In the past year, the Board of Governors of the Federal Reserve System (the Board) Biden administration officials, and other U.S. banking regulators have repeatedly voiced growing concerns about certain cryptoasset...more
2/7/2023
/ Banking Regulators ,
Banking Sector ,
Banks ,
Biden Administration ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Risk Assessment
On January 3, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a Joint Statement on...more
1/6/2023
/ Banks ,
Cryptoassets ,
Cryptocurrency ,
Enforcement ,
Federal Reserve ,
Financial Services Industry ,
Joint Statements ,
Non-Bank Lenders ,
OCC ,
Regulatory Agenda ,
Risk Factors
Legislation introduced on September 15, 2022 by Maxine Waters (D-Cal.), chair of the House Committee on Financial Services, would significantly revise the Community Reinvestment Act (CRA), adding a number of new substantive...more
On May 5, 2022, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (together the Agencies) released a joint notice of proposed...more
On April 28, 2022, the New York State Department of Financial Services (DFS) issued guidance on the use of blockchain analytics for virtual currency businesses licensed under 23 NYCRR part 200 (also known as a BitLicense) or...more
On April 6, 2022, Sen. Pat Toomey (R-Pa.), the ranking member of the Senate Banking Committee, and an advocate for clarity in cryptocurrency regulations, released a discussion draft of legislation that would provide a...more
On February 8, 2022, a federal district court in California issued two opinions, granting summary judgment to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) and...more
This is the fourth in a series of articles in which we discuss recent efforts by regulators and other governmental bodies to set expectations and standards, or pursue governmental initiatives, with respect to cryptocurrencies...more
Takeaways -
The Bank for International Settlements and seven central banks are studying how to launch CBDCs and have flagged key issues that will need to be addressed, including interoperability and confidentiality.
In...more
Takeaways -
Implementing strong cybersecurity practices helps companies prepare for future regulatory requirements.
Incident-response plans must enable financial institutions to give timely and accurate notifications...more
1/25/2022
/ California Consumer Privacy Act (CCPA) ,
Cyber Attacks ,
Cybersecurity ,
Data Security ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
New Rules ,
Personal Information ,
State Privacy Laws
- Financial regulators will use their supervisory authority to make sure banks weigh the risks of lending to, investing in and otherwise supporting carbon centric activities.
- The risk-based approach will force a...more