The Federal Reserve seeks comment on new guidelines for Fed Regional Banks to consider when deciding whether to extend Fed membership or services to nontraditionally chartered entities.
Weekly Fintech Focus
The Federal Reserve seeks comment on new guidelines for Fed Regional Banks to consider when deciding whether to extend Fed membership or services to nontraditionally chartered entities.
California DFPI enters a settlement with a fintech company to stop the use of the word “bank” in its name, website URL, and advertising, and requires clear disclosure of the fintech’s bank partnership.
Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services
The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when considering granting access for fintech companies with banking charters to access Fed services (the Account Access Guidelines). Numerous fintech companies have pursued or are pursuing narrow charters with state banking regulators (e.g., industrial loan companies) or the Office of the Comptroller of the Currency (e.g., certain national trust charters or the
Federal Reserve Opens Consultation on Access to the Payments System
The
US Federal Reserve Board has proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks. In a public statement, the Fed said the introduction of new financial products, such as products introduced by Fintechs including novel types of banking charters, has compelled the central bank to review legacy payment operations.
The Fed said that to facilitate these activities, some such institutions have requested access to the payments system offered by Federal Reserve Banks. The central bank said that in order to achieve the goal of applying a transparent and consistent process for all access requests, as well as considering the ramifications for the broader financial system, the Board is proposing
(Cheyenne, WY) – Governor Mark Gordon is welcoming news that the Federal Reserve has announced the opening of a comment period for proposed âAccount Access Guidelines for the Reserve Banksâ, a critical step towards approval of Wyoming-chartered special purpose depository institutions (SPDIs).
SPDIs are custodial banks for digital assets that provide safekeeping and on- and off-ramps to the capital markets. Wyomingâs digital asset framework is the first comprehensive digital asset regulations in the United States.
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âTodayâs announcement is encouraging news and the culmination of an extended effort where Wyoming took the lead,â Governor Gordon said. âThis was an unprecedented task and I appreciate the collaborative work that has occurred throughout the process. Iâm committed to ensuring that Wyoming remains a national leader in the digital asset realm.â
<p><span>The Federal Reserve Board on Wednesday invited public comment on proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks ("Account Access Guidelines").</span></p>
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