Search for: "United States Comptroller of Currency"
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12 May 2024, 9:01 pm
OCC’s Letter on Uniform Federal Banking Standards On November 9, 2023, the General Counsel of the Office of the Comptroller of the Currency (the “OCC”) issued a letter to the CEOs of all national banks and federal savings associations (“FSAs”) addressing uniform federal banking standards.[13] In the letter, the OCC explains that it is aware that some states have passed laws or taken other actions that “purport to… [read post]
4 Apr 2024, 1:57 pm
On March 12, 2024, Acting Comptroller of the Currency Michael Hsu indicated in a speech that regulations may soon be forthcoming that would be designed to bolster larger depository institutions’ ability to withstand disruptions to their critical operations. [read post]
31 Mar 2024, 9:01 pm
The OCC NPRM also identifies indicators as raising supervisory or regulatory concerns, which the OCC’s proposal states are unlikely to be consistent with the statutory factors detailed in the BMA. [read post]
6 Mar 2024, 5:59 am
Analyzing the Deal The merged firm would be the sixth-largest bank in the United States by total assets and deposits. [read post]
9 Jan 2024, 10:16 am
“BOI can provide essential information to law enforcement, intelligence, and national security professionals as they work to protect the United States from bad actors who exploit anonymous shell companies to engage in money laundering, corruption, sanctions and tax evasion, drug trafficking, fraud, and a host of other criminal offenses with impunity, while legitimate businesses suffer from their misdeeds. [read post]
28 Dec 2023, 9:05 pm
Food and Drug Administration (FDA) approved the first oral contraceptive available in the United States without a prescription. [read post]
13 Nov 2023, 9:05 pm
”[19]The Interpretive Guidance states that the Council expects to “continue addressing most risks through its collaboration with primary financial regulators” and will base any nonbank financial company designation on “data-driven analysis that reflects the distinctive aspects of the company, its market, and its existing regulation. [read post]
13 Nov 2023, 9:01 pm
”[4] The Climate Principles follow other climate-related standards and initiatives within and outside the United States that together reinforce that the public and private sectors are continuing to focus on risks arising from climate change. [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
The Proposed Guidelines would require covered institutions to adopt a three-lines-of-defense risk management framework with a front line unit (which is exclusive of a covered institution’s legal department), an independent risk management unit led by a Chief Risk Officer and an internal audit unit led by a Chief Audit Officer. a. [read post]
25 Oct 2023, 9:01 pm
In particular, it identified the following circumstances and risk management deficiencies as the primary causes of SVB’s failure: A concentrated business model with a funding structure that was primarily concentrated in private equity and venture capital firms and their portfolio companies, with a depositor base consisting of nearly half of the venture-backed technology and life sciences companies in the United States.12 Rapid and unchecked growth, with total assets growing… [read post]
28 Sep 2023, 9:22 am
And the CFPB’s funding statute is “not materially distinct from” those of other financial regulators such as the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board itself, the CFPB asserts. [read post]
31 Aug 2023, 9:05 pm
Environmental Protection Agency announced a final rule that revised the definition of “waters of the United States,” limiting the agency’s authority to address water pollution. [read post]
31 Aug 2023, 8:25 pm
Environmental Protection Agency announced a final rule that revised the definition of “waters of the United States,” limiting the agency’s authority to address water pollution. [read post]
9 Aug 2023, 9:01 pm
In addition, because US regulators made significant deviations in the Capital Proposal from the Endgame Standard, the Capital Proposal would effectively impose higher costs on banking organizations based, or operating, in the United States. [read post]
31 Jul 2023, 9:01 pm
Mixed effects on foreign banks operating IHCs in the United States. [read post]
17 Jul 2023, 8:08 am
The bank was also required to pay the CFPB penalties of $90 million, and a separate $60 million fine was imposed by the Office of the Comptroller of the Currency for violations of the laws related to overdraft fees. [read post]
14 Jul 2023, 10:21 am
The Office of the Comptroller of the Currency (OCC) also found that the bank’s double-dipping on fees was illegal. [read post]
9 Jul 2023, 9:01 pm
A foreign banking organization is subject to the removal provisions of the RECOUP Act if it has a U.S. insured depository institution subsidiary or an insured or uninsured state or federal branch or agency in the United States.7 Corporate Governance Provision. [read post]
28 Jun 2023, 5:49 pm
DCAA’s Organization DCAA’s organizational structure consists of a Headquarters, four Corporate Audit Directorates (CADs) organized by major contractors, three geographical regions (Eastern, Central and Western) for other contractors, and a Field Detachment that focuses on classified work.[14] Overall, DCAA has approximately 230 offices located throughout the United States, Europe, and the Middle East.[15] DCAA’s Headquarters is located at Fort Belvoir,… [read post]
