Treasury

California-based Silvergate Bank, which gained some notoriety as an early participant in crypto investment and transactions, announced it plans to voluntarily liquidate and wind down its business. Less than a week later, Silicon Valley Bank collapsed after announcing a $1.8 billion loss that would potentially make it unable to meet depositor needs. This was followed closely by New York-based Signature Bank, which was shuttered by state regulators. Read on for more details. Read on »

The Department of the Treasury released a report on the potential benefits and challenges associated with the increasing use of cloud computing technology by financial services firms. The report warns that without sufficient cybersecurity, staff support, and visibility, cloud computing may present significant risks to firms and consumers. Read on for more details. Read on »

During the first committee meeting of the 118th Congress, House Committee on Financial Services Chair Patrick McHenry (R-N.C.) and Ranking Member Maxine Waters (D-Calif.) announced the members appointed to each of the committee’s six subcommittees for the new term. The oversight and legislative jurisdiction of the committees was also announced in a press release prior to the meeting. Read on for more details. Read on »

The Biden-Harris Administration announced new actions intended to “increase fairness in the rental market and further principles of fair housing.” These actions are part of the new “Blueprint for a Renters Bill of Rights” which was unveiled concurrent with the announcement of the administration’s latest actions. The Blueprint established a set of principles to drive action by the federal, state and local governments, as well as the private sector, to strengthen tenant protections and encourage rental affordability. Read on for more details. Read on »

President Joe Biden announced his nomination for director of the Treasury Department’s Office of Financial Research. The nomination already received a negative response from congressional Republicans. Read on for more details. Read on »

Wolters Kluwer released the results of its annual Regulatory and Risk Management Indicator survey, which showed an overall decline in the banking industry’s regulatory and risk management “pain index” compared with last year. Tim Burniston, senior advisor for regulatory strategy with Wolters Kluwer Compliance Solutions, spoke with Dodd Frank Update about some of the key takeaways from this year’s survey. Read on for more details. Read on »

Crypto lender BlockFi filed for bankruptcy in New Jersey following fallout from the collapse and ongoing bankruptcy proceedings of crypto exchange FTX. In its filings, the lender pointed to its “substantial exposure” to FTX which created a liquidity crisis. Read on for more details. Read on »

The U.S. Department of the Treasury released a report assessing the impacts of fintechs on competition in consumer finance markets. The report found that fintech firms are spawning new competition within the market but also are creating new risks for consumers and the market. Read on for more details. Read on »

Democrat senators and representatives sent letters to federal financial regulators pressing them for answers regarding each agency’s ethics guidelines as they relate to the “revolving door” of government employees becoming lobbyists or consultants as a result of their employment with the government. The specific concern relates to the number of ex-government employees that have left the public sector for crypto and fintech firms. Read on for more details. Read on »

Crypto think tank Coin Center has filed a lawsuit against the Department of Treasury and the Office of Foreign Assets Control (OFAC) over the decision to place sanctions on crypto mixer Tornado Cash. Coin Center claims Treasury and OFAC do not have the legal authority to sanction a smart contract like Tornado Cash. Read on for more details. Read on »