AgenciesThe Federal Reserve announced on Friday it was scrapping a so-called “novel activities” supervision program it created to specifically police banks on their crypto and fintech activities, and instead will integrate that work…
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Fed to scrap program devoted to policing banks on crypto, fintech activities
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Synopsis
The Federal Reserve has ended its “novel activities” supervision programme, created in 2023 to monitor banks’ involvement in crypto and fintech. The Fed will now incorporate this oversight into its regular supervision, saying it has improved its understanding of the associated risks and how banks are managing them.
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