Category: Federal Reserve Board

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SEC, Fed Charge Silvergate for Misleading Investors, Failing to Monitor $1 Trillion in Transactions

July 3, 2024

The U.S. Securities and Exchange Commission (SEC), the Federal Reserve Board (FRB), and the California Department of Financial Protection and Innovation (DFPI) have taken action against Silvergate Capital Corp., the holding company for Silvergate Bank, and its former executives for misleading investors and failing to monitor significant transactions. Silvergate has agreed to pay penalties without…
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Custodia Bank Goes Live: Bridging Digital Assets With US Dollar Payments

August 12, 2023

Custodia Bank, the financial institution that aims to bridge digital assets with the U.S. dollar payment system, is now live. Last month, Custodia started serving external business customers in select U.S. states, offering U.S. dollar deposits and government money market fund services, with bitcoin custody pending launch. The launch comes after overcoming regulatory pressures and…
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US Fed steps up oversight of banks’ involvement with crypto firms

August 9, 2023

The limitations set out in the Federal Reserve’s new Program provides additional measures to its original policy statement laid out in January. The United States Federal Reserve is broadening the scope of its supervision program which oversees U.S. banks that engage with the cryptocurrency and blockchain industry. An Aug. 8 announcement by the Federal Reserve…
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‘How did this happen’ — Powell says Fed stumped over the collapse of SVB

March 23, 2023

In a post-FOMC meeting on March 22, the chairman of the Federal Reserve said his “only interest is that we identify what went wrong here.” United States Federal Reserve Chairman Jerome Powell has conceded that his regulator was blindsided by the sudden collapse of Silicon Valley Bank, despite it being under their watch. In a…
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US Federal Reserve Board Issues Policy Statement That Limits Banks’ Crypto Related Activities

January 28, 2023

The United States Federal Reserve Board said on Jan. 27 that both insured and uninsured banks will be subjected to limits on certain activities including those that are associated with crypto assets. The board’s latest action does not preclude a state member bank or prospective applicant from providing crypto-assets safekeeping services. Limiting Regulatory Arbitrage The…
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US Federal Reserve Board Unveils Final Guidelines Used When Reviewing Requests for Access to Master Accounts

August 18, 2022

The U.S. Federal Reserve Board has said it has released the final guidelines which are set to be used by Reserve Banks when “reviewing requests to access Federal Reserve accounts and payment services.” According to the board, the final guidelines will become effective as soon as they are published in the Federal Register. New…
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Fed Board, FDIC Order Voyager Digital to Retract Federal Deposit Insurance Claims

July 29, 2022

Following Voyager Digital’s application for bankruptcy protection during the first week of July, Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today issued a joint letter to the company demanding a cease and desist against Voyager’s FDIC claims. The FDIC’s letter explains that Voyager’s FDIC claims are false and misleading, and the entity…
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