OCC

A top Treasury Department official on Monday said the administration's forthcoming report on regulating nonbanks will tackle questions around financial technology companies and whether they need to be regulated more like banks.

The Seattle company first disclosed an issue in September, when it withdrew an application to buy Anchor Bancorp.

Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Tuesday that he is on the fence about whether to serve on the agency's board for the remainder of the year even after he is replaced as head of the agency.

A decision by the Federal Deposit Insurance Corp. — soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers.

The bank’s unsullied image took a hit when it admitted to misleading regulators regarding its efforts to combat money laundering.

U.S. Bancorp has agreed to pay $613 million in penalties to state and federal authorities for violations of the Bank Secrecy Act and a faulty anti-money-laundering program.

Fintech firms and industry watchers hope the pilot program will help fix a balkanized chartering system, but getting enough states on board to expand the plan's reach could be a challenge.

The U.S. banking arm of the Dutch lender Rabobank has forfeited nearly $370 million for anti-money-laundering deficiencies that authorities say allowed untraceable money transfers on behalf of criminals.

Comptroller of the Currency Joseph Otting met Tuesday with acting CFPB Director Mick Mulvaney to discuss ways to reduce regulatory burden and coordinate supervision of financial firms.