Fed, FDIC, OCC update guidance on third-party risk management
Payments Dive
JUNE 8, 2023
The guidance is aimed at helping banks address the operational, compliance and strategic risks of third-party tie-ups, such as those with fintech firms.
AmEx Faces Fed Inquiry On Business Card Sales Tactics
PYMNTS
JANUARY 7, 2021
FDIC) and the Treasury Department are looking to see if American Express Co. The paper reported that the Office of the Comptroller of the Currency (OCC) is looking into business card sales tactics at the company as well, citing unnamed sources. A representative for the OCC would not comment on the matter, WSJ reported.
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Industry Reacts as OCC Reveals Concerns About Impact of Fintech-Bank Partnerships
The Fintech Times
MARCH 6, 2024
The regulatory tides may be changing in the US, as the Office of the Comptroller of the Currency (OCC) suggests banks should be doing more to manage risks related to partnering with fintech firms. Rick Kuci, COO of FundKite “Unfortunately, many banks caused this risk issue for themselves.
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Fed, OCC, FDIC: US Bank Loan Risk On The Decline
PYMNTS
JANUARY 25, 2019
Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) all released a joint report saying that due to a healthy economy, prospects for loan repayment look good. However, the portion of loans owed by strongly leveraged borrowers is still high. Reuters reported that the U.S.
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How regulators besides the OCC can help fintechs
Payments Source
DECEMBER 20, 2018
The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.
Office Of The Comptroller Of The Currency Disclosed A Data Breach
PYMNTS
OCTOBER 31, 2016
The Office of the Comptroller of the Currency (OCC) disclosed it was hacked in September, reported The Wall Street Journal last week. WSJ cited an OCC spokesman as saying the data included information “related to OCC activities and employees.” The incident occurred in Nov.
US federal agencies warn banks about crypto risks
The Paypers
JANUARY 4, 2023
The Federal Reserve, FDIC and OCC have released a joint statement in order to warn banks about the risks associated with crypto assets.
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OCC can't claim victory despite dismissal of fintech charter suit
Payments Source
SEPTEMBER 19, 2019
A federal judge blocked state regulators from suing the agency over its new charter, but it’s still unclear whether fintechs would even apply.
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Banks Push Back On Possible Banking Charters For Big Techs Like Amazon And Facebook
PYMNTS
SEPTEMBER 30, 2020
Overseen by the Office of the Comptroller of the Currency (OCC), the charter would allow firms like Facebook, Google or Amazon to bypass the process by which they need to collect money transmitter licenses state by state. This isn’t the OCC’s first attempt to create a special banking charter that would benefit tech firms.
US agencies provide advice for combatting elder financial exploitation
Finextra
DECEMBER 4, 2024
The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement this (..)
European Neobank Bunq Raises $31 Million in New Funding
Finovate
APRIL 10, 2024
Office of the Comptroller of the Currency (OCC). Bunq withdrew its application earlier this year citing issues between Dutch regulators, the OCC, and the Federal Deposit Insurance Corporation (FDIC). ” That said, it has not been easy for financial institutions outside the U.S.
OCC Puts Small-Dollar Loans Back In The Spotlight
PYMNTS
MAY 24, 2018
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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Why there’s no need for the OCC’s fintech charter
Payments Source
OCTOBER 9, 2018
Fintechs can get what they need from a traditional bank charter with the FDIC, as long as the agency is willing to play ball and step up its approach to innovation.
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Amid AML Efforts, Regulators Focus On FinTech
PYMNTS
DECEMBER 10, 2018
Separately, but still within the scope of efforts from the Federal Reserve and the OCC, along with the FDIC, the agencies last week released a proposal that would increase the threshold of real estate transactions that require appraisal from $250,000 to $400,000. This would be the first boost in 25 years.
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Fintechs’ charter hopes may lie with new FDIC board
Payments Source
FEBRUARY 27, 2018
A decision by the Federal Deposit Insurance Corp. soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers.
