- StandardC
- Posts
- 85% of Americans want Crypto Oversight
85% of Americans want Crypto Oversight
Coming off the FTX scandal, Consumer Bankers Association (CBA) found that a majority of people want more regulation and safeguards in the cryptocurrency industry.
Robert Baron
December 16, 2022
If you’re interested in learning more about our team, visit us here. If not, enjoy our write-up and we look forward to continuing to provide you with industry news every Friday.
Banking News
New CFO Joins M&T Bank Mid-Merger
New York-based M&T Bank hired Daryl Bible, former CFO of Truist Bank, as their CFO going forward. Bible guided the BB&T-SunTrust merger in 2019 and has the insight to navigate M&T Bank through their roadblock-laden $7.6B merger with People’s United. He will work alongside current M&T CFO Darren King.
Citi Bank Goes Remote
For the last two weeks of 2022, all hybrid Citi employees can work remote as long as they remain in their country of employment. The decision by CEO Jane Fraser is at odds with the back to in-person shift of other banks like Goldman Sachs, JPMorgan, and Bank of America.
Fraser said:
There is a lot of value that you get from being together and some more of the spontaneity from that and the collaboration, the apprenticeship… But that being said, that doesn’t mean to say you’ve got to be there all the time.
Credit Union News
Michigan CU Acquires Florida Bank
Michigan-based Dort Financial Credit Union’s decision to buy Florida-based Flagler Bank for an undisclosed purchase price is not so out-of-the-ordinary. The acquisition marks the 13th such purchase in 2022, the same as 2021.
Brian Waldron, CEO of Dort Financial, said:
This is a big step in Dort Financial’s strategy, allowing us to better serve our members who spend winters in Florida.
CUNA Takes Issue With CFPB Decisions
The Credit Union National Association (CUNA) took issue with several of the Consumer Financial Protection Bureau’s (CFPB) blanket decisions in the House hearing Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau. Jim Nussle, CUNA President and CEO, expressed concern about the condemnation of fees, unsupervised data collection on small businesses, and national caps on interest rates.
In their letter, CUNA wrote:
Consumers lose when one-size-fits-all rules force credit unions to pull back safe and affordable options from the market, pushing consumers into the arms of entities engaged in the very activity the CFPB’s rules were designed to curtail.
Financial Services & Blockchain
Fintech 'Lawbreaker' Registry Will ID Risk
A proposed rule from the Consumer Financial Protection Bureau (CFPB) will require fintech companies with outstanding court orders and regulatory enforcement orders to register with the bureau. It stands to alert the public of risky investments and organizations with suspect business practices.
The proposed registry will help the CFPB, the law enforcement community and the public limit the harms from repeat offenders.
Public Wants More Crypto Oversight
A survey by the Consumer Bankers Association (CBA) found that over 85% of Americans want more regulation and safeguards in the cryptocurrency industry. Those most concerned with federal oversight were baby boomers and Gen Xers.
Market Movements (12.12 - 12.16)
sight