Category: US banking regulators

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US Financial Services Platform Sofi Announces Exit From Crypto Market

December 5, 2023

Starting Dec. 19, the financial services platform Sofi will stop offering crypto services to its customers. Sofi said banking regulators’ increased scrutiny of the crypto sector compelled it to make this decision. The company has outlined the steps that must be taken by customers who are willing to have their accounts migrated to Blockchain.com during…
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Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures

April 30, 2023

On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC), released a similar report on Signature Bank’s collapse and…
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