#USPS

22 10, 2021

Daily102221

2023-06-05T15:18:13-04:00October 22nd, 2021|2- Daily Briefing|

BIS Official Presses Climate Risk Go-Slow
In remarks today, Fernando Restoy, head of the BIS’s Financial Stability Institute, reinforced the complexities climate risk presents for financial regulation emphasized also in last night’s FSOC report (see Client Report GREEN11).

Agencies Announce Anti-Redlining Priorities, Target Nonbank Lenders
In concert with a landmark anti-redlining enforcement action, the Department of Justice today announced a new anti-redlining initiative. This will not only prioritize cases such as the one settled with Trustmark National Bank, but also pursue redlining at nonbank mortgage lenders.

Senior Republicans Slam Postal-Banking Pilot, Postmaster General
HFSC Ranking Member McHenry (R-NC) and Oversight Ranking Member Comer (R-KY) today blasted USPS’s postal banking pilot, accusing the Postal Service of implementing the pilot “in secret” and without Congressional notification.

Daily102221.pdf

4 10, 2021

Daily100421

2023-06-28T15:36:45-04:00October 4th, 2021|2- Daily Briefing|

Fed Staff Study Ratifies GSIB Scoring; We’re Not So Sure
Late last week, the Fed published a new staff note using a novel approach – high-frequency stock trading – to identify SIFIs. Looking to determine if one firm’s negative stock return creates market-wide contagion risk in a short time period, the study finds that the eight U.S. designated GSIBs demonstrate this systemic market correlation.

USPS Experiments with New Banking Services
Following an American Prospect story today, a number of news sources have confirmed that the U.S. Postal Service has launched a pilot postal-banking proof of concept.

Warren Demands Still More Retribution for Fed Trading Practices
Based in part on news today that Vice Chairman Clarida also engaged in trading some believe has the appearance of impropriety, Sen. Warren (D-MA) has expanded her campaign demanding not just a Federal Reserve inquiry, but now also an SEC investigation.

Fed Plans Single-Day Implementation for ISO 20022 in 2023
The FRB today issued notice that Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service.

Gensler’s Next Grilling
Ahead of its hearing with SEC Chair Gensler tomorrow, HFSC’s majority staff memo indicates that the session will cover the full SEC agenda.

Daily100421.pdf

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