Bank Halts Third-Party Bitcoin Service Plans

SENT VIA SECURED ELECTRONIC MAIL

November 30, 2022

Board of Directors
XXXXX

Subject: Response to Notification Regarding Crypto Facilitation

Dear Members of the Board:

The FDIC acknowledges the notification provided by Senior Vice President XXXXX letter dated October 13, 2022, regarding the bank’s intent to offer bitcoin services to its customers through a third-party arrangement with XXXXX. The notification was provided pursuant to Financial Institution Letter (FIL), FIL-16-2022, Notification of Engaging in Crypto-Related Activities.

Subsequently, in an email dated November 10, 2022, Executive Assistant XXXXX stated that the bank does not intend to offer bitcoin services to customers or perform testing at this time. The FDIC acknowledges the Bank’s updated status related to these activities. We request that the Bank notify this office if the status of these activities, or any other proposed crypto-related activity, changes in the future.

This letter is confidential and may not be disclosed or made public in any manner under part 309 of the FDIC Rules and Regulations (12 CFR part 309). If you have questions relating to safety and soundness, please contact Case Manager XXXXX at XXXXX or email at XXXXX. If you have questions relating to CRA or consumer compliance, please contact Review Examiner XXXXX at XXXXX or email at XXXXX.

As a reminder, written correspondence should be addressed to Kristie K. Elmquist, Regional Director, FDIC, Dallas Regional Office, and sent as a PDF document through the FDIC’s Secure Email portal (https://securemail.fdic.gov/) using the following e-mail address: XXXXX@FDIC.gov. Information about how to use secure email and FAQs about the service can be found at https://www.fdic.gov/secureemail/.

Sincerely,

Kristie K. Elmquist
Regional Director

cc: XXXXX