OCC

The initiative is the latest offshoot of Project REACh, which was developed by the OCC over the summer to bring together bankers, community leaders and civil rights organizers in an attempt to expand access to credit.

The Bank Policy Institute submitted a Freedom of Information Act request to the Office of the Comptroller of the Currency requesting the agency's analysis used in crafting the plan.

The reduction marks the third time in three years the agency has cut annual fees for national banks.

The OCC, Federal Reserve and FDIC said that a failure to adequately prepare for the transition away from Libor could undermine banks' safety and soundness, but also extended the sunset date for many iterations of the interest rate benchmark to July 2023.

The industry is asking for more time to comment on a regulatory proposal that aims to prohibit banks from denying services to oil and gas companies and other firms in politically sensitive industries.

The plan still lacks concrete details about standards banks must meet to earn high ratings, but the agency said the new methodology would end grade inflation and could penalize banks that underperform.

The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest.

The California company, which filed an application Monday with the Office of the Comptroller of the Currency, is following a path charted by Varo Money and SoFi.

The agency said federal thrifts must abide by the same rules as national banks pertaining to membership in payment systems and codified policies on acceptable derivatives practices among a slew of technical changes.

Participation in the Paycheck Protection Program and other emergency lending during the pandemic has swelled many small banks’ balance sheets. Federal regulators are giving them a temporary pass on supervisory requirements tied to their size.