#Velasquez

15 05, 2024

DAILY051524

2024-05-15T17:12:25-04:00May 15th, 2024|2- Daily Briefing|

Two Democrats Pressure Incentive-Comp Regulatory Laggards

In a prelude to questioning at this week’s hearings, Sen. Chris Van Hollen (D-MD) and Rep. Nydia Velázquez (D-NY) today pressured the FRB and SEC to join the inter-agency proposal on incentive compensation so that it can quickly advance (see FSM Report COMPENSATION38).  The letter was also addressed to the NCUA head, but the NCUA has in fact signed on to the inter-agency proposal.

Bowman Proposes Approach to Faster, More Innovation Approvals

FRB Gov. Bowman today outlined a new approach to financial innovation she believes will allow supervisors to authorize a greater number of new approaches.  She argues that new products such as tokenization must be assessed to determine if they parallel existing offerings and, if so, if they come with the same prudential standards.

Daily051524.pdf

7 11, 2023

DAILY110723

2023-11-07T17:01:20-05:00November 7th, 2023|2- Daily Briefing|

Treasury Advances Financial-Inclusion Agenda

In conjunction with its read-out of yesterday’s meeting of its most recent financial-inclusion discussion group, Treasury announced that it will shortly release a request for information about how best to accomplish the national financial-inclusion strategy demanded in the Department’s FY23 appropriations.

HFSC GOP Challenges Motives, Process of Basel, NGFS Standard-Setting

As anticipated, today’s Financial Institutions Subcommittee hearing on global banking accords was acrimonious, with Republicans strongly attacking what they characterized as Democratic agency head’s participation in a range of global banking accords as well as the Network for Greening the Financial System.

CFPB Proposes to Extend its Supervisory Reach to Tech-Payment Providers

The CFPB today proposed a sweeping rule bringing tech-platform or fintech companies offering general-use digital-payment services under bank-like consumer-protection standards via more direct CFPB supervision.

Bowman Stands by Basel

Perhaps due to today’s HFSC hearing on global accords, FRB Gov. Bowman today went beyond her ongoing critiques of pending rules to defend participation in the Basel Committee and other forums.

FHFA Starts FHLB Redesign

FHFA today released its long-awaited assessment of the Federal Home Loan Banks, laying out an ambitious program of supervisory, regulatory, and statutory issues.

McHenry Slams CFPB Digital-Payment Proposal

HFSC Chairman McHenry (R-NC) today slammed the CFPB not for usual causes, but because he believes the agency’s proposed supervisory standards for nonbank general-use digital-payment providers will “entrench the status quo” – i.e., the role of banks – by eliminating consumer choice and impeding innovation.

Daily110723.pdf

4 04, 2022

DAILY040422

2023-03-27T12:49:01-04:00April 4th, 2022|2- Daily Briefing|

FDIC Climate-Risk Principles Set for Public Comment

Today’s Federal Register includes the final text of the FDIC’s request for public comment on climate-risk management principles.

FRB-NY Reasserts that Disasters Don’t Damage Bank Resilience

The Federal Reserve Bank of New York today released a blog post on its earlier staff paper finding that weather events triggering federal disaster declaration did not pose significant risk to bank resiliency, even for the most damaging of disasters.

GOP Demands Disclosure, Not Rules, Govern Stablecoins

Republicans last week outlined their preferred, disclosure-based approach to stablecoin regulation, a sharp contrast to the PWG’s recommendations (see Client Report CRYPTO21) calling for new chartering restrictions.

HFSC Presses Financial Industry for Reparations

The HFSC memo today on tomorrow’s hearing about the need for reparations from the financial-services industry indicates that the Oversight Subcommittee will focus on the extent to which banks provided financing for slavery, allowed for enslaved persons to be used as collateral, and how insurers covered enslaved people’s work or sales value.

Nonbank Small-Business Lenders Face Possible CFPB Sanction

House Small Business Chair Velasquez (D-NY) has introduced H.R. 7351 to force nonbank small-business lenders into the CFPB’s efforts to identify patterns of racial, ethnic, or gender bias via ECOA disclosures.

CFPB Demands Lenders Give Consumers Data in Servicing, Other Disputes

Building on its mortgage servicing initiatives, the CFPB today not only filed an amicus brief in a case against Wells Fargo, but also reiterated that banks must participate in “relationship banking” and respond promptly …

19 11, 2021

Daily111921

2023-05-23T16:14:33-04:00November 19th, 2021|2- Daily Briefing|

Congressional Democratic Leaders Advance Tough Small-Business Lending Standards

Senior Democrats in both the House and Senate have introduced legislation (H.R. 6054 and S. 3235) to apply TILA to small business financing, granting the CFPB the same authority for small business loans as over consumer finance.

Daily111921.pdf

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