On March 10, 2022, the Consumer Financial Protection Bureau (CFPB) reported a new initiative to focus on financial issues facing rural America. That effort will initially focus on rural banking deserts, discriminatory and predatory agricultural credit, and manufactured housing. Last month, Director Chopra invited over 50 people from organizations representing rural people across the country to tell their stories and share their concerns. Following are their stories. Rural Banking Deserts: Stakeholders described how stark declines in […]
Month: March 2022
PANDEMIC
On March 11, 2020, the World Health Organization (WHO) Director-General, Dr. Tedros Adhanom Ghebreyesus, declared COVID-19 a global Pandemic. It is chilling to re-read his comments now and to consider our failures to take simple actions that could have lessened the severity of the crisis. The Director-General’s full comments are reproduced below. Good afternoon. In the past two weeks, the number of cases of COVID-19 outside China has increased 13-fold, and the number of […]
FLOOD INSURANCE CONTINUED
After a series of short-term continuing resolutions, on March 10, 2022, Congress passed a federal spending bill that provides funding for the National Flood Insurance Program until September 30, 2022, which is the end of the 2022 fiscal year. The measure has been sent to President Biden for his signature.
EXECUTIVE ORDER ON DIGITAL ASSETS
On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets. The Order “gets the ball rolling” on the development of a central bank digital currency and on the regulation of existing digital assets. The principal policy objectives of the United States with respect to digital assets are as follows: We must protect consumers, investors, and businesses in the United States. We must protect United States and global financial […]
HSU’S COMMENTS ON UKRAINE, CLIMATE RISK AND DIVERSITY AND INCLUSION
On March 7, 2022, Acting Comptroller of the Currency Michael Hsu delivered a presentation for the Institute of International Bankers. The intended scope of the speech was climate risk, and diversity and inclusion. He added a few comments on the situation in Ukraine. Ukraine Sanctions – It is critically important that all of your members’ Compliance Officers, BSA/AML Officers, and Sanctions Officers are aware of the Executive Orders and the U.S. Treasury’s Office of Foreign […]