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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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.
The SEC Division of Investment Management issued guidance on the use of fee waiver and expense reimbursement arrangements that result in differing advisory fees for different share classes of the same fund.
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.