Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Treasury Department 08/08/22
CFPB 08/01/22
Commerce Department 06/29/22
Federal Reserve 05/20/22
Federal Reserve Board 04/22/22
CFPB 04/08/22
Federal Reserve Board 02/01/22
Federal Reserve Board 01/03/22
Federal Reserve Bank of Boston 12/10/21
Commerce Department 11/09/21

Testimony

Title Committee Presenter Date
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20
House Financial Services Committee's Task Force on Financial Technology Robert A. Steen 09/26/19

Payments News

ICBA to committee: Fully vet stablecoin bill before any vote

July 25, 2022

While legislation is urgently needed to address risks posed by unregulated stablecoins, taking up last-minute legislation at this week’s House Financial Services Committee markup would be premature, ICBA told the panel.

Markup This Week: With lawmakers cobbling together legislative language to consider at the committee’s markup starting this Wednesday, ICBA encouraged the panel to ensure ICBA and other stakeholders have adequate time to review and comment on any stablecoin bill.

Pending Legislation: The draft bill being negotiated by committee Chair Maxine Waters (D-Calif.) and Ranking Member Patrick McHenry (R-N.C.) would restrict stablecoin issuance to banks and nonbank financial companies, barring certain commercial firms from issuing the digital assets.

ICBA Response: While ICBA has repeatedly called on policymakers to bring digital assets within the regulatory perimeter, it expressed concerns to the committee that the framework would allow nonbanks to issue stablecoins and that the Federal Reserve would lack adequate oversight authority.

Hearing Request: ICBA asked the committee to hold a hearing on the draft legislation before taking it up. “We encourage you to convene a hearing to more fully evaluate the significant consequences for the financial industry posed by the regulation of stablecoins,” ICBA President and CEO Rebeca Romero Rainey wrote.

More: With the debate ongoing, ICBA offers a summary of President Joe Biden’s executive order on digital assets as well as recent blog posts on the collapse of the TerraUSD stablecoin, its ongoing impact on financial markets, and how it affects community banks and the regulatory debate.

READ ICBA LETTER