A daily evening newsletter about financial regulation by Robert Schmidt and @ryanjtracy. Posting headlines from the previous editions.
Washington DC
Joined February 2023
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Capitol Account retweeted
Tonight in @CapitolAccount: When @russvought surrendered on the CFPB's open banking rule, he took a 180-degree turn on a fundamental legal question: When consumers authorize a financial app to access their account data, are banks required to share?
Capitol Account retweeted
Small businesses “buried” in paperwork. A trade group reports compliance costs are “financially ruinous.” 2 federal judges have concluded that the policy likely violates the APA. A Biden rule? Nope, this one is a March order from the Trump Treasury...
capitolaccountdc.com/p/a-bad…
Capitol Account retweeted
Whats this mean for FinReg? Anyone’s guess. Confirmation seems assured. Pulte is different from the buttoned-up conservatives picked for other FSOC posts. FHFA=big responsibilities that require tension-filled public dealings w/others. Time will tell but this may be a wild ride.
Trump’s FHFA Director nominee, @Pulte is well known on this platform for Twitter Philanthropy. But he’s deleted a lot of his online history. Some of his Tweets are preserved in various places, and they show a different and far more contentious side than he often presents. 🧵
Capitol Account retweeted
Trump Picks Atkins to Lead SEC @CapitolAccount capitolaccountdc.com/p/trump…
Capitol Account retweeted
News: *SEC Republicans Prep Quick Reversal of Crypto Policy
*Uyeda wd be Acting Chair, and empower @HesterPeirce to lead Crypto task force
*Plans need Trump team's approval, of course...
More details on what the task force would do in @CapitolAccount
capitolaccountdc.com/p/sec-r…
Capitol Account retweeted
1/ This week, we filed a Freedom of Information Act (FOIA) request digging into possible correspondence between the SEC and certain custody institutions with guidance on how to skirt SAB121 requirements.
Reported by @CapitolAccount, this may signal a large carveout for a small number of legacy banks that leaves others – including those that service the crypto industry – without answers.
capitolaccountdc.com/p/furor…
🧵
Capitol Account retweeted
Exclusive @CapitolAccount: We sat down with one of Team Biden's most influential regulators, @ChopraCFPB to discuss his philosophy about wielding government power, his take on emerging threats, and his response to feverish industry pushback. capitolaccountdc.com/p/the-r…
Capitol Account retweeted
Don't miss our weekend interview with @Dougielarge !(The last day of our 2nd anniversary week, so no paywall). Unvarnished takes on Gensler, his Florida Panthers, and what Eugene Scalia will name his boat.
capitolaccountdc.com/p/parti…
Capitol Account retweeted
.@CapitolAccount, we have fun too. Wednesday had 3(!) FinReg hearings with A+ Fodder. Even @Jim_Jordan joined in, asking the Ceres CEO if ppl should be allowed to eat >1.5 burgers/week. (Don’t fret, we have policy takeaways too ). No paywall this wk only! capitolaccountdc.com/p/capit…
Capitol Account retweeted
Last nite, @CapitolAccount dove into the state of play at the FDIC now that @CFTCcgr's nom is in train. The piece is packed w/new details on the difficulties ahead. Meanwhile, Gruenberg is going about his routines. No paywall this week only, so a🧵for you capitolaccountdc.com/p/confi…
Capitol Account retweeted
FDIC Chair Gruenberg, still chugging along despite all that's happened, is balking at testifying before @FinancialCmte next week, @CapitolAccount is hearing. Mike Hsu @JonMcKernan and a Cleary rep are expected to testify. capitolaccountdc.com/p/sec-s…
Capitol Account retweeted
Freddie Mac's plan to buy 2nd mortgages is running into opposition from some strange bedfellows, from @ABABankers to @BetterMarkets to @tom_hoenig. Some proponents too. Stakes are high politically and economically for a hot corner of the mortgage market... capitolaccountdc.com/p/fredd…
Capitol Account retweeted
No part of the financial system is undergoing more change than the Treasury market. NBD, it only underlies the US budget, monetary policy, and basically every loan. We got the state of play from DC's Treasury market decoder - Nate Wuerffel of @BNYMellon.
capitolaccountdc.com/p/talki…
Capitol Account retweeted
Just to reiterate: 60 weeks. 60 weeks. 60 weeks. 60 weeks too long.
#IStandWithEvan
60 long weeks. Just think of everything you’ve done these past 60 weeks. Evan has spent these endless days in a tiny cell in a notorious Moscow prison. All for doing his job as a reporter. We cannot say it loud enough: Free Evan Now. #IStandWithEvan
Capitol Account retweeted
Well that was some Friday...
*FSOC Launched a Broadside on Non-bank Mortgage Companies (with a bonus nugget on which agency we hear is angling to run a new liquidity fund)
*The CFTC Proposed to Ban Event Contracts, at a meeting with a 15-minute harangue and an incongruous end
Capitol Account retweeted
Latest Capitol Account: A dive into an under-the-radar FinReg policy with multibillion-dollar implications for the mortgage market. capitolaccountdc.com/p/fredd…
Capitol Account retweeted
`Our Capital Cup Runneth Over.' Bank CEOs Share Rosier View of Basel on Wall Street
capitolaccountdc.com/p/our-c…
Capitol Account retweeted
Thank you to @CapitolAccount and Robert Schmidt for letting me talk about the NRA v. Vullo SCOTUS case and its implications for #finreg
capitolaccountdc.com/p/anoth…
Capitol Account retweeted
Capitol Account recently hosted an event sponsored by BPI to examine the Basel Endgame proposal. In his remarks, Eugene Scalia highlighted the deficiencies of the proposal and the need for a more rigorous analysis.
Watch the full event: bit.ly/40lITfL. #StopBaselEndgame
Capitol Account retweeted
WeTheInvestors Q&A With SEC Chair Gary Gensler xitter.cf/i/broadcasts/1rmxPknrm…