In a supervisory letter issued yesterday, the Federal Reserve said that Fed-supervised banks seeking to engage in activities related to cryptocurrency and other digital assets must first assess whether such activities are legally permissible and determine whether any regulatory filings are required.
Bank talent powers this innovation. Together, the investments bank leaders make in tackling these two challenges will set us on a path to a prosperous future.
Successful information sharing will reduce the time it takes to interdict, stop and report criminal activity, boost customer trust and protect a brand’s reputation.
Oversight and supervision should be applied to banks and nonbanks engaged in digital asset activities alike to ensure all customers are protected equally.
The voluntary information collection resource was created to assist financial institutions in assessing their inherent cyber risks.
Construction is a manual business—but lending to builders need not involve manual processes.
The financial services sector has done “a good job” so far of building cyber defenses and working with law enforcement and the regulatory community to guard against attacks, but there’s more work to be done, said Acting Comptroller of the Currency Michael J. Hsu today during remarks to financial services groups.
More than half of mobile subscribers reported losing money to phone scam calls in a recent survey on the prevalence of the problem, with young people the most likely to fall for the scams.
Expressing concern that the CFPB is acting contrary to its authorizing statute, three senior members of the House Financial Services Committee yesterday sought information on the CFPB’s collaborations with state attorneys general enforcement actions.
The FDIC issued an advisory to banks today regarding what it says are misrepresentations by some cryptocurrency companies that their products are eligible for FDIC deposit insurance coverage or that customers are FDIC-insured if the crypto company fails.