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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In a podcast interview, OCC Comptroller Michael J. Hsu highlighted the importance of "inclusion" in the development of a regulatory framework for crypto activities.
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.
In a report on the CFPB's 2018 reorganization of its fair lending activities, GAO found that the CFPB did not sufficiently incorporate key practices for monitoring the implementation and effects of the organizational changes.