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First Federally Charted Crypto Bank Expands Oversees
Anchorage Digital, one of the only federally chartered crypto-native bank, announced its expansion into the Asian markets...
Robert Baron
October 07, 2022
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Banking News
Risks to the Banking System
FDIC Chairman, Martin J. Gruenberg, spoke at the American Bankers Association Annual Convention. In his speech, he outlined how climate change poses a massive risk to the Financial System.
It is clear that climate-related financial risk poses a significant near and long-term risk to the U.S. financial system and, if improperly assessed and managed, may pose a risk to safe and sound banking and financial stability.
Big Banks Shifting Towards AI Solutions
Large banks like JP Morgan and Wells Fargo have been leading the shift towards AI. At a tech-focused conference last week, Dolly Tanwani, Head of Enterprise Intelligent Automation at Wells Fargo, said:
The journey is evolving, as far as I see it is, really getting to that end-to-end process automation space for us, rather than just the task automation.
Credit Union News
New Credit Union Meeting Guidelines
House passed Credit Union Board Governance Modernization Act. The bill changes the requirements for monthly credit union board meetings. Under the new bill, credit unions must meet no less than six times per year.
Upstart Gets Nod From Atlantic Federal Credit Union
The Atlantic Federal Credit Union partners with Upstart to help the institution better serve personal loans to its members. The move highlights the continued shift towards automation and technology that is going on in the financial services space. In the press release;
We are a credit union focused on providing high quality service through digital automation, personal assistance, and market-leading products, which is why we chose to partner with Upstart.
Financial Services & Blockchain
First Federally Charted Crypto Bank Expands Oversees
Anchorage Digital, one of the only federally chartered crypto-native bank, announced its expansion into the Asian markets. Anchorage’s President said,
Currently about 10% of our business is in the Asia region, but we are projecting it to become closer to 20-25% in the next 12-18 months.
Online Banking Institutions Continue to Adopt Crypto
Stash, an online banking provider, expands crypto access for its 2M members. In terms of institutional involvement, companies like Fidelity, Goldman Sachs, and JP Morgan have all cited their interest.
