Narrow bank TNB hits back at Fed regulatory proposal
Fed overreaching by attempting to rewrite its chartering authority, TNB says
The start-up narrow bank TNB has responded to a recent regulatory proposal by Federal Reserve, which could make narrow banking impossible in the US, calling it a “profound misunderstanding”.
The Federal Reserve would “exceed the bounds of its proper authority” if it went ahead with the proposition, TNB argues, because the central bank is not granted power over uninsured banks by existing legislation.
Global investment firm DE Shaw also provided comment on the proposed rule, revealing it too
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