Former @TheNCUA Chairman Rodney Hood told us last week that credit unions have an important role to play in the modernization of the financial system.
Days later, @AmericasCUs, joined by all 50 state credit union leagues, threw their support behind the vast majority of the Clarity Act but echoed banks' concerns about the bill's stablecoin yield provisions, urging senators to strengthen the language. The groups argue the current Tillis-Alsobrooks compromise could still allow "functionally passive" reward structures that pull deposits away from local credit unions.
🚨JUST IN: The @federalreserve has issued a request for comment and notices of proposed rulemaking for payment accounts, also known as the “skinny master accounts” that would allow eligible fintech and crypto firms to gain access to the Fed’s payments system for clearing and settlement purposes.
It marks the next formal step in Governor Waller’s payment account implementation process, following the public comment period on the proposal itself that closed in February.
Notably, the Fed is also encouraging Federal Reserve Banks to temporarily pause decisions on new “Tier 3” master account access requests until no later than December 2026 (most crypto firms are considered Tier 3) while it finalizes the framework, in an effort, it says, to create more consistency across the system.
🚨NEW: SEC Commissioner and head of the Crypto Task Force @HesterPeirce will join Virginia’s Regent University Law School as an Associate Professor in November, according to a university press release circulated today, signaling her tenure at the agency is nearing an end.
In the new role, Peirce, also known as “Crypto Mom,” will teach subjects including securities regulation, financial markets, digital assets and public policy.