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OCC Finalizes Long-Held Rule On Banking Equality

PYMNTS

The Office of the Comptroller of the Currency (OCC) released a finalized rule on ensuring fair access to banking services from large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations, according to a press release.

OCC
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OCC Calls For Equal Access To Banking Services

PYMNTS

The Office of the Comptroller of the Currency ( OCC ) has proposed personal banking regulations intended to level the playing field. . The proposal would systemize over 10 years of OCC guidance, asking banks to extend services based on individual risk assessment instead of category-based assessment.

OCC
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COVID-19 Triggers Need For Cash As Lenders Tighten Reins

PYMNTS

Lenders have zero ideas how to assess risk in this environment,” Hecht told the WSJ. National Credit Union Administration and Office of the Comptroller of the Currency — have asked lenders to extend loans to individuals and small businesses. There is no model that can predict today if I lend $1, will I get paid back?”.

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OCC’s Otting To Step Down

PYMNTS

Otting’s tenure saw the Office of the Comptroller of the Currency (OCC) rationalizing the capital and liquidity rules to help banks serve customers’ needs while remaining safe, the release states.

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US Bank hit with multi-million dollar fines over prepaid card programme for the unemployed

Finextra

The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank, National Association, Cincinnati, Ohio, for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments.

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Regulators Say US Bank Cybersecurity Oversight Needs Streamlining

PYMNTS

banks in upcoming years, but the regulation and testing processes are convoluted and complicated for institutions in both spaces to assess, according to a report by the Financial Times. regulators are saying cyberattacks pose the greatest risk to U.S. Right now, different regulators look at different pieces of the same bank.

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Crypto Regulation To Tighten Scrutiny On Money Laundering

PYMNTS

There is some precedent here, as in assessing credit risk, regulators spanning the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency work together through the Shared National Credit Program.