Regulation/Compliance

FDIC directed three companies Thursday to stop making false and misleading statements about FDIC deposit insurance, its most recent effort to clamp down on misleading representations.

Acting Comptroller of the Currency Michael Hsu said the banking industry has been largely insulated from crypto winter, but added that bank interest in servicing the crypto industry has waned over the same period. 

The Federal Deposit Insurance Corp.'s guarantee to consumers remains strong despite this spring's bank failures, the agency's chairman, Martin J. Gruenberg, said Tuesday. Gruenberg also noted that the FDIC's research shows persistent disparities in access to banks by class and race, and defended the agency's crackdown on nonbanks that fraudulently claim to be protected by deposit insurance.

"You don't want to land the plane nose down. So we're trying to balance off — can we slow the inflation without sending it into a recession," the Chicago Fed president said.

There are existing ways to authenticate third-party permissioned data access that don't involve screen-scraping or expensive token-based systems.

Dan Berger, chief executive of the National Association of Federally-Insured Credit Unions, weighs in on the collapse of Silicon Valley Bank, how credit unions are working to expand market share and regulatory changes impacting institutions of all sizes.

Rules around what, when, and to whom a bank must report in the wake of a data breach remain a key point of regulatory friction. Some hope a new federal office could help.

The Federal Reserve's vice chair for supervision, in his first appearance before Congress since being confirmed, testified that the banking industry has been spared so far from the chaos in cryptocurrency markets. But he warned that too little is known about nonbank activities that could "blow back" to the regulated financial system.

The agency in charge of regulating cybersecurity incident reports asked firms Monday to give their input on how the developing set of rules should work.

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.