ABA Releases Report on Understanding Cryptocurrency
The American Bankers Association today released a report on cryptocurrency for bankers that discusses its origins, uses, technological underpinnings and the industry surrounding it.
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Agencies Seek Comment on Proposed Third-Party Risk Management Guidance
The Federal Reserve, FDIC and OCC are seeking comments on a joint proposal designed to manage risks associated with third-party relationships, including relationships with financial technology-focused entities.
FFIEC Issues New Booklet on IT Architecture, Infrastructure, Operations
The Federal Financial Institutions Examination Council today issued a new booklet providing guidance to help examiners assess the risk profile and adequacy of an entity’s information technology architecture, infrastructure, and operations.
Fed’s Quarles Skeptical on Benefits of U.S. CBDC
Cautioning against “American susceptibility to boosterism and fear of missing out” leading to “occasionally impetuous, deluded crazes or fads,” Federal Reserve Vice Chairman for Supervision today raised several concerns about the purported benefits and “considerable risks” of developing a U.S. central bank digital currency.
FDIC Announces Tech Competition to Reach Unbanked
The FDIC announced a competition today for companies to explore new technologies for banks to meet the needs of unbanked individuals.
ABA to Lawmakers: CBDCs Could ‘Reshape’ Banking System
As central banks around the globe explore whether to issue central bank digital currencies, there is a growing recognition that CBDCs involve very significant real-world trade-offs.
Large Bank CEOs Discuss Pandemic Response, Climate Policy During Congressional Hearing
The CEOs of the nation’s largest banks recapped their institutions’ efforts to support their customers and communities through the COVID-19 pandemic and its aftermath during a Senate Banking Committee oversight hearing.
ABA Urges FDIC to Modernize Signage, Advertising Requirements
The American Bankers Association urged the FDIC yesterday to modernize its signage requirements to reflect new technologies and provide clarity about requirements regarding displays, promotional materials and social media advertising.
Brainard: Federal Reserve Sharpening Focus on Central Bank Digital Currency Research
In remarks at a virtual industry event today, Federal Reserve Governor Lael Brainard said the Federal Reserve is sharpening its focus on central bank digital currencies and that it is working on several areas of research about the technology.
Federal Reserve to Explore Central Bank Digital Currency
The Federal Reserve plans to publish this summer a discussion paper exploring the implications of issuing a U.S. central bank digital currency, Federal Reserve Chairman Jerome Powell said in a statement today.