OCC

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.