Federal Reserve Issues Enforcement Action
Enforcement Action – The Federal Reserve issued a Notice of Prohibition against an ex-employee of a Michigan bank for misappropriation of over $145,000 used for her personal use and for false entries and modifications to conceal the misappropriation.
Federal Reserve Issues Joint Statement on Crypto Risks
Crypto-Asset Risks – Along with the FDIC, the Federal Reserve issued a Joint Statement on crypto-asset risks to banking organizations. The Statement identifies key risks for banking organizations associated with crypto-assets and the crypto-asset sector and outlines approaches to supervision. The Statement said the agencies “believe that issuing or holding as principal crypto-assets that are issued, stored, or transferred on an open, public, and/or decentralized network, or similar system is highly likely to be inconsistent with safe and sound banking practices.”