FEDERAL GOVERNMENT RELATIONS
Fed proposes rules for GENIUS Act implementation
The Federal Reserve proposed new rules to require payment stablecoin issuers under its supervision to back their stablecoins with certain reserve assets, and to establish an application process for state member banks seeking to create subsidiaries that issue the digital asset.
Senate bill would create process for raising bank regulatory thresholds
A proposed Senate bill would raise the asset-based regulatory thresholds for banks and establish a process to update them periodically going forward.
FHA proposes changes to single-family housing minimum property requirements
The Federal Housing Administration proposed to “modernize and strengthen” its minimum property requirements for single-family housing by aligning them with other industry standards.
Court exempts federal credit unions from Illinois interchange law
A federal court expanded an injunction against enforcement of the Illinois Interchange Fee Prohibition Act to include federal credit unions, citing a recent National Credit Union Administration rule clarifying the powers of those institutions to charge certain fees.
Bowman: Fed to consider changes to stress test handling of noninterest income
The Federal Reserve will soon propose a revised stress test model for noninterest income to better capture business diversity across firms, Vice Chair for Supervision Michelle Bowman said.
FDIC updates manuals
The Federal Deposit Insurance Corp. updated its:
- Applications Procedures Manual, which provides direction for staff assigned to review and process applications, notices, and other requests submitted to the agency.
- Consumer Compliance Examination Manual, the primary resource for staff to use in support of conducting consumer compliance and Community Reinvestment Act examinations.
Read the Application Procedures Manual
Read the Consumer Compliance Examination Manual
Fed's Barr says more rate hikes are likely
Federal Reserve Governor Michael Barr said further policy adjustments are likely to ensure inflation comes down. Speaking in Chicago, Barr said economic growth is strong and the labor market is solid, but inflation is above the Fed's 2% target and not trending toward the target in a timely way. The Federal Open Market Committee last week voted unanimously to raise target interest rates by 25 basis points to a range of 3.75% to 4.0%, the first rate hike in three years.