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.
House Financial Services Committee Chair Maxine Waters (D-CA) asked the Federal Reserve Board and FDIC for more time to review the proposed merger of BB&T Corporation with SunTrust Banks, Inc.
The Office of the Comptroller of the Currency published a revised "Business Operations" booklet of the Comptroller's Licensing Manual.