June 14, 2021 The Honorable Maxine Waters Chairwoman House Committee on Financial Services Washington, D.C. 20515 The Honorable Patrick McHenry Ranking Member House Committee on Financial Services Washington, D.C. 20515 Dear Chairwoman Waters and Ranking Member McHenry, On behalf of the Conference of State Bank Supervisors (CSBS) 1, I am writing to express our members’ support of the Congressional Review

The Honorable Maxine Waters Chairwoman Committee on Financial Services U.S. House of Representatives Washington, D.C. 20515 Dear Chairwoman Waters, On behalf of the Conference of State Bank Supervisors (CSBS), 1 I am writing in response to your August 5, 2021, letter to CSBS Chair Melanie Hall 2 calling for: An update to the Joint Statement on Supervisory and Enforcement Practices

The proposed rule states that currently, validation notices, combined with the limited disclosure of consumers’ rights with respect to debt collection, may limit a consumer’s ability to fully exercise their dispute rights.

The proposed national rate cap methodology should not allow the largest institutions to exercise undue influence on the national rate. The local rate cap calculation and process should factor in rates offered by internet-only banks.

State bank regulators view the development of FedNow as the Federal Reserve again laying the necessary foundation to ensure that payment capabilities adapt to innovation and technological advancement.