FedNow Testing to Begin in September, Launching Mid-2023
The Federal Reserve announced its plans to launch its real-time payments service, FedNow, between May and July of next year. More than 120 organizations are part of a pilot program that will begin technical testing next month.
CFPB Releases HMDA Data Tool
The Consumer Financial Protection Bureau’s (CFPB) new Quarterly Graphs tool provides Home Mortgage Disclosure Act (HMDA) data for financial institutions that file quarterly. The tool also includes graphs on mortgage market trends.
View the Tool
ABA, BPI to OCC: Don’t Rescind Crypto Interpretive Letters
In a letter to Acting Comptroller Michael Hsu, the American Bankers Association (ABA) and the Bank Policy Institute (BPI) said withdrawing the Office of the Comptroller of the Currency’s (OCC’s) 2020 and 2021 interpretive letters regarding cryptocurrency activities would not benefit consumers or investors. Four U.S. Senators had requested the letters be rescinded saying the OCC’s crypto actions “may have exposed the banking system to unnecessary risk.”
The associations said the appropriate way to address the risks noted in the Senators’ letter is through “appropriate regulation of nonbank crypto firms and products that are currently largely unregulated.”
Read the Letter