Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.
The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals.
The move come a day after the Bank of England cut rates and introduced a series of emergency measures, including capital requirements and a lending program for smaller companies.
The body will include the Bank of England, Bank of Canada, the Bank of Japan and the European Central Bank, but not the Federal Reserve or the People's Bank of China.
About 15% of the bank’s partners are likely to leave this year to make room for new ones; the bank said it is looking into why it charges some customers even after their accounts are closed.
A senior official at the European Central Bank warned that banks embracing external data storage and other digital technology need to face the reality that those systems are inviting targets for hackers.
The president said that European Central Bank President Mario Draghi would do a better job overseeing monetary policy in the U.S. than Fed Chairman Jerome Powell.
Shortly after taking the job, Federal Reserve Chairman Jerome Powell highlighted the need to communicate monetary policy better. He could learn a thing or two from central bank with the most Twitter followers.
The $50 billion threshold replaced by a formula, but bill must be reconciled with Senate version; Fed, FDIC say the eight big banks still have work to do.
