Witnesses at the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion debated how to regulate digital assets.

The MSRB proposed to further extend remote office inspection relief and (ii) remove references to expired pandemic-related relief for brokers, dealers and municipal securities dealers.

The FDIC issued supervisory guidance on the practice of charging overdraft fees on transactions authorized against a positive balance but settled against a negative balance.

FinCEN fined a South Dakota-chartered trust company for failing to accurately and timely report hundreds of suspicious transactions in violation of the Bank Secrecy Act. This is the first ever FinCEN enforcement action involving a trust company.

Bank regulators reminded firms that USD LIBOR will cease on June 30, 2023, and that firms should act quickly to complete transition efforts.