Federal Reserve identifies system for assessing access to fintech services

[The Federal Reserve has established a system for assessing access to financial technology services] Jinse Finance reported that the US Federal Reserve has established a rating system for And crypto companies have an impact.

Last May, the Fed established guidelines for evaluating newly chartered fintech firms’ requests for accounts and payment services at the Federal Reserve Bank. It seeks to create a transparent and consistent set of factors when reviewing requests based on six principles. Following public consultation, the Fed added a supplementary measure in March to create a tiered system based on the level of risk companies pose.

The guidance is now finalized. The move, the Fed said, is expected to “result in broader scrutiny” of firms engaged in new activities in areas such as cryptocurrencies, for which the authorities are still developing an appropriate supervisory and regulatory framework. institutions will be subject to more streamlined scrutiny.

Federal Reserve Vice Chairman Lael Brainard said the new guidance provides a consistent and transparent process for evaluating requests for access to Fed accounts and payment services in support of a safe, inclusive and innovative payment system.

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