PYMNTS

MAY 17, 2018

The bank reportedly has told the federal Office of the Comptroller of the Currency about the problem in the wholesale unit. The bank has agreed to a $1 billion settlement with two of its regulators and has absorbed Federal Reserve sanctions. The bank’s shares were down about 1.8

Office of the Comptroller of the Currency 58

Office of the Comptroller of the Currency Federal Reserve Money Laundering Regulations 58

PYMNTS

MARCH 19, 2020

The regulators also let banks know their position on using reserves and buffers during times of stress in the market, and whether that would lead to future penalizations. Regulators, for their part, said they want to encourage lending.

Office of the Comptroller of the Currency 56

Office of the Comptroller of the Currency Regulations FDIC Federal Reserve 56

PYMNTS

JANUARY 24, 2020

The Department of Justice is investigating if executives kept important details about the fake accounts from the bank’s board of directors, as well as the Office of the Comptroller of the Currency (OCC). Wells Fargo also has to repay customers for what it cost them by abusing some of them.

Office of the Comptroller of the Currency 52

Office of the Comptroller of the Currency Continuity OCC Federal Reserve 52

Fintech Finance

OCTOBER 11, 2024

Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs. The Bank and certain of its U.S.

AML 94

AML BSA Money Laundering Financial Crimes 94

PYMNTS

MARCH 28, 2018

Williams, the president of the Federal Reserve Bank of San Francisco, is reportedly being tapped to replace the retiring president of the New York Fed, but at least one watchdog has problem with that. The Federal Reserve in San Francisco is in charge of supervising the financial institution.

Fed 46

Fed Federal Reserve Office of the Comptroller of the Currency Risk Management 46

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.

Suspicious Activity Report (SAR) 55

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

PYMNTS

MARCH 9, 2020

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). They said improved oversight was necessary in order to avoid penalties and federal monitoring. .

Consumer Financial Protection Bureau (CFPB) 57

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency OCC CFPB 57

PYMNTS

MARCH 26, 2018

Wells Fargo, weeks after it was hit with a rare enforcement action from the Federal Reserve, is overhauling its risk management processes and announced internally that four top risk management executives would be retiring. Its expected to include a civil penalty stemming from the risk controls at the company, noted the report.

Risk Management 40

Risk Management Office of the Comptroller of the Currency Risk Process 40

PYMNTS

DECEMBER 24, 2020

Office of the Comptroller of the Currency announced that banks could hold reserves on behalf of customers who issue stablecoins — which are, of course, a form of crypto but are pegged to an underlying asset such as a dollar. Over the summer, the U.S.

Federal Reserve 103

Federal Reserve Bitcoin Cryptocurrency Office of the Comptroller of the Currency 103

PYMNTS

MAY 17, 2018

The bank reportedly has told the federal Office of the Comptroller of the Currency about the problem in the wholesale unit. The bank has agreed to a $1 billion settlement with two of its regulators, and has absorbed Federal Reserve sanction. The bank’s shares were down about 1.8

Office of the Comptroller of the Currency 40

Office of the Comptroller of the Currency Federal Reserve Money Laundering Regulations 40

PYMNTS

JUNE 17, 2019

When examining a bank’s credit risks, regulators take a cooperative approach that involves the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, which work under the Shared National Credit Review. Cybersecurity regulators want a similar approach. “At

Cybersecurity 53

Cybersecurity Regulations Office of the Comptroller of the Currency Federal Reserve 53

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

Office of the Comptroller of the Currency 139

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

PYMNTS

JANUARY 25, 2019

For big bank loans taken out before April of 2018, prospects of repayment are good, federal banking regulators said on Friday (Jan. However, the portion of loans owed by strongly leveraged borrowers is still high. Reuters reported that the U.S.

FDIC 43

FDIC OCC Office of the Comptroller of the Currency Risk 43

PYMNTS

DECEMBER 6, 2018

Citing people familiar with the matter, the Wall Street Journal reported that senior executives, including consumer banking head Mary Mack, have briefed the Office of the Comptroller of the Currency (OCC) on the firings. A Wells Fargo spokeswoman — as well as an OCC spokesman — declined to comment on the report.

Office of the Comptroller of the Currency 49

Office of the Comptroller of the Currency OCC Federal Reserve Caps 49

PYMNTS

MARCH 29, 2019

The Office of the Comptroller of the Currency (OCC) also weighed in, stating that — after Sloan testified — it was “disappointed” over the lack of effective corporate governance and risk management. Waters, for her part, said a bill would be in the offing to break up banks that have not done right by their customers.

Federal Reserve 57

Federal Reserve Office of the Comptroller of the Currency OCC Push-to-Card 57

PYMNTS

NOVEMBER 4, 2020

In September, the Office of the Comptroller of the Currency (OCC) clarified the authority for national banks and federal savings associations to hold reserves on behalf of customers who issue stablecoins (those coins have to have a one-to-one relationship with a fiat currency).

Bitcoin 83

Bitcoin Cryptocurrency Office of the Comptroller of the Currency Stablecoins 83

PYMNTS

JANUARY 13, 2021

The Federal Reserve, the Federal Deposit Insurance Corp. Other sources said the Office of the Comptroller of the Currency (OCC) is also looking into the matter. Anecdotally, small businesses' credit card debt could be on the rise as more business owners turn to cards to keep their businesses afloat.

