FDIC-Bank Email Exchange Ends in Crypto Activities Halt
From: XXXXX
Sent: Wednesday, March 15, 2023 3:20 PM
To: FDIC Chicago Regional Office; XXXXX
Subject: FW: Please RADD
PDF Email Only
Business Line: RMS
Bank Name: XXXXX
City, State: XXXXX
Folder: Correspondence
Source: FO
Doc Name: Miscellaneous
Description: Email re: discussion on crypto plans
From: XXXXX
Sent: Wednesday, March 15, 2023 10:44 AM
To: XXXXX
Cc: Bush, Debbie J. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Hi XXXXX
I just spoke to XXXXX President XXXXX said they are not pursuing any crypto related activities and said that based on the recent events related to FTX, they do not plan to pursue crypto related activities.
I'll get the interim contact into RADD by the end of this week.
Thanks!
XXXXX
XXXXX
Supervisory Examiner, Division of Risk Management Supervision
Federal Deposit Insurance Corporation
XXXXX
From: XXXXX
Sent: Wednesday, March 08, 2023 11:00 AM
To: XXXXX
Cc: Bush, Debbie J. XXXXX@FDIC.gov
Subject: FW: crypto-related XXXXX XXXXX
Hi XXXXX
For the Interim Contact, could you please ask for an update on where their crypto plans stand? See the bottom of the email for the last we’ve heard from the bank.
Also, XXXXX, please send me the Interim Contact, since I won’t see that come through my RADD inbox. I’ll then update Sumaya.
Thanks!!
XXXXX
From: Muraywid, Sumaya A. XXXXX@FDIC.gov
Sent: Wednesday, March 08, 2023 10:49 AM
To: XXXXX
Cc: XXXXX; Macias, Sandra XXXXX@FDIC.gov; Ties, Nicholas F. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Hi XXXXX, yes, if the SE can ask, that would be great. Thank you!
From: XXXXX
Sent: Wednesday, March 8, 2023 11:45 AM
To: Muraywid, Sumaya A. XXXXX@FDIC.gov
Cc: XXXXX; Macias, Sandra XXXXX@FDIC.gov; Ties, Nicholas F. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Hi Sumaya,
I messaged the SE and he said an Interim Contact was due 2/20/23, but they haven’t gotten to it yet. The next joint exam is scheduled for 11/2023. When they do the Interim Contact, would you like the SE to ask where they are with crypto plans?
From: Muraywid, Sumaya A. XXXXX@FDIC.gov
Sent: Wednesday, March 08, 2023 10:25 AM
To: XXXXX
Cc: XXXXX; Macias, Sandra XXXXX@FDIC.gov; Ties, Nicholas F. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
XXXXX what we were working on didn’t really materialize. Is there a midpoint coming up with the bank any time soon?
From: Muraywid, Sumaya A.
Sent: Tuesday, October 25, 2022 7:24 PM
To: XXXXX
Cc: XXXXX; Ahrenholtz, Jason P. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Hi XXXXX, thanks for circling back. We’re still working on something. Can you check back with me in a couple weeks? Thanks.
From: XXXXX
Sent: Tuesday, October 25, 2022 12:14 PM
To: Muraywid, Sumaya A. XXXXX@FDIC.gov
Cc: XXXXX; Ahrenholtz, Jason P. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Hi Sumaya,
Circling back with you about this. Have you given any more thought to next steps for XXXXX? Sorry I lost track in checking back with you—somehow a couple weeks turned into a couple months! 😊
Thanks,
XXXXX
Case Manager
Division of Risk Management Supervision
Federal Deposit Insurance Corporation
Chicago Regional Office
XXXXX
XXXXX
From: Muraywid, Sumaya A. XXXXX@FDIC.gov
Sent: Friday, September 02, 2022 10:08 AM
To: XXXXX
Cc: XXXXX; Ahrenholtz, Jason P. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Thanks, XXXXX. I think it’s fine to hold off on making that call for now. We’re thinking about this type of situation more broadly and next steps. I can circle back to you later. Feel free to ping me in a few weeks if you don’t hear back from me.
Have a good holiday weekend!
From: XXXXX
Sent: Friday, September 2, 2022 11:04 AM
To: Muraywid, Sumaya A. XXXXX@FDIC.gov
Cc: XXXXX; Ahrenholtz, Jason P. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Hi Sumaya,
No, they have not submitted a notification. We learned of this at the recent (4/2022) Joint exam. In talking to XXXXX, we have not discussed this with the bank since the exam’s Board meeting, where management stated that they were not anywhere close to implementing and asked us to let them know if/when we hear more about permissibility. So it seems they’re waiting to hear what we do. Would you like me to reach out to the bank and officially tell them to update us if their plans change, and then update this info? XXXXX, XXXXX
Thanks,
XXXXX
Case Manager
Division of Risk Management Supervision
Federal Deposit Insurance Corporation
Chicago Regional Office
XXXXX
XXXXX
From: Muraywid, Sumaya A. XXXXX@FDIC.gov
Sent: Friday, September 02, 2022 9:22 AM
To: XXXXX
Cc: XXXXX Ahrenholtz, Jason P. XXXXX@FDIC.gov
Subject: RE: crypto-related XXXXX XXXXX
Hi XXXXX,
Thanks for the update. They have not submitted a notification, correct? Have they indicated they will notify us if their plans change?
Thanks
Sumaya
From: XXXXX
Sent: Friday, September 2, 2022 8:27 AM
To: Muraywid, Sumaya A. XXXXX@FDIC.gov
Subject: FW: crypto-related XXXXX XXXXX
Hi Sumaya,
I have been assigned XXXXX for crypto monitoring XXXXX. See below, however, regarding that we are not actively working this one.
Thank you!
XXXXX
From: Bush, Debbie J. XXXXX@FDIC.gov
Sent: Wednesday, August 31, 2022 1:20 PM
To: XXXXX
Subject: FW: crypto-related XXXXX XXXXX
For whoever takes XXXXX, please contact Sumaya Muraywid and let her know that we are not actively working this one since the bank is not going to do anything until guidance comes out.
From: Cone, Kristy J. XXXXX@FDIC.gov
Sent: Wednesday, August 31, 2022 1:11 PM
To: XXXXX XXXXX
Cc: Bush, Debbie J. XXXXX@FDIC.gov; XXXXX Ogren, Michelle (Shelly) XXXXX@FDIC.gov
Subject: crypto-related XXXXX
XXXXX has been covering the XXXXX crypto notification process XXXXX. So I need either Shelly or XXXXX XXXXX.
XXXXX please discuss among yourselves and tell Debbie what you decide. Thanks.
Kristy J. Cone
Assistant Regional Director
Division of Risk Management Supervision
Federal Deposit Insurance Corporation
Chicago Regional Office
b6
XXXXX@FDIC.gov
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