Federal Reserve Board Governor Michelle W. Bowman urged the FRB to update its framework for evaluating competition within the banking industry.
Treasury Under Secretary for Domestic Finance Nellie Liang outlined Treasury's recommendations for addressing risks identified in recent reports on the responsible development of digital assets.
In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.
Treasury issued a Request for Comment on digital asset-related illicit finance and national security risks, as well as its publicly released action plan to address those risks.
House Financial Services Committee Chair Maxine Waters (D-CA) proposed amendments to the Community Reinvestment Act in an effort to (i) end modern-day redlining, (ii) root out discrimination in the banking system and (iii) close the gaps in racial wealth and homeownership.