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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-10-23T19:44:00
Uncertainty created by the Federal Deposit Insurance Corporation’s (FDIC) lack of clarity on risks posed by crypto assets has left member banks with the impression the agency wants banks to avoid them, according to a new report.
The report on “FDIC Strategies Related to Crypto Asset Risks” released by the agency’s Office of Inspector General (OIG) last week recommended the FDIC conduct a risk assessment of crypto assets and provide clear guidance to member banks about those risks.
The OIG determined the FDIC “started to develop and implement strategies that address the risks posed by crypto assets” but “has not yet completed a risk assessment to determine whether the agency can sufficiently address crypto asset-related risks through actions such as issuing guidance to supervised institutions.”
The FDIC’s feedback to supervised institutions up to this point has been unclear, the report said.
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2024-05-21T18:04:00Z By Aaron Nicodemus
Martin Gruenberg announced he will step down as chairman of the Federal Deposit Insurance Corporation following the release of an independent review that criticized the agency’s lack of response to employee claims of sexual harassment and discrimination.
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A notice of proposed rulemaking to modify the Federal Deposit Insurance Corporation’s Change in Bank Control Act was withdrawn after receiving mixed reviews among the agency’s board of directors.
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A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
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Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-06-07T22:34:00Z By Adrianne Appel
Compliance has been “sleeping on” artificial intelligence, two panelists discussed at Compliance Week’s Women in Compliance Summit. The profession should be positioned to lead on AI governance at the business level.
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