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. The guidance did not change any regulation, but clarified the regulator’s stance on the loans, Reuters reported. We cannot simply wish away that need.

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OCC Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency CFPB 40

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.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

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.

Regulations 69

Regulations AML Office of the Comptroller of the Currency Money Laundering 69

Global Fintech & Digital Assets

JANUARY 12, 2024

Long , Parag Patel , Barrie VanBrackle , Pia Naib , and Deric Behar On December 14, 2023, a bipartisan group of senators introduced the Fair Audits and Inspections for Regulators’ Exams Act (FAIR Exams Act), which seeks to increase transparency in the bank examination process. By Arthur S.

FFIEC 52

FFIEC Process FRB Consumer Financial Protection Bureau (CFPB) 52

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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OCC FinTech Blocks Regulations 102

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.

Office of the Comptroller of the Currency 139

Office of the Comptroller of the Currency OCC Non-Bank Regulations 139

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.

Legal 40

Legal Office of the Comptroller of the Currency OCC FinTech 40

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. According to the report, the banking regulator said the data breach had to do with a former employee at the agency removing more than 10,000 records without receiving authorization to do so.

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Office of the Comptroller of the Currency Data Breach Breach OCC 74

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 ).

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Office of the Comptroller of the Currency Regulations Innovation OCC 40

FICO

JANUARY 13, 2020

While regulators have formed an inter-agency working group to develop viable reform measures, Congress has recently taken action to address the problem. In December, the FDIC and OCC issued a proposed rule to modernize the Community Reinvestment Act (CRA). I say Congress gets a deal done in 2020. by Daniel Nestel.

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AML Authentication Finance OCC 52

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.

FDIC 62

FDIC FinTech OCC Regulations 62

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.

FDIC 98

FDIC FinTech Innovation OCC 98

PYMNTS

NOVEMBER 9, 2017

Small banks do not want to compete with the Amazons and Walmarts of the world when it comes to offering financial services for clients — and as of today, they more or less are protected from having to do so by regulations that prevent banks’ holding companies from branching too far outside of core financial services businesses.

Regulations 40

Regulations OCC Request for Comment Non-Bank 40

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.

Financial Inclusion 86

Financial Inclusion Office of the Comptroller of the Currency Blockchain OCC 86

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.

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Office of the Comptroller of the Currency Online and Mobile Banking OCC FDIC 45

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.

Fed 43

Fed Federal Reserve Office of the Comptroller of the Currency OCC 43

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.

Federal Reserve 74

Federal Reserve OCC FDIC Correspondent 74

PYMNTS

DECEMBER 18, 2018

We hope this comic book helps illustrate the importance of regulations and compliance professionals around the globe.”. Europe’s General Data Protection Regulation , or GDPR, which, of course, is having a global impact. Indeed, education in general is important to increased online security, privacy and fraud prevention efforts.

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Compliance AML Money Laundering Office of the Comptroller of the Currency 61

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.

Financial Crimes 59

Financial Crimes Crime Fincen Office of the Comptroller of the Currency 59

Fintech Labs Insights

SEPTEMBER 3, 2020

But regulators are not exactly on board. And more recently, Lending Club has a $185M acquisition of Radius Bank pending, though the lender’s $80M Q2 loss is not going to help ease regulators’ concerns. You’d think that Jiko was looking to leverage FDIC insurance to put its customers at ease. CBW Bank in a similar category.

FinTech 15

FinTech FDIC OCC PayPal 15

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.

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Community Banks FinTech Regulations Innovation 67

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.

Regulations 63

Regulations Disputes OCC FDIC 63

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.

FinTech 87

FinTech OCC FDIC Regulations 87

PYMNTS

SEPTEMBER 21, 2020

The reality of the global financial system is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring systems, and we work closely with regulators and law enforcement to bring perpetrators to justice.”. In one example, reported on Monday (Sept.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

CB Insights

DECEMBER 4, 2019

The 2017 FDIC National Survey of Unbanked and Underbanked Households shows: Approximately 6.5% Rumor: Amazon and PayPal are meeting with bank regulators to expand their financial services. Traction/Metrics: Amazon hasn’t announced how many customers are using Amazon Cash, but it’s clear the market opportunity is large. adults and 6.4M

Online and Mobile Banking 101

Online and Mobile Banking Push-to-Card Payment APIs and Integration Non-Bank 101

Payments Source

SEPTEMBER 11, 2017

Square became the third fintech firm in recent months to seek out a bank charter. Others are likely to follow.

