Ahead of G20 meeting, FSB chair warns of economic slowdown
The Financial Stability Board today published a letter from Chairman Klaas Knot warning of global financial system vulnerabilities and providing an update on the group’s work in key areas.
Browsing: Policy
Treasury solicits public input on digital asset development
The request follows an executive order directing agencies to report on the implications of the development and adoption of digital assets, as well as changes in financial market and payment infrastructures.
Trade groups to lawmakers: Don’t raise taxes on small, family-owned businesses
As households and businesses face a possible recession, decades-high inflation levels and other economic challenges, a broad coalition of trade groups—including ABA—representing a wide range of industries urged lawmakers to reject policy proposals that would raise taxes on small, individually and family-owned businesses.
Fed’s Brainard: Time is right for crypto regulation
Recent volatility has uncovered “serious vulnerabilities” in the crypto financial system that may require new regulation, Fed vice chair says.
CFPB advisory opinion warns of liability for consumer report users
The CFPB issued an interpretive rule related to the Fair Credit Reporting Act’s provisions regarding companies that use and share consumer reports.
ABA supports bill to enhance retirement savings
ABA sent a letter to Senate Finance Committee leaders in support of the Enhancing Retirement Now Act, which would significantly improve retirement savings for Americans. “
FOMC minutes: Additional 75 basis point rate hike possible
A tight labor market, inflation running well above the Federal Reserve’s 2% target and a deteriorating near-term inflation outlook prompted the Federal Open Market Committee to move ahead with a 75 basis point rate-hike in June—the highest rate increase in 28 years—according to minutes released today.
Interagency statement reiterates due diligence expectations
The federal banking agencies and the Financial Crimes Enforcement Network today issued a statement reminding banks of the risk-based approach to assessing customer relationships and conducting customer due diligence.
Yellen reiterates need for consistent regs on stablecoins
After several weeks of upheaval in the cryptocurrency market—including prominent stablecoins like TerraUSD and USDD breaking their U.S. dollar pegs—Treasury Secretary Janet Yellen reiterated her call for a regulatory framework for stablecoins.
Basel tweaks proposed cryptoasset treatment, adopts certain ABA recommendations
The Basel Committee on Banking Supervision today issued its second consultation on the regulatory treatment of digital assets, including cryptocurrencies.