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
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
International Organization of Securities Commissions 07/31/23
BIS Committee on Payments and Market Infrastructures 05/31/23
Securities and Exchange Commission 05/08/23

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

IMF makes case for ICBA-opposed CBDC

Nov. 16, 2023

Global policy groups continued making their case for central bank digital currencies with the release of a new International Monetary Fund guidebook on digital dollars.

IMF Handbook: The IMF’s CBDC Virtual Handbook is designed to help countries assess the benefits and risks of CBDC and guide implementation efforts. In a speech announcing the release, IMF Managing Director Kristalina Georgieva said CBDCs could be a “safe and low cost” alternative to stablecoins or provide the settlement layer for tokenized assets.

BIS Support: The IMF handbook follows supportive statements about CBDCs from the Bank for International Settlements. A BIS Committee on Payments and Market Infrastructures report said CBDCs could reinforce the role of central bank money as an anchor for the payment system, while the group previously said wholesale CBDCs can be used to facilitate cross-border trading and settlement.

ICBA View: ICBA opposes the creation of a U.S. CBDC and recently told Congress a wholesale CBDC is similarly unnecessary given the increasing adoption of instant payment solutions. ICBA recently commended the House Financial Services Committee for passing legislation to restrict the Federal Reserve from issuing a CBDC.