Fed joins regulators dropping reputational risk factor, clearing banks to serve crypto firms
The Federal Reserve Board on June 23 removed reputational risk from its bank supervision program, ordering staff to strike the term from examination manuals and to concentrate on measurable financial exposures.
The Fed move positions the central bank alongside the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency, which made similar changes this year.
Together, the three regulators oversee every federally insured depository institution. Their coordinated revisions eliminate a subjective standard that experts said allowed examiners to block banking services to crypto firms.
Additionally, it prevented banks from offering crypto-related services as simple as buying and selling Bitcoin (BTC).
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