Claire Williams

The Federal Reserve Board's new guidance comes as the central bank is slated to decide whether to grant Custodia, a Cheyenne, Wyo.-based crypto firm, a master account.

The House passed the legislative package, which includes an excise tax on stock buybacks, in a 220-207 vote.

Marianne Lake, the company's co-chief executive officer of consumer and community banking, will serve a one-year term on the Federal Reserve Board's Federal Advisory Council. She represents the New York Fed.

The Consumer Financial Protection Bureau said a company doesn't need to experience a data breach for the agency to consider taking action.

Bank advocates say that stark government scrutiny of bank forays into digital assets has been misplaced and that if the administration would like to see responsible innovation in crypto, the banking system could be the place to do it.

Trade groups submitted a wide range of complaints to regulators throughout the Community Reinvestment Act's comment period, including concerns about the revamp's timeline and how the proposal would evaluate online banking activity.

Ford Motor Co.'s application for an industrial loan company charter with the Federal Deposit Insurance Corp. will compel the regulator to articulate its stance on future applications.

Banks and consumers can be harmed when cryptocurrency companies that offer digital assets as well as banks’ deposit products overstate the protections of federal deposit insurance, the agency says.

The Federal Reserve and Federal Deposit Insurance Corp. said the crypto firm’s response doesn’t “preclude us from taking any further action.” 

Critics of the council say it hasn’t been as effective as it could be, but Treasury’s Nellie Liang said in an interview that right now it is “in a good place.”

The crypto firm Voyager got in hot water for implying its deposits were federally insured. Policymakers and experts say it isn’t the only one.

Jonathan Fink will be associate chief counsel, while Patricia Grady will serve as deputy chief counsel. Fink has been a leading public face on climate risk at the agency in recent months.

The comments from the agency's under secretary for domestic finance came as it issued a request for feedback on the risks and opportunities of digital assets.

Nikhil Rathi, CEO of Britain's Financial Conduct Authority, said the recent cryptocurrency market crash has underscored the need for regulation on both sides of the Atlantic.

The fintech IntraFi announced that Diane Ellis, formerly director of the division of insurance and research at the FDIC, will help lead the firm’s “new initiatives under development.” 

Bank regulators are pushing large regional banks to have more definitive resolvability plans as part of their merger review, but some observers say those requirements are effectively new capital requirements by other means.

Michael Hsu has been acting comptroller for about 14 months. Since President Biden’s choice to lead the agency withdrew from consideration late last year, the White House has not floated any new names for his potential successor.

An accounting bulletin from the markets regulator is making it harder for bank regulators to give banks clarity in how they can provide crypto custody services. 

Paulson, who announced his retirement as a senior deputy comptroller, is one of three top staffers at the Office of the Comptroller of the Currency who are departing or taking extended leave.

In its semiannual risk report, the Office of the Comptroller of the Currency said it was working to provide clarity on the legality and soundness related to digital assets.