The Federal Reserve Board further expounded on the risk management deficiencies it found at Custodia Bank as part of the digital-first bank’s application to become a member of the Federal Reserve System.

In its decision published Friday, the Fed said its review of Custodia’s application found “significant deficiencies” in the bank’s “risk management and controls for its core banking activities.”

Learn More
Already a member? Sign in to an existing account.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...