May 2022 Crypto Activities Discussion
Interim Bank Contact
| Examiner / Caller | Bank/Location/Cert# | Contact Date |
|---|---|---|
| b8 | XXXXX | May 26, 2022 |
| Case Manager | Last Exam Date | Last Exam Rating | SCOR Composite Rating |
|---|---|---|---|
| b8 | XXXXX | State b8 | b8 |
| Total Assets | Tier 1 Leverage Capital Ratio | Past Due Ratio | Return on Average Assets Ratio |
|---|---|---|---|
| XXXXX | XXXXX | XXXXX | XXXXX |
Contact Summary:
An interim contact was held with President XXXXX, CFO XXXXX, and CCO XXXXX via Microsoft Teams on May 26, 2022. A review of the last State ROE, the XXXXX UBPR & Call Report, and correspondence since the last exam was performed. No significant findings were noted in the last ROE and President XXXXX stated that all recommendations have been addressed.
President XXXXX stated that there was a lot of discussion on crypto activities at a recent conference he attended. He stated that crypto does not seem to be going away and the bank has had discussion about whether this is something they should get involved with in order to stay ahead of the curve. I communicated to the management team that current guidance recently released requires the bank to discuss any crypto activities with the regulatory agencies before engaging in such activity.
President XXXXX also stated that they have been working on succession planning, implying that there may be some changes in a few years. XXXXX XXXXX. Lastly, XXXXX XXXXX stated that the bank’s core processing contract with XXXXX and they will be meeting with other processors this summer and making a decision on whether to stick with XXXXX or move to another processor.