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OCC Bulletin 2023-8
February 23, 2023
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Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) today issued a joint statement highlighting liquidity risks to banks1 presented by certain sources of funding from crypto-asset-related entities and some effective practices to manage such risks.
The OCC continues to take a careful and cautious approach to OCC-supervised banks’ current and proposed crypto-asset-related activities and exposures. Banks are reminded to follow the process explained in Interpretative Letter 1179 before engaging in certain crypto-asset-related activities including accepting deposits from a stablecoin issuer whose deposits serve as cash reserves for a stablecoin.2
The bulletin applies to community banks that have certain sources of funding from crypto-asset-related entities.
The joint statement
Please contact Beth Knickerbocker, Chief Innovation Officer, Office of Innovation, at (202) 649-5200 or Beth Kirby, Assistant Director, Chief Counsel’s Office, at (202) 649-5490.
Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Supervision Policy
1 “Banks” refers collectively to national banks, federal savings associations, covered savings associations, and federal branches and agencies of foreign banking organizations.
2 Refer to OCC Interpretive Letter 1172 and OCC Interpretive Letter 1179.