On March 17th, the Office of the Comptroller of the Currency (“OCC”) conditionally approved the application for the newly renamed SmartBiz Bank N.A. (“SmartBiz Bank”) to change its business model in support of its fintech...more
3/20/2025
/ Acquisitions ,
Banking Regulators ,
Banking Sector ,
Compliance ,
Cryptocurrency ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Mergers ,
OCC ,
Regulatory Reform
On February 12th, the White House announced numerous nominations to be sent to the Senate. The large list of nominations included three nominations for financial regulators. President Trump is nominating, Jonathan Gould to be...more
On February 5, the Federal Deposit Insurance Corporation (“FDIC”) released 175 documents related to supervision of banks it oversees that either engaged in or sought to engage in crypto-related activities. Acting Chairman...more
Earlier yesterday, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and Office of the Comptroller of the Currency (“OCC”) issued a “Joint Statement on Liquidity Risks to Banking Organizations...more
2/24/2023
/ Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
FRB ,
Joint Statements ,
Liquidity ,
Liquidity Risk Management Rule ,
OCC ,
Policy Statement
The Federal Reserve Board (“FRB” or “Board”) issued two seemingly related press releases late last week. The first announced the denial of the Federal Reserve membership application by Custodia Bank, a Wyoming special purpose...more
As we are coming to a close on 2022, we’re taking a look back at some of the important developments of 2022 and what lies ahead for 2023.
Looking Back at 2022 -
As past readers may have seen me say before, there’s a...more
Last week, Martin Gruenberg, Acting Chair of the Federal Deposit Insurance Corporation (“FDIC”), gave remarks at the Brookings Institution on the Prudential Regulation of Crypto-Assets....more
Last week, the Federal Deposit Insurance Corporation (“FDIC”) was part of two releases clarifying that only insured banks and thrifts enjoy FDIC insurance, notwithstanding what some non-banks may say in their marketing...more
The last week has seen a number of announcements or statements from financial regulators calling for more oversight of crypto-assets, particularly stablecoins.
Federal Reserve Vice Chair Lael Brainard gave a speech,...more
7/15/2022
/ Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Federal Reserve ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSB ,
IOSCO ,
Regulatory Agenda ,
Stablecoins
This week, Acting Comptroller of the Currency Michael Hsu gave remarks to the DC Blockchain Summit titled “Crypto: A Call to Reset and Recalibrate.”
By speaking at the Blockchain Summit, Mr. Hsu may have gone into the...more
6/1/2022
/ Blockchain ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Financial Instruments ,
Financial Markets ,
Investment Products ,
Market Volatility ,
Regulatory Oversight ,
Stablecoins ,
Token Sales
Last week, the FDIC issued a Financial Institution Letter (“FIL”) related to crypto activities, following in some ways in the footsteps of the OCC in requiring notice to the regulator before engaging in crypto-related...more