PYMNTS

JANUARY 21, 2021

In today’s top news, President Biden is expected to pick Michael Barr to head the OCC, and Janet Yellen, Biden’s pick for Treasury Secretary, is expected to take a hard stance toward crypto. Biden Expected To Name Professor Michael Barr To Head OCC. Biden Asks Consumer Protection Chief Kraninger To Step Down. challenger bank.

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OCC Consumer Financial Protection Bureau (CFPB) Treasury Office of the Comptroller of the Currency 72

PYMNTS

APRIL 30, 2019

The Office of the Comptroller of the Currency (OCC) announced it has opened a 45-day public comment period on its proposed Innovation Pilot Program. Supporting a financial system that innovates responsibly is central to the mission of the OCC,” said Comptroller of the Currency Joseph M. Otting in a press release. “As

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OCC Office of the Comptroller of the Currency Innovation Regulations 51

The Fintech Times

MARCH 6, 2024

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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OCC FinTech Non-Bank Regulations 69

Payments Source

JANUARY 29, 2021

A consumer advocacy group and the American Bankers Association say the OCC mustn't allow this. Several financial tech companies that applied to become national banks are seeking exemptions from many provisions of the Community Reinvestment Act.

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OCC FinTech Consumer Regulations 94

PYMNTS

JULY 26, 2017

Treasury’s Office of the Comptroller of the Currency (OCC) has again released its report on top risks facing banks, with its Spring 2017 analysis warning FIs that threats are coming from all angles. PYMNTS outlines some of those key trends found in the OCC report below. Noreika, acting Comptroller of the Currency, in a statement.

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OCC Office of the Comptroller of the Currency Money Laundering Non-Bank 46

PYMNTS

SEPTEMBER 30, 2020

Overseen by the Office of the Comptroller of the Currency (OCC), the charter would allow firms like Facebook, Google or Amazon to bypass the process by which they need to collect money transmitter licenses state by state. This isn’t the OCC’s first attempt to create a special banking charter that would benefit tech firms.

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Office of the Comptroller of the Currency OCC Non-Bank Regulations 139

PYMNTS

JUNE 6, 2018

After reviewing sales practices at more than 40 large and mid-sized banks, the Office of the Comptroller of the Currency (OCC) found multiple systemic issues, along with hundreds of problems at individual banks. No one buried their head in the sand.”.

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OCC Office of the Comptroller of the Currency Settlement Agreements 52

Payments Source

MARCH 20, 2020

Now the bureau needs to focus on the bank-consumer connection. The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators.

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OCC Security Consumer Laws 81

PYMNTS

JUNE 8, 2018

Wells Fargo was fined $185 million in 2016 for opening millions of potentially fake accounts, prompting the Office of the Comptroller of the Currency (OCC) to perform a months-long industry-wide review. This included banks opening accounts without proof that consumers gave them permission to do so. However, the U.S.

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OCC Office of the Comptroller of the Currency Accounts Regulations 49

PYMNTS

JULY 31, 2020

On Friday (July 31), the Office of the Comptroller of the Currency (OCC) announced Varo Bank has been granted its full-service national bank charter. OCC is an independent bureau of the U.S. Varo is the first consumer FinTech to receive a new national bank charter from the U.S.

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Office of the Comptroller of the Currency OCC Consumer FinTech 69

PYMNTS

MAY 24, 2018

The Office of the Comptroller of the Currency (OCC) issued a new guidance encouraging banks to offer responsible short-term, small-dollar loans to their customers. In 2013, the OCC had discouraged short-term lending by banks with limitations on what could be offered to customers depending on their credit.

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OCC Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FDIC 40

PYMNTS

JUNE 11, 2018

Otting is the first banker in decades to run the OCC. The OCC oversees large banks, including Bank of America and U.S. Otting is slated to testify before Congress this week for the first time since taking office, and will get a chance to provide more examples of his approach to regulating the nation’s largest banks.

