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On September 21, acting Comptroller of the Currency Michael J. Hsu spoke before the Blockchain Association to discuss similarities between the current growth of cryptocurrencies and decentralized finance (DeFi) and credit default swaps in the early 2000s. In prepared remarks, Hsu emphasized that while innovation is exciting and presents the opportunity for unlocking great potential—especially in areas relating to blockchain, distributed ledger technologies and DeFi—innovators and leaders have a responsibility to learn from the past to avoid repeating mistakes that led to the 2008 financial crisis. Noting that many people believe crypto/DeFi “can dramatically increase financial inclusion,” Hsu pointed to a poll showing that should it be proven that there is “fool’s gold” within the cryptocurrency space, the underbanked and non-Whites will bear the burden the most as they reportedly own more cryptocurrency than other consumers. Hsu instructed innovators to make sure financial innovation is anchored in purpose and actually serves to expand access to banking services and credit. He also highlighted the importance of speaking up and raising difficult and inconvenient questions to “help ensure better and more sustained innovation in the long term,” as well as having a straightforward explanation for how money is made and lost in the crypto/DeFi space. Hsu’s observations may signal increased scrutiny by the OCC of digital assets, including in the areas of risk management and safety, and soundness generally.
- Daniel R. Alonso to discuss internal investigations at the Institute of Internal Auditors of Argentina Spanish-language webinar
- Jonice Gray Tucker to discuss “Fintech trends” at the BIHC Network Elevating Black Excellence Regional Summit
- Jeffrey P. Naimon to discuss "Truth in lending” at the American Bar Association National Institute on Consumer Financial Services Basics
- Daniel R. Alonso to discuss anti-money-laundering at FELABAN Spanish-language webinar “Perspective for banks: LAFT, FINCEN, OFAC, Cryptocurrency”
- Daniel R. Alonso to discuss "What’s new in BSA/AML compliance?" at the Institute of International Bankers Regulatory Compliance Seminar
- Marshall T. Bell and John R. Coleman to speak at 2021 AFSA Annual Meeting
- Jon David D. Langlois to discuss "Regulatory update: What you need to know under the new boss; It won’t be the same as the old boss" at the IMN Residential Mortgage Service Rights Forum (East)
- Benjamin B. Klubes to discuss “Creating a Fantastic Workplace Culture”
- John R. Coleman and Amanda R. Lawrence to discuss “Consumer financial services government enforcement actions – The CFPB and beyond” at the Government Investigations & Civil Litigation Institute Annual Meeting
- Jonice Gray Tucker to discuss "Consumer financial services" at the Practising Law Institute Banking Law Institute
- Jonice Gray Tucker to discuss “Regulators always ring twice: Responding to a government request” at ALM Legalweek