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SRM Perspectives on Key Industry Trends

What Regulators’ Warning on Digital Assets Means for Banks, Credit Unions

Posted by Larry Pruss on Jan 9, 2023 9:31:09 AM

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The Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC) recently issued a joint statement that expressed the agencies’ concerns with banks that have business dealings tied to digital assets, including cryptocurrency.

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Topics: Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Digital Assets, Blockchain, Crypto, Regulation

Despite Cooling Temperatures, Crypto Is Still Hot

Posted by Larry Pruss on Nov 3, 2022 12:12:19 PM

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Professionals focused on the strategic and operational aspects of digital assets such as cryptocurrency have learned to disregard the media cycles.

Last year’s breathless hype – driven almost entirely by a retail investor frenzy – has given way to a “crypto is dead” storyline that emphasizes volatility and fraudulent applications. Lost in the noise is the fact that Bitcoin’s price has been relatively stable over the past four months.

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Topics: Payments, Vendor Contract Negotiation, Digital Assets, Crypto

Due Diligence Matters with Digital Assets Partnerships

Posted by Larry Pruss on Oct 27, 2022 2:08:28 PM

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Federal regulators continue to advise on how banks and credit unions conduct due diligence for digital assets solution providers.

 

A lapse in vetting could expose FIs to an array of risks, ranging from reputational impact to non-compliance with government sanctions and BSA requirements.

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Topics: Fintech, Vendor Contract Negotiation, Bank Vendor Management, Credit Union Vendor Management, Crypto, Regulation

TerraUSD Collapse is a Teachable Moment in Crypto

Posted by Patti Wubbels on May 19, 2022 12:01:10 PM

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Perspective matters when it comes to cryptocurrency.

The demise of the TerraUSD stablecoin has understandably spooked the markets. Any sudden freefall will panic people and make them wonder what’s next.

Investors, and FIs looking to offer crypto services, need to read between the lines and view this crash as an educational opportunity.

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Topics: Cryptocurrency, Digital Assets, Stablecoins, Blockchain, Crypto

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