Risk

Crypto, cybersecurity and climate in focus in OCC risk report

"The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.

By Anna Hrushka • Dec. 7, 2021

Senate banking panel chair seeks stablecoin issuer feedback

The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.

By Anna Hrushka • Nov. 29, 2021

Fintechs Blueacorn, Womply added to House panel's PPP probe

A subcommittee focused on COVID-19's impact seeks documents and information on the companies' fraud prevention measures. The panel made similar requests of Kabbage, BlueVine and others in May.

By Dan Ennis • Nov. 24, 2021

Bank regulators to roll out crypto guidance in 2022

A two-page report doesn't provide many details regarding how banks should navigate digital assets, but regulators said the industry should expect further guidance throughout the next year.

By Anna Hrushka • Nov. 23, 2021

U.S. Bank pledges net-zero emissions by 2050, in a first among regionals

The bank also aims to put $50 billion by 2030 toward financing customers and projects that have a positive environmental impact. It said it is establishing a framework to more clearly track that figure.

By Dan Ennis • Nov. 11, 2021

Bank boards should press execs on climate risk, OCC says

Acting Comptroller Michael Hsu suggested five lines of questioning directors should pursue to boost banks' preparedness.

By Dan Ennis • Nov. 9, 2021

Regulators to issue policy on crypto, stablecoins, FDIC chair says

Jelena McWilliams shared details about the interagency "crypto sprint" involving the FDIC, the OCC and the Fed, and said the agencies plan to issue a series of policy statements in the coming months.

By Anna Hrushka • Oct. 26, 2021

Reducing fraud with account verification

How fintechs and financial institutions can ensure NACHA requirements with modern financial connectivity solutions.

Oct. 25, 2021

New York Fed researchers design climate stress test for banks

The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.

By Robin Bradley • Sept. 27, 2021

Coinbase scraps crypto lending product under fire from SEC

The company is also discontinuing its waitlist for Lend, a product that would have let users earn 4% interest by lending their holdings of a stablecoin to other customers.

By Dan Ennis • Sept. 21, 2021

JPMorgan Chase glitch let customers see other users' data

The breach, which lasted from May 24 to July 14, appears to have limited reach — seven customers in Montana, for example — although no details were available regarding potential impact in other states, or elsewhere.

By Dan Ennis • Aug. 23, 2021

Stablecoin meeting's focus finally comes to light

Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.

By Dan Ennis • July 28, 2021

Sen. Cory Booker clarifies SAFE Banking Act support

"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.

By Anna Hrushka • July 27, 2021

3 ways to keep financial data fraud from sabotaging digital CX in banking

How fintechs and financial institutions can empower the world to be financially strong.  

July 26, 2021

NJ, Texas order BlockFi to stop offering interest accounts

A third state, Alabama, gave the crypto exchange 28 days to show why it should be allowed to keep selling the product to state residents. At issue is whether the offering is a security.

By Dan Ennis • Updated July 23, 2021

Remote work offers test for banks amid 40-fold surge in malicious cyber activity

Incidents of phishing, malware and ransomware jumped from 5,000 per week before the pandemic to 200,000 per week in April 2021, the Financial Stability Board found in a report last week.

By David Jones • July 19, 2021

SAFE Banking secondary to comprehensive pot reform, Senate Democrats say

The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.

By Anna Hrushka • July 16, 2021

Powell clarifies timeline on Fed CBDC paper

In two congressional hearings, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.

By Dan Ennis • July 16, 2021

Quarles: Fed-backed digital currency poses 'significant' risks, 'unclear' benefits

His comments Monday, in which he compares cryptocurrencies to parachute pants, show the central bank is far from unified on digital dollar development.

By Dan Ennis • June 29, 2021

BIS report shows growing divide on crypto

Central banks strike a second blow against digital tokens. Stablecoins, too, this time. The dissonance between market and government may come down to timing, or an age-old pattern concerning risk.

By Dan Ennis • June 24, 2021

Basel suggests clamping down on crypto as State Street rolls out digital-asset unit

The panel recommended the highest possible risk weighting — 1,250% — be applied to a bank's exposure to Bitcoin and some other digital tokens.

By Dan Ennis • June 10, 2021

ABA warns lawmakers of CBDC 'trade-offs' ahead of hearing

Policymakers should not be swayed by international peer pressure and should proceed with "extreme caution" when it comes to the digital coin, the trade group said.

By Anna Hrushka • June 9, 2021

OCC will revisit crypto charters, interpretive letters, acting chief says

Michael Hsu has said he will review the regulator's past actions regarding cryptocurrency activities and crypto firm charters, adding, "everything's on the table."

By Anna Hrushka • June 3, 2021

Neobank Paybby to bring crypto investing to Black and Brown communities

"It's a great new investment class, and the people of our community should have access to this investment class just like anybody else," CEO Hassan Miah said.

By Anna Hrushka • May 25, 2021

Morgan Stanley, ex-chief diversity officer end discrimination case

The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.

By Dan Ennis • May 25, 2021