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Financial institutions news from around the web: February 20 – 24, 2023

Written on Feb 21, 2023

The Ohio Bankers League and other state bankers’ associations called on FinCEN to withdraw its latest proposal regarding access to the beneficial ownership registry, describing it as “fatally flawed.”  

The U.S. Department of the Treasury released a report on the concerns with cloud services technology. The report found that financial service firms ramping up their reliance on cloud-based technologies need more visibility, staff support and cybersecurity incident response engagement from cloud service providers. 

The Department of the Treasury stood up an interagency group to provide neutral guidance as financial services companies accelerate cloud migration. 

Banks are backing away from crypto companies, spooked by a regulatory crackdown that threatens to sever digital currencies from the real-world financial system.