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
-
ArticleDOJ is ramping up, not ramping down, health care fraud enforcement
While the Trump administration may have shifted away from pursuing small, white-collar, financial crimes, its focus on health care fraud cases is as hot as ever.
-
ArticleU.K. enforcement appetite over off-channel comms grows as U.S. wanes
The U.K’.s financial regulator has given a strong indication that financial firms’ use of unauthorized devices and apps is under scrutiny and that policies around off-channel communications need to be tightened up.
-
ArticleFinCEN seeks to lighten the regulatory load on casinos
Regulatory relief from anti-money laundering rules is in the cards for casinos, insurance companies and other non-bank financial institutions, the U.S. Treasury Department’s Treasury’s Financial Crimes Enforcement Network (FinCEN) said Monday.