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FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML
PYMNTS
SEPTEMBER 21, 2020
Separately, last month, five federal regulatory agencies – including the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) – issued a joint statement designed to address questions (..)
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OCC’s FinTech Charter’s Uncharted Legal Seas
PYMNTS
OCTOBER 24, 2019
The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. But Federal Deposit Insurance Corporation (FDIC) coverage — which protects deposits — proved a sticking point this week.
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Regulators Detail Banking Rules For Hemp Firms
PYMNTS
DECEMBER 3, 2019
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN , the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines. Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp.
COVID Casts More Doubt On Future Of Bank Branches
PYMNTS
NOVEMBER 20, 2020
In a July interview with the Financial Times , acting head of the Office of the Comptroller of the Currency (OCC) Brian Brooks said banks should not use the pandemic as a reason to close branches permanently. Officially the regulatory powers that govern banking aren’t on board with this switch.
Proposed Bill Would Reform Bank Exam Processes
Global Fintech & Digital Assets
JANUARY 12, 2024
Endnotes [1] The FFIEC members are the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the State Liaison Committee. [2]
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Corporate Cards Forge More Paths To SMB Adoption
PYMNTS
JANUARY 13, 2021
FDIC) and the Treasury Department have reportedly launched an inquiry into American Express Co. Other sources said the Office of the Comptroller of the Currency (OCC) is also looking into the matter. Other sources said the Office of the Comptroller of the Currency (OCC) is also looking into the matter.
Why the U.S. Regulators’ New Resource on BaaS Relationships is Disappointing
Finovate
MAY 6, 2024
FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. regulators– the Board of Governors of the Federal Reserve System, the FDIC, and the OCC– have published a new third party risk management guide for community banks. Since late 2023, the U.S.
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Finance Policy Predictions 2020: AML, Authentication, Collections & CRA
FICO
JANUARY 13, 2020
In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). In addition, the Federal Reserve did not join the FDIC and OCC on the proposal. Political commentators are quick to note that currently there are few bipartisan issues left on Capitol Hill, but this is one of them.
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Figure CEO: Figure Pay, National Bank Charter Will Boost Financial Inclusion
PYMNTS
NOVEMBER 23, 2020
In terms of mechanics, he explained, having a national bank charter in hand from the OCC means Figure will not have to obtain licenses to provide financial services on a state-by-state basis, but instead will be enabled to deliver its offerings on a nationwide basis while tailoring its compliance to the mandates of the OCC as sole regulator.
New CRA Guidance Promotes Use of Alternative Data in Lending
FICO
OCTOBER 4, 2016
The Act requires federal banking agencies (the OCC, FDIC and Federal Reserve – “Agencies”) to conduct periodic reviews of each depository institution’s efforts in this area. CRA regulations provide various methods of evaluating bank performance, corresponding to differences in institutions’ asset sizes, structures and operations.
Are FICO Scores “Artificially Inflated?”
FICO
MAY 6, 2019
The Federal Reserve, OCC and FDIC have all recognized the importance of such careful monitoring, and issued regulatory guidance (SR 11-7 and OCC 11-12) that requires lenders to validate their models annually. Shift in Odds to Score ? Score Inflation.
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Consumer Banking Predictions 2019: Four Trends to Watch
FICO
DECEMBER 20, 2018
We began to see a resurgence in small-dollar lending in 2018 with new regulatory guidance from the OCC and FDIC encouraging banks to compete with payday lenders. Payday Lenders Will Face More Robust Competition. small-dollar lending market.
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73 FIS, Fiserv, Infosys In The Running For Robinhood’s Bank Business
PYMNTS
APRIL 29, 2019
Last week Robinhood, the company behind the free mobile trading app, filed an application to open an online bank that would be FDIC insured and offer high rates on savings and low rates on credit cards. retail consumers,” it says in its application to the OCC, according to the report.
New York Venture Bank Seeks National Bank Charter
PYMNTS
NOVEMBER 23, 2017
22) report by American Banker , New York Venture Bank, which will be headquartered in New York, needs the nod of the Office of the Comptroller of the Currency (OCC) before it can launch operations. FDIC), the news report noted the new bank will begin with $100 million in capital. According to a Wednesday (Nov.
