Banking – Week of June 22+ in Review

Although summer vacations may have started, the past nine days have seen important developments that, taken together, involve all three branches of the federal government.

• Front and center is the Supreme Court’s decision in Trump v. Cook that Governors on the Federal Reserve Board may be fired only for cause. The decision does not necessarily end the efforts to remove Governor Cook, however.

• On Capitol Hill, the Senate and House both passed the 21st Century ROAD to Housing Act, which includes several community bank provisions, but the President’s signature remains elusive.

• In the agencies, the FDIC released three proposed rules dealing with confidential supervisory information, deposit insurance assessments, and resolution planning. For its part, the OCC proposed a regulation that would apply BSA/AML/CFT requirements to permitted payment stablecoin issuers that it regulates.

• Finally, late yesterday, the Commerce Department lifted the licensing restrictions it had placed on exports and transfers of Anthropic’s Mythos 5 and Fable 5 models.

Read the full detailed report in the PDF linked below: