposits.

Brown, Sanders, Dems Introduce Bill to Extend Full Range of Civil Rights Protections to Financial Services

Today, Sen. Brown (D-OH) and seventeen Senators introduced legislation that explicitly prohibits financial institutions from discriminating against customers based on race, color, religion, national origin, sex, gender identity, or sexual orientation.  No text of the bill is available, but the release today suggests it is similar to or identical to legislation Sen. Brown introduced late in the last Congress (see FSM Report FAIRLEND9) revising the Civil Rights Act to expressly cover financial services.

Daily072622.pdf

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