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Financial Institutions FRB Digital Assets

Troutman Pepper Locke

The Federal Reserve’s Shift in Supervision Strategy for Novel Activities

Troutman Pepper Locke on

On August 15, the Federal Reserve Board announced a significant shift in its approach to supervising novel activities within banking organizations. The Board decided to sunset its Novel Activities Supervision Program, which...more

Ballard Spahr LLP

Bank’s Digital Assets Business Strategy Draws Federal Reserve Scrutiny

Ballard Spahr LLP on

The Federal Reserve Bank of Philadelphia (the “Philly Fed”) recently executed an agreement (the “Agreement”) with Pennsylvania-based Customers Bank (and its Customers Bancorp, Inc. holding entity) (collectively, “Customers”)....more

Latham & Watkins LLP

FRB Clarifies Supervision of Digital Assets and Bank-Fintech Partnerships

Latham & Watkins LLP on

A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity. On August 8, 2023, the Board of Governors of the Federal...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, May 27, 2023

Paul Hastings LLP on

U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10) sent a letter to Secretary of the Treasury Janet Yellen regarding Treasury's rumored Executive Order on outbound investment to China....more

Orrick, Herrington & Sutcliffe LLP

Fed says limits on banking activities will apply regardless of insurance status

On January 27, the Federal Reserve Board issued a policy statement providing guidelines on how the agency evaluates requests from supervised uninsured and insured banks seeking to engage in novel activities, such as those...more

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