Tagged: occ

May 10, 2025 @ 4:07 am By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC) has recently unveiled a series of transformative updates aimed at strengthening bank supervision and embracing technological innovation, particularly in the realm of cryptocurrency. These changes, detailed in Bulletin 2025-9 and News Releases NR-OCC-2025-43 and NR-OCC-2025-44, reflect… Read More

May 8, 2025 @ 5:45 pm By Omar Faridi  |  

The United States under the Trump Administration making significant strides in shaping the future of digital assets, with recent legislative and regulatory developments signaling a decisive and transformative shift in how cryptocurrencies and blockchain technologies are integrated into the financial system. From state-level initiatives to… Read More

April 19, 2025 @ 10:53 am By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC) announced that it has “conditionally” approved the merger of Discover Bank, Greenwood, Delaware, into Capital One, National Association, McLean, Virginia. The OCC conducted a fulsome review of the application “submitted March 21, 2024, to ensure all… Read More

March 21, 2025 @ 11:01 am By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC) announced that it will no longer examine its regulated institutions for “reputation risk” and is removing references to reputation risk from its Comptroller’s Handbook booklets and guidance issuances. These actions reportedly aim to support the OCC’s… Read More

March 9, 2025 @ 4:38 pm By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC) took action to affirm that a range of cryptocurrency activities are permissible in the federal banking system. The previous administration had sought to deter regulated banks to participate in crypto affiliated activities. The OCC published Interpretive… Read More

February 10, 2025 @ 6:21 pm By JD Alois  |  

Rodney E. Hood has been selected as Acting Comptroller of the Currency. The US Department of Treasury said Hood’s leadership of the Office of the Comptroller of the Currency is effective immediately. Hood replaces Acting Comptroller Michael J. Hsu, who has been Comptroller since May… Read More

July 29, 2024 @ 11:29 pm By Michael Wong  |  

The Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) have issued a joint statement highlighting potential risks associated with banks’ partnerships with third parties, particularly Fintech firms. The regulators aim to underscore the importance of effective risk… Read More

July 14, 2024 @ 7:10 am By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC) has recently issued an amendment to its October 7, 2020, Cease and Desist Order against Citibank, N.A, Sioux Falls, South Dakota, related “to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls… Read More

June 8, 2024 @ 9:30 pm By Tony Zerucha  |  

The American Fintech Council (AFC), an industry association representing Fintech companies and banks, applauded the Office of the Comptroller of the Currency (OCC) on the expansion of REACh 2.0 and continued commitment to collaboration. The AFC said the agency has continued its pragmatic approach to… Read More

March 16, 2024 @ 5:21 am By Omar Faridi  |  

The Office of the Comptroller of the Currency (OCC) recently announced a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) (NYSE: JPM) related to deficiencies in its trade surveillance program. The OCC found that JPMC allegedly operated “with gaps in trading venue… Read More

December 11, 2023 @ 10:17 am By Tony Zerucha  |  

The CEO of the American Fintech Council voiced his support for the Office of the Comptroller of the Currency’s recent statements on BNPL products. Phil Goldfeder said they provide clarity for banks and fintechs that offer responsible BNPL services. Goldfeder explained that responsibility includes identifying… Read More

April 26, 2023 @ 10:41 pm By JD Alois  |  

Representative Patrick McHenry, Chairman of the House Financial Services Committee, has joined with Representatives French Hill, Digital Assets, Financial Technology, and Inclusion Subcommittee Chairman, and Bill Huizenga, Oversight and Investigations Subcommittee Chairman, to send letters to federal agencies demanding information on the move to de-bank… Read More

March 13, 2023 @ 8:45 am By Omar Faridi  |  

This past January, Anchorage Digital marked the second anniversary of their federal bank charter. According to Anchorage Digital, it was “a moment of pioneering progress for any digital asset bank, and it coincided with their announcement of another milestone for their compliance and bank program:… Read More

February 23, 2023 @ 12:18 pm By JD Alois  |  

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), have joined once again in issuing a warning on crypto. Last month, the three federal entities issued a statement cautioning banks… Read More

January 5, 2023 @ 11:59 am By JD Alois  |  

This past week, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the US Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement cautioning banks on their activities that involve digital assets (crypto). The joint statement… Read More

January 3, 2023 @ 10:29 pm By JD Alois  |  

Earlier today, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the US Federal Reserve made the interesting move to jointly issue a statement cautioning banks about working with crypto firms. The joint statement… Read More

January 3, 2023 @ 5:21 pm By JD Alois  |  

Three federal bank regulators, including the Office of the Comptroller of the Currency (OCC), US Federal Reserve Bank, and Federal Deposit Insurance Corporation (FDIC), have joined to caution the public on “crypto asset” risks to banking firms. The statement follows a year of turmoil in… Read More

November 22, 2022 @ 9:05 am By JD Alois  |  

Democrat members of the Senate Banking Committee have sent a letter to SoFi (NASDAQ:SOFI) inquiring about its activities in regard to digital asset trading. At the same time, the Senators have forwarded a letter to three bank regulators, the Office of the Comptroller of the… Read More

November 15, 2022 @ 5:12 pm By JD Alois  |  

The Acting Comptroller of the Currency, Michael J. Hsu, testified in front of the Senate Committee on Banking today. In prepared testimony, the Acting Comptroller outlined his priorities for the bank regulator. In opening statements, the Chair of the Committee, Senator Sherrod Brown, took a… Read More

October 30, 2022 @ 1:37 pm By Omar Faridi  |  

The Office of the Comptroller of the Currency recently announced it will “establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape.” The Office of Financial Technology will “build on and… Read More