Payments Dive

MAY 15, 2024

Concerns about the $35B merger proposal, which has already faced opposition, are likely to surface again at the July public meeting.

OCC 158

OCC Fed 158

PYMNTS

JULY 1, 2020

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). Additional steps may be necessary to properly segment and secure bank networks if employees use personal devices to connect to bank systems,” the OCC wrote.

OCC 66

OCC Compliance Risk Office of the Comptroller of the Currency 66

PYMNTS

NOVEMBER 23, 2020

The Office of the Comptroller of the Currency ( OCC ) has proposed personal banking regulations intended to level the playing field. . The proposal would systemize over 10 years of OCC guidance, asking banks to extend services based on individual risk assessment instead of category-based assessment.

OCC 68

OCC Office of the Comptroller of the Currency Risk Assessment Assessments 68

Payments Dive

DECEMBER 20, 2023

The OCC added a separate penalty Tuesday. The Minneapolis-based lender flagged a CFPB probe into prepaid card use last year.

OCC 159

OCC CFPB 159

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.”.

OCC 52

OCC Office of the Comptroller of the Currency Laws Economy 52

PYMNTS

DECEMBER 4, 2019

The OCC wrote a letter in July outlining a to-do list for the department, saying that it needed to handle thousands of complaints and handle compensation structures. “We One executive, who was in charge of the HR department, was put on leave after being accused of failings by the OCC.

OCC 52

OCC Office of the Comptroller of the Currency Settlement Accounts 52

PYMNTS

SEPTEMBER 23, 2020

In today’s top news in digital-first banking, the Office of the Comptroller of the Currency (OCC) has issued stablecoin guidance, and Deutsche Bank intends to decrease the size of its brick-and-mortar footprint. A letter by the OCC published on Monday (Sept. Federal Banks, Savings Associations Win Approval For Some Crypto Activities.

OCC 85

OCC Office of the Comptroller of the Currency Stablecoins Reconciliation 85

PYMNTS

JANUARY 23, 2020

The Office of the Comptroller of the Currency (OCC) is putting together “so-called notices of charges” against 10 people, although settlements could be extended to some, the sources said. An OCC spokesman declined to comment, as did representatives for Tolstedt, Hardison and Julian. Sloan’s retirement quickly followed.

OCC 52

OCC Office of the Comptroller of the Currency Settlement Community Banks 52

PYMNTS

APRIL 30, 2019

The Office of the Comptroller of the Currency (OCC) announced it has opened a 45-day public comment period on its proposed Innovation Pilot Program. Supporting a financial system that innovates responsibly is central to the mission of the OCC,” said Comptroller of the Currency Joseph M. Otting in a press release. “As

OCC 51

OCC Office of the Comptroller of the Currency Innovation Regulations 51

PYMNTS

JANUARY 21, 2021

In today’s top news, President Biden is expected to pick Michael Barr to head the OCC, and Janet Yellen, Biden’s pick for Treasury Secretary, is expected to take a hard stance toward crypto. Biden Expected To Name Professor Michael Barr To Head OCC. Plus, the chief of the CFPB stepped down at Biden’s request.

OCC 72

OCC Consumer Financial Protection Bureau (CFPB) Treasury Office of the Comptroller of the Currency 72

Payments Dive

FEBRUARY 22, 2024

The head of the OCC called on Congress to replace the current state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.

OCC 97

OCC Payments 97

PYMNTS

NOVEMBER 23, 2020

In today’s top news in digital-first banking, The Office of the Comptroller of the Currency (OCC) has proposed a personal banking rule intended to level the playing field, while U.S. OCC Calls for Equal Access to Banking Services.

OCC 64

OCC Office of the Comptroller of the Currency Credit Union Digital Payments 64

PYMNTS

JULY 22, 2020

Banks chartered by the federal government can offer digital currency custody services, the Office of the Comptroller of the Currency (OCC) said in a Wednesday (July 22) announcement.

OCC 63

OCC Office of the Comptroller of the Currency Digital Currency Bitcoin 63

Payments Source

JANUARY 5, 2021

Several government agencies have made deeper moves into crypto oversight, leaving a trail of angry executives and unresolved political questions. And there's still no sign of a central bank digital currency, leaving the U.S. at risk of falling behind other countries in the race to support faster payment processing.

Fincen 154

Fincen OCC Central Bank Digital Currency 154

PYMNTS

SEPTEMBER 13, 2018

banking watchdog the Office of the Comptroller of the Currency (OCC) is facing a lawsuit, adding another setback to its struggling effort to provide FinTechs with national banking licenses. It is unclear whether a lawsuit against the OCC would be filed before a company applies for the OCC’s charter. ”

OCC 40

OCC Office of the Comptroller of the Currency FinTech Legal 40

PYMNTS

MAY 15, 2019

Comptroller of the Currency (OCC) has told Congress he would use his office’s power to review any candidate put forward by Wells Fargo as the scandal-plagued bank’s new CEO, according to a report by Reuters. Warren and others have said the OCC is not hard enough on Wells Fargo, a claim that was disputed by Otting on Wednesday (May 15).

