Banks can expect additional guidance from regulators over the next year clarifying the types of crypto-related activities they may be permitted to engage in, the agencies announced in a joint statement today. As a result of a recent “crypto sprint,” the FDIC, Federal Reserve and OCC unveiled a crypto-asset roadmap that will guide their work in 2022.
Testifying before the Senate Banking Committee today, Saule Omarova—President Biden’s nominee to serve as the next comptroller of the currency—faced tough questions from lawmakers on both sides of the aisle about her views on banking, including her opposition to the bipartisan S. 2155 regulatory reform law that was championed by the American Banking Association.
In prepared testimony submitted ahead of her nomination hearing tomorrow, Saule Omarova, President Biden’s nominee for comptroller of the currency, said her top priority if confirmed “will be to guarantee a fair and competitive market where small and mid-size banks that invest in their neighbors’ homes and small businesses can thrive, and where every community—regardless of wealth, geography, or history—has access to safe and affordable financial services.”
The FDIC, OCC and Federal Reserve today issued an annual report outlining differences among the accounting and capital standards used by the agencies for insured depository institutions, as required by the Federal Deposit Insurance Act.
Bank regulators are “approaching crypto activities very carefully and with a high degree of caution,” Acting Comptroller of the Currency Michael Hsu said today at an industry event, adding that “we expect banks to do the same.”
Acting Comptroller of the Currency Michael Hsu today warned that the “rebundling of banking services by fintechs and the fragmented supervision of universal crypto firms pose significant medium- to long-term risks to consumers, businesses and financial stability.”
Acting Comptroller of the Currency Michael Hsu signaled that his agency is working to develop “high-level climate risk management supervisory expectations for large banks” and that he expects to issue framework guidance for comment “by the end of the year.”
Sen. John Tester (D-Mont.) this week expressed hesitation about the Biden administration’s nominee, Saule Omarova, to serve as the next comptroller of the currency.
ABA provided detailed feedback on interagency third-party risk management guidance proposed by the Federal Reserve, FDIC and OCC.
In remarks at ABA’s Annual Convention in Tampa today, ABA President and CEO Rob Nichols…