Federal Reserve Board Governor Michelle W. Bowman criticized several recent banking proposals, calling on regulators to “appropriately calibrate and prioritize their supervisory and regulatory actions.”
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Senate Banking Committee Republicans expressed concern as to the rising influence of the "Big Three" asset managers - BlackRock, State Street and Vanguard - on corporate America through the voting power resulting from their ownership of index funds.
The New York State Department of Financial Services proposed a regulation establishing how supervisory and examination costs will be assessed on virtual currency businesses.
The Federal Reserve Board revised the interest rate paid on balances held by Federal Reserve Banks or eligible institutions.
The Federal Reserve Board adopted amendments to the reserve requirements for depository institutions to (i) create a new single "interest on reserve balances" rate and (ii) simplify the formula for payment of interest on balances.