Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20
Senate Banking and House Financial Services Committees 08/28/19
House Financial Services Committee 07/16/19
Senate Banking Committee 07/15/19
U.S. House of Representatives 02/28/19

Testimony

Title Committee Presenter Date
HSFC 09/29/20
House Financial Services Committee's Task Force on Financial Technology Robert A. Steen 09/26/19
Senate Banking Committee Robert A. Steen 09/25/19

Payments News

Global regulators issue guidance on stablecoin oversight

Central bankers and international securities regulators issued guidance on how financial market principles would apply to stablecoins.

Guidance: The joint guidance from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions clarifies that international standards for payment, clearing, and settlement systems apply to stablecoin arrangements.

Impact: The paper, which has a comment deadline of Dec. 1, further demonstrates regulator concerns with stablecoins.

Next: The U.S. President’s Working Group on Financial Markets is expected to issue recommendations on regulating stablecoins as soon as this month. Meanwhile, the Federal Reserve Board is working on a separate report to seek public input on stablecoins and a U.S. central bank digital currency.

ICBA Position: ICBA recently expressed support for the Basel Committee on Banking Supervision’s work with banking supervisors to develop prudential regulations on cryptoasset exposures.

Background: Recent ICBA blog posts detail growing stablecoin risks to consumers and the financial system, how policymakers are responding, and what decentralized finance means for community banks.