FEDERAL GOVERNMENT RELATIONS
CFPB proposes streamlining small-business data collection rule
The Consumer Financial Protection Bureau is proposing revisions to its small-business lending data rule to scale back the scope of data collection, saying that adopting a “longer-term” approach that allows for the future addition of more data points would be the best way to enforce the regulation.
CFPB proposes changes to fair lending enforcement
The Consumer Financial Protection Bureau is proposing to remove disparate impact from its enforcement of the Equal Credit Opportunity Act, clarify the prohibition on discouraging prospective applicants, and establish new limits on special-purpose credit programs offered by lenders.
Agencies form strike force to target cryptocurrency scams
Federal law enforcement agencies today announced the formation of an interagency “strike force” to target Southeast Asian cryptocurrency-related investment scams and confidence schemes.
DOJ: Congress, not Fed, must fund CFPB
The Consumer Financial Protection Bureau will exhaust its currently available funding early next year, and the bureau cannot withdraw funds from the Federal Reserve without a congressional appropriation, according to a recent memo by the U.S. Department of Justice.
Fed: Policy uncertainty, AI sentiment pose financial stability risks
Policy uncertainty remains a top risk to U.S. financial stability, with sentiment about artificial intelligence emerging as another risk, according to the Federal Reserve’s most recent Financial Stability Report.
Fed’s Miran: Stablecoins pose little risk to bank deposits
Passage of a new regulatory framework for stablecoins likely won’t lead to a flood of bank customers pulling their money out of deposit accounts and into the digital currency, Federal Reserve Governor Stephen Miran said.
Atlanta Fed examines rounding scenarios without pennies
A new blog post from the Federal Reserve Bank of Atlanta examines possible rounding methods the United States could use when penny production is phased out.
The blog post notes:
- Sooner or later, transactions will have to be rounded up or down to either zero or five cents.
- There are no official rounding rules in the United States, though a bill that would allow rounding was first introduced in 1989.
- The "symmetric" rounding rule was adopted by Canada and the European Central Bank.