FDIC to prioritize crypto risk assessment as banks perform poorly in Q2
Cointelegraph
Published Nov 16, 2022 04:11AM ET
Updated Nov 16, 2022 06:00AM ET
Economic uncertainty amid geopolitical tensions, rising interest rates and slowing economic growth have put a strain on the United States financial system. Reacting to the massive losses reported by the traditional banks in Q2 2022, the Federal Deposit Insurance Corporation (FDIC) decided to prioritize five key policies this year, which include evaluating the risks of crypto assets to the banking system.
Addressing the Senate Banking Committee at a recent hearing , FDIC acting chairman Martin J. Gruenberg highlighted the moderate decline in net income of banks in Q1 and Q2 2022 owing to an increase in loan balances and provision expense while stating that no banks failed in the past two years.
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Written By: Cointelegraph
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