According to Mr. Hsu, who cites a study of the FDIC, one-third of unbanked households say that they do not have bank accounts because they do not trust banks. Notwithstanding that all of those unbanked households would have their accounts fully protected by FDIC insurance, it is reasonable to ask questions about what the lack of trust means and from what does it arise. It seems unlikely though, that it arises from the factors on Mr. Hsu's list; that is, it would be surprising if the unbanked…

The SEC is making very clear that it intends to review the audit quality of Chinese firms with a skeptical eye, and likewise that it is likely to seek to review the work of the Chinese accounting firms on which any "lead" U.S. audit firm relies.

On stablecoins, Mr. Barr left the impression that he would prohibit private stablecoins, and require that they be issued only by or through banks. He did not discuss whether the United States should issue a central bank digital currency, though that could be taken as an implication of his remarks. On climate change, Mr. Barr struck a measured and deliberate tone, saying that the FRB is "working to understand" and is planning an "exercise to better assess the long-term, climate related…

The gist of Mr. Hsu's remarks seems to be that community banks are in a struggle to maintain profitability in a digital world. If that is the case, then it follows that the burden is on the regulators to formulate a more specific regulatory strategy for community banks than what is set out in his remarks.