Bank's Crypto Pilot Program Discussion

April 15, 2022

TO: Bank Correspondence File
XXXXX

FROM: XXXXX
Field Supervisor

SUBJECT: RADD – April 15, 2022 - Meeting with XXXXX to discuss bank’s potential involvement in crypto related activity.

INFORMAL MEETING WITH MANAGEMENT

On April 15, 2022, Field Supervisor (FS) XXXXX met with XXXXX, President, XXXXX to clarify whether or not the bank was engaged in crypto related activity.

XXXXX indicated the bank is part of a BETA Pilot with XXXXX but they are not live (there have been no transactions). Their provider is XXXXX and it could be up to a year before they are able to move forward with anything. He was aware of the FIL that came out on April 7th, but since he felt like they were so far off from potentially going live (or that it might not happen at all) he didn’t think there was much to notify us about. He asked who he should notify if they plan to continue moving forward and he was directed to keep the CM/RE and the XXXXX in the loop.

FS XXXXX informed XXXXX that the FDIC is looking closely at these types of services from a nationwide perspective so there will likely be additional communication from us and we welcome additional discussions with the bank about potential crypto activities at any time.

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