Welcome to this week's edition of Cabinet News and Views covering the latest speeches and publications by U.S., UK and Asia government agencies and their leaders on recent developments in the banking industry.
My colleague, Mercedes Kelley Tunstall, provides two updates on the Consumer Financial Protection Bureau. She reports on a recent speech by CFPB Director Rohit Chopra addressing concerns regarding technology companies and other nonbanks getting involved in the creation and issuance of stablecoins; and reviews the publication of a CFPB Advisory Opinion regarding “Consumer Information Requests to Large Banks and Credit Unions.”
FRB Governor Bowman has been fairly prolific in speaking recently, with a speech on Responsible Innovation in Money and Payments on Tuesday, that I would commend to anyone interested in the CBDC discussion, but I take a look at Governor Bowman’s remarks she made in Morocco last week on the financial stability risks and vulnerabilities she is most focused on and her views on the overall resilience of the U.S. banking system.
My colleague Alix Prentice examines a speech by Sam Woods, the Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority, on this year’s banking failures, the lessons learned and priorities going forward for the Authority.
My colleagues Jason Halper and Sara Bussiere discuss a recent directive issued by The Hong Kong Monetary Authority, Hong Kong’s de facto central banking institution, for banks setting out high-level principles on planning for a transition to a net-zero economy.
Finally, by way of preview, both the FRB and FDIC have given Sunshine Act notices for open meetings next week. The FRB will have an open meeting on October 25 proposing revisions to Reg. II on debit interchange. The FDIC’s October 24 open meeting will consider a final rule on the Community Reinvestment Act and an Interagency Policy Statement on climate-related financial risk management. We will plan to cover those important topics next week.
As always, we welcome your thoughts. Just drop me a note here.
Daniel Meade
Partner and Editor, Cabinet News and Views