N.Y. banking agency issues crypto guidance

The New York Department of Financial Services released guidance for New York-regulated banking organizations that wish to engage in virtual currency-related activities.

Details: The guidance reminds covered institutions to seek prior approval before commencing crypto-related activity, including where any portion of those activities will be conducted by a third party.

Federal Guidance: Separate guidance from the Federal Reserve, FDIC, and OCC encourages banks to notify their lead supervisory point of contact of their intent to engage in crypto-related activities.

Previous News

ICBA op-ed: FDIC should draw down assessment rate increase
With the Federal Reserve's interest rate hikes hastening the normalization of deposits, the FDIC should respond by quickly drawing down its assessment rate increase, ICBA Chairman Brad Bolton wrote in a new op-ed.
Image
Dec 13, 2022
FS-ISAC spotlights Cuba ransomware, smash-and-grab mitigation
The Financial Services Information Sharing and Analysis Center’s latest weekly risk summary spotlights the recent Joint Cybersecurity Advisory on Cuba ransomware variants.
Image
Dec 13, 2022
Grassroots needed on cannabis banking, Durbin Amendment
While the National Defense Authorization Act excludes ICBA-advocated cannabis banking legislation and ICBA-opposed language to expand the Durbin Amendment, the debate over both initiatives continues.
Image
Dec 13, 2022

Related News Taxonomy

CFPB confirms plan to issue new rule on 1071, extend deadlines
Jul 3, 2025
Agencies issue 2025 list of CRA geographies
Jun 27, 2025
CFPB withdraws proposed rule on Regulation V
May 15, 2025