OCC

A sharp disagreement between foreign and U.S. regulators is emerging on how far banking supervisors should go in asking financial institutions to stress test their loan and investment portfolios for any risks associated with climate change.

It is designed exclusively to address concerns of regulators who have complained about the bank's lack of progress in recovering from a series of scandals.

The Office of the Comptroller of the Currency had sought to dismiss the case, but a court ruling suggested that the state regulator’s claim may have merit.

The head of the agency's innovation office said the program will be available only to OCC-regulated institutions.

FDIC Chairman Jelena McWilliams revealed an effort by the banking agencies to gain better clarity on how authorities use the huge amounts of suspicious activity reports that banks must submit under anti-money-laundering laws.

Colin Walsh, Varo’s chief executive, says the disruptor has hired several former regulatory officials to help in what has admittedly been “a difficult process.”

The proposed program would allow companies to test innovative products that “present significant opportunities or benefits” for consumers, businesses and other financial institutions.

Bradley Linskens, the former examiner-in-charge at Wells Fargo, faced scrutiny for his conduct as the top examiner of the scandal-plagued bank.

The fintech company, which was forced to rebrand its cash management product last year after misleading marketing caused a backlash, is seeking a national bank charter.

The Massachusetts Democrat said the agency could have used existing statutory authority to object to the bank’s appointment of now-departed CEO Tim Sloan.