Fed finalises system for evaluating fintech access to services
Following a public consultation, the Fed in March added a supplement that creates a tiered system depending on the level of risk a firm poses.The guidelines have now been finalised.
In a move expected to relate to firms dealing in areas such as crypto, the Fed says "institutions that engage in novel activities and for which authorities are still developing appropriate supervisory and regulatory frameworks would undergo a more extensive review".In contrast, institutions with federal deposit insurance will be subject to a more streamlined level of review.Vice Chair Lael Brainard says: "The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order to support a safe, inclusive, and innovative payment system."
. Read more on finextra.com
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