Mitigation

Federal Reserve Governor Michelle Bowman said that while crypto-assets can pose significant risks to consumers and the financial system, regulators should avoid hindering innovation.

The Independent Community Bankers of America (ICBA) reiterated its call for the Small Business Administration to maintain its long-standing moratorium on the number of non-federally regulated institutions, including nonbank fintech companies, that can make loans under its 7(a) program.

The Federal Reserve Bank of Boston and MIT concluded their joint Project Hamilton research project into the technical feasibility of a potential U.S. central bank digital currency.

The head of the National Credit Union Administration called on Congress to pass ICBA-advocated legislation that would authorize the agency to examine credit union third-party service providers for cyber risk.

Rep. Blaine Luetkemeyer (R-Mo.) reintroduced ICBA-advocated legislation to establish a national data breach notification standard.

ICBA said it strongly supports the Financial Stability Board’s approach to international crypto-asset regulation that is based on the principle of “same activity, same risk, same regulation.”