Search for: "Office of the Comptroller of the Currency Compliance Management"
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31 Mar 2024, 9:01 pm
In recent months, the U.S. banking regulators have proposed policy statements focused on providing greater insight on the agencies’ review of bank mergers and acquisitions under the Bank Merger Act (BMA).[1] On January 29, 2024, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking (OCC NPRM) to (1) amend its procedures to eliminate expedited processing and the use of streamlined application forms for bank mergers and (2) adopt… [read post]
27 Mar 2024, 9:01 pm
The Proposal is one of a series of recent efforts to revisit and modify bank merger standards, beginning with President Biden’s Executive Order on Promoting Competition in the American Economy in July 2021, a statement in a speech in June 2023 by Assistant Attorney General Jonathan Kanter that the Department of Justice (DOJ) would be reassessing the prevailing approach to bank merger enforcement, and a notice of proposed rulemaking in January 2024 from the… [read post]
7 Feb 2024, 9:01 pm
On January 29, 2024, Acting Comptroller of the Currency Michael Hsu spoke at the University of Michigan Stephen M. [read post]
8 Jan 2024, 10:00 am
State Department and Agency AuditsOn January 8, 2024, New York State Comptroller Thomas P. [read post]
8 Jan 2024, 10:00 am
State Department and Agency AuditsOn January 8, 2024, New York State Comptroller Thomas P. [read post]
28 Dec 2023, 9:05 pm
The veto is President Biden’s first since taking office. [read post]
13 Nov 2023, 9:01 pm
On October 24, 2023, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (together, the “Agencies”) released their final Principles for Climate-Related Financial Risk Management for Large Financial Institutions (the “Climate Principles”). [read post]
10 Nov 2023, 9:02 am
On November 1, 2023, the Office of the Comptroller of the Currency (“OCC”) became the latest agency to join in the campaign by issuing its TCPA-related revised examination procedures (“Revised Procedures”). [read post]
8 Nov 2023, 9:05 pm
In contrast, CITs are set up by banks or trust companies, available to individuals only through employer-sponsored retirement plans, and regulated primarily by the Office of the Comptroller of the Currency (OCC) and, in some cases, by the Department of Labor (DOL). [read post]
29 Oct 2023, 9:01 pm
Director McKernan’s dissenting statement notes that “one interpretation [of the Proposed Guidelines providing only one Chief Risk Officer] is that the FDIC expects that all second-line risk management responsibilities, including with respect to compliance-risk management, would be overseen by the Chief Risk Officer and the Risk Committee. [read post]
5 Sep 2023, 4:30 am
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued final guidance June 6, 2023, on managing risks associated with third-party relationships. [read post]
9 Aug 2023, 9:01 pm
On July 27, 2023, US federal banking regulators issued proposals to (i) significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations (the “Capital Proposal”), and (ii) change the method for calculating the capital surcharge for globally systemically important banking organizations (“G-SIBs”) (the “G-SIB Surcharge Proposal”).1 These proposals are of critical importance because the amount of capital a… [read post]
28 Jun 2023, 5:49 pm
Each CAD serves one or two of the six largest defense contractors and has approximately 300 employees.[17] The regions are headed by Regional Directors and include Regional Audit Managers that exercise line authority over designated field audit offices (FAOs).[18] Each Region has approximately 650 employees and serves 2,000 to 3,000 contractors.[19] The Field Detachment has approximately 500 employees and serves about 700 contractors.[20] DCAA’s FAOs include resident… [read post]
27 Jun 2023, 8:27 am
As reported in a Hunton Client Alert last week, on June 6, 2023, the Federal Deposit Insurance Corporation (“FDIC”), the Board of Governors of the Federal Reserve System (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) (collectively, the “Agencies”) issued final guidance on managing risks associated with third-party relationships, including relationships with fintechs (the “Final… [read post]
13 Jun 2023, 6:12 am
On June 6, 2023, the Federal Deposit Insurance Corporation (“FDIC”), the Board of Governors of the Federal Reserve System (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) issued their final Interagency Guidance on Third-Party Relationships (“Guidance”). [read post]
31 May 2023, 9:01 pm
Here is a closer look at the events that led to the $1 billion settlement: In 2016, the Consumer Financial Protection Bureau (“CFPB”) and the Office of the Comptroller of the Currency (“OCC”) fined Wells Fargo $135 million for secretly opening deposit and credit card accounts without its customers’ authorizations. [read post]
14 Apr 2023, 5:01 am
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau all include cybersecurity in their inspections. [read post]
17 Mar 2023, 11:27 am
In 2022, the bank also agreed to pay a US$ 6 million penalty to the Office of the Comptroller of the Currency (OCC) to resolve allegations that it engaged in unsafe practices and violated various statutes. [read post]
27 Sep 2022, 9:04 pm
And when the Office of the Comptroller of the Currency took a role in vetting appointments of new executive hires, that also got their attention. [read post]
22 Sep 2022, 9:03 pm
The authors argued that the Office of the Comptroller of the Currency can act without new legislation to create a special bank charter, which is a document that authorizes and governs financial institutions, to sponsor and supervise stablecoins. [read post]
