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Federal reserves has announced that they will Stop using the “Risk of reputation” as a reason for the control of banks.
Federal reserves have defined the risk of reputation as a chance that negative public attention can harm the bank’s user database, lead to lawsuits or reduce earnings.
Federal reserves cited in Public announcement published on June 23rd to review his rules and will Replace any mention of “risk of reputation” to clearer explanations focused on actual financial riskssuch as liquidity or credit questions.
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Bank subjects will also undergo training to follow this updated approachAnd the federal reserves are planning to cooperate with other federal regulators to ensure that this change is applied in the same way.
However, banks are expected to properly manage risks and follow all regulations. Federal reserves also said that Change does not prevent banks to use the risk of reputation in your own internal decision -making If they decide.
Rob Nichols, Head of the American Association of Bankers, specified that the decision will Help the supervision become clearer and more consistent. He added that banks should be able to make their own business decisions based on financial risk and market conditions.
In addition, US Senator Cynthia Lummis said in a post on x These past rules were used to unjust to turn off the crypto of the company. She called the Federal Reserve decision “victory” for the industry, but said she still needed more progress.
On June 12, the US Securities Commission (SEC) withdrew 14 Supports for the Call of Cavern, including two related to the method of storage and trading the CRIPTO currency. What do these two proposals cover? Read the whole story.
After a master’s degree in economics, politics and culture of the East Asia region, Aaron wrote scientific papers by analyzing the differences between Western and collective forms of capitalism in the Era after World War II.
Considering the decade of experience in Fintech industry, Aaron understands all the biggest questions and struggles that cryptocurrency lovers face. He is an avid analyst who deals with the content based on data and facts, as well as the one who speaks to the web3 natives and the newcomer in the industry.
Aaron is a person for everyone and for all related to digital currencies. With a huge passion for Blockchain & Web3 education, Aaron tries to transform the space the way we know it and make it more affordable to complete beginners.
Aaron quoted more established outlets and was the author himself. Even during her free time, she enjoys exploring market trends and looking for the next Supernova.
