Search for: "THE COMPTROLLER OF CURRENCY"
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21 Apr 2020, 12:46 pm
In November 2019, the financial services regulators responsible for the Volcker Rule regulations (the Board of Governors of the Federal Reserve Board, the Office of the Comptroller of the Currency, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation and the Securities and Exchange Commission, collectively, the “Agencies”) issued final rules revising the proprietary trading restrictions placed on certain banking entities (the “2019… [read post]
15 Apr 2020, 3:16 pm
Investigations by other government entities regulating financial services companies, such as the Financial Industry Regulatory Authority (FINRA), Office of the Comptroller of the Currency (OCC), and similar agencies, investigating alleged unsafe or unsound business practices, claims of public fraud, or other breach of fiduciary duties by regulated entities and licensed individuals operating in sub-optimal conditions as a result of COVID-19. [read post]
9 Apr 2020, 9:05 pm
The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency temporarily lowered the community bank leverage ratio to 8 percent as required by the Coronavirus Aid, Relief, and Economic Security Act. [read post]
6 Apr 2020, 10:37 am
On April 3, 2020 Consumer Financial Protection Bureau (Bureau), Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the State Banking Regulators (collectively, “the agencies”) issued a policy statement detailing how they will conduct supervisory and enforcement practices in response to the CARES Act. [read post]
2 Apr 2020, 7:53 am
After industry groups stressed the need to adopt regulatory changes in light of the COVID-19 pandemic, on March 27, 2020, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency (collectively, the “Banking Agencies”) issued a joint press release announcing an interim final rule (the “interim final rule”) allowing banks to delay the effects of the current expected credit loss… [read post]
30 Mar 2020, 2:14 pm
Section 4011 – Temporary Lending Limit Waiver Section 4011 of the CARES Act grants a temporary lending limit waiver to nonbank financial companies and temporarily permits the Comptroller of the Currency to exempt any transaction from lending limit requirements upon the Comptroller’s determination that such exemption is within the public interest. [read post]
30 Mar 2020, 3:03 am
At the same time, the FDIC and Office of the Comptroller of the Currency issued a joint statement allowing banking organizations to mitigate the effects of CECL in their regulatory capital for up to two years. [read post]
29 Mar 2020, 5:01 pm
Specialist, Comptroller of the Currency, D.C., closes Apr. 8, 2020Gov’t Info. [read post]
27 Mar 2020, 4:00 pm
Board of Governors of the Federal Reserve System: https://www.federalreserve.gov/covid-19.htm Commodity Futures Trading Commission: https://www.cftc.gov/coronavirus Conference of State Banking Supervisors: https://www.csbs.org/information-covid-19-coronavirus Consumer Financial Protection Bureau: https://www.consumerfinance.gov/coronavirus/ Federal Deposit Insurance Corporation: https://www.fdic.gov/coronavirus/index.html Federal Trade Commission: https://www.ftc.gov/coronavirus/ftc-in-action… [read post]
19 Mar 2020, 6:18 am
The Proposal is the culmination of a process first announced in March 2018 to significantly revise all aspects of the Volcker Rule’s implementing regulations in light of the experience of the federal banking agencies—the Federal Reserve Board, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Deposit Insurance Corporation (together, the “Agencies”)—since the… [read post]
16 Mar 2020, 5:21 pm
On March 13, 2020, the Office of the Comptroller of the Currency issued a separate bulletin on national banks working with customers affected by the coronavirus and the regulatory relief that it could provide banks should there be a need. [read post]
13 Mar 2020, 1:00 am
Department of Justice (“DOJ”), the Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve for a combined $613 million in financial penalties—marks the first time FinCEN has imposed a penalty on a bank compliance officer for his role in failing to prevent BSA/AML compliance program failures. [read post]
12 Mar 2020, 10:05 am
In response to the recent COVID-19 outbreak, on March 6, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued an Interagency Statement on Pandemic Planning on behalf of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau and the State Liaison Committee. [read post]
11 Mar 2020, 4:05 pm
OPM has also sent out guidelines asking agencies across the country to review their telework policies…Other federal agencies, including the Office of the Comptroller of the Currency and the Federal Housing Finance Agency, have asked employees to telework for a day to test it out, according to internal memos and emails obtained by POLITICO…The OCC is also suspending all non-essential domestic travel for events like trainings, conferences and speaking… [read post]
11 Mar 2020, 4:05 pm
OPM has also sent out guidelines asking agencies across the country to review their telework policies…Other federal agencies, including the Office of the Comptroller of the Currency and the Federal Housing Finance Agency, have asked employees to telework for a day to test it out, according to internal memos and emails obtained by POLITICO…The OCC is also suspending all non-essential domestic travel for events like trainings, conferences and speaking… [read post]
10 Mar 2020, 7:07 pm
Scharf, Chief Executive Officer (CEO) and President of Wells Fargo & Company…Among the disturbing findings uncovered in the report is that the Office of the Comptroller of the Currency is aware of dozens of cases at Wells Fargo where the number of consumers or customer accounts requiring remediation for a consumer abuse exceeds 50,000 or the amount of harm exceeds $10 million. [read post]
10 Mar 2020, 9:49 am
On February 20, 2020, the federal Office of the Comptroller of the Currency (OCC) announced a Bank Secrecy Act enforcement action against a federal savings bank (Bank). [read post]
6 Mar 2020, 5:10 pm
Bank was subjected to a fine of $185 million in February 2018, pursuant to an enforcement action by FinCEN, in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. [read post]
28 Feb 2020, 10:38 am
April 20, 2018 – In a joint action by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, Wells Fargo agreed to pay a $1 billion penalty to resolve charges arising from its administration of a mandatory insurance program related to its auto loans, and charges arising from how it charged certain borrowers for mortgage interest rate-lock extensions. [read post]
24 Feb 2020, 6:41 am
Previously, the Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, and City of Los Angeles coordinated and settled charges against the bank. [read post]
