The Federal Reserve ended its Novel Activities Supervision Program, which focused on "certain crypto and fintech activities in banks." The Board said it will "return to monitoring banks' novel activities through the normal supervisory process."
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The FDIC's Inspector General ("OIG") concluded that the agency's program for examining third-party companies providing services to banks lacked clear performance goals and metrics to measure its effectiveness.
In a joint letter, the Bank Policy Institute and American Bankers Association supported the Federal Reserve's proposed changes to the Large Financial Institution rating system and welcomed the Fed's stated intention to consider more comprehensive reforms to the supervisory ratings system.
The Financial Technology Association, joined by more than 80 Fintech, technology, retail and trade industry organizations, urged President Trump to block large banks from imposing "account access" fees on consumers seeking to allow third parties to access their data. Banking associations responded, rejecting claims that proposed fees would limit consumer data access.
A firm settled FINRA charges for publishing inaccurate and incomplete quarterly order routing reports and related supervisory failures.