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The Federal Reserve Bank vice chairman spoke at the Philadelphia Fed’s fintech event on Sept. 8 about what the central bank’s role is in financial innovation. Research and supervision was the short answer, with a nod to the FedNow Service.Along with the standard disclaimer about it making no decisions without
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On the latest episode of “Macro Markets,” Marcel Pechman explains
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Federal Reserve’s Michael Barr highlights the risks of unregulated stablecoins, emphasizing the need for robust federal oversight in the evolving digital currency landscape. Michael Barr, the Federal Reserve’s leading authority on banking oversight, has voiced robust concerns regarding stablecoins operating outside the oversight of federal regulation. While Federal Reserve officials have articulated
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A plurality of experts believe the United States should create a new federal agency dedicated to artificial intelligence (AI) governance, according to a survey conducted by Axios, Generation Lab and Syracuse University.The survey polled 213 computer science professors across 65 of the most prestigious universities in the U.S. on topics
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The crypto ATM business is thriving in the United States, despite criticism for illegal or predatory behavior, according to a report released by the Federal Reserve Bank of Kansas City. Crypto ATMs have a growing customer base that could sometimes benefit from better education about crypto, the report concluded.Crypto ATMs
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Republican Representatives claim the Federal Reserve is undermining Congress’s efforts to regulate stablecoins, potentially deterring banks from entering the digital asset space. Three Republican lawmakers—Representatives French Hill, Bill Huizenga, and Patrick T. McHenry—have written to Federal
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Jackson Hole: Where Fed Policy Is Decided on the Fly Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Federal Reserve (Fed) has taken enforcement action against Farmington State Bank, based in Washington, and its parent company, FBH Corporation. This action follows undisclosed changes to the bank’s business plan. Previously known as Moonstone Bank, the bank
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Farmington, which operates under its Moonstone Bank name, “improperly” pivoted to a pro-digital assets business plan in 2022 without notifying, and obtaining approval from, its supervisors, the document said. The joint enforcement action from the Federal Reserve Board and the Washington State Department of Financial Institutions bars the Washington state-based
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Fed has incorporated Dropp, a Hedera-based micropayments platform using DLT technology, into its recently launched FedNow service. FedNow connects financial institutions, businesses, and service providers to bolster digital payments infrastructure. Dropp is expected to facilitate low-fee
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