Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
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
Basel Committee on Banking Supervision 03/28/24
Federal Reserve, Justice Department, Treasury Department 03/22/24
BIS Committee on Payments and Market Infrastructures 02/28/24
Letter to Regulators 01/30/24
FinCEN 01/23/24
Federal Reserve 11/27/23
IRS 11/13/23
Federal Reserve 10/20/23
IOSCO 10/18/23
White House, Treasury Department 10/12/23

Testimony

Title Committee Presenter Date
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
Senate Banking Committee Written Statement 02/13/23
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

Payments News

FDIC issues fact sheet, advisory on crypto deposit insurance claims

Aug. 01, 2022

The FDIC published a fact sheet to consumers and an advisory to financial institutions on FDIC deposit insurance and crypto companies.

Fact Sheet: The fact sheet says some crypto companies have misrepresented FDIC deposit insurance for crypto products and addresses common and emerging misconceptions. It notes that deposit insurance does not apply upon the failure of a nonbank and does not protect consumers with nondeposit products.

Advisory: The advisory reminds FDIC-insured banks dealing with crypto companies to confirm and monitor that these companies do not misrepresent the availability of deposit insurance.

Voyager Letter: The release follows a joint letter from the FDIC and Federal Reserve Board demanding that crypto brokerage firm Voyager Digital cease and desist from making false and misleading statements regarding its FDIC deposit insurance status.

Congressional Debate: With the crypto debate continuing in Congress, ICBA last week called on the Senate Banking Committee to ensure crypto regulations are comprehensive and effective. After ICBA previously expressed concerns that the House Financial Services Committee planned to take up last-minute crypto legislation that hasn’t been publicly vetted, the committee delayed the measure, as reported by The Wall Street Journal, Politico, and Reuters.