The FDIC entered into a purchase and assumption agreement with Flagstar Bank, N.A. to sell most deposits and certain loan portfolios of Signature Bridge Bank, N.A.
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The Federal Reserve Board, the FDIC and the OCC cautioned that banks may face significant liquidity risks in relying on funding from entities in the crypto industry.
In a joint statement, the FDIC, the Federal Reserve Board and the OCC highlighted key crypto-asset risks to banking organizations and outlined their approach to crypto-asset-related supervision.
The Senate Banking Committee and the House Financial Services Committee heard testimony on economic and regulatory developments from FRB Vice Chair for Supervision Michael S. Barr, FDIC Acting Chair Martin Gruenberg, Acting Comptroller Michael J. Hsu and NCUA Chair Todd M. Harper.
FDIC Chair Martin J. Gruenberg said that the agency must implement a cautious and deliberate approach to crypto regulation, and that existing regulatory concepts can apply to crypto assets.