Commentary by Daniel Meade
The U.S. House Financial Services Committee heard testimony from the CEOs of U.S. global systemically important banks on "trends and developments in the industry since the 2008 global financial crisis."
Acting Comptroller of the Currency Michael J. Hsu addressed the threats posed to consumer trust in banking from inequality, digitalization, complacency and climate-related risk.
Acting Comptroller of the Currency Michael J. Hsu underscored the OCC's cautious approach to regulating cryptocurrency and digital markets. He highlighted recent "concerning" survey results that showed nearly 20 percent of cryptocurrency investors borrowed money to finance their investments.
Acting Comptroller of the Currency Michael J. Hsu underscored the need to "modernize the regulatory perimeter," by subjecting FinTech and crypto firms that offer banking services to the banking regulatory framework.
Acting Comptroller Michael J. Hsu encouraged investors to learn about responsible money management given the recent volatility in crypto markets. He urged investors to take a step back from social media to evaluate whether to continue investing in crypto assets.