In an address to the 2023 Institute of International Bankers Annual Washington Conference, Acting Comptroller of the Currency Michael J. Hsu highlighted parallels between jurisdictional and "supervisability" risk in global banking and in crypto.
Commentary by Nihal Patel
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.
The Federal Reserve Board, the FDIC and the OCC extended previously issued no-action relief to asset managers and other institutions from regulations that limit extensions of credit to "insiders."
The Federal Reserve Board, FDIC and OCC said they will continue to work towards aligning capital requirements for banks with the final set of "Basel III" standards.
The Federal Reserve Board, the FDIC, FinCEN, the NCUA and the OCC reminded banks to apply a risk-based approach when assessing customer relationships and conducting customer due diligence on anti-money laundering risks.