U.S. Regulators Advance Rules to Clarify Definition of Unsafe Practices, Potentially Removing Barriers for Crypto Firms' Access to Banking

The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are advancing a rule aimed at clarifying the definition of "unsafe or unsound practices" in bank regulation. This term has long lacked a clear definition, granting bank examiners significant discretion. The new rule will require regulators to link relevant determinations to actual illegal activities or significant financial risks, preventing pressure on banks to deny legitimate clients, including crypto firms, based on vague reputational or procedural reasons.

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