OCC

The Office of the Comptroller of the Currency finalized a rulemaking Thursday morning opposed by the industry that forces the largest banks to provide services to gun businesses and other sectors to which banks have curtailed lending.

Brian Brooks may be remembered as one of the most controversial interim regulatory chiefs in recent memory, taking positions on the pandemic response, fintechs’ banking ambitions and other issues that won him supporters and critics alike.

A co-founder of Anchorage Trust Co. said its digital bank, which will not take insured deposits, will enable the company to strengthen partnerships with financial institutions that offer custody services for clients’ cryptocurrency assets.

Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act. A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this.

Brian Brooks is planning to leave the Office of the Comptroller of the Currency within days, according to a published report and a source familiar with the situation.

The Office of the Comptroller of the Currency appears intent on being the federal chartering agency for tech firms with banking ambitions. But some experts say the Consumer Financial Protection Bureau is better suited for the job.

In memos to their staffs, acting Comptroller of the Currency Brian Brooks and Consumer Financial Protection Bureau Director Kathy Kraninger denounced the violence perpetrated by President Trump's supporters and said both agencies remain in operation.

Acting Comptroller of the Currency Brian Brooks pushed back on a recommendation from a task force — appointed by Consumer Financial Protection Bureau — suggesting that Congress should give the CFPB the authority to charter and regulate fintechs.

The Office of the Comptroller of the Currency’s proposal to ensure banking services are available to polarizing businesses contradicts long-standing guidance on managing reputational risk, big banks argue. But gun makers, energy firms and others say it would correct an injustice.

A panel appointed by the Consumer Financial Protection Bureau said Congress should consider authorizing the bureau — and not the Office of the Comptroller of the Currency — to issue federal charters to fintech companies.

Seven states and the District of Columbia want to invalidate a new federal rule that threatens to hinder states’ power to cap interest rates on consumer loans.

Several government agencies have made deeper moves into crypto oversight, leaving a trail of angry executives and unresolved political questions. And there's still no sign of a central bank digital currency, leaving the U.S. at risk of falling behind other countries in the race to support faster payment processing.

The digital currency and related distributed-ledger technologies could "enhance the efficiency, effectiveness and stability of the provision of payments," according to an interpretive letter issued by the Office of the Comptroller of the Currency.

The next administration must halt the practice of allowing new entrants into the banking system to forgo a full Community Reinvestment Act exam.

The regulator's order moves the San Francisco-based company one step closer to becoming the first online lender to own a bank.

Bank regulators traditionally steer clear of more divisive debates in a polarized Washington. But some observers worry acting Comptroller Brian Brooks has gone too far by wading into issues such as public health orders and banks' decisions to curtail services to the gun and fossil fuel industries.

Several consumer advocacy organizations have urged the Office of the Comptroller of the Currency to deny the online lender's application for a national bank charter, citing concerns about its lending and debt-collection practices.

A Biden-appointed comptroller could refocus resources and attention to these issues and put less effort into fighting the ongoing fintech charter battle.

Brian Brooks, the acting comptroller of the currency, used a selective (and dubious) interpretation of the Dodd-Frank Act to argue for more say on when banks can preempt state law.

In the waning days of the Trump administration, the agency issued a new legal theory of its power to let national banks evade state consumer protection laws. But some state attorneys general and consumer groups charge the federal regulator is attempting to sidestep restrictions imposed by Dodd-Frank.