New CFPB leadership instructs businesses it will not prioritize enforcement or supervision actions against nonbanks who fail to satisfy their obligations under the previous administration’s “repeat offender” registry, which would have detected, tracked, and deterred corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders.

New CFPB leadership continues its trend of dismissing prior CFPB enforcement actions against alleged corporate wrongdoers—this time, it dismissed its case against Comerica, which the CFPB previously alleged significantly mistreated customers through its federal beneficiary debit card program, including by intentionally disconnecting 24 million customer service calls, charging illegal ATM fees to over 1 million cardholders, and significantly mishandling fraud and error reports from consumers.

The SEC approved options on spot ether ETPs. Options trading is already risky for retail investors, and trading options on a product whose underlying asset is the incredibly volatile Ether could lead retail investors to suffer real harm.

Read Better Markets’ statement here.

OCC had a security breach that exposed highly-sensitive information about the financial condition of banks. The stability of our banking system requires and relies on trust. The OCC’s security breach and release of sensitive information on banks breaks that trust and erodes confidence in the OCC’s ability to do its job and protect people’s money and the banking system.

Acting FDIC Chairman Hill discussed a range of new policies that are intended to spur new bank formation. Hill proposes loosening the rules to encourage new banks to form in rural/underserved areas, make it easier for fintechs to become insured banks, and encourage more industrial loan companies. While new banks can help to spur economic growth, the FDIC must ensure that new banks are safe and sound to safeguard families’ savings.

Acting FDIC Chairman Hill discussed views on expanding crypto access to the banking system.

Hill said that “deposits are deposits, regardless of the technology or recordkeeping deployed.” He also said that the deposit insurance regulations need to be revisited to cover stablecoin reserves.