In a letter to Federal Deposit Insurance Corporation (FDIC) Acting Inspector General Tyler Smith, U.S. Sen. Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing and Urban Affairs, and nearly a dozen members of the Senate Banking and Housing Committee demanded an independent investigation into reports alleging the agency has failed to address a toxic culture of sexual harassment and misconduct, discrimination and misogyny. The formal request was sent in response to allegations raised in several media reports over recent years.
The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) issued a joint announcement to acknowledge an announcement made by the Australian Stock Exchange (ASX) on its product-based solution design to replace the Clearing House Electronic Subregister System (CHESS). This announcement is pivotal in the financial sector as it signifies a significant change in stock exchange systems.
European Central Bank President Christine Lagarde on Friday, November 17 proposed the creation of a European equivalent to the U.S. Securities and Exchange Commission to advance the European Capital Markets Union (CMU). In a speech at the European Banking Congress, she urged a shift in Europe's financial strategy to address the continent's upcoming economic challenges.
Changpeng Zhao (CZ), the founder and CEO of Binance, the largest cryptocurrency exchange in the world, expressed his commitment to making a positive impact on the world during his speech at the Fintech Forward 2023 conference in Bahrain. Zhao stated that his and Binance's goal is to have as much of a positive impact on the world as possible. He emphasized that being the biggest or richest is not the priority, but rather making a difference in people's lives.
During her prepared remarks at the 2023 Freedman's Bank Forum on October 25, Secretary of the Treasury Janet L. Yellen underscored the significance of creating a fair and inclusive economy. "All of us here know that the U.S. economy has not historically worked well for Black,...
Assistant Secretary for Financial Institutions Graham Steele delivered remarks before the Amazon Web Services (AWS) Gov2Gov Summit on Responsible Artificial Intelligence Innovation for the Public Sector. In his speech, Steele discussed the significant role of artificial intelligence (AI) in the financial services sector and highlighted both the opportunities and challenges associated with its adoption.
US Senators have expressed concerns over China's expanding role in the American financial system, citing potential risks to personal identifiable information (PII). Led by Senators Tim Scott and Mike Crapo, a group of lawmakers sent a letter to Treasury Secretary Janet Yellen and United States Trade Representative Katherine Tai, outlining their concerns about the Chinese Communist Party's (CCP) increasing influence in the US financial system and global payments market. (
On Oct. 25, 2023, the Biden-Harris administration and the Economic Opportunity Coalition (EOC) announced a landmark commitment to bolster community lenders. According to a press release, the EOC, which consists of nearly 30 private sector companies and foundations, aims to secure $3 billion in deposits for community development financial institutions (CDFIs) and minority depository institutions (MDIs), community lenders with a proven record of reaching low-income, rural, and other underserved communities.
Binance, the largest cryptocurrency exchange in the world, has announced new partnerships with fiat providers to expand its Euro services. This move will allow Binance users in Europe to conveniently convert their fiat holdings to crypto and vice versa.
An analysis conducted by the blockchain analytics firm Chainalysis has found that Hamas raised less than half a million dollars in crypto, contradicting claims by the Wall Street Journal (WSJ) that the terrorist group raised tens of millions of dollars in crypto. Pictured: Sam Callahan, lead market analyst at Swan (left) and Treasury Secretary Janet Yellen. Photo sources: twitter.com/samcallah, home.treasury.gov
In a recent press release from the Department of Treasury, Secretary Janet L. Yellen emphasized the crucial role that the United States plays in addressing global instability. Yellen's statement came after President Joe Biden's request to Congress for supplemental funding to support Israel and Ukraine.
Montana has achieved its annual sustainable timber yield target for its State Trust Land, according to an announcement made by Governor Greg Gianforte and the Montana Department of Natural Resources and Conservation (DNRC) on October 5, 2023.
The U.S. Department of the Treasury has released a report highlighting the impact of climate change on household finances. According to the report titled "The Impact of Climate Change on American Household Finances," severe flooding, wildfires, and extreme heat are imposing significant financial burdens on households across the country. The report reveals that over half of the counties in the U.S., encompassing millions of residents, are at an increasing risk of at least one major climate hazard.
The Senate Committee on Banking, Housing, and Urban Affairs has passed the Secure And Fair Enforcement Regulation Banking Act (SAFER Banking Act) with a vote of 14-9 on September 27. This bipartisan bill, formally known as S. 2860, aims to offer financial institutions protection when servicing state-sanctioned cannabis businesses and their providers.
Republicans on the House Financial Services Committee have publicly criticized SEC Chair Gary Gensler for what they deem to be a flawed regulatory approach. In a letter led by Committee Chairman Patrick McHenry, they express direct concerns to Gensler. They are troubled by the Commission's reluctance to consider stakeholder feedback and its failure to conduct thorough economic analysis.
In an opinion piece for CoinDesk, Ken Timsit, managing director of blockchain company Cronos Labs, wrote that French President Emmanuel Macron’s efforts to make his country a leader in Web3 are paying off, with major companies including Circle, Crypto.com, and Binance, the largest crypto exchange in the world, selecting Paris as their European headquarters. France has hosted industry-leading events such as NFT Paris, Paris Blockchain Week, and EthCC, while Macron has also implemented policies like tax cuts for crypto profits.
Amid a regulatory crackdown in the United States, billionaire Mike Novogratz's cryptocurrency group, Galaxy Digital, is expanding into Europe, seeking to establish a strong presence in the region, according to Financial Times. Leon Marshall, Galaxy's first head of Europe, says one key motivator for this expansion is the progress that's been made in Europe in developing legal frameworks for trading digital assets.
In a press release issued by the Federal Reserve, recent data suggests that the U.S. economy is growing at a modest pace, with robust job gains and a steady low unemployment rate.
The April Consumer Price Index (CPI) report, released by the U.S. Bureau of Labor Statistics, reveals a 0.4% monthly increase and a 4.9% yearly rise in the cost of goods and services for all urban consumers.