Finovate

FEBRUARY 1, 2024

Office of the Comptroller of the Currency (OCC) fined City National $65 million in a civil money penalty. The OCC said the California-based bank “engaged in unsafe or unsound practices,” stating that it failed to establish effective risk management and internal controls. This week, U.S.

OCC

Fintech Finance

OCTOBER 11, 2024

Plans are in place to address the requirements and limitations contained in the consent orders, including adjustments to the Bank’s U.S. The Board has and continues to take action to address these failures and hold those responsible accountable. Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance programs.

AML

PYMNTS

SEPTEMBER 21, 2020

Separately, last month, five federal regulatory agencies – including the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC) – issued a joint statement designed to address questions (..)

Fincen

PYMNTS

APRIL 20, 2017

This is a reality that the OCC itself is trying to account for — a 15-page report published on Wednesday saw the regulatory body admit that its oversight of Wells Fargo was “untimely and ineffective.” The OCC started seeing similar reports as of 2010 — though at the time, it elected not to follow up.

Office of the Comptroller of the Currency

PYMNTS

SEPTEMBER 21, 2020

The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. 21) press release. Acting Comptroller of the Currency Brian P.

Office of the Comptroller of the Currency

FICO

JANUARY 13, 2020

While current FCC leadership has tried to address some of the other issues implicated in the 2018 decision (e.g., Stakeholders point to the need for reforms to address currency transactions and suspicious activity reporting as well as a manageable approach to identifying beneficial owners of accounts.

Authentication

PYMNTS

MARCH 7, 2017

To be clear, the National Bank Act does give the OCC the legal authority to grant national bank charters to companies engaged in the business of banking,” Murray told the conference. Vullo wrote that the OCC “should not use technological advances as an excuse to attempt to usurp state laws that already regulate fintech activities.”.

OCC

FICO

OCTOBER 4, 2016

The Act requires federal banking agencies (the OCC, FDIC and Federal Reserve – “Agencies”) to conduct periodic reviews of each depository institution’s efforts in this area. CRA regulations provide various methods of evaluating bank performance, corresponding to differences in institutions’ asset sizes, structures and operations.

Federal Reserve

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. Bank is being penalized for willfully violating the Bank Secrecy Act and failing to address and report suspicious activity.

Money Laundering

PYMNTS

MARCH 10, 2020

Chairwoman Waters highlighted the fact that the OCC has pointed to tens of thousands of cases requiring remediation for consumer abuse. The coronavirus was also brought up at the hearing: McHenry asked how the company was addressing the threat.

Consumer Financial Protection Bureau (CFPB)

FICO

DECEMBER 20, 2018

For my predictions, I’ll focus on four areas of tactical concern within consumer banking that I feel confident bank executives will make significant progress addressing 2019. We began to see a resurgence in small-dollar lending in 2018 with new regulatory guidance from the OCC and FDIC encouraging banks to compete with payday lenders.

Consumer

PYMNTS

APRIL 10, 2017

We continue to encourage customers to contact us directly so that we can act quickly to refund fees and address any concerns.”. Notably, most of the cases referred to by the OCC had already been announced and, in some cases, were over a decade old. Maxine Waters, U.S.

Office of the Comptroller of the Currency

Segpay

MARCH 24, 2025

Before addressing gaming and gambling regulations, let’s take a helicopter view at the regulatory frameworks that regulate the payments industry. By comparing the Australian legal e-gaming and e-gambling landscape with that of the USA, we want to make it easier to understand for our readers who are familiar with US regulations.

Compliance

The Fintech Times

JULY 20, 2024

The CESG is now a proven model and a new way for the financial services sector to effectively address our most significant cybersecurity challenges.” Putting in the groundwork and addressing challenges The FSSCC and FBIIC led a variety of workstreams in an effort to establish greater understanding and preparation for cloud integration.

Treasury

PYMNTS

AUGUST 5, 2019

The OCC, Too. The Office of the Comptroller of the Currency (OCC) said via press release that it will realign about 150 staff members in two new units, tied to bank supervision support, risk analysis and the oversight of national trust banks and important service providers.

FTC

PYMNTS

NOVEMBER 27, 2017

The Office of the Comptroller of the Currency (OCC) is looking into Wells Fargo’s auto loans business as well. . The work necessary to address the new agreement is well underway and will not require a significant change to our plans,” said Santander spokesperson Ann Davis.

CFPB

PYMNTS

MARCH 18, 2019

In a Friday (March 15) letter to the committee, addressed to Senators Mike Crapo (R-ID) and ranking committee member Sherrod Brown (D-OH), the CSBS said a standard (thus, a floor) would let individual states maintain a leading role in protecting consumers. Here’s a mortgage analogy. financial crisis.”.

