Travis Hill Signals Shift at FDIC Towards Crypto Support and Financial Risk Management; CFPB Proposes Rule Against Choke Point-like Tactics

Travis Hill, the incoming interim chairman of the Federal Deposit Insurance Corporation (FDIC), has indicated a shift in focus towards financial risk management and a more supportive stance on cryptocurrency businesses. Hill criticized the FDIC's previous 'Choke Point-like tactics' that targeted crypto firms and promised to prioritize transparency and innovation in banking practices. His leadership aims to end practices that restrict access to financial services based on political or religious views. Concurrently, the Consumer Financial Protection Bureau (CFPB) has proposed a rule to prevent financial companies from forcing consumers to relinquish their rights in exchange for access to the financial system. This rule seeks to ban abusive contract clauses that could lead to financial censorship and deplatforming, marking a significant step towards protecting consumer rights in the financial sector.