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Steven Lofchie Commentary by Steven Lofchie

In a letter to the DOJ, House Financial Services Committee Ranking Member Patrick McHenry (R-NC) and Republican members of the Digital Asset Working Group asserted that the "Federal Reserve does not have the legal authority to issue a central bank digital currency ('CBDC') absent action from Congress."

A bank settled CFPB charges for unfair and abusive practices by charging overdraft fees on transactions when customers had sufficient funds in their accounts when the transactions were made.