OCC

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.

The Conference of State Bank Supervisors filed a complaint arguing that the unique bid by the San Francisco fintech is "merely a thinly veiled effort" to evade legal challenges to the federal regulator's chartering of nonbanks.

The agency said it may exempt certain institutions from having to file suspicious activity reports if they have “innovative solutions intended to meet Bank Secrecy Act requirements more efficiently and effectively." But in those circumstances, law enforcement may still require SARs.

The percentage of seriously delinquent loans hit 5.8% in the third quarter, up from 1.5% a year earlier but down from 6.8% in the second quarter.

Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades.

BitPay and Paxos are only the latest digital currency companies to pursue a national charter from the Office of the Comptroller of the Currency.

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.