Banks engaged in crypto-related activities need to have appropriate measures in place to manage novel risks associated with those activities and to ensure compliance with all relevant laws, including those related to money laundering. establish an ongoing relationship with a bank. Moreover, a bank account provides the cash flow data that some financial companies use to underwrite credit.
One important way the Fed encourages greater access to deposit products is by giving banks credit under the Community Reinvestment Act (CRA) for offering lowcost deposit accounts to low- or moderate-income individuals.