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    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.


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

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