Finance
FDIC Releases Documents That Probe Banks’ Crypto-Business Plans
- Release of letters comes amid ‘debanking’ hearings in Congress
- FDIC asked banks questions about risks, consumer protection
This article is for subscribers only.
The Federal Deposit Insurance Corp. released a trove of documents related to its supervision of US banks that were providing services to the cryptocurrency industry or considering doing so, providing a glimpse into some of the regulator’s oversight priorities over the past few years.
The release includes letters sent to more than 24 financial institutions, whose names were redacted. In most cases, the FDIC said its requests were consistent with a 2022 notice telling all institutions under its supervision that were engaged in crypto activities, or considering them, to notify the regulator and provide it with information so it could assess the safety and soundness of the business.