Tagged: office of the comptroller of the currency

OCC Crypto Guidance Used to Assure National Banks as Certain States Move Aggressively into Digital Assets

Earlier this week, the Office of the Comptroller of the Currency (OCC) – the leading national bank regulator, provided guidance on banks and stablecoins. The guidance was designed to provide “greater regulatory certainty for banks” operating in this sector. Stablecoins are digital assets typically tied… Read More

OCC Issues Interpretive Letter on Banks and Stablecoins, SEC Comments on its Position Regarding Digital Assets

The Office of the Comptroller of the Currency (OCC), part of the US Department of Treasury, has issued an interpretive letter pertaining to banks and federal savings entities pertaining to “certain stablecoins.” Stablecoins are digital currencies that are based on a fiat currency or specific… Read More

OCC to Start Processing Charter Applications from Fintechs: Report

  The Office of the Comptroller of the Currency (OCC) will start processing Fintech applications to become federally chartered firms as soon as this week, according to a report. The acting Comptroller of the Currency Brian Brooks has only been managing the regulator since May… Read More

The Office of the Comptroller of the Currency Clarifies Banks Ability to Serve Crypto Firms. What Does this Mean for Digital Asset Businesses?

Recently, the Office of the Comptroller of the Currency (OCC) posted a letter clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers. Although recently we have seen improvements in banks providing services to crypto firms, many digital asset service providers… Read More

Comptroller of the Currency Brian P. Brooks Comments on Varo Bank Receiving Federal Bank Charter

Last week, Acting Comptroller of the Currency Brian P. Brooks virtually presented Varo Bank, N.A. its official charter. Varo Money has been in business for years having provided bank services by partnering with an already chartered bank. As of August 1st, 2020, Varo Bank can… Read More

Big News: Varo Money Becomes First US Fintech to Receive a National Bank Charter

Varo Money, Inc. has been granted its national bank charter from the Office of the Comptroller of the Currency (OCC) and secured regulatory approvals from the FDIC and Federal Reserve to open Varo Bank N.A. This represents the first consumer Fintech in the US to… Read More

OCC Issues Letter Clarifying Banks Ability to Provide Cryptocurrency Custody Services

The Office of the Comptroller of the Currency (OCC) has posted a letter clarifying national banks’ and federal savings associations’ authority to provide cryptocurrency custody services for customers. The OCC is the lead bank regulator in the US. Recently, the OCC has issued several forwarding… Read More

The OCC Issues Proposed True Lender Rule that Should Clarify Online Lenders and Bank Relationships

The Office of the Comptroller of the Currency (OCC) has proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third… Read More

Financial Inclusion: Office of the Comptroller of the Currency Introduces Project to Help Underserved US Businesses and Individuals

The Office of the Comptroller of the Currency (OCC), an independent bureau within the US Department of the Treasury that serves to charter, regulate, and supervise all national banks  (among other responsibilities), has introduced an initiative that aims to promote greater financial inclusion of unserved… Read More

The Office of the Comptroller of the Currency Pushes Forward with Possible Digital Banking Rules, Includes Crypto and DLT

The Office of the Comptroller of the Currency (OCC) has issued an advance notice of proposed rulemaking (ANPR) inviting public comment on its regulations regarding digital banking activities. The OCC is part of the US Department of Treasury and is the main banking regulator in… Read More

In First Move as Acting Comptroller, Brian Brooks Clarifies the Madden Rule that Impacts Online Lenders

Last Friday, the Acting Comptroller of the Currency Brian P. Brooks quickly moved to clarify a longstanding point of contention within the online lending industry. Brooks issued a statement regarding the Office of the Comptroller of the Currency’s (OCC) final rule on when a national… Read More

Joseph Otting to Step Down as Comptroller of the OCC, Former Coinbase Chief Legal Officer & Current OCC First Deputy Brian Brooks to Become Acting Comptroller

Comptroller of the Currency Joseph M. Otting will step down from the office on May 29, 2020, according to a release posted by the Office of the Comptroller of the Currency (OCC).  Current OCC First Deputy and Chief Operating Officer Brian P. Brooks will take… Read More

Here is the Consent Order Filed by the OCC Regarding M.Y. Safra Bank Cryptocurrency Infractions

Recently the Office of the Comptroller of the Currency (OCC), issued what is believed to be the first enforcement action against a bank dealing in digital assets. The target of the consent order was M.Y. Safra Bank. According to the Order, the bank was a… Read More

Fake Banks: What Do You Do If You Encounter a Fake Bank Online?

The internet has disrupted so many different industries mainly for the better. Fintech, or financial technology, is really the digitization of financial services that previously leaned in an analog direction, lending, trading & investing, payments, banking and more. While the benefits to consumers and business… Read More

Report: Robinhood Pulls Bank Charter Application

Robinhood, a Fintech that seeks to provide a growing number of banking services, has pulled its application for a national bank charter filed with the Office of the Comptroller of the Currency (OCC), according to a report by CNBC. Robinhood filed for a “Charter National… Read More

Office of the Comptroller of the Currency Proposes Clarification for “Valid When Made” Related to Madden v. Midland Lawsuit

The Office of the Comptroller of the Currency (OCC) is proposing to “clarify” the “valid when made” issue regarding lending. The OCC is soliciting comments now on the proposal. To quote the OCC: “[the proposed] rule to clarify that when a national bank or savings… Read More

Final Judgement: OCC Loses Fintech Charter Legal Battle as Judge Rules in Favor of New York State Department of Financial Services

Customers Lose as Fintech Charter Shot Down by US District Court This week, Judge Victor Marrero of the US District Court for the Southern District of New York, ruled against the Office of the Comptroller of the Currency (OCC), in its ongoing legal battle to… Read More

Conference of State Bank Supervisors Denied Again as DC Federal Court Shoots Down Attempt to Challenge OCC Fintech Charter

The Conference of State Bank Supervisors (CSBS) has been rebuffed once again in its attempt to stymie looming Fintech banking competition. In a decision issued yesterday (September 3, 2019), the US District Court for the District of Columbia ordered that the CSBS pursuit of a… Read More

Comptroller Otting Discusses Fintech Charter During House Financial Services Committee

Last week, Comptroller of the Currency Joseph Otting testified in front of the House Financial Services Committee. The hearing was entitled, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions.” The Office of the Comptroller of the Currency… Read More

New York Department of Financial Services Gets Go Ahead to Pursue OCC Fintech Charter Lawsuit

The US District Court Southern District of New York has greenlighted the lawsuit against the Office of the Comptroller of the Currency filed by the New York Department of Financial Services (DFS). The legal battle is an ongoing attack by DFS to challenge OCC’s Fintech… Read More

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