Michael J.Hsu News

13.07 / 03:11

Citi Progressive CEO Action Citigroup wellness 2020 Citigroup fined $135M for failure to comply with Fed, OCC enforcements

Citigroup shares fell 1.3% after hours Wednesday after it was handed a combined $135.6 million in financial penalties by the Federal Reserve Board and the Office of the Comptroller of the Currency for violating enforcement requirements.

13.07 / 14:38

Citi Progressive Career CEO Citigroup 2020 International Government fines Citigroup $136 million for failing to fix longstanding internal control issues

A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues

27.04 / 02:29

regulation Congress banking us house committee Financial US House Financial Committee Republicans look for records to show crypto debanking

Three Republican members of the United States House of Representatives Financial Services Committee have sent letters to the heads of U.S. banking regulatory agencies seeking information on possible coordinated efforts taken against digital asset firms. The letters follow up on ones sent to the same addresses by the lawmakers earlier.

07.03 / 06:57

Law regulation banking Bitcoin Industry Bitcoin Regulation 'Home' regulator could solve crypto's 'fragmented supervision' issue: Comptroller

Cryptocurrency firms operating multiple entities in different countries should be overseen by one consolidated “home” regulator to stop them from playing "games" aimed at skirting regulators, the acting head of the United States banking regulator has opined.

25.05 / 13:49

Stablecoin regulation coinbase rights Crypto Industry’s Custody, Ownership Rights Are 'Fundamental Problems' That Need Solving - US Official

The recent collapse of the TerraUSD (UST) stablecoin has demonstrated that custody and ownership rights are underdeveloped for the size, scope, and ambitions of the crypto industry, according to the US Acting Comptroller of the Currency Michael J. Hsu.

22.04 / 17:45

UPS MET Digital Regulator hits Anchorage Digital over AML failures

However, now the OCC says that Anchorage has not met BSA/AML requirements - particularly in relation to internal controls for customer due diligence and procedures for monitoring suspicious activity - under the operating agreement.As a result, the bank has violated both the agreement and related laws and regulations, says the OCC in its consent order.Anchorage has now been given 15 days to set up a committee to oversee its compliance with the order as it puts together an action plan to address the OCC's concerns.

16.01 / 12:35

business Adoption regulation OCC Comptroller calls for federal collaboration with crypto intermediaries

The Acting Comptroller of the Currency, Michael J. Hsu, highlighted the need for collaboration and coordination with large crypto intermediaries to better understand the risks within the growing $2 trillion cryptocurrency market.

14.01 / 14:23

Stablecoin regulation banking regulatory US Regulator Calls For Stablecoin Bank Regulation, Coordinated Regulatory Approach To Crypto

Stabilizing stablecoins and paving the way for a coordinated and collaborative regulatory approach to cryptocurrencies should become the key focus of American regulators -- and bank regulation could provide stablecoin holders with more confidence and security, according to Michael J. Hsu, Acting Chief of the US Office of the Comptroller of the Currency (OCC).

06.11 / 00:23

Government Blockchain Stablecoin Bitcoin Acting CoC Hsu: More crypto regulation is needed

In remarks given at the American Fintech Council’s 2021 Policy Summit, acting Comptroller of the Currency Michael J Hsu called for greater regulation of universal crypto firms.

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