OCC

The Office of the Comptroller of the Currency has been taking the lead on a federal license for fintech firms, but the central bank will decide if such companies can access the payments system and other benefits.

The comptroller of the currency argues that special-purpose fintech charters will benefit consumers and businesses, despite opposition.

The state's banking regulator and the Conference of State Bank Supervisors are reviving litigation after the Office of the Comptroller of the Currency said it would accept charter applications.

Washington Federal in Seattle allowed Anchor Bancorp to find another buyer after BSA issues forced it to withdraw its merger application.

State regulators said Wednesday they will refile a lawsuit against the OCC, attempting to block the agency's new federal bank charter for fintechs.

U.S. Bank’s announcement that it will begin offering small installment loans could open the door for other financial institutions to offer them as an alternative to pricey payday loans.

The Senate Banking Committee said it is postponing a hearing on the implementation of regulatory relief for "logistical reasons."

Regulators will continue to issue guidance to articulate general views on appropriate practices, but they will not issue enforcement actions based on violations.

The nation's fifth-largest bank on Monday rolled out a three-month consumer loan that is far less expensive than the typical payday loan. The move comes as regulators are encouraging banks to reach out to the subprime market, which they largely abandoned.

The proposed rule is another step in the agency's implementation of a regulatory relief bill that President Trump signed into law in May.

The former head of the agency said the proposed changes to the enhanced supplementary leverage ratio will make banks vulnerable to disruption and failure.

In a report, the watchdog said the economic environment and competition instead have driven trends in small-business lending.

Industry experts weigh in on potential pros and cons of the new fintech charter and how it might ultimately impact credit unions.

The OCC required the company to raise more capital and complete a CRA plan. Varo Bank still needs FDIC and Fed approval before opening.

The agencies had proposed revisions designed to make compliance less complex, but banks have expressed concern that the plan could have the opposite effect.

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An OCC charter for fintechs requires firms to meet a “financial inclusion” standard instead of conventional Community Reinvestment Act requirements. That’s a problem.

The agency is seeking public comment on how to reform the Community Reinvestment Act — a big step forward without the Fed or the FDIC on board.

The Office of the Comptroller of the Currency’s questions for the public to comment on the decades-old law could illuminate a path forward as regulators struggle to agree on an updated policy.

Comptroller of the Currency Joseph Otting writes that the Community Reinvestment Act has not kept pace with changes in banking and needs to be updated.