Tagged: office of the comptroller of the currency

May 20, 2021 @ 2:18 pm By JD Alois  |  

Earlier today, US Senator Sherrod Brown, Chairman of the Senate Banking Committee,  issued a statement challenging the Office of the Comptroller of the Currency (OCC) to review federal bank charters approved for digital asset firms. In the last year of the Trump Administration, the OCC… Read More

April 26, 2021 @ 7:22 pm By JD Alois  |  

Last week, it was reported that Paxos had received preliminary approval for a national bank charter for Paxos National Trust. The Office of the Comptroller of the Currency (OCC) stated: “the preliminary conditional approval is granted after a thorough review of the application, other materials… Read More

April 8, 2021 @ 2:00 pm By JD Alois  |  

Back in January of this year, Anchorage, a top crypto platform for institutions, announced that the Office of the Comptroller of the Currency (OCC) had conditionally approved  Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. Thus, Anchorage… Read More

March 29, 2021 @ 5:07 pm By JD Alois  |  

In a joint statement today, five federal financial regulatory agencies announced a consultation pertaining to the usage of artificial intelligence (AI) as well as machine learning (ML) within financial institutions. The agencies seek information from the public on how financial institutions use AI in their… Read More

January 13, 2021 @ 7:38 pm By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) has conditionally approved Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. Founded in 2017, Anchorage has emerged as a top digital asset platform serving institutions investing in the crypto… Read More

December 31, 2020 @ 5:57 pm By JD Alois  |  

LendingClub (NYSE:LC) will start 2021 on a high note it seems. The online lender and aspiring digital bank has had its acquisition of Radius Bank approved by the Office of the Comptroller of the Currency (OCC), according to many reports. Additionally, the decision letter was… Read More

December 22, 2020 @ 9:55 pm By JD Alois  |  

The Conference of State Bank Supervisors (CSBS) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC), as well as Acting Comptroller Brian Brooks, regarding the agency’s ability to issue federal bank charters to Fintechs. The complaint mentions Figure Technologies, a… Read More

September 24, 2020 @ 4:38 pm By JD Alois  |  

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

September 21, 2020 @ 4:39 pm By JD Alois  |  

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

September 2, 2020 @ 2:00 pm By JD Alois  |  

  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

August 4, 2020 @ 10:00 am By JD Alois  |  

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

August 3, 2020 @ 3:29 pm By JD Alois  |  

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

July 31, 2020 @ 9:00 am By JD Alois  |  

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

July 22, 2020 @ 3:47 pm By JD Alois  |  

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

July 20, 2020 @ 4:46 pm By JD Alois  |  

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

July 12, 2020 @ 11:26 am By Omar Faridi  |  

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

June 4, 2020 @ 6:44 pm By JD Alois  |  

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

June 1, 2020 @ 6:21 pm By JD Alois  |  

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

May 21, 2020 @ 11:52 am By JD Alois  |  

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

February 28, 2020 @ 7:00 pm By JD Alois  |  

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