OCC 48

OCC Federal Reserve Risk Management Disputes 48

Payments Source

DECEMBER 10, 2020

BitPay and Paxos are only the latest digital currency companies to pursue a national charter from the Office of the Comptroller of the Currency.

Office of the Comptroller of the Currency 148

Office of the Comptroller of the Currency OCC Cryptocurrency Digital Currency 148

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. PYMNTS outlines some of those key trends found in the OCC report below. Shifts in Lending Practices. Cyber Threats. Compliance.

OCC 46

OCC Office of the Comptroller of the Currency Money Laundering Non-Bank 46

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.

Risk Management 97

Risk Management FDIC OCC Risk 97

Payments Dive

JANUARY 4, 2023

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

FDIC 89

FDIC OCC Fed Risk 89

Payments Source

JANUARY 5, 2021

The digital currency and related distributed-ledger technologies could "enhance the efficiency, effectiveness and stability of the provision of payments," according to an interpretive letter issued by the Office of the Comptroller of the Currency.

Office of the Comptroller of the Currency 105

Office of the Comptroller of the Currency OCC Stablecoins Process 105

Payments Source

SEPTEMBER 15, 2020

With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year.

Office of the Comptroller of the Currency 90

Office of the Comptroller of the Currency Payments Exams OCC Payments 90

Payments Source

SEPTEMBER 24, 2020

The OCC is trying to seize jurisdiction by arguing that current supervision is haphazard. But states are already working together to streamline regulation while continuing to enforce consumer protections and encourage innovation.

Regulations 144

Regulations OCC Consumer Protection FinTech 144

PYMNTS

FEBRUARY 22, 2019

Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The OCC identified the deficiencies in the bank’s branches in New York, Los Angeles and Chicago. MUFG Bank, a Japan-based institution, announced on Friday (Feb.

OCC 43

OCC AML Office of the Comptroller of the Currency Compliance 43

Payments Source

AUGUST 13, 2020

Appearing to support decentralized systems, the acting comptroller of the currency said on a podcast that "the ultimate public ownership of the payment rails is when you have a network, like the internet, of interconnected institutions and computers.".

OCC 118

OCC Government Governance Payments 118

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.

OCC 43

OCC Office of the Comptroller of the Currency FinTech Rules 43

PYMNTS

JUNE 8, 2018

Wells Fargo was fined $185 million in 2016 for opening millions of potentially fake accounts, prompting the Office of the Comptroller of the Currency (OCC) to perform a months-long industry-wide review. However, the U.S. This included banks opening accounts without proof that consumers gave them permission to do so.

OCC 49

OCC Office of the Comptroller of the Currency Accounts Regulations 49

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.

OCC 40

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

PYMNTS

JULY 20, 2017

The OCC has been critiqued pretty heavily by state regulators since the proposal first surfaced a year ago. Noreika’s comments also made clear that the OCC initiative exploring special FinTech charters did not go away even though the previous administration did.

OCC 40

OCC Non-Bank Regulations Authorization 40

PYMNTS

JUNE 6, 2018

After reviewing sales practices at more than 40 large and mid-sized banks, the Office of the Comptroller of the Currency (OCC) found multiple systemic issues, along with hundreds of problems at individual banks. No one buried their head in the sand.”.

OCC 52

OCC Office of the Comptroller of the Currency Settlement Agreements 52

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.”.

OCC 40

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

The Paypers

JULY 23, 2020

US-based bank regulator OCC has posted a letter clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers.

OCC 28

OCC Cryptocurrency Authorization Regulations 28

Payments Source

SEPTEMBER 30, 2020

Various trade organizations sent letters to a House Financial Services Committee task force saying lawmakers should "actively discharge their oversight prerogatives" as the national bank regulator considers giving licenses to companies that do not accept deposits.

OCC 87

OCC Blocks Regulations Payments 87

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. With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank , National Association.

Money Laundering 52

Money Laundering Office of the Comptroller of the Currency OCC Online and Mobile Banking 52

Payments Source

JUNE 15, 2020

The Office of the Comptroller of the Currency has endured a fairly choppy legal ride since unveiling its idea five years ago to establish a special charter for non-bank fintech companies to access a nationwide financial system for lending services without worrying about being licensed to do so in all 50 states.

Office of the Comptroller of the Currency 119

Office of the Comptroller of the Currency OCC FinTech Non-Bank 119

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. to secure approval to operate within the U.S.

Office of the Comptroller of the Currency 69

Office of the Comptroller of the Currency OCC FDIC AI 69

Payments Source

JANUARY 29, 2021

A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this. Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act.

OCC 94

OCC FinTech Consumer Regulations 94