Testifying before the House Financial Services Committee today, Acting Comptroller of the Currency Michael Hsu said that the OCC needs to determine how to charter fintech firms in a “safe and sound way, where we can adapt to the innovation.”
The FDIC is looking for feedback on insured depository institutions’ current and potential digital asset activities.
According to the agency, there are “novel and unique considerations” related to digital assets—often called digital currency or cryptocurrency—and “given that banks are increasingly exploring the emerging digital asset ecosystem,” information gathered will help inform FDIC’s understanding of industry and consumer interests.
Since October 2020, almost 7,000 people have reported losing money from cryptocurrency investment scams, the Federal Trade Commission said today—12 times the number of reports from the same period last year.
According to a survey by the AARP, 85% of adults over the age of 50 owned a smartphone in 2020, up from 79% in 2019. Making a purchase, financial transactions, and comparison shopping made the top 10 list of activities cited by older Americans.
The FDIC in the coming days will issue a request for information to seek additional information on how banks are using or planning to use digital assets, and “what, if anything, the FDIC should be doing in this space,” FDIC Chairman Jelena McWilliams said in remarks during an industry event yesterday.
Email, spreadsheets and manual searches slow down the loan process.
The Clearing House, Jack Henry, FIS and Fiserv announced today that they will cover the cost for minority-owned depository institutions to join the RTP network.
People trust people, and banks that have individual employees actively using social media on behalf of the bank’s brand are seeing results.
Continual self-assessment can be a key tool to identifying areas to improve.
American Bankers Association President and CEO Rob Nichols today said that the rapid convergence of banking and technology is important and benefits consumers, but emphasized that “there should be some degree of levelness as it pertains to supervision and consumer protection,” for new market entrants offering bank-like services.