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OCC Issues Policy Guidance on Buy Now, Pay Later Lending

Global Fintech & Digital Assets

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.

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Today In Payments: Biden Expected To Name Michael Barr To Head OCC; Biden’s Treasury Pick Yellen Leary Of Crypto

PYMNTS

In today’s top news, President Biden is expected to pick Michael Barr to head the OCC, and Janet Yellen, Biden’s pick for Treasury Secretary, is expected to take a hard stance toward crypto. Plus, the chief of the CFPB stepped down at Biden’s request. Biden Expected To Name Professor Michael Barr To Head OCC. challenger bank.

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CFPB And OCC Confirm Wells Fargo’s $1B Fine

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I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations,” Consumer Financial Protection Bureau Acting Director Mick Mulvaney said in a statement. “As That is what we did here.”.

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OCC Puts Small-Dollar Loans Back In The Spotlight

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The Office of the Comptroller of the Currency (OCC) issued a new guidance encouraging banks to offer responsible short-term, small-dollar loans to their customers. In 2013, the OCC had discouraged short-term lending by banks with limitations on what could be offered to customers depending on their credit.

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Wells Fargo Chair Quits Before Testimony

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Waters said the two also did not follow legal orders with the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board and Office of the Comptroller of the Currency (OCC). Between 2016 and 2018, the Fed, CFPB and OCC petitioned Wells Fargo to institute internal changes to head off future problems.

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Proposed Bill Would Reform Bank Exam Processes

Global Fintech & Digital Assets

Key Provisions The FAIR Exams Act would amend the Federal Financial Institutions Examination Council Act of 1978 in three primary ways: 1. 2] Banking as a Service (BaaS) is a model that enables fintechs and other non-bank businesses to connect with banks’ systems via application programming interfaces (APIs), allowing them to inte

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Wells Fargo Balks At Auto Loan Scandal Compensation Remedy

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In June, Wells Fargo submitted a plan to regulators as part of a $1 billion settlement it reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC).