OCC and FDIC Finalize Rule Defining ‘Unsafe or Unsound Practice,’ Cutting Reputational Risk Out of Bank Supervision

The OCC and FDIC finalized a rule defining 'unsafe or unsound practice,' cutting reputational risk out of bank supervision. The joint rule requires examiners to tie supervisory criticism to material financial harm or an actual legal violation, removing the discretion crypto firms blamed for their debanking.