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OCC Money Laundering Regulations Governance 43

PYMNTS

NOVEMBER 4, 2020

Bit by bit — but more than bitcoin by bitcoin — cryptos are inching into the mainstream, for both consumer and commercial applications. But he cautioned that there are risks tied up in those coins, as consumer data can be misused, and the fight against money laundering could be hindered by traceability issues.

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Bitcoin Cryptocurrency Office of the Comptroller of the Currency Consumer 83

PYMNTS

APRIL 20, 2018

I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations,” Consumer Financial Protection Bureau Acting Director Mick Mulvaney said in a statement. “As That is what we did here.”.

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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.

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Consumer Emerging Payments OCC FDIC 73

Payments Source

JUNE 14, 2018

Institutions that have been opening consumer accounts without consent need to prepare for the fallout, even if the OCC has said it won't name names.

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OCC Accounts Consumer Risk Management 64

PYMNTS

JANUARY 13, 2021

The Office of the Comptroller of the Currency (OCC) granted digital asset platform Anchorage Trust Company a digital banking license, according to a press release Wednesday (Jan. consumers, for nonexistent, high-end goods, such as cars, according to the release. Iossifov and his co-conspirators ran advertisements online, targeting U.S.

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Money Laundering Office of the Comptroller of the Currency OCC Online and Mobile Banking 52

Payments Source

DECEMBER 5, 2016

The Office of the Comptroller of the Currency's plan to offer a national charter for fintech firms immediately sparked a battle between consumer advocates and state regulators, who see it a dangerous move, and fintech firms and certain banks, which hailed it as the future.

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PYMNTS

OCTOBER 26, 2018

More legal troubles have emerged for the Office of the Comptroller of the Currency (OCC) over its plan to introduce national bank charters for FinTechs, aimed at making it easier for alternative financial services players to do business. Reports in Reuters on Thursday (Oct.

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Office of the Comptroller of the Currency OCC Regs Blocks 62

PYMNTS

MAY 3, 2019

The OCC licenses would allow FinTechs to lend money and pay checks nationally. New York State regulators argue it could result in predatory lenders that would hurt consumers if it can oversee these FinTechs with a national license. In order for the FinTechs to do that, they need to get state licenses.

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OCC FinTech Rules Regulations 62

PYMNTS

JANUARY 24, 2020

The Department of Justice is investigating if executives kept important details about the fake accounts from the bank’s board of directors, as well as the Office of the Comptroller of the Currency (OCC). In addition, the Department of Labor is looking into the bank over how it reacted to whistleblower complaints.

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Continuity Office of the Comptroller of the Currency OCC Federal Reserve 72

PYMNTS

NOVEMBER 6, 2020

has sought a national bank charter from the Office of the Controller of the Currency (OCC), which will let it meet “promises of efficiency, affordability and financial inclusion,” according to a Friday (Nov. I look forward to working with the OCC as we move forward on this journey.”. Financial services firm Figure Technologies, Inc.

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Blockchain OCC Financial Inclusion Origination 65

PYMNTS

MAY 6, 2019

District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency ( OCC ). The national licenses would let FinTechs lend money and paychecks to consumers.

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OCC Office of the Comptroller of the Currency FinTech Rules 66

PYMNTS

SEPTEMBER 14, 2018

To challenge the Office of the Comptroller of the Currency (OCC)’s decision to allow online payment companies and lenders to have national bank charters, the top banking regulator in New York is suing the federal government. Further panning the decision, Vullo called the move “lawless, ill-conceived and destabilizing of financial markets.”

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Office of the Comptroller of the Currency OCC FinTech Regulations 69

Finextra

DECEMBER 4, 2024

The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement this (..)

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency FRB NCUA 52

PYMNTS

NOVEMBER 25, 2020

In today’s top news in digital-first banking, Ukrainian financial institution UKRSIBBANK is collaborating with Sweden-based FinTech upstart Dreams, while Oportun Financial is pursuing a national bank charter with the Office of the Comptroller of the Currency (OCC). Oportun Financial has sought a national bank charter with the OCC.

