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

Finovate

MAY 6, 2024

From the perspective of an onlooker, it appeared that regulators were issuing the consent orders to make examples out of certain players in the industry, foregoing formal BaaS regulation. Regulators’ New Resource on BaaS Relationships is Disappointing appeared first on Finovate.

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Regulations Community Banks FDIC Due Diligence 52

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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OCC Compliance Risk Office of the Comptroller of the Currency 66

PYMNTS

JANUARY 23, 2020

A Wells Fargo regulator is planning to slap former company executives with civil charges associated with their position in its retail banking scandals, people familiar with the matter told Bloomberg on Thursday (Jan. An OCC spokesman declined to comment, as did representatives for Tolstedt, Hardison and Julian.

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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. As the prudential regulator of the U.S.

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OCC Office of the Comptroller of the Currency Innovation Regulations 51

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.

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FDIC OCC Fed Risk 88

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.

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

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

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 Office of the Comptroller of the Currency Settlement Accounts 52

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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Regulations OCC FinTech Laws 62

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. In other news, South Korea intends to levy a two-tenths tax on income made via digital currency transactions, The Block reported.

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

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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OCC Blocks Regulations Payments 87

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. regulator has concluded that the practice of creating fake customer accounts isn’t a sign of a broader issue for the financial industry.

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OCC Office of the Comptroller of the Currency Accounts Regulations 49

Payments Source

DECEMBER 20, 2018

The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.

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Office of the Comptroller of the Currency OCC Federal Reserve FDIC 62

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

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.

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OCC Non-Bank Regulations Authorization 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.

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

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

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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OCC Office of the Comptroller of the Currency FinTech Rules 43

PYMNTS

MAY 29, 2017

but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. The OCC also issued a draft licensing manual last March to help some FinTechs obtain a limited banking license.

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Regulations Office of the Comptroller of the Currency OCC FinTech 53

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 clarity of being regulated by the oldest regulator for banks in the United States … sends a very clear message.”. In other news, the U.S.

Money Laundering 52

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

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.

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OCC Cryptocurrency Authorization Regulations 28

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. Though the results have not been publicly released, Dan Ryan, who leads the PwC banking practice, was briefed on the results.

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OCC Office of the Comptroller of the Currency Settlement Agreements 52

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 Federal Reserve Risk Management Disputes 48

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. ”

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OCC Office of the Comptroller of the Currency FinTech Legal 40

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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OCC Blocks FinTech Regulations 102

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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Office of the Comptroller of the Currency OCC Regulations Settlement 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.”.

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

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.

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Office of the Comptroller of the Currency OCC FDIC AI 69

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.

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OCC AML Office of the Comptroller of the Currency Compliance 43

The Paypers

FEBRUARY 6, 2024

The US bank regulator OCC has imposed a USD 65 million fine on RBC ’s American unit, the City National Bank , over its risk management and internal controls.

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OCC Risk Management Regulations Risk 41

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.

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

PYMNTS

MAY 29, 2018

Banks, faced with low business growth and fierce competition in the industry, are offering business loans with sweeter terms, which is worrying some regulators. The WSJ pointed to a report from The Office of the Comptroller of the Currency (OCC), which referred to an easing of commercial loan standards as a leading risk to the industry.

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Regulations Office of the Comptroller of the Currency OCC Risk 40

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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OCC FinTech Laws Regulations 67

PYMNTS

JANUARY 14, 2021

Bitcoin is about to get even more scrutiny by regulators, on a global stage. As reported by Reuters this week, Lagarde said at a conference sponsored by the newswire that bitcoin should be regulated — worldwide. She went on to say that “there has to be regulation. She pointed to the crypto’s use in criminal activity.

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Money Laundering Bitcoin Regulations Central Bank 61

PYMNTS

APRIL 20, 2017

While much attention has been paid to Wells’ behavior, today a new player is in the spotlight — Wells Fargo’s regulator the Office of the Comptroller of Currency — with questions about why it didn’t act sooner when complaints about the bank began to roll in.

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Office of the Comptroller of the Currency Regulations OCC Volume 43

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.

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Office of the Comptroller of the Currency OCC Community Banks Regulations 74