Remove Addressing Remove OCC Remove Office of the Comptroller of the Currency
article thumbnail

OCC restructures organization

Finextra

The Office of the Comptroller of the Currency (OCC) today announced changes to its organizational structure to ensure its approach to supervision evolves to better address todays challenges, align similar functions within the agency, and leverage opportunities for efficiencies.

OCC
article thumbnail

OCC: Banks Face Higher Compliance Risks Due To Pandemic

PYMNTS

The Office of the Comptroller of the Currency (OCC) said in a report this week that it will examine how the coronavirus is impacting compliance by financial institutions (FIs). The pandemic has heightened risks for pretty much everyone, including U.S.

OCC
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

OCC FinTech Efforts in Legal Crosshairs, While GDPR Still Lags

PYMNTS

Or to put it a bit more specifically, the Conference of State Bank Supervisors sued the Office of the Comptroller of the Currency. The suit is one alleging that the OCC does not have the authority to provide such licenses under the FinTech charter that has been proposed. New York state is suing the United States.

OCC
article thumbnail

OCC Issues Policy Guidance on Buy Now, Pay Later Lending

Global Fintech & Digital Assets

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.

OCC
article thumbnail

Bitcoin Daily: US National Banks To Hold Reserve Currencies For Stablecoins; Stripe To Pay Massachusetts $120K In PlexCoin ICO Role

PYMNTS

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. Acting Comptroller of the Currency Brian P.

article thumbnail

The OCC Fined City National Bank $65 Million: 8 Steps to Avoid a Similar Fate

Finovate

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
article thumbnail

FinCEN Files Show Banks’ ‘Whack-a-Mole’ Battle Against KYC/AML

PYMNTS

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 (..)