|Letter on Revised Stablecoin Draft Legislation||House Financial Services Committee||05/05/23|
|Letter Offering Community Bank Perspective on Stablecoin Legislation||House Financial Services Committee||04/19/23|
|Support for House Central Bank Digital Currency Anti-Surveillance State Act||Rep. Tom Emmer||03/08/23|
|Letter on ICBA Lame Duck Agenda||Senate, House||11/17/22|
|State Letter Opposing Credit Card Competition Act||House, Senate||10/11/22|
|Joint Letter Opposing Marshall-Durbin NDAA Amendments||Senate||10/04/22|
|Joint Letter on Credit Card Competition Act||House||09/27/22|
|Letter Opposing House Interchange Bill||House||09/21/22|
|ICBA Letter Opposing Credit Card Competition Act||Senate||08/31/22|
|Letter on Stablecoin Legislation||House Financial Services Committee||07/22/22|
|Joint State Trades Letter to the Senate Judiciary Committe Interchange Hearing||Senate Judiciary Committee||05/04/22|
|Joint Letter for Senate Interchange Hearing||Senate Judiciary Committee||05/02/22|
|Support for Senate CBDC, FedAccount Bill||Sens. Cruz, Braun, Grassley||04/04/22|
|Support for House CBDC, FedAccount Bill||Rep. Tom Emmer||04/04/22|
|Joint Trades Credit Interchange Cap Letter||Congress||07/27/21|
|Hill Payments Charter Letter||116th Congress||10/15/20|
|Hill Payments Charter Letter 9.29||U.S. House Task Force on Financial Technology||09/29/20|
|Comments on SEC Safeguarding Rule||Securities and Exchange Commission||05/08/23|
|Joint Extension Request on CFPB Credit Card Late Fee Proposal||CFPB||05/02/23|
|Comments on Treasury Check Verification System||Bureau of the Fiscal Service||04/03/23|
|Comments on Digital Assets Research and Development||Office of Science and Technology Policy||03/03/23|
|Request for Extension of Reg II Effective Date||Federal Reserve||02/13/23|
|Comments on Crypto-Asset Principles||Financial Stability Board||12/15/22|
|Comments on Digital Assets and Illicit Finance||Treasury Department||11/04/22|
|Comments on Treasury Digital Assets Request||Treasury Department||08/08/22|
|Comments on Credit Card Late Fees||CFPB||08/01/22|
|Comments on Digital Assets Oversight||Commerce Department||06/29/22|
|Effective Regulation of Crypto Assets||Senate Banking Committee||Written Statement||02/13/23|
|Statement for Senate Crypto Hearing||Senate Banking Committee||Written Statement||07/28/22|
|Hearing Statement on Central Bank Digital Currency||House Financial Services Committee||Written statement||05/25/22|
|Enhanced Regulation of Digital Assets Will Promote Responsible Innovation||Senate Banking Hearing||02/15/22|
|Statement for House Hearing on Stablecoins||House Financial Services Committee||Written statement||02/08/22|
|Statement for Senate Stablecoin Hearing||Senate Banking Committee||Written Statement||12/14/21|
|Statement for House Hearing on Digital Assets||House Financial Services Committee||Written statement||12/07/21|
|ICBA Statement for HFSC Fintech Hearing 9-29-2020||HSFC||09/29/20|
March 06, 2023
ICBA called on the federal government to support and prioritize research on the specific effects of digital assets on community banks and their customers.
Background: The White House Office of Science and Technology Policy requested feedback on how academic and government research can help policymakers assess the potential effects of digital assets. Treasury undersecretary Nellie Liang last week said the OSTP would participate in an interagency working group that the administration announced last fall and charged with advancing work on a possible U.S. central bank digital currency.
Community Bank Concerns: In a letter responding to the request for information, ICBA said crypto assets, nonbank stablecoins, decentralized finance, and an ICBA-opposed U.S. CBDC pose significant risks to community banks, consumers, and the financial system.
ICBA Recommendations: ICBA called on the OSTP to:
Conduct research to assess the full range of potential economic and social consequences that could result from a digital dollar disintermediating community banks.
Focus research on how the continued expansion of nonbank stablecoins and DeFi would specifically affect community banks and their communities.
Perform additional research on blockchain technology and other potential regulatory or legal solutions that could help mitigate the myriad threats of ransomware, sanctions evasions, and other financial crimes facilitated by digital assets.
Examine how instant payments facilitated by the Federal Reserve’s FedNow Service can address many of the issues that digital asset advocates claim can only by solved by a CBDC.
Previous: In a recent Medium op-ed, ICBA President and CEO Rebeca Romero Rainey continued ICBA’s call for policymakers to ensure new policies directed at the crypto sector fully reflect its risks. ICBA previously 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.