September 22, 2023
Top Lines The United States and the People’s Republic of China launched an Economic Working Group and a Financial Working Group under the direction of Secretary of the Treasury Janet Yellen and Vice Premier He Lifeng. The two Working Groups will provide ongoing structured channels for frank and substantive discussions on economic and financial policy […]
September 20, 2023
Top Lines Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg delivered remarks on the financial stability risks of nonbank financial institutions (NBFIs). Chairman Gruenberg discussed nonbank financial institutions’ – often referred to as “shadow banks” – role during the global financial crisis and pandemic, as well as some of the current financial stability risks posed […]
September 15, 2023
Top Lines Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra delivered remarks at the Better Markets Conference on the 15th Anniversary of the Collapse of Lehman Brothers and the Onset of the Global Financial Crisis. Director Chopra discussed lessons learned from the 2008 financial crisis and the CFPB’s upcoming Supreme Court case and urged regulators […]
September 13, 2023
Top Lines Dr. Philip N. Jefferson, Dr. Lisa D. Cook, and Dr. Adriana D. Kugler were sworn in as Vice Chair, Governor, and Governor, respectively, of the Board of Governors of the Federal Reserve System (FRB). Vice Chair Jefferson’s term term as Vice Chair ends on September 7, 2027, and his term as a Board […]
September 8, 2023
Top Lines The Consumer Financial Protection Bureau (CFPB) published an issue spotlight highlighting the impacts of so-called “Big Tech” companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches. The issue spotlight explains how regulations imposed by mobile operating systems can have a significant impact on innovation, consumer choice, and the […]
September 6, 2023
Top Lines The Board of Governors of the Federal Reserve (FRB) published a working paper entitled “FinTech and Banks: Strategic Partnerships That Circumvent State Usury Laws.” The working paper investigates the role of interest rate regulation of consumer credit and institutional risk segmentation in fintech lenders’ efforts to solicit new customers in the personal loan […]
August 30, 2023
Top Lines The Board of Governors of the Federal Reserve System (FRB), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) invited public comment on proposed guidance regarding long-term debt and resolution plans for domestic and foreign triennial full filers (FDIC and FRB only). The long-term debt proposal would require […]
August 25, 2023
Top Lines The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released proposed regulations regarding reporting requirements for the sale and exchange of digital assets by “brokers,” the term used to describe digital asset trading platforms, digital asset payment processors, certain digital asset hosted wallet providers, and persons who regularly offer […]
August 23, 2023
Top Lines The Biden-Harris Administration announced the launch of the SAVE Plan, a student loan repayment plan intended to lower monthly payments for borrowers. The SAVE plan is an income-driven repayment (IDR) plan that calculates payments based on a borrower’s income and family size – not their loan balance – and forgives remaining balances after […]
August 18, 2023
Top Lines The National Institute of Standards and Technology (NIST) released a major update to its widely used cybersecurity framework (CSF), aiming to reflect changes in the cybersecurity landscape and make it easier for organizations to put the CSF into practice. NIST is accepting public comment on the draft framework until November 4, 2023, and […]