OCC seeks to halt Illinois card interchange fee law
Payments Dive
OCTOBER 3, 2024
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
Telcoin Bank Steps Closer to Becoming the First Regulated Crypto Bank in the US
The Fintech Times
FEBRUARY 6, 2025
Neuner points out that while Wyoming and the OCC did issue three charters previously, none of them have been able to gain access to the Fed payment system. Ive always believed that the key to making crypto usable in payments and mainstream finance is a digital asset bank with native connections to the existing financial system.
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Federal Banks, Savings Associations Win Approval For Some Crypto Activities
PYMNTS
SEPTEMBER 22, 2020
A letter by the Office of the Comptroller of the Currency (OCC) published on Monday (Sept. In July, the OCC announced that providing cryptocurrency custody services, including holding cryptographic keys, is a contemporary form of traditional bank activities. Allaire said this has been a long time coming.
Federal Banking Regulator Opposes State Interchange Bills, Calls Illinois Law “Ill-Conceived”
Electronic Payments Coalition
OCTOBER 22, 2024
The Office of the Comptroller of Currency (OCC) filed a scathing amicus brief highlighting the glaring flaws in a new credit and debit card law set to take effect on July 1, 2025. The OCC called the law “bad policy and an unlawful interference with federally granted powers.” “The
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OCC Issues Policy Guidance on Buy Now, Pay Later Lending
Global Fintech & Digital Assets
DECEMBER 21, 2023
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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Office of the Comptroller of the Currency Amicus Brief Opposing Illinois Credit Card Law
Electronic Payments Coalition
OCTOBER 3, 2024
In a court filing late on October 2nd, the Office of the Comptroller of the Currency (OCC) blasted the first-of-its kind Illinois law as an “ill-conceived, highly unusual, and largely unworkable state law that threatens to fragment and disrupt” the nation’s banking system.
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. They argue that the OCC would oversee the new charter holders — but not as rigorously as state regulators would.
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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OCC: Lockdowns Could Challenge Stability Of Banking System
PYMNTS
JUNE 2, 2020
The closures, Brooks said, were seemingly “indefinite” in some states, a press release from the Office of the Comptroller of the Currency (OCC) said. Conference of Mayors, and the National Association of Governors, “potentially threaten the stability and orderly functioning of the financial system the OCC is charged by law to protect.”.
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No need to fight over the OCC's fintech charter
Payments Source
OCTOBER 23, 2018
Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides.
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FinTech Could Be Hurt By Fight Between OCC And States
PYMNTS
APRIL 25, 2017
The FinTech industry’s future could depend on the outcome of a fight between the Office of the Comptroller of the Currency (OCC) and states, according to a report in TechCrunch. The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices.
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The OCC Fined City National Bank $65 Million: 8 Steps to Avoid a Similar Fate
Finovate
FEBRUARY 1, 2024
Office of the Comptroller of the Currency (OCC) fined City National $65 million in a civil money penalty. The OCC said the California-based bank “engaged in unsafe or unsound practices,” stating that it failed to establish effective risk management and internal controls. This week, U.S. And don’t get complacent.
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Ex Wells Fargo CEO Must Pay $17.5M, Is Banned From Banking
PYMNTS
JANUARY 23, 2020
The Office of the Comptroller of the Currency (OCC) said that there will also be a number of other individuals selected for punishment involving the fake accounts scandal, including other executives at the bank. Another Wells Fargo exec, Carrie Tolstedt, from the Community Bank unit, is still fighting her allegations, the OCC said.
CFPB And OCC Confirm Wells Fargo’s $1B Fine
PYMNTS
APRIL 20, 2018
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 did its part to secure customer data. Now it’s CFPB’s turn.
Payments Source
MARCH 20, 2020
The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection.
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Bitcoin Daily: OCC Grants Crypto Firm Anchorage Conditional Digital Banking License; Crypto Exchange RG Coins Owner Arrested For Money Laundering
PYMNTS
JANUARY 13, 2021
The Office of the Comptroller of the Currency (OCC) granted digital asset platform Anchorage Trust Company a digital banking license, according to a press release Wednesday (Jan. The benefit of having a federally chartered bank is that it preempts all the state laws,” Anchorage President Diogo Mónica told CoinDesk.
State Bank Regs File Suit To Block OCC’s Bank Charter
PYMNTS
OCTOBER 26, 2018
More legal troubles have emerged for the Office of the Comptroller of the Currency (OCC) over its plan to introduce national bank charters for FinTechs, aimed at making it easier for alternative financial services players to do business. Reports in Reuters on Thursday (Oct.
FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML
PYMNTS
SEPTEMBER 21, 2020
As BuzzFeed reported, “laws that were meant to stop financial crime have instead allowed it to flourish. In terms of dollar amounts, Deutsche led the pack at $1.3 trillion in suspicious transactions; J.P.Morgan followed with $514 million and Standard Chartered logged $166 million. The headlines blare a chorus: Banks are not doing their jobs.
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Compliance, Gaming and Gambling in Australia vs USA
Segpay
MARCH 24, 2025
This article will help you gain a better understanding of gaming and gambling laws in Down Under. USA: Stricter data-sharing laws, including the Gramm-Leach-Bliley Act (GLBA) and inter-agency reporting for suspicious activity over $3,000 USD. What are the Implications for Payment Companies (PSPs, PayFacs, etc)?
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Ex-Wells CEO Fined, Banned From Banking For Life
PYMNTS
JANUARY 23, 2020
The Office of the Comptroller of the Currency (OCC) said that there will also be a number of other individuals selected for punishment involving the fake accounts scandal, including other executives at the bank. Another Wells Fargo exec, Carrie Tolstedt, from the Community Bank unit, is still fighting her allegations, the OCC said.
Regulators Treading Slowly But Surely Into FinTech
PYMNTS
MAY 29, 2017
Another expert, Marco Santori, partner at law firm Cooley, spoke at another conference and said, “FinTech will hinder regulatory efforts because it is based on a decentralized model.” The OCC also issued a draft licensing manual last March to help some FinTechs obtain a limited banking license.
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Ex-US Bank Risk Officer Fined For AML Failure
PYMNTS
MARCH 4, 2020
Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. His actions prevented the proper filing of many, many SARs, which hindered law enforcement’s ability to fully combat crimes and protect people,” said FinCEN Director Kenneth A. The OCC also warned U.S.
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Ex-N.Y. regulator Maria Vullo on fintech fight, Facebook's crypto plan
Payments Source
JULY 29, 2019
The former state banking superintendent weighs in on some of the toughest questions bank regulators are grappling with and the lawsuit (still ongoing) that she filed against the OCC.
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US Bank hit with multi-million dollar fines over prepaid card programme for the unemployed
Finextra
DECEMBER 20, 2023
The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank, National Association, Cincinnati, Ohio, for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments.
Comptroller Murray Defends Fintech Banking Charter Plans
PYMNTS
MARCH 7, 2017
To be clear, the National Bank Act does give the OCC the legal authority to grant national bank charters to companies engaged in the business of banking,” Murray told the conference. Vullo wrote that the OCC “should not use technological advances as an excuse to attempt to usurp state laws that already regulate fintech activities.”.
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Amid AML Efforts, Regulators Focus On FinTech
PYMNTS
DECEMBER 10, 2018
And as reported by sites such as American Banker and National Law Review , a bipartisan group of senators is working on a bill that may reform the Bank Secrecy Act, which in turn may raise the threshold for reporting currency transaction reports to $30,000, from the current levels of $10,000.
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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.
How Treasurers Can Prepare For A Real-Time Payments Ecosystem
PYMNTS
AUGUST 3, 2020
regulatory landscape as a financial service provider is not easy, with laws that vary state by state and federal rules that are constantly evolving. Navigating the U.S. It’s one factor in why so few challenger banks have launched in the country compared to markets like the U.K., where challenger banking has flourished in recent years.
Bitcoin Daily: US National Banks To Hold Reserve Currencies For Stablecoins; Stripe To Pay Massachusetts $120K In PlexCoin ICO Role
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. 21) press release. Acting Comptroller of the Currency Brian P.
US Bank Pays Justice Department $613M For Money Laundering Settlement
PYMNTS
FEBRUARY 15, 2018
Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. Bank failed in its duty to protect our financial system against money laundering and [to] provide law enforcement with valuable information.”.
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. 21) that the OCC cannot in fact issue a charter for non-bank enterprises (a segment that included FinTechs) that are not able to get FDIC backing.
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Proposed Bill Would Reform Bank Exam Processes
Global Fintech & Digital Assets
JANUARY 12, 2024
The director may determine the merits of the appeal, or at the election of the financial institution, refer the appeal to an administrative law judge appointed by the FFIEC to conduct a hearing. In any hearing, neither the director nor the administrative law judge could defer to the opinions of the examiner or agency.
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Antitrust Concerns, Cryptos In Sharp Regulatory Focus
PYMNTS
AUGUST 5, 2019
That legislation would make it easier for the government to penalize larger tech firms for violations of antitrust law. company found to be in violation of antitrust laws can be fined as much as 15 percent of their annual top line. The OCC, Too. In terms of punitive actions, the bill would mandate that a U.S.
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What Regulatory and Compliance Issues Face Impact Platforms?
The Fintech Times
JULY 31, 2024
The evolving nature of fintech regulations requires platforms to be agile, constantly updating their compliance strategies to align with new laws and guidelines. “Adhering to stringent data protection laws is a primary challenge. In the US, he warns that firms could be caught out by new regulations regarding raising funds.
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Wells CEO Faces Hill Grill On Account Scandals
PYMNTS
MARCH 10, 2020
Chairwoman Waters highlighted the fact that the OCC has pointed to tens of thousands of cases requiring remediation for consumer abuse. Lawmakers repeatedly pressed Scharf on a timeframe for more tangible results across compliance and remediation efforts.
Why the U.S. Regulators’ New Resource on BaaS Relationships is Disappointing
Finovate
MAY 6, 2024
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. This guide is not a checklist and does not prescribe specific risk-management practices or establish any safe harbors for compliance with laws or regulations.”
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CSBS: California A Template For States’ Role In Data Privacy Regs
PYMNTS
MARCH 18, 2019
When asked why a federal “ceiling” might not be an optimal way to address data-focused concerns, Kurtzke said, “The risk that a federal ceiling poses is preempting any state action to make the laws tougher. Here’s a mortgage analogy. financial crisis.”.
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49 Regulators Give Wells Fargo’s Top Examiner The Boot
PYMNTS
APRIL 10, 2017
Notably, most of the cases referred to by the OCC had already been announced and, in some cases, were over a decade old. The OCC also lowered its overall score of Wells Fargo’s compliance with community banking laws to “needs to improve.”. Maxine Waters, U.S.
Finance Policy Predictions 2020: AML, Authentication, Collections & CRA
FICO
JANUARY 13, 2020
The laws and rules governing anti-money laundering and combating the financing of terrorism compliance have not been substantively updated since the Bank Secrecy Act was adopted in 1970. 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.
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Small Banks Vow To Protect Regulations Keeping Retailers And Tech Giants Off Their Turf
PYMNTS
NOVEMBER 9, 2017
But those laws may be up for reconsideration, as Keith Noreika, the acting Comptroller of the Currency, has raised the possibility that those laws are in need of review and possibly revision. The proposal by the OCC was made at a banking conference in New York. Noreika has a reputation for a strong deregulatory preference.
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40 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 ). Colorado’s bill does have support from some lawmakers.
?In Asia, Finance Trade Groups Advocate For FinTech In Regulatory Efforts
PYMNTS
JUNE 18, 2018
The bank had skirted money laundering laws more than 53,000 times. A letter from the Comptroller of the Currency (OCC), Joseph Otting, has laid out how some financial players have devised “sales practice dashboards” with data feeds that help keep tabs on sales activities. The banks have also set up “fair banking” practices.
CFPB Set To Sue Santander Over Auto Protection Product
PYMNTS
NOVEMBER 27, 2017
The Office of the Comptroller of the Currency (OCC) is looking into Wells Fargo’s auto loans business as well. . 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.
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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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