Office of the Comptroller of the Currency 66

Office of the Comptroller of the Currency Commercial Card Credit Cards Small Business 66

PYMNTS

DECEMBER 10, 2018

There may also be a new federal requirement for companies to disclose beneficial owners upon a company’s incorporation.

Regulations 69

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

PYMNTS

MARCH 2, 2018

According to a report in American Banker , Mulvaney’s comments suggest that regulators –including the Office of the Comptroller of the Currency and the Federal Reserve Board – could have more of a role in supervising matters of compliance related to consumers.

Consumer Financial Protection Bureau (CFPB) 40

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

Nanonets

NOVEMBER 15, 2023

These agencies include the Federal Reserve, the Office of the Comptroller of the Currency, and the Consumer Financial Protection Bureau. The Federal Reserve oversees the Payment System Risk Policy Group, which is responsible for developing policies to reduce risks to the payment system.

Processors 52

Processors Payment APIs and Integration Office of the Comptroller of the Currency Debit Card 52

PYMNTS

AUGUST 3, 2020

That blog post, Long pointed out, was published the same day that the Office of the Comptroller of the Currency (OCC) released an interpretive letter that offered guidance on banks’ and federal savings associations’ ability to provide crypto custody services.

Real Time Payments 117

Real Time Payments Office of the Comptroller of the Currency Treasury Settlement 117

PYMNTS

JULY 19, 2018

In April, the bank settled with the CFPB and the Office of the Comptroller of the Currency, getting slapped with a $1 billion fine for its lack of risk management.

Consumer Financial Protection Bureau (CFPB) 40

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

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]

FFIEC 52

FFIEC Process FRB Consumer Financial Protection Bureau (CFPB) 52

PYMNTS

MARCH 30, 2017

Santander has also created an Officer of Consumer Practices to ensure that customers are treated fairly. Earlier this year, the Office of the Comptroller of the Currency downgraded Santander’s rating in community lending. Recently, new policies have been put in place to identify deal misconduct.

Office of the Comptroller of the Currency 43

Office of the Comptroller of the Currency Federal Reserve Settlement Consumer Protection 43

PYMNTS

FEBRUARY 19, 2019

banking industry is in flux, largely thanks to federal policy that has made it easier (and faster) for institutions to merge. As concerns are raised about how industry consolidation might impact competition, Federal Reserve Chairman Jerome Powell is warning that it could hinder small businesses’ access to capital and financial services.

Fed 43

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

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. .

CFPB 40

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

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. Citing documents filed with the Federal Deposit Insurance Corp. According to a Wednesday (Nov.

Consumer Financial Protection Bureau (CFPB) 40

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC Federal Reserve 40

PYMNTS

MAY 19, 2016

In the event that a financial institution fails to keep pace with the regulations that are put in place, it can be found liable and subject to action from one of the five agencies, a roster that includes, beyond the CFPB, the Federal Deposit Insurance Corp., million penalty tied to those violations.

CFPB 40

CFPB Office of the Comptroller of the Currency Accounts Federal Reserve 40

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 (..)

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

PYMNTS

JANUARY 15, 2019

14) that the Federal Reserve, the U.S. 14) that the Federal Reserve, the U.S. As has been reported, the regulators include the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., Reuters reported early Monday (Jan. Reuters reported early Monday (Jan.

Fed 59

Fed Cross-Border FinTech Office of the Comptroller of the Currency 59

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.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Credit Union FDIC 52

PYMNTS

AUGUST 7, 2019

Regulatory efforts through the Office of the Comptroller of the Currency aim to connect FinTechs with the opportunity to apply for a national bank charter, an initiative that has been met with criticism and legal action. For instance, in the U.K., Meanwhile, in the U.S., the emergence of new banks is few and far between.

Office of the Comptroller of the Currency 72

Office of the Comptroller of the Currency Payment APIs and Integration Federal Reserve Small Business 72

PYMNTS

JUNE 24, 2019

There is some precedent here, as in assessing credit risk, regulators spanning the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency work together through the Shared National Credit Program.

Money Laundering 51

Money Laundering Regulations Office of the Comptroller of the Currency Multi-Currency 51

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. Pointing to the Federal Reserve’s “ Report on the Economic Well-Being of U.S.

OCC 40

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

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. “And the branches of the future need to be more advice centers than locations where transactions take place.”.

Office of the Comptroller of the Currency 88

Office of the Comptroller of the Currency Online and Mobile Banking OCC Federal Reserve 88

PYMNTS

FEBRUARY 15, 2019

As noted in this space late last year, five federal agencies spoke out, and presented a statement that detailed how credit unions and banks could share resources to make Bank Secrecy Act compliance efforts more streamlined.

BSA 49

BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

PYMNTS

MAY 25, 2016

Three bodies — the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation — issued joint guidance in 2013 that recommended FIs not provide loans to businesses that would push their corporate debt levels above six times their earnings.

Office of the Comptroller of the Currency 40

Office of the Comptroller of the Currency OCC Federal Reserve Treasury Management 40