The Federal Reserve Board withdrew its 2023 policy statement and issued a new policy statement on the treatment of certain Board-supervised banks, aimed at facilitating responsible innovation. The new statement creates an avenue for both insured and uninsured Board-supervised state member banks to engage in certain innovative activities. The withdrawn 2023 statement had limited Board-supervised state member banks to the same activities permissible for banks supervised by other federal bank regulatory agencies and discussed how the policy would apply to certain innovative products and services. The Board cited changes in the financial system and the Board’s evolving understanding of innovative products and services as reasons the 2023 statement was no longer appropriate.
Federal Reserve Board 2025-12-17
Federal Reserve Board withdraws 2023 policy statement and opens pathway for innovative activities by Board-supervised state member banks
The Federal Reserve Board has withdrawn its 2023 policy statement and issued a new one to facilitate responsible innovation among Board-supervised banks. The updated policy allows both insured and uninsured state member banks to engage in certain innovative activities, reflecting changes in the financial system and the Board's evolving understanding of innovative products and services.