A bipartisan group of U.S. Senators urged the FDIC to grant "fair consideration" of applications for deposit insurance made by industrial loan companies and voiced their opposition to regulatory actions that target lawful ILC applications.
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Unlike the conclusions drawn by the President's Working Group, the Federal Reserve Board researchers concluded that a broad adoption of asset-backed stablecoins can potentially be supported within a two-tiered, fractional reserve banking system without a negative impact on credit intermediation.
In a new report, the Congressional Research Service reviewed the federal and state bank charter process and analyzed risks associated with potential charters for FinTech firms and certain issuers of cryptocurrency.
The Federal Reserve Bank of New York on Thursday issued explanatory documents and described the workings of the Primary Dealer Credit Facility.
In a newly published consultative document, the Bank for International Settlements Basel Committee on Banking Supervision proposed several "limited adjustments" to the credit valuation adjustment risk framework.