Updates
The latest news and advocacy information for industrial bankers.
Is it a bird? Is it a plane? Is it . . . the Wizard?
At this writing, it’s hard to know how seriously to take the Chinese surveillance balloon that’s currently hovering at 60,000 above the center of the continental United States. It is, of course, an unacceptable violation of US airspace, as Air Force Brigadier General Pat Ryder said earlier today. And it’s already caused Secretary of State Antony Blinken to cancel his plans to visit Beijing.
White House calls for “Renters Bill of Rights”
This week the White House announced an array of executive branch actions designed to empower and protect renters, in conjunction with the publication of its Blueprint for a Renter Bill of Rights, a white paper compiled by the Domestic Policy Council and the National Economic Council. While the white paper does not have the force of law, the Federal Trade Commission (FTC), the Consumer Financial Protection Bureau (CFPB), the Federal Housing Finance Agency (FHFA), Department of Justice (DOJ), and Department of Housing and Urban Development (HUD) simultaneously announced their own initiatives to identify and prevent abuses in the rental housing sector.
Experts expect 'stalemate' on ILC applications
After a year when crypto tanked and regulators have become increasingly skeptical of bank-fintech partnerships, observers say the prospect of new industrial loan company applications being approved is increasingly remote.
Treasury begins “extraordinary measures” to avoid government insolvency
Secretary of the Treasury Janet Yellen sent another letter to Congressional leadership yesterday to describe her actions in response to US sovereign debt reaching its statutory limit.
The truth is out there
Some good news from the James Webb Space Telescope this week: they’ve found their first confirmed exoplanet, a mere 41 light-years away from Earth. It’s almost the same size as Earth, but don’t start packing yet. Although this planet’s star is considerably cooler than our sun, it’s a few hundred degrees warmer than Earth, and any atmosphere it has could be 100% carbon dioxide.
Happy New Year
Greetings from the nation’s capital, where the 118th Congress has not yet quite begun.
Not with a bang but a whimper
The 117th Congress continues to push itself — drag itself? — toward the finish line, its original adjournment date (yesterday) left in the freezing rain.
Industrial Banks Oppose the Anti-Consumer and Anti-Innovation “Close the Shadow Banking Act”
The National Association of Industrial Bankers (NAIB) strongly opposes the anti-consumer and anti-innovation “Close the Shadow Banking Loophole Act” introduced by Sen. Sherrod Brown (D-OH), Sen. Bob Casey (D-PA) and Sen. Chris Van Hollen (D-MD) and being promoted by the big bank trade association, the Bank Policy Institute (BPI).
GR’s lobbyists among top “hired guns”
Congratulations to our own Doyle Bartlett, Chris McCannell, and Blair Hancock, named among Washington’s top lobbyists in the annual list published by The Hill.
Tis the season
The National Christmas Tree is lit, and holiday receptions have begun in Washington, but Congress has a daunting amount of work to do between now and the end of the year.
Republicans to take House majority, Democrats hold Senate
We know a lot more than we did at this time last week, even if a few of the 2022 election outcomes remain uncertain. Republicans will control next year’s House of Representatives, having secured 218 seats so far. Democrats have won 212 seats.
White House to nominate Gruenberg as FDIC chair
The White House on Monday announced its intent to nominate Martin Gruenberg to be chairman of the Federal Deposit Insurance Corp., giving the Democrat another turn at the head of the bank regulator’s board.
Special Edition: 2022 Midterm Election Recap
By now you’ve undoubtedly seen innumerable reports and hot takes on the 2022 midterm elections which many had expected would usher in a wave of new Republican legislators, especially in the US House of Representatives. The states of Florida and Texas got that red wave, but most of the rest of the country remains purple, with the occasional flash of bright blue or red.
Counting down to Election Day
Congress is still in recess, but we’re checking in quickly before our post-Election Day issue on November 10 (Thursday, since Friday is Veterans Day). Washington’s work continues even when the legislature is not in session . . .
FDIC Responds to Romney Cortez Masto Letter
Martin Greenberg, Acting Commissioner of the FDIC, response letter to a bipartisan group of senators inquiry about industrial loan company (ILC) charters and new applications for deposit insurance from de novo institutions.
Treasury seeks comment on federal cyber insurance
October is National Cybersecurity Awareness Month — not that every month shouldn’t be — and the Department of the Treasury is worried about the adequacy of cyber insurance.
Utah Banker’s Headlee on ILCs, Digital Currencies, and CUs Buying Banks
Howard Headlee, the president and CEO of the Utah Bankers Association, takes issue with some bankers’ concerns about industrial bank applications.
Shelter from the storm
Our hearts and minds are with our friends and colleagues in the path of Hurricane Ian. Those in Florida can find state resources here, and can apply for assistance from FEMA here.
Faster payments don’t require cryptocurrency, says Liang
Under Secretary of the Treasury for Domestic Finance Nellie Liang discussed the Biden Administration’s vision for how digital assets might fit into a faster, more efficient payments system at a Brookings Institution webinar yesterday.
When an irresistible force meets an immovable object . . .
you might wind up with the rings of Saturn, according to a modeling study published by MIT astronomers this week. Once upon a time, they posit, Saturn had another large moon — they’re calling it “Chrysalis” — that drifted too close to the planet.