Federal Reserve Board Governor Christopher J. Waller considered the risks and benefits of tokenization and artificial intelligence as they gain prominence within the banking industry.
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The Federal Reserve Board approved UBS Group AG's application to acquire the U.S. subsidiaries of Credit Suisse Group AG.
The Federal Reserve Board and the Treasury Office of Foreign Assets Control fined a banking entity for apparent sanctions violations. The regulators charged that the bank provided software to a European bank engaged in transactions with sanctioned jurisdictions.
Federal Reserve Board Governor Michelle W. Bowman addressed the need for a “transparent regulatory posture” in order to foster innovation in the banking system and address concurrent risk.
FRB Governor Michelle W. Bowman said that increasing delays in the review and processing of bank merger applications may result in increased operational risk, employee retention issues, reputational risk, and the additional costs associated with running two institutions in parallel over an extended period of time.