House Financial Services Committee Chair Patrick McHenry (R-NC) and a bipartisan group of legislators asked banking regulators to clarify "through guidance and other actions" that an SEC Staff Accounting Bulletin, which describes how a custodian must account for digital assets, is not enforceable.
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The OCC, Federal Reserve Board, FDIC and National Credit Union Administration revised an interagency policy statement on allowances for credit losses. The revisions were in response to amendments the Financial Accounting Standards Board made to GAAP accounting standards on the topic in March, 2022.
In a letter to the Federal Reserve, the FDIC, the OCC and the NCUA, Senator Cynthia M. Lummis (R-WY) and Representative Patrick McHenry (R-NC) criticized SEC guidance on the accounting treatment of cryptocurrency assets by custodians.
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.
Comments on an FDIC proposal to update the accounting standards in the risk-based deposit insurance assessment system applicable to certain insured depository institutions are due by August 26th.