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.
News & Insights
The Board of Governors of the Federal Reserve adopted new operational risk management requirements for systemically important designated clearing organizations.
The Federal Reserve Board proposed amendments to the risk management standards governing operations related to the payment, clearing and settlement activities of certain designated financial market utilities.
The Federal Reserve Board revised the interest rate paid on balances held by Federal Reserve Banks or eligible institutions.
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.