Inside the Beltway

The Federal Reserve Federal Open Market Committee (FOMC) announced an additional 75 basis-point increase to the federal funds rate following its September meeting. The increase brings the federal fund rate to 3-3.25 percent, the highest since 2008, following the third consecutive 75 basis-point increase this year.

 

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Following the Treasury Department’s sanctions of crypto mixer Tornado Cash, many U.S. residents and citizens were cut off from crypto assets on the crypto mixer on the Ethereum blockchain. Now, the Treasury has released procedures for these people to reclaim their crypto assets.

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The Federal Reserve has updated its timeline on the launch of its instant payments FedNow Service. The updated timeline puts a launch date in mid-2023.

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Senator Bob Casey (D-Pa.) has urged the Consumer Financial Protection Bureau (CFPB) to increase protections for seniors and older adults who use peer-to-peer payment apps. These apps, such as Venmo, Zelle, CashApp and Paypal, have become common tools for scammers, according to Casey.

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The Federal Housing Finance Agency (FHFA) announced its intent to establish a federal advisory committee on affordable, equitable and sustainable housing. The FHFA said the committee will provide advice and input regarding housing needs and any regulatory or policy changes.

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The Federal Reserve issued a press release designed to provide specific guidance and information to banks engaged in, or considering engaging in, crypto-related activities.

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Economists from JPMorgan Chase said the Inflation Reduction Act, which President Joe Biden recently signed into law, will have “almost no effect” on price growth.

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Rep. Maxine Waters (D-Calif.) has asked the Consumer Financial Protection Bureau (CFPB) to issue a temporary moratorium to prevent Equifax from sending credit scores to financial institutions following its acknowledgement that it sent out inaccurate credit scores earlier this year.

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Congresswoman Maxine Waters (D-Calif.) led a letter with 76 other Democratic members of the House of Representatives urging banking regulators to carefully consider the comments received from civil rights and community groups regarding the proposed updates to Community Reinvestment Act regulations.

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Senate Democrats are demanding more information from U.S. Bank about the account-opening activity that led to the settlement order with the Consumer Financial Protection Bureau.

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