OCC

Delaying a proposed benchmark for grading banks' performance in Community Reinvestment Act exams to appease critics of its initial proposal will make it harder to gauge the final rule’s impact.

Agility Bank, one of two women-led groups seeking charters, is looking to open next spring.

National banks just got the OCC's go-ahead this summer to hold and transfer digital assets like bitcoin for customers, but the Paris-based bank has already vetted the technology needed to do the job.

Regulators said they will allow banks to deduct Treasury securities — a source of market volatility in the pandemic — from the net stable funding ratio on the same day they provided relief from auditing requirements.

House Democrats had already approved a measure blocking the regulation reforming the Community Reinvestment Act, but the resolution faced more resistance in the upper chamber.

Lawmakers’ attempt to stall the OCC’s final rule, preventing regulators from reforming a 1977 law meant to help underserved communities, does far greater harm than any changes that are raising objections, says the acting comptroller.

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

The regulator found that the financial services company failed to take precautions in disposing of hardware that contained sensitive customer information.

The company's mistaken payment to Revlon creditors and other lapses are said to have contributed to Citi's recent leadership shake-up. On Wednesday, the OCC and Fed ordered the company to fix its risk management problems.

The industry is warning regulators putting the finishing touches on the Net Stable Funding Ratio that the measure could exacerbate volatile market events like the spring selloff of Treasury securities.

In July, the OCC issued a letter clarifying that federally chartered banks can store cryptocurrency assets for their clients. A recent global survey finds that many are wary of the risks.

Any regulator or bank should build from a foundation of diversity, dignity and respect, says Grovetta Gardineer, the agency's head of national bank supervision policy.

While the two agencies have disagreed on key areas of reforming the Community Reinvestment Act, the acting comptroller of the currency said there is commonality between their two approaches and he has not given up on developing a joint plan.

The agencies are still at odds over how to reform the scoring system in Community Reinvestment Act exams, but experts say the central bank’s recent draft proposal suggests a deal could be struck.

A new watchdog report finds that prior to 2015, the Office of the Comptroller of the Currency missed numerous opportunities to address misconduct at the San Francisco bank.

Various trade organizations sent letters to a House Financial Services Committee task force saying lawmakers should "actively discharge their oversight prerogatives" as the national bank regulator considers giving licenses to companies that do not accept deposits.

Various trade organizations sent letters to a House Financial Services Committee task force saying lawmakers should "actively discharge their oversight prerogatives" as the national bank regulator considers giving licenses to companies that do not accept deposits.

If the Senate confirms Trump's nominee for the Supreme Court, it will cement a conservative majority that will likely decide a variety of fintech issues, including the rules digital payment companies have to follow when providing broader financial services.