OCC

The Office of the Comptroller of the Currency said it would cease its participation in interagency principles for regulating climate-related risks at the banks it regulates. 

Places to work at the 7 Times Square location "will be available on a daily first-come, first-serve basis," the Office of the Comptroller of the Currency told employees who supervise major U.S. banks.

A new Office of External Relations and Strategic Partnerships will continue the work of helping banks develop affordable credit for consumers lacking a credit score using untraditional methods of determining creditworthiness, the agency's acting head said.

Acting Comptroller Rodney Hood discussed using fintech to evaluate self-employed borrowers' creditworthiness, saying alternative credit models could promote financial inclusion.

The OCC will no longer assess reputational risk in bank exams, aligning with President Trump's push to curb debanking, which critics say drove politically motivated account closures.

The financial services industry has made positive gains in consumer trust in recent years. As we enter what seems likely to be an era of deregulation, that newfound trust is theirs to lose.

Without citing examples, acting comptroller Rodney Hood expressed disgust at what he called the "debanking" of certain businesses.

The Office of the Comptroller of the Currency reversed policies on crypto banking, withdrawing its guidance on custody, stablecoin reserves and risk management requirements.

The Office of the Comptroller of the Currency announced Tuesday it had withdrawn from an international body devoted to combatting climate-driven financial risk, saying it fell outside the agency's statutory remit.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

The order stemmed from a cybersecurity breach in 2022. The Office of the Comptroller of the Currency also lifted the bank's "troubled condition" status.

Acting Comptroller of the Currency Michael Hsu said that while artificial intelligence is a potentially transformative technology, regulators should be wary of waiving liability for its use in banking.