Senate Banking Committee Chair Sherrod Brown (D-OH) pressed Treasury, the SEC and the CFTC to take further action to remedy disclosure deficiencies associated with digital asset tokens and digital asset platforms.
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The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.
Senator Catherine Cortez Masto (D-NV) reintroduced a bill to amend the Consumer Financial Protection Act of 2010 to provide greater incentives and protections to whistleblowers.
U.S. President Joseph R. Biden urged Congress to "impose tougher penalties for senior bank executives whose mismanagement contributed to their institutions failing." He is expected to announce Administration actions to address the financial fallout of the recent bank failures today.
The CFPB finalized amendments to its Rules of Practice for Adjudication Proceedings to (i) allow parties to conduct depositions of potential witnesses and (ii) allow for bifurcation of cases with court approval.