Fed Issues Crypto Supervisory Letter
In a supervisory letter issued yesterday, the Federal Reserve (Fed) said that Fed-supervised banks seeking to engage in activities related to cryptocurrency and other digital assets must first assess whether such activities are legally permissible and determine whether any regulatory filings are required. The letter also stated that banks should notify the Fed prior to engaging in crypto-asset-related activities.
Fed Issues Final Master Account Guidelines
Earlier this week, the Fed announced final guidelines it will use when evaluating requests for master accounts with the Fed or access to the agency’s financial services. These finalized guidelines included a tiered review framework that Reserve Banks will apply to different types of institutions with varying degrees of risk.
OCC Updates Bank Accounting Advisory Series
On Aug. 15, the Office of the Comptroller of the Currency (OCC) released its annual update to the Bank Accounting Advisory Series, which is intended to promote a consistent application of accounting standards among OCC-supervised banks. The latest update clarifies the application of accounting standards issued by the Financial Accounting Standards Board.