Regulation
Greater competition cut US banks’ ‘insider lending’ – BdF paper
Researchers quantify bank owners’ and executives’ loans to themselves and their interests
Fed asks watchdog to review controversial trading
Move follows resignation of Boston and Dallas heads, as Warren asks for SEC probe
Larry Summers on stagflation risks, lessons from Delphi and never-ending ‘punch’
The former US Treasury secretary speaks about fiscal ‘overexpansion’, Fed/Treasury debt discord, the pitfalls of ‘unknown unknowns’ and central bankers ‘unable’ to remove the ‘punchbowl’
Elizabeth Warren publicly rejects Powell reappointment
Senator calls Jerome Powell “a dangerous man to head up the Fed”
Dallas Fed president resigns, following Boston’s Rosengren
Both faced criticism for equities trading and holdings, but are not unique among Fed leaders
Biden nominates law professor for OCC
Saule Omarova favours more regulation and suggested the Fed take over deposits, alarming banks
China outlaws all crypto transactions and bans mining
PBoC, cyber watchdog and central economic planner act in a joint crackdown on crypto
Agustín Carstens on BIS strategic priorities, innovation and central bank policy
The BIS general manager speaks about policy trade-offs at critical time, tackling NBFIs and the dearth of ‘green’ assets, tech collaboration, and why he favours Biden’s $3.5trn infrastructure bill
RBI steps up work on climate change
Sustainable Finance Group will “spearhead” climate-related supervision and regulation
PBoC tells payment firms to cut ties to other business lines
Governor’s speech follows reported crackdown on China’s Ant Group
Vietnamese government tells central bank to draft fintech rules
Move follows central bank warnings of dangers posed by unregulated fintech sector
PBoC opens up wealth management to Hong Kong and Macau
China looks to shore up Hong Kong’s status as a financial centre amid concerns over security crackdown
OCC issues $250 million penalty against Wells Fargo
US regulator says bank has failed to meet commitments on loss mitigation
Eurosystem calls for full Basel III implementation
Supervisors say output floor should be implemented through single set of risk-weighted assets
Bitcoin becomes legal tender in El Salvador
Observers warn move could further destabilise the fragile Salvadoran economy
Payments Canada launches new wholesale payments system
Bank of Canada governor says new system is important to keep system secure and efficient
Brazil delays integrating payments into ‘open banking’ project
Phase three of project delayed to October after technical difficulties emerge
People: New York names state financial services regulator
New president at development bank; supervisors promoted at regional Feds; and more
US regulators warn Wells Fargo of new penalties, report claims
Bloomberg says OCC and CFPB believe US bank is moving too slowly on compensating scam victims
Some philosophical questions about the future of central banking
Kenneth Rogoff weighs up the many challenges facing central banks in the years ahead, from debt and inflation to negative rates and the dangers of ‘mission creep’
Rwandan central bank scraps e-wallet transfer fees
Customers can now move money between mobile and bank accounts without charge
Myanmar authorities shut banks amid growing crisis, report says
Private banks closed from August 16 to August 22 amid ongoing cash crisis, reports allege
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
Digital yuan project should rethink anonymity, paper urges
Scholars argue CBDC “wallets” ought to be under full control of retail users