Federal Reserve Board Vice Chair for Supervision Michael S. Barr touted the "wave of innovation in the payments system" and argued the need for legislative and regulatory action on stablecoins "before significant risks emerge."
News & Insights
The CFPB asserted that restrictions imposed by dominant operating systems on point-of-sale payment methods may have an "outsized effect" and hurt the development of a "truly open ecosystem."
In a report based on an internal review of its supervision over First Republic Bank, the FDIC concluded that "meaningful action to mitigate interest rate risk and address funding concentrations would have made First Republic more resilient and less vulnerable to the March 2023 contagion event."
The CFTC settled enforcement actions against three developers of decentralized finance or "DeFi" protocols.
The SEC set an effective date of November 6, 2023 and compliance date of September 6, 2024 for final amendments to narrow the scope of broker-dealer exemptions from FINRA membership. The final amendments were published in the Federal Register.