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Office of the Comptroller of the Currency OCC FinTech Authorization 64

PYMNTS

OCTOBER 26, 2018

Moody’s said in its latest reading of the “pulse of the consumer” that in viewing the charge-off rate, growth had slowed among the largest U.S. State Bank Regs File Suit t o Block OCC’s Bank Charter. Moody’s Sees Improving Charge-Off Climate. banks to 10 basis points in the third quarter.

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Cryptocurrency Office of the Comptroller of the Currency Regs OCC 75

PYMNTS

NOVEMBER 23, 2020

“You're not dealing with two-day settlement,” he stated, adding that interoperability also has the ability to foster sticky relationships between merchants and consumers, especially consumers who want perks and high reward cards or coupons. The Charter Advantage . And herein lies the great irony in financial services.

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Financial Inclusion Office of the Comptroller of the Currency Blockchain OCC 86

PYMNTS

NOVEMBER 21, 2016

From now on the bank can not offer departing executives “golden parachute” payment, and it must seek OCC permission before it changing its business plans, hiring or firing senior executives, or revamping its board of directors. Th OCC has offered no official explanation as to why. and a 44 percent drop year-over -year.

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Fintech Finance

DECEMBER 9, 2024

AGENDA HIGHLIGHTS: The Next Generation of Payments Enhancing Convenient and Secure Access to Financial Services The Next Digital Revolution Global Mobile Wallets and Super-apps Blockchain and Cryptocurrency Adoption Cross-Border Payment Innovations The Future of Financial Crime Levels of Connection – 2.0 Morgan Chase & Co.

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Office of the Comptroller of the Currency Financial Crimes BSA Cross-Border Payments 95

Payments Source

SEPTEMBER 21, 2018

The comptroller of the currency argues that special-purpose fintech charters will benefit consumers and businesses, despite opposition.

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Consumer Regulations FinTech OCC 63

PYMNTS

JANUARY 18, 2021

For Bank of America , we’re likely to see some discussion on macro trends, on consumer and commercial spending, on cards and branch count. For Goldman , of course, the push downstream, toward retail, consumer banking continues apace. As noted by Nasdaq.com , the consensus estimate for the consumer banking segment is about $1.4

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FICO

DECEMBER 19, 2016

The good news is that businesses and consumers are also much more aware of cyber threats than they were 12 months ago, and that’s the jumping off point of my cybersecurity predictions for 2017. Consumers will care a lot more about the security of the companies they do business with. That’s the bad news.

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Office of the Comptroller of the Currency Cybersecurity Identity Theft Compromise 82

PYMNTS

DECEMBER 6, 2018

Citing people familiar with the matter, the Wall Street Journal reported that senior executives, including consumer banking head Mary Mack, have briefed the Office of the Comptroller of the Currency (OCC) on the firings. A Wells Fargo spokeswoman — as well as an OCC spokesman — declined to comment on the report.

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Office of the Comptroller of the Currency OCC Federal Reserve Caps 49

PYMNTS

MARCH 9, 2020

Waters said the two also did not follow legal orders with the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board and Office of the Comptroller of the Currency (OCC). Between 2016 and 2018, the Fed, CFPB and OCC petitioned Wells Fargo to institute internal changes to head off future problems.

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Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency OCC CFPB 57

FICO

MAY 6, 2019

A recent Bloomberg article asserted that “consumer credit scores have been artificially inflated over the past decade,” as credit scores have steadily increased over the past decade of economic expansion. FICO ® Scores have improved for many consumers over the past 10 years. Shift in Odds to Score ? Score Inflation.

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Underwriting OCC Credit Risk Risk 75

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.

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Office of the Comptroller of the Currency Stablecoins Fraud Prevention OCC 68