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 FDIC proposed revisions to the guidelines for the appeals process on material supervisory determinations. The revisions would clarify the role of the FDIC's Office of the Ombudsman, an administrative office that focuses on providing informational assistance to organizations under FDIC supervision.
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.
FDIC Chair Martin J. Gruenberg said that the agency must implement a cautious and deliberate approach to crypto regulation, and that existing regulatory concepts can apply to crypto assets.
FDIC Chair Martin J. Gruenberg said that understanding and assessing climate-related financial risk is "a top priority" of the FDIC, but the project remains in the "early stages."