Featured Product

    US Agencies Issue Updates on Crypto Companies and Bank Accounting

    August 15, 2022

    The Federal Deposit Insurance Corporation (FDIC) published the financial institution letter that contains an advisory to the FDIC institutions regarding deposit insurance and dealings with crypto companies, in addition to a fact sheet on the FDIC deposit insurance and crypto companies. Additionally, the Office of the Comptroller of the Currency (OCC) released an update to the Bank Accounting Advisory Series.

    FDIC letter and fact sheet

    To address certain misrepresentations about FDIC deposit insurance by some crypto companies, FDIC issued an advisory to the FDIC-insured institutions regarding deposit insurance and dealings with crypto companies. The advisory reminds insured banks that they need to be aware of how FDIC insurance operates and need to assess, manage, and control risks arising from third-party relationships, including those with crypto companies. Recently, some crypto companies have misrepresented to consumers that crypto products are eligible for FDIC deposit insurance coverage or that customers are FDIC–insured if the crypto company fails. Such statements are inaccurate and can cause consumer confusion about deposit insurance and harm consumers under certain circumstances. The fact sheet is intended to address some common and emerging misconceptions about deposit insurance coverage and its application. The FDIC deposit insurance protects bank depositors in the unlikely event that an FDIC–insured bank fails. In such an event, FDIC insures each bank depositor up to at least USD 0.25 million. However, deposit insurance does not apply on the failure of a non–bank, such as a crypto company. In addition, deposit insurance does not protect consumers with non–deposit products such as stocks, bonds, mutual funds, securities, commodities, or crypto assets.

    Bank Accounting Advisory Series

    The Bank Accounting Advisory Series contains staff responses to the frequently asked questions from the banking industry and bank examiners on a variety of accounting topics and promotes consistent application of accounting standards and regulatory reporting among banks. The latest edition of the Bank Accounting Advisory Series reflects updates to accounting standards issued by the Financial Accounting Standards Board on topics including:

    • Amortization of premiums on debt securities with callable options during a present period
    • Lessors' classification of certain leases with variable lease payments

    The Bank Accounting Advisory Series does not represent rules or regulations of OCC. Rather, it represents the Office of the Chief Accountant's interpretations of generally accepted accounting principles and regulatory guidance based on the facts and circumstances presented.

     

    Related Links

     

     

    Keywords: Americas, Us, Banking, Deposit Insurance, Accounting, Bank Accounting Advisory Series, Regtech, Crypto Assets, FDIC, OCC

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514