Letters and Testimonies

Letters to Congress

Title Recipient Date
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
Securities and Exchange Commission 05/08/23
CFPB 05/02/23
Bureau of the Fiscal Service 04/03/23
Office of Science and Technology Policy 03/03/23
Federal Reserve 02/13/23
Financial Stability Board 12/15/22
Treasury Department 11/04/22
Treasury Department 08/08/22
CFPB 08/01/22
Commerce Department 06/29/22


Title Committee Presenter Date
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

Report on cross-border settlements could influence CBDC debate

Feb. 21, 2023

The Bank for International Settlements issued a report to help central banks extend operating hours for real-time gross settlement systems to reduce delays in cross-border payments settlement.

Report Details: The report from BIS’s Committee on Payments and Market Infrastructures says extending and aligning RTGS operating hours could speed up cross-border payments, especially between jurisdictions with significant time zone differences. It could also improve liquidity management, reduce settlement risk, enhance performance, and facilitate cheaper and more transparent cross-border payments in line with G20 targets, the report says.

Background: Slow and inefficient cross-border payments are frequently cited as a justification for a U.S. central bank digital currency and stablecoins. So the evolution of traditional RTGS systems could play a role in the potential development of CBDCs and other digital assets.

ICBA Position: ICBA opposes the creation of a U.S. CBDC, arguing that it would disintermediate community banks and pose privacy risks without improving on superior payment alternatives, such as FedNow. ICBA in September released polling conducted by Morning Consult indicating consumers support a regulatory framework for digital assets and are skeptical of the creation of a U.S. CBDC.

Recent Congressional Statement: In a written statement for a Senate Banking Committee hearing last week on crypto oversight, ICBA laid out the risks posed by stablecoins and decentralized finance while reiterating its push for comprehensive and coordinated crypto regulations that avoid dangerous loopholes.