Privacy

The Fintech Times

JULY 31, 2024

With the OCC consent orders against BaaS banks and bad press plaguing B2C BaaS platforms, regulators are extra scrutinising when it comes to all types of BaaS platforms, catching those in the middle that are B2B or Business to Nonprofit. In the US, he warns that firms could be caught out by new regulations regarding raising funds.

Compliance

FICO

DECEMBER 20, 2021

While neither body has found consensus to implement changes, 2021 has seen some key areas of concerns addressed by the launch of the FCC’s Reassigned Number Database and a major court case related to the TCPA’s definition of an automatic telephone dialing system (ATDS).

CFPB

PYMNTS

JUNE 11, 2019

In the case of Axos Bank, for instance, the FI addresses small business banking pain points by lowering the cost of using these traditional payment tools. “The [Office of the Comptroller of the Currency (OCC)] has an Office of Innovation , for example, that follows financial tech companies in an attempt to assess their impact on banks.

Office of the Comptroller of the Currency

FICO

JANUARY 6, 2020

For my predictions, I’ll focus on four areas of tactical concern within consumer banking that I feel confident bank executives will make significant progress addressing 2019,” wrote Tim VanTassel , vice president of our credit lifecycle business line. Consumer Banking Predictions 2019: Four Trends to Watch. Tim discussed the following trends.

Posting

PYMNTS

JUNE 9, 2018

Banks : And you thought it was just Wells Fargo: The Office of the Comptroller of the Currency looked at 40 banks, of the large and mid-sized variety, and found systemic problems (some of which the FIs scrambled to address and the OCC said those actions were sufficient redress) – such as opening accounts without consumer permission.

Office of the Comptroller of the Currency

Clearly Payments

FEBRUARY 8, 2024

Office of the Comptroller of the Currency (OCC): As an independent bureau within the U.S. Department of the Treasury, the OCC supervises and regulates national banks and federal savings associations. Regulatory agencies are adapting to address the unique challenges and opportunities presented by fintech innovation.

Regulations

PYMNTS

JULY 17, 2017

The Office of the Comptroller of the Currency (OCC) — the banking industry’s leading governmental regulator — has some concerns about banks, FinTechs and the increasing connection between the two. Noreika will serve as acting head of the OCC until the U.S. The Comptroller Urges Caution Around FinTech .

OCC

PYMNTS

MARCH 24, 2017

Are there any initiatives to help address those barriers? And, while it may seem like just another sleepy midwest town, the city is home to some of the largest tech companies in the United States, including Groupon and TrunkClub. Before we jump into the post, here are a few quick facts about Chicago and its tech scene: .

OCC

PYMNTS

NOVEMBER 6, 2017

After all, your very name, address, telephone number, maiden name and so on are all ticking time bombs, putting you at risk for identity theft. Yet those nine numbers have become a standard bearer for identity verification, a gold mine for fraudsters – maybe rendered moot by the huge breaches at Equifax and other companies.

Security

FICO

DECEMBER 19, 2018

This month, the FCC approved the creation of a National Reassigned Number Database to address the nearly 100,000 wireless numbers that are reassigned each day. The proposed rule will focus on third-party collectors, addressing issues such as communication practices and consumer disclosures. When will this happen?

BSA

PYMNTS

FEBRUARY 7, 2018

” The letter was also addressed to Leandra English, who is embroiled in a lawsuit against Mulvaney, who was appointed by President Donald Trump on Nov. “We have a number of questions about the sudden reversal of the CFPB’s positions,” the letter stated. “The agency barely explained its payday rule reversal.”

Rules

FICO

AUGUST 27, 2018

The issues that grabbed the headlines included recommendations urging the OCC to move forward with a special purpose bank charter for fintechs (it must have worked since the OCC made a major announcement just a few hours after the report was released), encouraging U.S. The 222 page report contains more than 80 recommendations.

FinTech

FICO

JANUARY 9, 2017

As the federal government races to address growing cybersecurity concerns, financial institutions will likely have to navigate through a growing number of federal and state cybersecurity regulations in the upcoming year. A patchwork quilt of cybersecurity rules will emerge. We’ve already seen several early indications of this.

Cybersecurity

The Payments Association

MARCH 18, 2025

It appears to address concerns that banks were pressured to deny service to digital asset businesses. Greater clarity may help address ambiguities that have contributed to inconsistent banking practices and limited access to financial servicesissues that are particularly relevant for crypto firms offering payment and settlement services.

Federal Reserve

The Payments Association

JANUARY 31, 2025

the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), or the National Credit Union Administration (NCUA)) are not included in the Working Group, especially given the allegations of an ‘Operation Choke Point 2.0.,’

Stablecoins

Finovate

MARCH 31, 2025

This shift demands an entirely new approach to risk visibility, and Supply Wisdom is already helping companies address this challenge with location-based monitoring, real-time risk intelligence, and deep Nth-party insights.

Risk