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10 May 2017, 9:30 pm
Indeed, Congress, in the 2010 Dodd-Frank Act, called for formal rulemaking to further progressive ideological ends by permitting the Office of Comptroller of the Currency (OCC) to preempt certain state laws only after on-the-record adjudication or rulemaking. [read post]
States’ Lawsuit Over OCC Authority to Create New Charter Creates Bumps in the Road for Fintech Firms
8 May 2017, 2:02 pm
That question is at the center of a federal lawsuit filed April 26 against the Office of the Comptroller of the Currency (OCC) by the Conference of State Bank Supervisors (CSBS), the nationwide organization of state financial regulators. [read post]
3 May 2017, 1:35 pm
The Office of the Comptroller of the Currency (OCC) has announced that Comptroller Curry will step down for good on May 5 and be replaced temporarily by Keith Noreika. [read post]
1 May 2017, 6:33 am
The Conference of State Bank Supervisors has filed a complaint in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank (SPNB) charters to fintech companies. [read post]
21 Apr 2017, 6:21 am
The scope of willful blindness in the Wells Fargo scandal became clearer, as an internal report by the Office of the Comptroller of the Currency — the nation’s main banking regulator — revealed that bank examiners knew back in 2010 of 700 whistleblower complaints about perverse incentives that could (and did) breed unethical actions by bank employees. [read post]
20 Apr 2017, 9:30 pm
” The Office of the Comptroller of the Currency (OCC) issued a report explaining how the OCC failed to address the alleged Wells Fargo fake account scandal sooner. [read post]
19 Apr 2017, 6:56 pm
For example, a marketplace lender may be subject to: federal regulation and examination by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in connection with certain services provided to depository institutions by the lender; state licensing and regulation in the states in which the lender conducts business; securities offering registration requirements administered by the… [read post]
17 Apr 2017, 8:27 am
Last week the Office of the Comptroller of the Currency published a “Retail Lending” booklet, a new addition to the Safety and Soundness Asset Quality category of the Comptroller’s Handbook, which discusses the risks associated with retail lending and provides a framework for OCC examiners to evaluate retail credit risk management activities. [read post]
11 Apr 2017, 5:37 pm
In September 2016, fines and penalties totaling $185 million were imposed on the bank, including a $100 million fine by the Consumer Financing Protection Bureau, $35 million penalty to the Office of the Comptroller of the Currency, and another $50 million to the City and County of Los Angeles. [read post]
30 Mar 2017, 8:04 pm
Major structural characteristics of federal financial regulators that influence independence include agency head: the Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve (Fed), National Credit Union Association (NCUA), and Securities and Exchange Commission (SEC) have multi-member boards or commissions led by a chair, and the Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and Office of the… [read post]
30 Mar 2017, 8:01 am
Mnuchin as Secretary of the Treasury drew attention, the question of who will lead the Office of the Comptroller of the Currency (OCC) remains a mystery. [read post]
27 Mar 2017, 2:07 pm
On March 21, 2017, the Office of the Comptroller of the Currency (OCC) announced that the Federal Financial Institutions Examination Council (“FFIEC“) issued a “EGRPRA Joint Report to Congress,” which details a review of rules affecting financial institutions conducted under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which requires federal banking agencies and the FFIEC to conduct a review of their rules at least… [read post]
27 Mar 2017, 8:57 am
The U.S. federal prudential banking regulators themselves, including the Office of the Comptroller of the Currency (OCC), have expressed concern that the U.S. is falling behind in financial services innovation compared to other areas of the world. [read post]
21 Mar 2017, 3:59 pm
The review was conducted as part of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, and in conjunction with the National Credit Union Administration. [read post]
20 Mar 2017, 3:35 pm
Following up on its unveiling of a proposal for financial technology (fintech) companies to have the option of obtaining a special purpose national bank charter, the US Treasury Department’s Office of the Comptroller of the Currency (OCC) released on March 15, 2017, a draft supplement (Supplement) to its standard Licensing Manual discussing what fintech companies should expect during the chartering process. [read post]
20 Mar 2017, 2:16 pm
On March 15, 2017, the Office of the Comptroller of the Currency (“OCC“) issued a “Draft Licensing Manual Supplement for Evaluating Charter Applications from Financial Technology Companies,” which provides additional details on the evaluation of national bank charter applications from financial technology (“fintech“) companies that engage in the business of banking. [read post]
13 Mar 2017, 2:07 pm
– R), in a letter dated March 10, 2017, to Comptroller of the Currency Thomas Curry, urged the Office of the Comptroller of the Currency (“OCC“) not to “rush” the decision to create special purpose national bank charters for fintech companies without giving stakeholders the opportunity to see the details of the prospective charter and the opportunity to comment, and also without giving the incoming Comptroller the… [read post]
9 Mar 2017, 10:04 am
See Comptroller of the Currency, Banking Circular 181 (rev. [read post]
6 Mar 2017, 2:14 pm
On February 23, 2017, the Federal Reserve Board (Board) and the Office of the Comptroller of the Currency (OCC) issued guidance regarding how supervisors should examine for compliance with the swap margin rule. [read post]
3 Mar 2017, 7:01 am
Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the Secretary of the Treasury, Steven Mnuchin, in his capacity as Chairman of the Financial Stability Oversight Council (the “FSOC”), the voting members of which also include the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the… [read post]
