The FDIC board today approved a $2.09 billion operating budget for 2018, down 3 percent from the 2017 budget. The board also authorized a 2018 staffing level of 6,076 positions for 2018, a net reduction of 287 positions from the 2017 staffing level of 6,363. This decrease marks the eighth consecutive reduction in the FDIC’s annual operating budget, FDIC Chairman Martin Gruenberg said. “These reductions are made possible by continuing steady improvement in the health of the U.S. banking industry as well as the FDIC’s efforts to carefully manage resources. The FDIC remains focused on fulfilling its mission while prudently managing costs.”
ABA to Senate Banking: Refine Clarity Act’s stablecoin yield language
ABA and a coalition of financial trade associations asked the Senate Banking Committee to refine the proposed payment stablecoin yield language in the Clarity Act, which prohibits crypto platforms from paying interest or yield to bank deposits on...
