Crypto is still an outlier in the product line for many banks. But a few have made big commitments.
Browsing: Virtual currency
The New York Department of Financial Services today issued guidance—effective today—for New York-regulated banks reminding them of their obligations to seek prior approval before engaging in activities related to virtual currencies, including when engaging with a third-party to perform such activities.
Insights from the 2022 Federal Reserve/CSBS survey of community banks.
Amid the growing ownership of digital assets like cryptocurrencies, the American Bankers Association and the Securities Industry and Financial Markets Association on Friday asked the Securities and Exchange Commission to provide key clarifications and delay the effective date of its staff accounting bulletin on crypto assets.
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.
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.”
The House Financial Services Committee will increase its focus on cryptocurrencies, including stablecoins, in 2022, Committee Chairwoman Maxine Waters (D-Calif.) told attendees of the ABA Washington Summit today.
Federal Reserve Chairman Jerome Powell told members of the House Committee on Financial Services today that he expects the Fed to raise interest rates at the next meeting of the Federal Open Market Committee on March 15-16.
While the Federal Reserve seeks public comment on the benefits and risks of creating a central bank digital currency, Fed Governor Michelle Bowman said today that she “intends to keep an open mind” about a CBDC but that the use case for it is not readily apparent to her.
In remarks at an industry event today, Federal Reserve Governor Lael Brainard said that the Fed needs to be preparing for the payment landscape of the future even as it makes improvements to meet today’s needs.