Legislation introduced proposing Treasury issue digital dollar
Rep. Stephen Lynch, D-Mass., Monday introduced legislation that would require the U.S. Treasury Department to issue a digital version of the U.S. dollar. Lynch is the Chairman of the House Financial Services Committee’s Task Force on Financial Technology. The legislation, the Electronic Currency and Secure Hardware (ECASH) Act. establishes “e-cash” or a digital dollar that could be stored and transferred via encrypted hardware devices that would maintain anonymity and privacy. Unlike the Federal Reserve’s proposed framework for a central bank digital currency (CBDC) that calls for transactions to be recorded on a public ledger or blockchain, Lynch’s ECASH Act transactions would rely on hardware to better preserve anonymity for users.
Citing the rapid expansion of digital payment and currency technologies across the world, Rep. Lynch stated, “it is absolutely critical for the U.S. to remain a world leader in the development and regulation of digital currency and other digital assets.”
The introduction of the ECASH Act comes on the heels of President Joe Biden’s recent Executive Order on Ensuring Responsible Development of Digital Assets, which indicates that exploring a U.S. CBDC remains a high priority for the Administration and requires a host of agencies to participate in an interagency process to determine whether a CBDC has merit. The association has shared an Insights Post on the digital assets executive order and a Regulatory Alert on the Federal Reserve’s CBDC discussion paper, where NAFCU Regulatory Affairs Counsels Dale Baker and Senior Counsel for Policy and Research Andrew Morris break down the potential impacts on credit unions.
NAFCU will continue to engage Congress, the Treasury Department, the NCUA, and other federal financial regulators to call for credit unions to be granted the ability to engage with digital assets on equal footing with banks.
Add to Calendar 2022-05-20 14:00:00 2022-05-20 14:00:00 BSA Training for Your Board The Bank Secrecy Act (BSA) remains an area of heightened concern and examiners continue to elevate compliance expectations for your credit union. During this BSA Training for Your Board webinar, we will address the key components of BSA, Anti-Money Laundering (AML) and the Office of Foreign Asset Control (OFAC) compliance. You will leave with a basic understanding of the BSA, the current examiner focus for compliance and your role as a board member. Covered Topics Program requirements Risk assessment Regulator focus Regulator updates and guidance Key Takeaways Understand the basic requirements of the BSA. Develop an understanding of BSA risks to apply to your credit union. Anticipate examiner expectations and how to satisfy them. Register Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until May 20, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Board members Board chairs and vice chairs Supervisory committee members Presidents/CEOs Executive assistants Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCVEs will receive 1.0 CEUs for participating in the webinar NCBSOs will receive 1.0 CEUs for participating in the webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
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