The House Financial Services Committee yesterday voted to advance out of committee legislation introduced by Chairman Patrick McHenry (R-NC) that would establish a regulatory framework for stablecoins. The bill, H.R. 4766, would allow state banking regulators to approve and supervise nonbank stablecoin issuers. ABA and other banking and credit union associations have said the model proposed in the legislation is insufficient to provide the strong regulatory oversight needed to ensure effective consumer protection, financial stability and a level regulatory playing field. The trade associations instead urged that stablecoin issuers be subject to at least the same form of supervision from a federal regulator as state-chartered banks and credit unions.
FHA seeks feedback on partial claim repayment demonstration
The Federal Housing Administration has released a draft mortgagee letter proposing a Reinstatement Advance Payment Demonstration that would provide a voluntary alternative method for securing partial claim and payment supplement debt. The proposal would eliminate the need for...
