With the state of the economy and financial regulations representing a significant source of uncertainty, regulatory agencies have taken some steps intended to help institutions understand certain shifts in the policy landscape and offer assistance where possible. Learn more about some of these recent statements and actions from federal agencies.
Powell offers economic outlook amid policy changes
Federal Reserve Chair Jerome Powell offered an assessment of the state of the economy, as well as four key policy areas where the Trump administration is in the process of implementing significant changes. These areas are trade, immigration, fiscal policy, and regulation, Powell stated, asserting “it is the net effect of these policy changes that will matter for the economy and for the path of monetary policy.” He further acknowledged recent developments in trade policy and high uncertainty about their long-term effects while cautioning stakeholders the economy is “well positioned to wait for greater clarity.” Read his full commentary here.
OCC to hold virtual office hours on bank-fintech partnerships
The Office of the Comptroller of the Currency (OCC) announced it will hold virtual Office Hours with its Office of Financial Technology on May 6-8 to promote responsible innovation in the federal banking system. The agency said it is doing so to provide an opportunity for banks and financial technology (fintech) companies to engage with OCC staff on issues related to bank-fintech partnerships, cryptocurrency activities, or other matters pertinent to responsible innovation in the federal banking system. Learn more here.
SEC Crypto Task Force to host security roundtables
The Securities and Exchange Commission’s (SEC) Crypto Task Force will host a series of roundtables to discuss key areas of interest in the regulation of crypto assets. The “Spring Sprint Toward Crypto Clarity” series is set to begin on March 21 with its inaugural session, titled “How We Got Here and How We Get Out – Defining Security Status,” at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C. Information about the agenda and roundtable speakers will be posted on the Crypto Task Force webpage, the agency said in a press release.
Fed approves merger, acquisition agreements
On March 14, the Federal Reserve approved a merger application involving Renasant Corp. and The First Bancshares, which also includes the indirect acquisition of The First Bank, as well as Everbank Financial Corp.’s request to acquire Sterling Bank and Trust. The approvals are the sixth and seventh issued by the Fed since the start of the year. The agency granted regulatory approval for three merger or acquisition applications in February and two in January. More information about these approvals is available on the agency’s website.