OCC

Senior leaders at the Federal Reserve, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau said they want examiners to be more understanding of the budding partnerships forming between banks and fintech firms.

Regulators are working intently on a proposal to reform how they apply the Community Reinvestment Act after previous attempts to modernize CRA policy drew mixed reviews.

The top examiner of Wells Fargo at the Office of the Comptroller of the Currency improperly revealed to the San Francisco bank the existence of a government investigation, according to the Treasury's inspector general.

Comptroller of the Currency Joseph Otting will bow out of certain regulatory matters involving CIT and U.S. Bank, where he held leadership roles, and three others.

The Minneapolis bank has been operating since October 2015 under a consent agreement that stemmed from deficiencies in its efforts to combat money laundering.

A top Treasury Department official on Monday said the administration's forthcoming report on regulating nonbanks will tackle questions around financial technology companies and whether they need to be regulated more like banks.

The Seattle company first disclosed an issue in September, when it withdrew an application to buy Anchor Bancorp.

Comptroller of the Currency Joseph Otting said reform of Community Reinvestment Act regulations is a "key element" of how regulators aim to recalibrate rules a decade after the financial crisis.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg said Tuesday that he is on the fence about whether to serve on the agency's board for the remainder of the year even after he is replaced as head of the agency.

A decision by the Federal Deposit Insurance Corp. — soon to be under new management — on Square’s ILC application could foreshadow how other fintech firms seek banking powers.

The bank’s unsullied image took a hit when it admitted to misleading regulators regarding its efforts to combat money laundering.

U.S. Bancorp has agreed to pay $613 million in penalties to state and federal authorities for violations of the Bank Secrecy Act and a faulty anti-money-laundering program.

Fintech firms and industry watchers hope the pilot program will help fix a balkanized chartering system, but getting enough states on board to expand the plan's reach could be a challenge.

The U.S. banking arm of the Dutch lender Rabobank has forfeited nearly $370 million for anti-money-laundering deficiencies that authorities say allowed untraceable money transfers on behalf of criminals.

Comptroller of the Currency Joseph Otting met Tuesday with acting CFPB Director Mick Mulvaney to discuss ways to reduce regulatory burden and coordinate supervision of financial firms.

The move is mainly in response to fintech firms that have long argued that the main route to doing business is by getting a license in each state, which can be a cumbersome and repetitive process.

The plan would harmonize a 2015 rule establishing swap margin requirements with a later policy that imposes restrictions on certain qualified financial contracts.

The state's banking regulator, Maria Vullo, said in a legal filing that the Tokyo lender's request last year to shift regulators — trading its state license for a federal one — was granted arbitrarily and unlawfully.

Comptroller of the Currency Joseph Otting on Thursday again took issue with Senate Democrats over their concerns about the pace of internal supervisory changes.

Regulators said they were taking steps to recognize contributions to the recovery made by banks anywhere in the nation.