Fed governor: Regs should engage with industry on safe DLT use in banking
By 
Aaron Nicodemus2024-05-17T16:57:00
A governor at the Federal Reserve Board argued banking regulators should move from their current reactive posture on banking innovation to a position that actively encourages new technologies, business models, and ideas to solve age-old problems.
In a speech delivered Wednesday at an industry event, Michelle Bowman said there are good reasons why regulators often look critically at innovation in banking, but that they need to begin prioritizing innovation.
“[M]y goal today is to propose some building blocks that could help regulators get to ‘yes’ more often and potentially smooth the rough path to successful innovation in the banking system,” she said.
Related articles
-
PremiumQ&A: Bangladeshi compliance AVP on future of AML, leadership strategies
Rezaul Karim, assistant vice president, risk and compliance at HSBC Bangladesh, discusses with Compliance Week recent changes in KYC/AML compliance, how new technology is shaping the banking industry, and strategies for building and leading effective AML teams.
-
PremiumQ&A: Paxos CCO on defying stereotype of lax controls in digital asset industry
Carolina Ceballos, the first full-time chief compliance officer at Paxos, shares with Compliance Week what the blockchain infrastructure platform does, its culture, and how it uses compliance as a competitive advantage.
-
PremiumOCC’s Hsu: FIs wise to include risk, compliance in tech product development
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
More from Regulatory Policy
-
ArticleCalifornia privacy regulator unveils new cyber, risk, and automation rules
Businesses operating in California will need to meet new, first-in-the-nation privacy requirements for cybersecurity, risk assessments, and automated decision-making technology, under a large expansion of rules by the state.
-
Basic PageDOJ, EPA take legal action against the California Air Resources Board
The U.S. Department of Justice has filed two lawsuits against the California Air Resources Board, claiming it no longer has the legal right to enforce strict emissions rules for heavy-duty trucks.
-
PremiumCompliance in the spotlight as tariffs, sanctions turn into geopolitical weapons
Navigating tariffs and sanctions is becoming a core part of compliance for many companies. As the U.S. and others use economic policies for political aims, compliance teams must adapt to this new geoeconomic trend.