OCC

The Office of the Comptroller of the Currency announced Tuesday it had withdrawn from an international body devoted to combatting climate-driven financial risk, saying it fell outside the agency's statutory remit.

A document circulated by the House Ways and Means Committee makes a number of suggestions for cutting federal spending, including revoking the federal tax exemption for credit unions and eliminating the Federal Deposit Insurance Corp.'s orderly liquidation authority.

The Office of the Comptroller of the Currency issued fines amounting to $18.5 million to three former Wells Fargo executives in response to unsafe sales practices from 2013 to 2016.

JPMorgan Chase, U.S. Bancorp and others shut some branches as wildfires tore through the suburbs of Los Angeles.

Bank of America must overhaul anti-money-laundering protocols and hire third-party consultants, but will not face growth limits, following OCC action for compliance deficiencies.

The OCC's 2024 annual report said that while the federal banking system remains stable, it faces challenges such as rising credit costs, declining net income and increasing nonperforming loans. 

We've seen what can happen when BaaS providers fail to adequately protect consumers. Across the industry, we need to institutionalize the principles of safe banking, both inside and outside of traditional banks.

Proposals to streamline U.S. banking regulators have resurfaced with the Trump administration's focus on efficiency, but experts and history suggest such changes are unlikely amid political and industry resistance.

Letters hint at more oversight of the banking agencies, as well as the Treasury Department, the CFPB and the Securities and Exchange Commission, under the Republican-controlled Senate.

We should consolidate federal oversight of the banking industry within the Office of the Comptroller of the Currency. It would rationalize a system that has grown increasingly unwieldy over generations.