The U.S. Federal Reserve is Set to Outline FinTech Monitoring
The Federal Reserve is expected to outline how it intends to monitor FinTech innovations today in a research paper, according to a report from The Wall Street Journal. Even though the Fed has been visiting FinTech startups to understand what it is they do, the research is unlikely to hold any definitive decisions now. It is reported that the Federal Reserve is looking into banks’ decisions when they engage with FinTech firms to determine fraud or money laundering. Issuing a Digital Dollar? The Bank of England’s RSCoin, the Bank of Canada’s CAD-Coin, and Senegal’s eCFA digital currency in....
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San Francisco Federal Reserve Bank CEO John C. Williams, has stated at a recent FinTech conference that Bitcoin will facilitate crime and money laundering, despite there being very little evidence to back up these claims. The power and potential pitfalls of FinTech were discussed at the recent Lendit USA 2016 Conference. This presentation was given by....
On 5th December, the Federal Reserve released its much-awaited research paper on distributed ledgers. The paper, “Distributed Ledger Technology in Payments, Clearing and Settlement", came two months after Federal Reserve governor Lael Brainard remarked at the Institute of International Finance that the US central bank was "paying close attention" to the technology. The product of the input of 30 financial industry stakeholders, including government officials, experts from traditional finance and FinTech institutions and members of the industry consortia – the paper explored....
Hardly anyone ever expected to use the terms Federal Reserve and Bitcoin in the same sentence in a positive manner. As it turns out, the Fed has been quite open to Bitcoin and blockchain as of late, but there is still a lot of work to be done. On the first of June 2016, there was a fintech conference for central bankers at the Federal Reserve premises. With roughly 100 attendees from the central banking world, the topic eventually turned to Bitcoin and blockchain. While the crowd seemed very open to the idea, there is still a lack of understanding regarding the technology of blockchain.....
Twenty-two US senators have sent a letter to senior government officials and the Federal Reserve requesting information about the regulation and oversight of virtual currencies and blockchain tech. In the letter dated 21st July, the US Senate Committee on Banking, Housing and Urban Affairs wrote that it is seeking to "better understand the way US regulators oversee FinTech and their relationships with federally regulated financial institutions". The letter was addressed to Federal Reserve chair Janet Yellen, Federal Deposit Insurance Corporation chair Martin Gruenberg, Consumer....
On Friday, May 9th, 2014, the Federal Advisory Council and Board of Governors of the Federal Reserve met for their quarterly meeting in Washington D. C. This meeting was historically held in secrecy until Bloomberg News "won" a Freedom of Information Act request under the Freedom of Information Law requiring the Fed to make the meetings minutes available to the public. The Federal Advisory Council (FAC) is "composed of twelve representatives of the banking industry, consults with and advises the Board on all matters within the Board's jurisdiction..." according to the Federal Reserve in....