OCC

Under the Obama administration, the OCC quietly prevented JPMorgan Chase from opening branches in new states as punishment for violating banking rules, according to sources.

The money manager plans a big expansion in Atlanta; agency makes now rare determination that debt-collection practices were “abusive.”

The assessment is designed to get banks on the same page in combating cybersecurity and make it easier for institutions and regulators to assess their performance.

Hope Hardison, the chief administrative officer, and David Julian, the chief auditor, were placed on leave Wednesday after they received the letters, which indicated the comptroller's office plans to pursue sanctions againts them, a source says.

State regulators have once again sued the OCC, arguing it lacks legal authority to offer a federal fintech banking charter.

“We have actually discouraged banks from innovating,” FDIC Chairman Jelena McWilliams said in announcing a move that other agencies have made.

The civil money penalty from the Office of the Comptroller of the Currency follows a 2015 consent order against the bank, which became a subject of federal questioning after it suspended its business with check cashers.

Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides.

Bankers say the agencies’ proposed rewrite of the trading ban would do more harm than good, while the Volcker Rule’s most ardent supporters worry the overhaul will enable risky behavior by the largest institutions.

Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides.