Podcast: Empowering Bank Employees to Drive Innovation
From offering bitcoin rewards checking to meeting the unique credit needs of gig workers and sole practitioners, Quontic Bank depends on innovative ideas and execution.
Browsing: Virtual currency
FBI Director: Cyber Criminals Targeting Banks’ Third Parties
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.
Brooks: OCC Continuing Effort to Clarify Regulatory Treatment of Stablecoins
The OCC is continuing its efforts, working with other agencies, to facilitate banks’ ability to engage with digital currencies, Acting Comptroller Brian Brooks said during a press event this morning.
Fed, FinCEN Propose to Lower Reporting Threshold for Funds Transfers
The Federal Reserve and the Financial Crimes Enforcement Network today proposed to reduce the transaction volume threshold for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.
How U.S. Banks Can Start Planning to Deliver Crypto Custody Services
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?
FinCEN Alerts Banks to Virtual Currency Scam Involving Twitter Accounts
The Financial Crimes Enforcement Network today warned financial institutions about a recent high-profile scam through which fraudsters exploit prominent Twitter accounts to solicit virtual currency payments from victims.
Have Virtual Currencies Virtually Arrived?
As bitcoin and other private digital currencies gain wider acceptance, is a “central bank digital currency” on the way soon?
ABA: Amid Pandemic, Banks Delivering Funds Quickly to Consumers, Businesses
Throughout the coronavirus pandemic, banks have driven “unprecedented speed and efficiency” in delivering COVID-19 relief, including the CARES Act Economic Impact Payments and Paycheck Protection Program forgivable loans, ABA said today.
Fintech, Stablecoins, Cross-Border Payments on FSB’s 2020 Agenda
Next year, the FSB expects to tackle fintech developments worldwide, including the growing role of big tech firms in finance; the development of so-called “stablecoins,” virtual currencies pegged to real assets to minimize volatility; innovation to remove friction in cross-border payments; and the transition away from the London Interbank Offered Rate to new benchmarks.
Basel Committee Taking a Look at Crypto-Assets, Virtual Currencies
The Basel Committee on Banking Supervision is seeking public feedback on how regulators should incorporate “crypto-assets,” including virtual currencies like bitcoin, into bank supervision.