US Regulator Asks to Be Informed if Member Businesses Use Cryptocurrency

From: Finance Magnates

Relevant activities include mining and acceptance of cryptocurrency from customers.

The Financial Industry Regulatory Authority, a self-regulatory body of the American financial industry that is subordinate to the Securities and Exchange Commission, has published a notice encouraging its member firms to notify it if they engage in or intend to engage in any activities related to cryptocurrency.

FINRA regulates trading in financial derivatives such as securities, futures, options, and so on. Finance companies in the US are required to be regulated; FINRA is one of the options.

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Fed’s Quarles: Basel Participation Facilitates Tailored Regulation

From: ABA Banking Journal

The U.S. financial system, including community banks, benefits from its regulators’ participation in the Financial Stability Board, Federal Reserve Vice Chairman for Supervision Randal Quarles told the Utah Bankers Association today. The FSB is a Basel, Switzerland-based group of regulators from around the globe that coordinates principles for systemic risk supervision.

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A Whole New Regulatory World For Community Banking

From: PYMNTS.com

From the beginning, Dodd-Frank has drawn the criticism that instead of doing what it was supposed to and targeting banks that were too big to fail, instead it targeted thousands of community banks and credit unions and rendered them, in effect, too small to survive. It has been, according to banking advocates, a law that needed revision since it was first passed.

Amazon’s finance ambitions reportedly draw attention from Fed

From: Bloomberg News via The Seattle Times

Fed Vice Chairman Randal Quarles, the U.S.’s most influential banking watchdog, has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately.

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Fed Vice Chairman Randal Quarles, the most influential banking watchdog in the U.S., is monitoring the potential for disruption to the industry and has expressed concern about how tech companies could provide financial services outside of regulators’ oversight, according to people who’ve spoken with him privately. Quarles hasn’t yet made any moves to intervene and the Fed’s influence would be limited.

GAO directed to review regulatory ‘gaps’ at consumer credit rating agencies

From: Inside Cybersecurity

The massive Dodd-Frank rollback bill recently signed into law includes a provision requiring the Government Accountability Office to study “gaps” in the legal and regulatory structure overseeing consumer credit rating agencies like Equifax, a step short of legislation proposed in the House that would require designation of a federal agency to supervise such firms.

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