FinTech 63

FinTech OCC FDIC Laws 63

PYMNTS

MAY 24, 2016

Pay and auto title loans are going to stay on the market, and the CFPB has no ability to regulate pricing. ” Those looking to debate the merits of abolition aren’t being realistic, according to Pew, and are failing to ask the right question about the coming draft regulations. And that the CFPB can fix — narrowly.

CFPB 41

CFPB Rules FDIC Credit Union 41

PYMNTS

OCTOBER 31, 2017

30), Noreika’s push comes as President Donald Trump is working to loosen some of the Obama-era regulations placed on Wall Street. Noreika has been advocating easing the sanctions slapped on Wells Fargo since he took control of the OCC in May, noted Reuters. According to a news report in Reuters published Monday (Oct.

OCC 40

OCC Office of the Comptroller of the Currency FDIC Rules 40

PYMNTS

AUGUST 29, 2018

Reuters , citing the OCC , reported the government agency is seeking public comment in what would be the first step to overhaul the law, which banks have contended needed an overhaul since the 1990s when it was last updated. Overseeing the Community Reinvestment Act is the shared responsibility of the OCC, Federal Deposit Insurance Corp.,

OCC 40

OCC Office of the Comptroller of the Currency Process Federal Reserve 40

PYMNTS

NOVEMBER 17, 2017

Noreika’s push comes as the Trump Administration is working to loosen some of the Obama-era banking regulations placed on Wall Street. Keith Noreika has been advocating easing the sanctions slapped on Wells Fargo ever since he took control of the OCC in May, Reuters stated.

OCC 40

OCC Office of the Comptroller of the Currency FDIC Regulations 40

Payments Source

AUGUST 7, 2020

Whoever wins the White House in November may have immediate agency openings to fill, while a key decision looms about who will run the Federal Reserve after Jerome Powell’s term expires in 2022.

Federal Reserve 73

Federal Reserve Regulations OCC FDIC 73

PYMNTS

FEBRUARY 21, 2017

The CFPB was a few weeks away from releasing new draft regulations, and the money was on regs that would by and large neuter the industry. Schneider, Secretary of the Illinois Department of Financial and Professional Regulation, giving a 360-degree view of its future. . — better known colloquially as payday loans — was rather grim.

CFPB 40

CFPB Regs Rules FTC 40

PYMNTS

OCTOBER 11, 2017

No one will argue the point that regulation is not necessary or that abuses don’t happen. Reading through the collective reactions of the financial services ecosystem over the last seven days makes one thing very clear: The CFPB may have called its payday lending regulations a final draft, but this process is far from over.

Rules 43

Rules CFPB NCUA Credit Union 43

FICO

DECEMBER 19, 2018

I believe this will slip a few months but by June 2019 the proposed regulations will finally be available for public review and comment. Bank Secrecy Act/anti-money laundering (BSA/AML) regulatory reforms are top of mind for regulators and legislators. AML/BSA Reform Talks Will Intensify but Meaningful Changes Will Have to Wait.

BSA 40

BSA Fincen Suspicious Activity Report (SAR) SARS 40

FICO

FEBRUARY 23, 2017

In the first two weeks of the new administration, President Trump took several steps aimed at slowing down as well as scaling back current and future regulations. Out of the gate, the Trump administration made good on its promise to curtail the pace of federal regulations. Regulatory Reform through Memorandum and Executive Orders.

Federal Reserve 40

Federal Reserve OCC CFPB FDIC 40

FICO

JANUARY 9, 2017

This meant a continued focus on implementation of recently adopted rules, while bracing for a wave of new regulations from the federal banking agencies. The Trump administration, bolstered by the reelection of a Republican majority in both houses of Congress, has fostered a new environment that is expected to promote de-regulation.

Cybersecurity 78

Cybersecurity CFPB Regulatory Compliance Legal 78

FICO

JULY 17, 2017

Similar efforts, further crowding the legislative calendar, may be pursued if the CFPB moves forward with issuing its final small-dollar lending regulation. The Act and accompanying regulations have significantly chilled the delivery of important, non-telemarketing customer-centric messages via cellphones. So where does that leave us?

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) CFPB Office of the Comptroller of the Currency Financial Crimes 40