Federal Reserve Vice Chair Nominated
On April 15, President Biden announced his intent to nominate Michael Barr to serve as Vice Chair for Supervision of the Federal Reserve. Currently, Barr is a law and public policy professor at the University of Michigan; he served in the Treasury Department during the Obama administration and was a chief negotiator during the drafting of the Dodd-Frank Act.
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ABA Seeks Feedback on CBDC Implications
As the Federal Reserve weighs the potential benefits, risks, design and policy considerations related to a central bank digital currency (CBDC), the American Bankers Association (ABA) is asking for banker feedback to inform its comment letter on the Fed’s CBDC discussion paper. Specifically, the ABA is seeking information on how the creation of a CBDC could affect bank deposits and credit supply. The deadline for the survey is this Friday, April 22.
Read the Fed Paper
OCC Releases Final Rule on SAR Exemptions
The Office of the Comptroller of the Currency (OCC) issued a final rule that modifies requirements for national banks and federal savings associations, including federal branches and agencies of foreign banks licensed or chartered by the OCC, to file suspicious activity reports (SARs). This change will let the OCC issue exemptions from SAR requirements on request from a financial institution.
Read the Rule