๐จEveryone focused on the United States and Iran, but the Federal Reserve quietly executed a bullish development for currenciesโ
The Federal Reserve announced that it will no longer consider the "reputation risk" standard in bank examinations.$ETH
In a statement released just minutes ago, it was mentioned that a review of references to reputation risks in audit materials has begun, and these data will be replaced with more accurate assessments of financial risks as appropriate.$BTC
The Federal Reserve confirmed that this change does not alter its expectations that banks implement effective risk management, stating: "This change does not eliminate the Federal Reserve's expectations that banks maintain effective risk management practices to ensure the safety and soundness of banks".$BNB
Federal Reserve Chairman Jerome Powell promised in February that he would remove the phrases allowing regulators to monitor banks for "controversial comments or activities."
You can view the official press release from the Federal Reserve Bank here.
This move may be welcomed by some sector representatives and Republican politicians who have long opposed this practice, which is considered a "too loose" and "unfair" regulatory standard, arguing that it has pushed regulators to take strict actions against banks dealing with politically sensitive clients or cryptocurrency companies, even when these clients do not pose a direct threat to the bank's security.
Similarly, the Federal Deposit Insurance Corporation (#FDIC) stated in a letter to Congress in March that it plans to "eliminate" reputation risks entirely from its regulatory approach. Earlier this year, another regulatory body, the Office of the Comptroller of the Currency (#OCC), announced that it would remove this term from its supervisory guidelines.
*This is not investment advice.
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