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Today In Digital-First Banking: OCC Issues Stablecoin Guidance For Banks; Deutsche Bank, PNC Plan Branch Closures

PYMNTS

In today’s top news in digital-first banking, the Office of the Comptroller of the Currency (OCC) has issued stablecoin guidance, and Deutsche Bank intends to decrease the size of its brick-and-mortar footprint. A letter by the OCC published on Monday (Sept. Federal Banks, Savings Associations Win Approval For Some Crypto Activities.

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Federal Banks, Savings Associations Win Approval For Some Crypto Activities

PYMNTS

A letter by the Office of the Comptroller of the Currency (OCC) published on Monday (Sept. 21) clarified the authority for national banks and federal savings associations to hold reserves on behalf of customers who issue stablecoins. Allaire said this has been a long time coming.

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OCC FinTech Efforts in Legal Crosshairs, While GDPR Still Lags

PYMNTS

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. The OCC has been accepting applications since the end of July. The agency will vigorously defend that authority, but will not comment on pending or potential litigation.”.

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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). Additional steps may be necessary to properly segment and secure bank networks if employees use personal devices to connect to bank systems,” the OCC wrote.

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Industry Reacts as OCC Reveals Concerns About Impact of Fintech-Bank Partnerships

The Fintech Times

The regulatory tides may be changing in the US, as the Office of the Comptroller of the Currency (OCC) suggests banks should be doing more to manage risks related to partnering with fintech firms. Rick Kuci, COO of FundKite “Unfortunately, many banks caused this risk issue for themselves.

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Office Of The Comptroller Of The Currency Disclosed A Data Breach

PYMNTS

The Office of the Comptroller of the Currency (OCC) disclosed it was hacked in September, reported The Wall Street Journal last week. According to the report, the banking regulator said the data breach had to do with a former employee at the agency removing more than 10,000 records without receiving authorization to do so.

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OCC To Be Sued Again Over FinTech Bank Licensing Plan

PYMNTS

banking watchdog the Office of the Comptroller of the Currency (OCC) is facing a lawsuit, adding another setback to its struggling effort to provide FinTechs with national banking licenses. It is unclear whether a lawsuit against the OCC would be filed before a company applies for the OCC’s charter. ”

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