PYMNTS

SEPTEMBER 30, 2020

The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. However, the banking industry doesn’t like that one bit. “We

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PYMNTS

SEPTEMBER 21, 2020

The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. Acting Comptroller of the Currency Brian P.

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PYMNTS

MARCH 10, 2020

The consumer agency further alleges that, despite knowing since at least 2008 that employees were opening unauthorized consumer-financial accounts, Fifth Third took insufficient steps to detect and stop the conduct and to identify and remediate harmed consumers.

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PYMNTS

MARCH 26, 2020

In a joint statement issued on Thursday (March 26), the Federal Reserve’s Board of Governors, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp.

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PYMNTS

MARCH 30, 2017

Last week, the Federal Reserve told Santander to increase oversight of its subprime auto lending, giving the bank two months to put together a plan ensuring that all levels of the bank’s staff are instructed to improve the bank’s compliance with federal consumer protection laws. Back in 2015, Santander paid Massachusetts $5.5

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Global Fintech & Digital Assets

DECEMBER 21, 2023

Long , Parag Patel , Barrie VanBrackle , Becky Critchley , Deric Behar , and Charlotte Collins On December 6, 2023, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2023-37 (Guidance), which clarifies the OCC’s policy positions on the risk management of “Buy Now, Pay Later” (BNPL) lending. By Arthur S.

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PYMNTS

NOVEMBER 27, 2017

Federal and state officials have been investigating whether the GAP insurance is unnecessary, and whether interest rates on the loans increased too much as a result of the GAP protection. The Office of the Comptroller of the Currency (OCC) is looking into Wells Fargo’s auto loans business as well. .

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