Federal Reserve Board Vice Chair for Supervision Michael S. Barr touted the "wave of innovation in the payments system" and argued the need for legislative and regulatory action on stablecoins "before significant risks emerge."
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In an Annual Report to Congress, the Federal Reserve Board reviewed its activities and operations during the 2022 calendar year.
Federal Reserve Bank of New York General Counsel and Head of Legal Group Richard Ostrander described lessons learned from the failures of Signature Bank and Silicon Valley Bank.
The Federal Reserve Board notified supervised institutions, including those with $10 billion or less in consolidated assets, that certain "Supervision and Regulation" and "Supervision and Regulation and Consumer Affairs" letters are now inactive.
The Federal Reserve Board reported on the strength of the banking system and the economic impact of the pandemic on borrowers.