Online lenders and other firms await news from OCC and Treasury on the future of their supervision, even as they absorb the news that Square had to temporarily pull its industry loan company application.
The agency has no plans to release general findings from an extensive review of sales practices at large and midsized banks. That's troublesome, and will only fuel the perception that it is too cozy with the institutions it regulates.
An inquiry into the sales practices of more than 40 banks launched in the wake of the Wells scandal found several systemic issues and hundreds of problems at individual institutions. The OCC completed the review in December but is not making the results public.
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 dismissal of a lawsuit challenging the creation of a fintech charter gives the agency more time to refine its policy, but the court ruling may set up future legal challenges.
A district court judge said the state’s suit against Office of the Comptroller of the Currency is premature because the agency has not finalized its fintech charter nor has any firm applied for it.
The Senate confirmed Joseph Otting, a former business partner of Treasury Secretary Steven Mnuchin, to lead the Office of the Comptroller of the Currency.
