The CFPB is examining the effects of a concentrated core platform marketplace on consumers and banks, CFPB Director Rohit Chopra said today. Speaking to the bureau’s community bank and credit union advisory councils, Chopra said he is “concerned that the core services providers that small players rely on have too much power in the system.”
In a letter to FDIC-insured banks, the agency requested that any institution considering engaging in crypto-related activities provide notification to the appropriate FDIC regional director.
The FDIC and the Financial Crimes Enforcement Network recognized three teams for excellence in a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
When it comes to their private banks, millennials are not happy.
Acting Comptroller of the Currency Michael Hsu today told attendees at ABA Risk 2022 that Russia’s invasion of Ukraine could trigger a recession.
The Financial Stability Board today outlined its work priority areas for 2022, including a timeline for the publication of a series of research reports on a range of financial stability topics.
Banking as a service—where organizations provide retail banking products using an existing licensed institution’s infrastructure—is expected to reach a value of $7 trillion by 2030, according to a new report from core technology provider Finastra.
At a community bank with limited staff and resources, tech transformation is all about setting priorities.
Acting Comptroller of the Currency Michael Hsu told the Financial Literacy and Education Commission that there is “an urgent need for improved crypto literacy and education.”
President Biden today signed a long-awaited executive order directing government agencies to take “concrete steps” to advance the use of digital assets, including further exploration of a possible U.S. central bank digital currency, or CBDC.