Goldilocks’ Comments and Global Economic Thursday AM 1-25-24
Good morning ,
US: Open Banking Regulation Arrives in the US
In 2010, Congress included a provision in the Consumer Financial Protection Act (CFPA) requiring that the Consumer Financial Protection Bureau (CFPB or Bureau) promulgate rules effectuating what is commonly referred to as “Open Banking.”
Specifically, the rules would require any entity that engages in offering or providing a consumer financial product or service to make available information concerning the financial products or services that the consumer received from the entity.
However, it was not until October 2023 that the CFPB issued a proposed rule to implement the CFPA’s open banking/consumer financial data right. Privacy Matters
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“Effective Immediately,” Fed Shuts Down Arbitrage Opportunity with the Bank Term Funding Program (BTFP) | Wolf Street
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Goldiocks literally posted about this 2 weeks BEFORE the actual FEDERAL RESERVE ‼
Things that make you go hmmm
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Can Stablecoins Boost Remittances? | Benzinga
“Stablecoins are poised to revolutionize global remittance flows by providing a cheaper, faster, and more accessible transaction method across borders.”
Stablecoins represent a country’s currency, and the ability to transfer money locally and abroad are done within minutes. Under the traditional banking system method, this is a much longer process and costs far more money to send it.
The very fact that we are working on remittances inside the new “digital asset-based trading system” tells us we are at the end of the process we have been looking to achieve.
Currently, developers are working on tighter measures and oversight for these transactions to create enough security that the banking system will feel comforted in transitioning into this process.
Trade settlements are currently at one day, but the movement towards instant payment settlements are already underway.
Stablecoins are backed by a country’s currency that is supported by Basel 3 compliance systems within the banking sector. This is what gives stablecoins a stable price to work within transactions that don’t allow a distortion of exchange rates to hinder the remittance protocols through digital networks (smart contracts) between two parties.
We are currently working on the final phases of stablecoins. This has been in the works for many years if you have been following the steps along the way we have presented in this room.
We recently read an article whereby several stablecoins are being tested in the sandbox or pilot program to approve of protocols and regulations that will govern the use of stablecoins on an International scale.
© Goldilocks
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“Notice of Proposed Order and Request for Comment on an Application for a Capital Comparability Determination Submitted on Behalf of Nonbank Swap Dealers Domiciled in the French Republic and Federal Republic of Germany and Subject to Capital and Financial Reporting Requirements of the European Union”
Capital Comparability Determination Protocols are currently on the table. Proposals are being reviewed through the CFTC or Commodities Futures Trading Commission between countries to determine a Level Playing Field between exchange rate protocols.
There will be several non-bank swap dealers who will handle money that will be placed inside the banking system through their work with clients seeking to place foreign currency inside the banking system with fair rates and fair International Protocols. These and other procedures are currently being examined through the Federal Registry. (See article below) Federal Register CFTC Link
© Goldilocks
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SEC’s New Cybersecurity Disclosure Rules | The National Law Review
In March 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules mandating that public companies disclose cybersecurity risk management, governance and material cybersecurity incidents. The final rules went into effect September 5, 2023. As of December 18, 2023, companies must disclose material cybersecurity incidents in Form 8-K Item 1.05 within four (4) days (Cybersecurity Incident Disclosure Rule). In addition, companies must provide cybersecurity risk management disclosures in Regulation S-K Item 106 beginning with annual reports for fiscal years ending on or after December 15, 2023 (Cybersecurity Risk Management Disclosure Rule).
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