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Financial institutions news from around the web: August 29 – September 2, 2022

Written on Sep 1, 2022

3 takeaways from Fed Chair Jerome Powell’s Jackson Hole speech 
The central bank chief hinted at continued aggressive interest-rate hikes, said “some” economic pain now was preferable to more of it later, and invoked his forebears in a warning about expectations. 

Podcast: A deep dive into DeFi 
The world of decentralized finance, blockchains, virtual and cryptocurrency has grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the regulatory environment gives many pause. 

Fed imposes new procedural roadblock on banks’ crypto activities 
Today, the Fed announced a new procedural requirement for banks seeking to engage in crypto activities. Going forward, a bank must provide formal notice to its lead supervisory contact at the Fed “prior to engaging in any crypto-asset-related activity.” 

CFPB: Safeguard consumer data or face liability 
The CFPB recently published a circular clarifying liability under consumer financial protection law for financial companies that fail to safeguard consumer data.