The creation of a central bank digital currency “should only be pursued as a final option to meet clearly defined public policy goals that cannot be achieved through payments innovations that leverage existing digital dollars,” the American Bankers Association told the Federal Reserve in a comment letter.
The Federal Reserve issued a final rule designed to help the agency implement the instant FedNow payments service, scheduled to go live in 2023.
The FDIC outlined a new process by which banks may apply for designation as a minority depository institution.
House Republican lawmakers this week slammed recent changes made by the CFPB to its supervision examination manual for unfair or deceptive acts and practices and its rules of practice and procedure regarding administrative adjudication procedures, noting that these actions “deviate significantly from past practices” and were taken outside of the notice and comment process.
A group of Republican lawmakers led by House Financial Services Committee Ranking Member Patrick McHenry (R-N.C.) this week urged the Federal Reserve to carefully examine whether the benefits of creating a central bank digital currency would outweigh the risks of doing so.
Testifying before the Senate Banking Committee, Michael Barr—President Biden’s nominee to serve as Federal Reserve vice chairman for supervision—said that the “Fed’s authorities are quite limited [and] narrow” with regard to accelerating the transition to a lower carbon economy.
The FDIC today approved a final rule establishing a process by which the agency will identify and investigate any conduct involving the misuse of its name or logo.
Community banks in oil and gas towns grapple with the future of climate risk supervision.
ESG? Fair access? Transition risk? Sustainable investing? Find out what these and more mean exactly.
Ahead of a markup in the House Financial Services Committee, ABA and 51 state bankers associations urged lawmakers to oppose a bill, H.R. 7003, that would allow credit unions to expand their membership and business lending capacity—the credit union industry’s latest attempt at charter enhancement.