It was hardly surprising to hear Federal Reserve Board Governor Michelle Bowman suggest earlier this week that it’s time to update the bank merger framework. This is one we’ve heard before and makes a lot of sense.  

Speaking of no surprises, there's the decision by the Second Circuit to vacate a February 2021 Southern District of New York ruling in favor of the defendant loan managers who had been told that they did not have to return an accidental payment by Citibank N.A. of approximately $500 million in what has been come to be known simply as “Revlon.” All the legal wrangling aside, this seems like one of those cases where common sense prevailed in the end. We take a closer look this week in a detailed Clients & Friends Memo.

And surprise, surprise, there’s no way to get through an issue of Cabinet News and Views without an important crypto-assets story, so thanks to Peter Malyshev for this week’s write-up on the CFTC's assertion of jurisdiction over decentralized autonomous organizations (“DAOs”). 

I would also encourage you to read Keith Gerver’s analysis of a new directive from the White House to CFIUS on “evolving national security risks.”

Any thoughts on this week’s articles? Anything on your mind? Just drop me a note here.

Daniel Meade 
Editor, Cabinet News and Views