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.
OCC Related Topics 
Amex pays $15M OCC penalty
Payments Dive
JULY 25, 2023
The card issuer paid the fine for failing to properly monitor a third-party affiliate and in connection with its courting of small business clients, the agency said.
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Warren calls out OCC over merger policy ahead of Capital One-Discover
Payments Dive
FEBRUARY 27, 2024
The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.
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Fed, OCC to hold meeting on Capital One-Discover deal
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.
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OCC Finalizes Long-Held Rule On Banking Equality
PYMNTS
JANUARY 15, 2021
The Office of the Comptroller of the Currency (OCC) released a finalized rule on ensuring fair access to banking services from large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations, according to a press release.
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OCC, SEC and FinCEN crypto verdicts empower banks, but anger fintechs
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.
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Two cryptocurrency firms seek OCC approval to charter trust banks
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.
OCC warns banks on BNPL lending
Finextra
DECEMBER 7, 2023
The Office of the Comptroller of the Currency (OCC) has issued guidance to US banks warning them to make sure that buy now, pay later loans are offered in a "safe and sound" manner.
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U.S. Bank fined $36M over freezes of COVID-era unemployment benefits
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.
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States are well equipped to regulate fintechs
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.
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Today In Digital-First Banking: OCC Issues Stablecoin Guidance For Banks; Deutsche Bank, PNC Plan Branch Closures
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.
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OCC's Brooks questions need for government-owned payment systems
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.".
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OCC: Banks Face Higher Compliance Risks Due To Pandemic
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.
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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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OCC FinTech Efforts in Legal Crosshairs, While GDPR Still Lags
PYMNTS
SEPTEMBER 17, 2018
The suit is one alleging that the OCC does not have the authority to provide such licenses under the FinTech charter that has been proposed. The OCC has been accepting applications since the end of July. New York state is suing the United States. The banking sector, argues the suit, is more efficiently regulated at the state level.
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OCC Calls For Equal Access To Banking Services
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.
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National banks may process stablecoin payments, OCC says
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.
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.
Could OCC's payments charter face the same fate as its fintech charter?
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.
OCC Realigns With Two New Units For Bank Oversight
PYMNTS
JULY 31, 2019
The Office of the Comptroller of the Currency (OCC) has announced that it’s going to realign about 150 staff members in two new units, the organization said in a press release. . The two units will consolidate bank supervision support, risk analysis, and oversight of national trust banks and important service providers.
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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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Today In Payments: Biden Expected To Name Michael Barr To Head OCC; Biden’s Treasury Pick Yellen Leary Of Crypto
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.
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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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Countering OCC, states announce streamlined payments exams
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.
OCC Opens Public Comment Period For Innovation Pilot Program
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
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51 OCC grants new charter to fintech firms—with strings attached
Payments Source
DECEMBER 2, 2016
The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.
OCC Targets Wells For Loose Pay Controls, Unresolved HR Complaints
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.
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OCC Prepares Civil Suit Against Former Wells Fargo Executives
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.
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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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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.
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Today In Digital-First Banking: OCC Seeks Equal Access To Banking; Taxpayers Face $435B Hit From Student Loans
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.
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Bitcoin Daily: OCC: US National Banks Can Hold Digital Assets; S. Korea Eyes 20 Pct Tax On Crypto Trading
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.
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OCC Defines Top Threats To Banks This Season
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.
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OCC’s Hsu calls for federal payments licensing
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.
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Banking groups urge Congress to block OCC payments charter
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.
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How fintech can save small businesses on the brink
Payments Source
APRIL 7, 2020
Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.
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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.
Fintechs that get bank charters should be subject to CRA. Period.
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.
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OCC Report Uncovers Problems With Sales Practices At Banks
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.”.
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OCC Will Vet Wells Fargo’s Next CEO
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).
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OCC Does A 180: Fake Accounts Not A Common Problem
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.
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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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Congress can work around court’s nixing of OCC fintech charter
Payments Source
NOVEMBER 25, 2019
Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.
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