President Trump said the U.S. should "own" Gaza, the CIA offered buyouts to its entire workforce, and is DeepSeek all it's cracked up to be? Maybe not from an energy-efficiency perspective. Here's what else you might want to read this week:
"Senate Panel Grapples with Who's to Blame for Debanking"
During a Senate Banking Committee hearing, Democrats and Republicans largely agreed debanking is bad, but while Republicans blamed the government for the practice, Democrats blamed banks.
Sen. Elizabeth Warren, D-MA, accused big banks in particular of discriminatory practices, claiming her office has identified thousands of consumers who'd suddenly lost access to their accounts. Interestingly, President Trump appears to agree; he recently accused large banks of debanking conservatives at the World Economic Forum in Davos.
I had a chance to discuss debanking with former Senate Banking Committee ranking member Pat Toomey this week on Banking with Interest. Toomey (a Republican) said the main problem was a "whole of government effort" to debank crypto companies under the Biden administration. He argued that debanking was bad for business, and that banks wouldn't do it unless compelled by the government.
"FDIC Releases Bank Supervisory Communications on Crypto"
The day of the SBC hearing, the FDIC released 175 documents that acting Chair Travis Hill said is evidence of a pattern of denying and delaying decisions on crypto activities under the Biden administration. Certain of the communications were released due to a court order resulting from a FOIA lawsuit by the crypto exchange Coinbase against the FDIC last summer, Hill said.
Sens. Bill Hagerty, R-TN, Cynthia Lummis, R-WY, and Kirsten Gillibrand, D-NY, introduced the Guiding and Establishing National Innovation in U.S. Stablecoins, or GENIUS, bill to create a regulatory framework for stablecoins. It would require banks that issue more than $10 billion in stablecoins to be overseen by the Fed, and nonbanks that issue more than $10 billion in stablecoins to be overseen by the OCC, among other measures.
Republican committee leaders also announced a congressional working group to enact crypto legislation.
"Elon Musk's Access to Treasury's Payment System Is Raising Alarms. Here's What to Know."
Democratic lawmakers and consumer advocates are sounding off on the Department of Government Efficiency's access to the federal government's payment system, highlighting risks related to cybersecurity, data privacy, and the financial well-being of Americans and businesses. The Treasury Dept. received so much criticism for granting DOGE access to the system that Secretary Scott Bessent wrote a letter to Congress to alleviate their concerns.
"Fintech Leaders Unveil Five Game-Changing Deposit Tools for 2025"
With the Fed's rate path uncertain, banking institutions need strategies to attract and retain deposits regardless of what the future holds. Read this article for tips and advice from CorePoint CEO and PI member Neil Stanley.
"Chopra Finally Exits CFPB as Bessent Steps In"
President Trump fired Chopra over the weekend and designated Treasury Secretary Scott Bessent acting director of the agency. Chopra leaves behind a legacy marked by controversial regulations, alleged overreach, and a focus on consumers' rights. The White House has yet to announce who it will nominate to lead the agency.
"How Instant Payments Can Improve Money Transfers for Banks"
Banks focused on improving customers' experiences should be considering how investments in real-time payments can streamline account-to-account transfers, one banker says.
"Preparing for a Shake-Up in the Debit Network Markets"
Last fall, the DOJ filed an antitrust lawsuit against Visa, alleging it has an illegal monopoly in the debit card market. Should the DOJ prevail, the payments industry could be in for some major changes. Read the article to learn more.
"What Is a Sovereign Wealth Fund? Explaining Trump's Executive Order."
President Trump signed an order directing Treasury Secretary Scott Bessent and Commerce Secretary nominee Howard Lutnick to produce a plan for a government-managed investment fund to stimulate economic development. Trump has signaled it could be used to purchase TikTok.
"Fed's Balance Sheet Runoff Nears Pivotal Moment"
The Fed's reverse-repo facility balance has fallen to its lowest level in almost four years, raising questions about the central bank's quantitative tightening program and how it may start to affect demand for bank reserves.
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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