OCC

Anchorage Digital Bank has an inadequate AML compliance program and will have to create a committee within 15 days to develop a remediation plan and submit progress reports, according to the Office of the Comptroller of the Currency.

The Office of the Comptroller of the Currency recently decided to put an official in charge of the rising number of small and midsize national banks that partner with fintechs or have nontraditional business plans. The agency’s goal is to establish a team that understands cutting-edge technologies and establishes consistent oversight policies in response.

The acting comptroller pushed back against a key feature of Sen. Pat Toomey’s stablecoin proposal, and the idea that stablecoins could be regulated as money market funds

Mutual institutions, long pillars of underserved communities, now face insurmountable barriers to entry.

Not all reforms are created equal. Only those truly taking a consumer-first approach — such as curtailing fees and allowing for grace periods — will see lasting benefits in customer loyalty, writes the acting comptroller of the currency.

The agency will create a deputy comptroller position responsible for “novel” banking providers, redraw its territories and more closely align its examiner staffs for small and medium-size banks.

A supervisory letter detailing their failings in assessing exposure to a collapsed hedge fund suggests that the Federal Reserve believes banks are falling short in basic risk management.

The megabank is dealing with one less regulatory headache following the termination of an enforcement action related to the sale of identity protection products.

With the Biden administration suffering setbacks in trying to appoint a Senate-confirmed leader at the Office of the Comptroller of the Currency, acting Comptroller Michael Hsu could emerge as the consensus choice, observers said.

The Independent Community Bankers of America made the rare move of urging senators not to confirm Saule Omarova to lead the Office of the Comptroller of the Currency. The group argued that some of her proposals could have drastic consequences for the industry.

Saule Omarova is scheduled to appear before the Banking Committee as progressives cheer her potential appointment to lead the Office of the Comptroller of the Currency and critics describe her views as too radical. Her confirmation would rely on the support of every Democrat in the chamber.

Directors can urge executives to move more quickly in gauging their institutions’ vulnerability to extreme weather events, said acting Comptroller of the Currency Michael Hsu. He offered a list of five questions every board member should ask senior leaders about their progress.

The agency said the risk management program for Cenlar FSB, which performs servicing functions for financial institution clients, was inadequate for the bank's size.

The Office of the Comptroller of the Currency made good on a promise to rescind Community Reinvestment Act reforms finalized by ex-Comptroller Joseph Otting as part of talks with other regulators on an interagency overhaul of the law.

The Office of the Comptroller of the Currency is seeking nearly $19 million from David Julian, Claudia Russ Anderson and Paul McLinko. The trial before an administrative judge is scheduled to begin in South Dakota on Sept. 13.

Five years into scandals that have already cost Wells Fargo more than $5 billion in fines and legal settlements, regulators are privately signaling they’re still not satisfied with the bank’s progress in compensating victims and shoring up controls.

Nearly eight months of the Biden administration have gone by without a word from the White House on a nominee to lead the Office of the Comptroller of the Currency. Here are some of the candidates who have been in (and in some cases fallen out of) the running.

The Federal Financial Institutions Examination Council says bank accounts and information systems have become more vulnerable as mobile and other technologies have expanded. It issued guidelines on detailed steps financial institutions should take to heighten security.

The Boston-based cryptocurrency firm says it would welcome the tough oversight that comes with being a bank. Yet Biden-era regulators have shown apprehension about granting approvals to digital-asset firms.

Sen. Patrick Toomey, the top Republican on the Banking Committee, criticized acting Comptroller of the Currency Michael Hsu and others in the Biden administration for advancing “social goals that are unrelated to banking.”