OCC

The Community Reinvestment Act can lower — not increase — bank credit availability in some low-income regions, and the OCC should reconsider holding fintechs to the same standards with its new charter.

The veteran banking attorney, who also worked at the FDIC and OCC, passed away Tuesday following a battle with cancer.

Organizers of Piermont Bank said in their application with the FDIC that they want to raise $100 million and eventually operate in several urban coastal communities.

The agency’s move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage.

The agency’s move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage.

A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge.

The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced.

The agency’s decision to offer special-purpose charters for fintech companies raises questions about how those institutions will be overseen and the risks they could pose to the system.

The unnamed customer, who was on a list of suspects involved with weapons of mass destruction, used an HSBC credit card to make 12 payments in the second quarter, the company told shareholders Monday.

The bureau wants to encourage more innovation without the threat of enforcement, but observers say regulators also need a testing ground to prove they can regulate fintech.

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The OCC has simplified language detailing how fintech charter applicants will clear requirements for meeting community needs. The move has some consumer groups worried.

The proposal released in May to clarify how banks comply with the proprietary trading ban would “undermine a fundamental provision" of Dodd-Frank, lawmakers said.

Fintech firms have the federal option they have long sought, but meeting the agency’s application requirements will not be easy.

The decision, unveiled just hours after the Treasury Department endorsed the charter concept, means some fintech firms could soon be regulated more like banks.

The OCC has terminated a 22-month-old consent order that stemmed from allegations that the bank unlawfully repossessed cars of members of the U.S. military.

The bank also agreed to pay a $5 million fine to settle allegations over how it obtained consumers' consent.

The federal bank regulators are considering roughly a dozen new rulemakings in response to the bill rolling back certain sections of Dodd-Frank.

The Fed, the FDIC and the OCC said Friday that they have begun implementing changes for regional banks under the new regulatory relief law passed in May.

Online lenders and other firms await news from OCC and Treasury on the future of their supervision, even as they absorb the news that Square had to temporarily pull its industry loan company application.