Bess Adler/Bloomberg Key insight: Federal Reserve Gov. Christopher Waller’s comments suggest the barriers to nonbank firms acquiring a “skinny” Fed master account — a concept Waller himself introduced late last month — may be higher than were previously assumed. Expert Quote: “There’s a misunderstanding out there that somehow just a fintech can show up and […]
Waller hedges on nonbank access to ‘skinny’ master account Read More »
Key insight: Gould argued the OCC can only ensure fair oversight by admitting qualified fintechs and crypto firms through national trust charters, saying regulation outside the perimeter is impossible. Supporting data: He acknowledged concerns over fairness as the OCC reviews trust charters like Coinbase’s and said Dodd-Frank narrowed the “scope of banking relevance,” driving innovation
Gould backs charters to bring nonbanks into regulatory fold Read More »
Key Insight: Fed Vice Chair for Supervision Michelle Bowman said she wants banks to have an even playing field with nonbanks when it comes to holding digital assets, though stressed this should be done in a way that promotes safety and soundness. Expert quote: “We want to make sure [banks are] engaging in a way that separates
Fed’s Bowman seeks level field for banks on digital assets Read More »
Sen. Tim Scott, R-S.C.Bloomberg News WASHINGTON — Senate Banking Committee Chairman Tim Scott, R-S.C. publicly acknowledged the role that the crypto industry had in unseating former chairman Sherrod Brown, a longtime banking progressive, from the Senate. Scott’s comments, made at the Wyoming Blockchain Symposium just ahead of the Federal Reserve’s Jackson Hole Summit, were a
Sen. Scott thanks crypto industry for unseating Sherrod Brown Read More »
UPDATE: This article now includes details from BNY’s earnings call and comments from CEO Robin Vince. The Bank of New York Mellon had plenty of updates to provide about its estimate-beating second quarter, but there was one topic on which the bank’s executives kept quiet. In recent weeks, reports have circulated that BNY has held
BNY beats estimates, stays mum on merger rumors Read More »