AARP ND pushes for HB 1447 to decrease crypto scams

AARP ND pushes for HB 1447 to decrease crypto scams

NORTH DAKOTA (KXNET) — The use of cryptocurrency began in 2009, but in recent years, there has been a rise in crypto scams across the country. That is why AARP North Dakota and Fargo Representative Steve Swiontek are working hard to pass House Bill 1447, which is aimed at creating consumer protections to help save North Dakotans from scams. Crypto scams cost North Dakotans $6 million in 2023 alone, and cryptocurrency kiosks have become the most …

Victory for Crypto: FDIC Kills 'Reputational Risk' in Bank Supervision

In a move hailed as a significant win for the cryptocurrency industry, the Federal Deposit Insurance Corporation (FDIC) has officially removed ‘reputational risk’ as a criterion for bank supervision. This decision, celebrated by figures like David Sacks, a former Trump administration official, marks a pivotal shift away from subjective standards that have previously hindered crypto businesses’ access to traditional banking services. For years, t…

OCC Ceases Examinations for Reputation Risk Following Legislative Push

On March 20, the Office of the Comptroller of the Currency (OCC) announced that it will no longer examine its regulated institutions for reputation risk. According to the OCC’s “Categories of Risk,” reputation risk is the risk to earnings or capital arising from negative public opinion, which can affect an institution’s ability to establish new relationships or services or to continue servicing existing relationships. The decision to stop examin…

White House Announces Positive Shift for Cryptocurrency and

Bitcoin prices fluctuate as AMB officials announce impending interest rate cuts. The FDIC plans to support cryptocurrency firms previously hindered by regulations. Continue Reading:White House Announces Positive Shift for Cryptocurrency and Financial Institutions The post White House Announces P...

FDIC will eliminate reputational risk from bank supervision

In a letter to a Republican House Financial Services Committee member, acting Federal Deposit Insurance Corp. Chair Travis Hill said the agency would eliminate reputational risk from all supervision, release more guidance on cryptocurrencies and refocus bank supervision.

The FDIC initiates a strategic change by abandoning the use of "reputational risk" as a supervisory criterion, paving the way for fairer treatment for crypto companies. This decision is part of a political dynamic led by Republicans, including the FIRM Act, which aims to prohibit this practice in any federal banking supervision. The end of this regulatory lever, often used to discreetly exclude crypto companies, is seen as a victory against the …