NewsWatch Today

The Community Reinvestment Act final rule issued last fall is unnecessarily complex and would impose disproportionate regulatory burdens on community banks, Federal Reserve Governor Michelle Bowman said.

ICBA is urging community bankers to call and write their members of Congress on the pending farm bill.

Large banks should be doing more to account for the counterparty risks posed by hedge funds and other nonbanks, Federal Reserve Vice Chair for Supervision Michael Barr said.

ICBA is urging community bankers to both call and write their members of Congress today on the pending farm bill using ICBA’s newest grassroots advocacy materials.

ICBA-advocated legislation that would restrict the ability of the federal government to introduce a U.S. central bank digital currency was introduced in the Senate after passing the House Financial Services Committee last fall.

A novel financial institution that would pass deposits directly into a Federal Reserve master account announced it was denied access to a Fed master account.

The Financial Action Task Force—a global anti-money-laundering watchdog—said many countries have not implemented its recommended standards on virtual assets, allowing criminals to exploit gaps in crypto regulation.

The FDIC Office of the Inspector General said strategic human capital management is the FDIC’s top challenge and is affecting the agency’s ability to conduct exams.

The Treasury Department’s Office of Foreign Assets Control announced sanctions on nearly 300 Russian individuals and entities, including the operator of the Mir National Payment System.

ICBA called on federal banking regulators to ensure their latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act provides substantive regulatory relief for community banks—which previous reviews have failed to do.

Crypto industry resistance and jurisdictions competing for crypto business have held up progress on consolidated supervision of cryptoassets, Acting Comptroller of the Currency Michael Hsu said.

Federal Reserve Vice Chair Philip Jefferson said policymakers should remain “vigilant and nimble” on monetary policy in case of adverse shocks to the economy.