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Apr27 - 23

April 2023 Monthly Recap

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California

The FDIC announced a proposed rule that would require large banks to have a plan for how they would be resolved in the event of failure, in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read more here.

Elderly Alaska couple scammed out of $1.2M in alleged cryptocurrency ‘money laundering pipeline’

An elderly couple in Alaska were scammed out of $1.2 million through a cryptocurrency money laundering scheme. The scammers allegedly used the couple’s funds to launder money through several crypto exchanges. Read the full story here.

On Our Radar: Crypto Legislative, Regulatory and Enforcement Roundup

This article provides a roundup of recent regulatory and enforcement actions related to cryptocurrency. Read the full article here.

Are You Ready for a CFPB Examination? Bates Can Help

Bates Group provides services to help firms prepare for Consumer Financial Protection Bureau (CFPB) examinations. Learn more here.

Treasury Releases 2023 DeFi Illicit Finance Risk Assessment

The U.S. Department of the Treasury has published the world’s first illicit finance risk assessment on decentralized finance (DeFi). Read about their findings here.

New York regulator could set world standard for crypto

Linda Lacewell, the Superintendent of the New York Department of Financial Services (NYDFS), announced that NYDFS has granted a BitLicense to a major cryptocurrency exchange for the first time in over a year. Read the article here.

Florida woman who stole $2.8 million from Holocaust survivor in romance scam pleads guilty

A Florida woman pleaded guilty to charges of defrauding a Holocaust survivor of $2.8 million in a romance scam. Read more here.

FedNow Real-Time Payments Are Here. What Should Banks Do Now?

The Federal Reserve’s FedNow real-time payments system has been launched, and banks should start considering how to leverage this new technology to improve customer experiences and stay competitive. Learn more here.

FACT SHEET: Treasury Department Announces 2023 De-Risking Strategy

The US Department of the Treasury published a report on the 2023 De-risking Strategy recommending policy options, including the promotion of supervisory expectations to analyze account termination notices given to customers such as Small and medium-sized Money Service Businesses (MSBs), Non-Profit Organizations (NPOs) operating abroad in high-risk jurisdictions, and foreign financial institutions with low correspondent banking transaction volumes. Learn more here.




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