Featured Product

    FDIC Requests Information on Digital Asset Activities of Banks

    May 17, 2021

    FDIC is requesting information and soliciting comments on the current and potential digital asset activities of insured depository institutions. Since banks are increasingly exploring the emerging digital asset ecosystem, FDIC is issuing this request for information to help inform its understanding of the industry and consumer interests in this area. Among others, FDIC seeks to understand whether it should take into account any unique aspects of digital asset activities from the supervisory and regulatory perspectives and should it clarify or expand existing supervisory guidance to address digital asset activities. FDIC also notes that its Part 362 application procedures may apply to certain digital asset activities or investments and seeks to understand whether additional regulatory clarity is needed in relation to this. The comment period for this request ends on July 16, 2021.

    New technology and innovation surrounds the use of digital assets in financial markets and intermediation as well as with the settlement and payment systems. Banks are increasingly exploring several roles in the emerging digital asset ecosystem, with  the digital asset use cases and activities falling into one or more broad categories: technology solutions, asset-based activities, liability-based activities, custodial activities, and other activities. FDIC is requesting information and soliciting comments on questions regarding current and potential use cases, risk and compliance management, supervision and activities, and deposit insurance and resolution. Regarding the risk and compliance management, FDIC is requesting information on questions related to the following:

    • Extent to which existing risk and compliance management frameworks of insured depository institutions are designed to identify, measure, monitor, and control risks associated with the various digital asset use cases
    • Unique or particular risks that are challenging to measure, monitor, and control for the various digital asset use cases; unique controls or processes that could be implemented to address such risks
    • Integration of operations related to digital assets with legacy banking systems
    • Identification of any potential benefits and unique risks of particular digital asset product offerings or services to customers of insured depository institutions
    • Integration of new technologies into the existing cybersecurity functions of insured depository institutions


    Related Links

    Comment Due Date: July 16, 2021

    Keywords: Americas, US, Banking Digital Assets, Insured Depository Institutions, Technology Risk, Fintech, Cyber Risk, Regtech, Deposit Insurance, Stablecoins, FDIC

    Related Articles

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8596