US regulators clarify bank rules for crypto access

US regulators clarified bank rules, focusing on real risks and violations. This move could ease banking access for crypto firms and improve regulatory fairness.

U.S. regulators, including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), have introduced new rules to clarify what constitutes "unsafe or unsound practices" in bank supervision. Under this updated framework, regulatory findings must be based on actual legal violations or significant financial risks, rather than on vague reputational or procedural concerns. The OCC has revised its supervisory manuals, made its Matters Requiring Attention manual public, and proposed distinguishing legal violations as either substantive or technical. Technical violations may only require correction, without leading to enforcement actions. These reforms are expected to reduce pressure on banks serving lawful customers, including crypto firms, by providing clearer risk management guidelines. The new rules also give banks the opportunity to address issues before facing formal enforcement actions, aiming to enhance compliance and fairness in regulatory oversight.