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

Fed: Stablecoin growth poses structural vulnerabilities

Aug. 01, 2022

The value of outstanding stablecoins grew roughly fivefold last year, the Federal Reserve said in its 2021 annual report.

Crypto Vulnerabilities: In the report, the Fed said stablecoins have structural vulnerabilities similar to those of other cash-like vehicles, making them susceptible to runs and posing risks to payment and financial systems.

Continued Study: The Fed also said it is studying the implications of crypto and other emerging financial technologies, which have raised fundamental questions about appropriate legal and regulatory safeguards.

ICBA Resources: With policymakers continuing to debate crypto regulations, 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.