Mitigation

Several states announced cease-and-desist actions against cryptocurrency lender Nexo alleging that its interest-bearing accounts function as an unlicensed security.

Nacha released a new strategy for payments industry participants to address scams that deceive consumers into sending payments to fraudsters under false pretenses.

Following the Biden administration’s release of reports on digital assets policy, ICBA released new polling conducted by Morning Consult indicating consumers support a regulatory framework for digital assets and are skeptical of the creation of a U.S. central bank digital currency.

Sen. Mike Lee (R-Utah) introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency.

The Financial Crimes Enforcement Network underestimates the regulatory burden of information sharing requests between banks and law enforcement under the USA PATRIOT Act, ICBA told the agency.

ICBA recognized National Preparedness Month in September by issuing tips to help Americans secure their financial documents before disaster strikes.