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Community lenders may choose to stop serving small businesses rather than absorb the expense of collecting information on race and ethnicity under a proposal by the Consumer Financial Protection Bureau.
A Federal Reserve-issued digital dollar could speed up payments, expand financial access and reduce financial crime. But it also brings trade-offs that policymakers are only just beginning to consider.
Some Senate Democrats are mulling a revised proposal that would require banks and credit unions to report account data tied only to business, not personal, income. Despite the change and attempts to minimize compliance costs, industry officials remain opposed.
Fearing government intrusion, financial institutions’ own clients rallied against the Biden administration plan for their account information to be shared with the IRS. Their involvement added weight to the industry’s opposition.