Can Comic Books Boost Compliance And AML Efforts?
PYMNTS
DECEMBER 18, 2018
Those agencies include the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the National Credit Union Administration.
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Fed Chairman Concerned Over Shrinking Bank Market
PYMNTS
FEBRUARY 19, 2019
The average merger review time at the Office of the Comptroller of the Currency (OCC) declined between 2016 and 2018, too, reports in The Wall Street Journal said. ” Other critics have raised the issue that the OCC is advising examiners to take community group concerns into consideration separately from their M&A approval processes.
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Bitcoin Daily: US Regulators Join Global Financial Innovation Network; Colorado Explores Crypto Banking For Cannabis Firms
PYMNTS
OCTOBER 25, 2019
The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ).
Taking On Financial Crime With Tech, CCOs Must Abandon Fear
PYMNTS
DECEMBER 14, 2018
Among those agencies, alphabetically speaking: the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN) and the National Credit Union Administration.
BEC Targets BSA Officials At Credit Unions
PYMNTS
FEBRUARY 15, 2019
Those agencies include the aforementioned FinCEN, the Federal Reserve , the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC).
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Top 5 Customer Development Posts of 2019: AI and Additional Data
FICO
JANUARY 6, 2020
We began to see a resurgence in small-dollar lending in 2018 with new regulatory guidance from the OCC and FDIC encouraging banks to compete with payday lenders.”. Payday Lenders Will Face More Robust Competition. “We Read the full post. Chartis: FICO Is a Category Leader in AI for Financial Services.
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Small Banks Vow To Protect Regulations Keeping Retailers And Tech Giants Off Their Turf
PYMNTS
NOVEMBER 9, 2017
The proposal by the OCC was made at a banking conference in New York. It (industrial loan charter) does allow us to engage more directly with regulatory bodies, so it’s great to hear that comment coming today from the OCC,” said Sarah Friar, the chief financial officer of Square.
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Pew Talks Payday Loans
PYMNTS
MAY 24, 2016
Banks and credit unions have been warned off high-risk, non-secured debt of the kind on display with short-term lending by both the FDIC and the Office of the Comptroller, and trying to bring them into the market isn’t straightforward. ” But, Bourke notes, the CFPB rule could do more here if well-formed.
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Are states gaining upper hand in fintech charter battle?
Payments Source
DECEMBER 31, 2019
With fintech firms seemingly stuck in neutral in their efforts to gain banking charters, alternative state licensing options could get another look in 2020.
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Fintech Startup of the Week: Challenger Jiko Buys a $100M U.S. Bank
Fintech Labs Insights
SEPTEMBER 3, 2020
You’d think that Jiko was looking to leverage FDIC insurance to put its customers at ease. Technically not insured, but if T-bills go down, FDIC insurance will probably be insolvent as well. However, they have likely raised more to make the OCC happy as well as pay their 23 person team. But that’s not the current plan.
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15 No free pass for fintechs
Payments Source
APRIL 8, 2019
Community banks are open to working with innovative financial startups, but regulators must ensure they face the same oversight standards as traditional banks.
Beware the tidy narrative about Operation Choke Point
Payments Source
NOVEMBER 16, 2018
Payday lenders argue that banks cut ties with their industry due to pressure from biased and hostile regulators. But the reality, in some cases, may be more nuanced.
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Join This Exclusive Gathering of Global Industry Experts at the 15th Nextgen Payments & Regtech Forum
Fintech Finance
DECEMBER 9, 2024
Over 50 industry specialists will take the stage at the 15th Nextgen Payments & Regtech Forum in Austin, covering the latest topics and representing leading organisations such as FDIC, FTA, Payall Payment Systems, Inc., Dow Jones, SEON, PayPal, Ripple, Citibank, Wise, Binance.US, Amazon, eBay, Starbucks, Morgan Stanley, BNY Mellon, J.P.
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