FDIC: Deposit insurance doesn't cover crypto firm failures

Banks grapple with new capital buffers after stress tests | Small business survey finds frustration with banks | Schwab to roll out crypto thematic ETF Created for {EMAIL} | [Web Version]( August 3, 2022 [SIGN UP]( ⋅ [SHARE]( [] Risk Management and Insurance [] [Banks grapple with new capital buffers after stress tests]( Banks that were told by the Federal Reserve to raise their capital buffers following the latest stress test are taking different approaches. Some have ruled out dividends and buybacks, some are stockpiling capital, and Ohio-based Huntington Bancshares has appealed to the Fed to reassess its requirement. Full Story: [American Banker]( (7/31) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [Small business survey finds frustration with banks]( A survey of small businesses conducted by Coalition Greenwich shows that a growing majority of respondents who recently changed banks did so because they were dissatisfied with the service they received from the representative assigned to their account, and a substantial number also noted their previous bank demonstrated poor knowledge of their business. Chris McDonnell, head of digital benchmarking at Coalition, noted the currently high turnover of bank staff means employees with a good grasp of their client's activities may move on, resulting in a knowledge gap. Full Story: [American Banker]( (8/1) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Schwab to roll out crypto thematic ETF]( Benzinga (7/31) [] - [PNC's Demchack touts growth from BBVA acquisition]( The Business Journals (tiered subscription model) (8/1) [] Cybersecurity [] [Data breaches persist despite huge security investments]( The billions of dollars spent on cybersecurity every year have little effect on reducing data breaches, writes Perry Carpenter. Reasons for the discrepancy include a lack of board involvement in cybersecurity and a weak security culture where employee awareness and behaviors are not regularly assessed, Carpenter writes. Full Story: [CPO Magazine (Singapore)]( (8/1) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [How to mitigate insider threats to cybersecurity]( ISACA (7/27) [] Government Regulation [] [FDIC: Deposit insurance doesn't cover crypto firm failures]( The Federal Deposit Insurance Corp. has emphasized that cryptoasset entities are not supported by FDIC insurance in the event of failure, having ordered crypto firm Voyager Digital to stop making such claims in its publicity materials. A [press release]( from the FDIC states: "Some crypto companies have misrepresented to consumers that crypto products are eligible for FDIC deposit insurance coverage. These sorts of statements are inaccurate and can cause consumer confusion about deposit insurance and harm consumers." Full Story: [The Block]( (7/29) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [SEC charges 11 over fraudulent $300M crypto scheme]( Financial Times (subscription required) (8/1) [] Innovation [] [Live Oak plans major move to attract small businesses]( North Carolina-based Live Oak Bancshares, which is already the nation's largest Small Business Administration 7(a) lender by dollar volume, has announced ambitious plans to further increase its presence in the sector. The bank is contacting as many as a thousand of the best small business lenders as part of a drive for new hires, which should ultimately represent a significant jump from the 11 SBA lenders it has recruited so far in 2022. Full Story: [American Banker]( (7/29) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [] Omissions are not accidents. 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