Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing community banks during a recent meeting, and noted that “a framework needs to be put in place that encourages cooperation and reduces risks of transparency (which currently is seen as leading primarily to punishment and reputational damage).”
The nonbank financial intermediation sector grew less than banking in 2020, according to Financial Stability Board report.
Ahead of a House Financial Services Committee hearing on digital assets today—at which the heads of several cryptocurrency firms will testify—the American Bankers Association submitted a statement for the record emphasizing the need for bank-like regulations for companies offering digital assets to consumers.
In a letter to the CFPB today, the American Bankers Association and the Consumer Bankers Association emphasized the need for consistent consumer protection and a level playing field for payments products offered by banks and big tech firms.
Acting Comptroller of the Currency Michael Hsu today warned that the “rebundling of banking services by fintechs and the fragmented supervision of universal crypto firms pose significant medium- to long-term risks to consumers, businesses and financial stability.”
Customer satisfaction with mortgage servicers industrywide increased six points to 787 on a scale of 1,000 during the pandemic, according to the J.D. Power 2021 Primary Mortgage Servicer Satisfaction Study released today.
As advocated by American Bankers Association, the Conference of State Bank Supervisors today published model state regulatory prudential standards for nonbank mortgage servicers.
As part of its ongoing work on non-bank financial intermediation and following significant volatility in short-term funding markets early in the pandemic, the Financial Stability Board is seeking comments on various policy proposals aimed at enhancing the resilience of money market funds.
On the latest episode of the ABA Banking Journal Podcast, Rob Morgan and Matthew Daigler join to provide quick-fire updates on a variety of fintech-related policy issues.
Following significant liquidity strains—particularly among money market mutual funds—at the outset of the COVID-19 pandemic last March, the Financial Stability Board will publish a report in July outlining “consequential policy proposals” to improve MMF resilience.