The Biden Administration’s Executive Order for digital assets observed that one in six adult Americans are involved with cryptocurrency, while other surveys place this figure closer to one in three. At the same time, a solid majority of Americans indicate they’d prefer to conduct crypto dealings through their financial institution.
This seems like a dream scenario for banks and credit unions looking for opportunities to deepen client relationships and pursue new sources of fee income to replace the overdraft/NSF revenue and interchange that is increasingly under threat.
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Topics:
Cryptocurrency,
Regulations,
Cryptocurrency for Banks and Credit Unions,
Digital Assets,
cryptocurrency consultants
![Crypto-WP-Blog-Image[94]](https://blog.srmcorp.com/hs-fs/hubfs/Crypto-WP-Blog-Image%5B94%5D.png?width=932&name=Crypto-WP-Blog-Image%5B94%5D.png)
Standing-room-only crowds during breakout sessions at recent industry conferences nationwide are a strong indicator of financial institutions’ growing interest in cryptocurrency and other digital assets.
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Topics:
Vendor Contract Negotiation,
Cryptocurrency,
Bank Vendor Management,
Credit Union Vendor Management,
Digital Assets,
Blockchain
The Biden Administration issued its anticipated executive order seeking to coordinate efforts among federal agencies to craft a national policy for digital assets.
While some pundits are worried about the impact of regulation, we assert that this effort brings digital assets, including cryptocurrency, into the mainstream, which should be a positive for financial institutions looking to operate in the space.
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Topics:
Vendor Contract Negotiation,
Cryptocurrency,
Bank Vendor Management,
Credit Union Vendor Management,
Cryptocurrency for Banks and Credit Unions,
Digital Assets,
Blockchain
The CUNA Governmental Affairs Conference was in-person for the first time in three years, giving many credit union executives a long-overdue chance to have face-to-face meetings.
SRM made the most of the week, engaging with scores of executives, getting a sense of their challenges and opportunities, and lining up discussions to assist in crafting strategies and finding solutions for both.
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Topics:
Digital Banking,
Vendor Contract Management,
Cryptocurrency,
Credit Union Vendor Management,
Cryptocurrency for Banks and Credit Unions,
Loan Growth,
Deposits,
Overdraft
![Crypto-Blog-Image[57]](https://blog.srmcorp.com/hs-fs/hubfs/Crypto-Blog-Image%5B57%5D.png?width=932&name=Crypto-Blog-Image%5B57%5D.png)
Volatility tends to be a two-way street, so the recent price correction in Bitcoin and other cryptocurrencies shouldn’t come as a shock. Still, that doesn’t take the sting out of the size and speed of the recent decline in Bitcoin, which lost more than half its value between mid-November and late January.
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Topics:
Vendor Contract Negotiation,
Cryptocurrency,
Bitcoin,
Bank Vendor Management,
Credit Union Vendor Management,
Digital Assets
![AOBA-Blog-Image[93]](https://blog.srmcorp.com/hs-fs/hubfs/AOBA-Blog-Image%5B93%5D.png?width=931&name=AOBA-Blog-Image%5B93%5D.png)
After a two-year hiatus, Bank Director's Acquire or Be Acquired was back with an in-person event in Scottsdale, AZ, last week.
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Topics:
Fintech,
Vendor management,
Automation,
Cryptocurrency,
Mergers & Acquisitions,
Expense Management
Financial institutions should brace for substantial regulatory change in the year ahead.
Turnover at the top of several federal agencies, including the Consumer Financial Protection Bureau (CFPB), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corp. (FDIC), foreshadows more scrutiny for FIs.
Everything seems to be on the table, including timelines for implementing the Current Expected Credit Loss (CECL) accounting standard, data privacy, and Bank Secrecy Act compliance.
There are, however, several areas that we believe merit the most attention in the coming months.
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Topics:
Vendor management,
Cryptocurrency,
Interchange,
Regulations,
Mergers & Acquisitions,
Overdraft
![Key-Considerations-Crypto-Blog-Image[40]](https://blog.srmcorp.com/hs-fs/hubfs/Key-Considerations-Crypto-Blog-Image%5B40%5D.png?width=932&name=Key-Considerations-Crypto-Blog-Image%5B40%5D.png)
Many of you will remember the initial fear experienced when the Internet debuted in the 1990s. At the time, the popular narrative was that every business, no matter how big or small, would be on the information superhighway by the year 2000, replacing conventional media forms like newspapers, billboards, and the yellow pages. Fast forward nearly 30 years, and now everyone’s life is touched (and in many ways, sustained) by the Web.
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Topics:
Vendor management,
Cryptocurrency,
Fee Income,
Deposits
![CBDC_FedComments_Blog_Image[13]](https://blog.srmcorp.com/hs-fs/hubfs/CBDC_FedComments_Blog_Image%5B13%5D.png?width=932&name=CBDC_FedComments_Blog_Image%5B13%5D.png)
Creating a US central bank digital currency (CBDC) could have several benefits; however, it would also cause a plethora of systemic challenges for the existing financial system.
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Topics:
Vendor management,
Cryptocurrency,
CBDC,
Federal Reserve,
Blockchain
![Stablecoins_Blog_Image[20]](https://blog.srmcorp.com/hs-fs/hubfs/Stablecoins_Blog_Image%5B20%5D.jpg?width=932&name=Stablecoins_Blog_Image%5B20%5D.jpg)
Most of the excitement surrounding cryptocurrency has focused on Bitcoin and similar altcoins. This is understandable, as this asset class accounts for over 95% of the market value assigned to digital currencies and has been responsible for eye-popping returns in recent years.
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Topics:
Vendor Contract Negotiation,
Cryptocurrency,
Bank Vendor Management,
Credit Union Vendor Management,
DeFi,
Stablecoins,
CBDC
