The Senate Banking Committee and the House Financial Services Committee heard testimony on economic and regulatory developments from FRB Vice Chair for Supervision Michael S. Barr, FDIC Acting Chair Martin Gruenberg, Acting Comptroller Michael J. Hsu and NCUA Chair Todd M. Harper.
The Federal Reserve Bank of New York initiated a 12-week proof-of-concept project to explore the feasibility of a U.S. Central Bank Digital Currency based on distributed ledger technology.
In its November 2022 Financial Stability Report, the Federal Reserve Board identified primary risks to financial stability in the banking industry, including "unexpectedly and persistently high inflation," cyberattacks, and climate-related and digital asset-related financial risk.
Comments on a joint FRB and FDIC Advance Notice of Proposed Rulemaking soliciting feedback on whether the agencies should strengthen large bank resolution standards are due by December 23, 2022.
The Federal Reserve Board and the FDIC solicited feedback on "whether an extra layer of loss-absorbing capacity could improve optionality in resolving a large banking organization or its insured depository institution, and the costs and benefits of such a requirement."