Agencies Withdraw Joint Statements on Crypto-Assets
Today, the Federal Deposit Insurance Corporation, together with the Board of Governors of the Federal Reserve System (collectively, the agencies), has withdrawn two joint statements regarding banking organizations’ crypto-asset-related activities. This action is intended to provide clarity that banking organizations may engage in permissible crypto-asset activities and provide products and services to persons and firms engaged…
Federal Reserve: Withdrawal of Guidance for Banks Related to Their Crypto-Asset and Dollar Token Activities and Related to Its Expectations for These Activities Announced
The Federal Reserve Board on Thursday announced the withdrawal of guidance for banks related to their crypto-asset and dollar token activities and related changes to its expectations for these activities. These actions ensure the Board’s expectations remain aligned with evolving risks and further support innovation in the banking system. The Board is rescinding its 2022 supervisory…
OCC: Acting Comptroller of the Currency Discusses Agency Priorities
Acting Comptroller of the Currency Rodney E. Hood today discussed strategic areas of focus for the Office of the Comptroller of the Currency (OCC) in remarks at the Exchequer Club. In his remarks, Acting Comptroller Hood detailed the OCC’s efforts to reduce regulatory burden; promote financial inclusion; embrace bank-fintech partnerships; and expand responsible bank activities…
ICBA: ICBA Applauds House Financial Services Committee for Advancing Three Pro-Community Bank Bills to Repeal 1071, Promote De Novo Bank Formation, and Restrict Central Bank Digital Currency
The Independent Community Bankers of America (ICBA) commended the House Financial Services Committee for advancing three ICBA-advocated bills to support community banks and the local communities they serve. “ICBA and the nation’s community banks commend the House Financial Services Committee for today’s votes to advance pro-community bank bills to repeal the Consumer Financial Protection Bureau’s…
FDIC: Process for Banks to Engage in Crypto-Related Activities Clarified
Today, the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution Letter (FIL-7-2025) that provides new guidance for FDIC-supervised institutions engaging or seeking to engage in crypto-related activities. The new guidance, which rescinds FIL-16-2022, clarifies that FDIC-supervised institutions may engage in permissible crypto-related activities without receiving prior FDIC approval. The guidance affirms that FDIC-supervised institutions may…
OCC: Agency Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities
The Office of the Comptroller of the Currency (OCC) today took action to reaffirm that a range of cryptocurrency activities are permissible in the federal banking system. The OCC published Interpretive Letter 1183 to confirm that crypto-asset custody, certain stablecoin activities, and participation in independent node verification networks such as distributed ledger are permissible for…
FDIC: Documents Released Related to Supervision of Crypto-Related Activities
Today, the Federal Deposit Insurance Corporation (FDIC) released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities. Acting Chairman Travis Hill issued the following statement in connection with the release: “I have been critical in the past of the FDIC’s approach to crypto assets and blockchain….
Senators Scott, Hagerty, Lummis, and Gillibrand Introduce Bipartisan Legislation to Establish a Stablecoin Regulatory Framework
Today, Chairman Tim Scott (R-S.C.) joined Senate Banking Committee members Senators Bill Hagerty (R-Tenn.) and Cynthia Lummis (R-Wyo.), as well as Senator Kirsten Gillibrand (D-N.Y.), in introducing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins. “Stablecoins enable faster, cheaper, and competitive transactions in our…
ABA: Foundation Joins with Government Agencies to Launch New Infographic Warning Consumers about Cryptocurrency Scams
The ABA Foundation, in collaboration with the Federal Bureau of Investigation, Commodity Futures Trading Commission, Securities and Exchange Commission, Internal Revenue Service – Criminal Investigation, Department of Homeland Security, U.S. Secret Service, Financial Crimes Enforcement Network and Financial Industry Regulatory Authority today released a new infographic warning consumers about the increasing threat of cryptocurrency investment scams. According…
CFPB: Report Identifies Financial and Privacy Risks to Consumers in Video Gaming Marketplaces
Growth in banking options and payments in gaming leaves consumers’ assets and personal data at risk Today, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth of financial transactions in online video games and virtual worlds. These platforms increasingly resemble traditional banking and payment systems that facilitate the storage and exchange of…
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