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Fed extends remit to cover 'novel' technology-driven risks
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finextra.comThe Fed says the goal of the 'novel activities supervision program' is to foster the benefits of financial innovation while addressing risks to ensure the safety and soundness of the banking system. The programme will take a deep dive into embedded and open banking partnerships where a non-bank serves as a provider of banking products by using APIs that provide automated access to the bank’s infrastructure.Activities such as crypto-asset custody, crypto-collateralized lending, facilitating crypto-asset trading, and engaging in stablecoin/dollar token issuance or distribution, will also come under the watchdog's gaze.
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