Sarah bloom raskin controversy11/24/2023 ![]() That organization expressed particular concern about applicants without deposit insurance or federal supervision. The Americans for Financial Reform Education Fund, a coalition of more than 200 consumers, labor, civil rights and other groups, wrote that the guidance does not outline which firms are eligible to apply. The Financial Technology Association, which represents the financial technology industry, advised that the tiered framework should not "unintentionally and unnecessarily become overly rigid in its application or disfavor innovative new entrants seeking to improve payments services to consumers and small businesses."īetter Markets, a financial regulation and Wall Street watchdog, wrote that the Fed's proposal would not apply sufficient rigor to institutions without deposit insurance. The Fed also received comments from the New York State Department of Financial Services, which discouraged "establishing any tiering structure that differentiates between state and federal charters on the assumption that they are inherently different in their regulatory frameworks, thereby creating an unlevel playing field for state regulated institutions in comparison to their federal counterparts." The Conference of State Bank Supervisors, which supports state regulators, made a similar comment in its letter. The letter was signed by the Bank Policy Institute, The Clearing House Association LLC, American Bankers Association, Independent Community Bankers of America, Mid-Size Bank Coalition of America and Consumer Bankers Association. "It is difficult to assess the appropriateness and effectiveness of the proposed assessment guidelines in the absence of a clear understanding of those charters to which those guidelines may apply," banking industry organizations wrote in a joint public comment letter. Institutions that are federally supervised but lack deposit insurance would have an intermediate review level. ![]() The proposed framework from March builds on the Fed's proposal from May 2021 and would, in part, give stricter review to institutions without federal deposit insurance or supervision by federal bank regulators, while giving more streamlined review to those with deposit insurance. ![]() Banking trade groups asked the Federal Reserve for further clarity in its proposed guidelines for evaluating regional banks' access to master accounts and services. ![]()
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