Both tokenization and artificial intelligence technology hold considerable promise for the banking industry, but they also come with risks, Federal Reserve Governor Christopher Waller said.
“Banks continue to lead the way in responsible innovation in the financial services sector while nonbank crypto firms continue to collapse,” ABA and BPI wrote.
Crypto is still an outlier in the product line for many banks. But a few have made big commitments.
The Federal Reserve Bank of New York today published research demonstrating how a wholesale central bank digital currency could deliver significantly faster cross-border transactions.
Acting Comptroller of the Currency Michael Hsu advocated for stablecoin technical standards today during an event focused on artificial intelligence and the economy.
Acting Comptroller of the Currency Michael Hsu called for establishing an “intentional architecture” for stablecoins that would focus on “stability, interoperability and separability,” and also take into account privacy, security and the need to prevent illicit finance.
In the wake of the COVID-19 pandemic, 85% of financial institutions said they have increased digitization efforts, according to a new survey from BAFT, ABA’s global transaction banking subsidiary, and CGI, an independent IT and business consulting firm.
Will the OCC’s clarification that U.S. banks can hold a cryptocurrency’s unique cryptographic keys turn out to be the onramp into a new revenue stream?
The OCC today proposed changes to its rules for national bank and federal savings association activities and operations to ensure that they can continue to meet the shifting needs of consumers, businesses and communities.
Amid turbulent times for trade, community and midsize banks are helping fuel America’s export economy.