PYMNTS

JANUARY 23, 2020

The Office of the Comptroller of the Currency (OCC) said that there will also be a number of other individuals selected for punishment involving the fake accounts scandal, including other executives at the bank. “The He will also have to pay $17.5

Office of the Comptroller of the Currency 74

Office of the Comptroller of the Currency OCC Community Banks Regulations 74

Finextra

DECEMBER 20, 2023

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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Office of the Comptroller of the Currency OCC Assessments Laws 45

PYMNTS

AUGUST 3, 2020

regulatory landscape as a financial service provider is not easy, with laws that vary state by state and federal rules that are constantly evolving. Navigating the U.S. It’s one factor in why so few challenger banks have launched in the country compared to markets like the U.K., where challenger banking has flourished in recent years.

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Real Time Payments Office of the Comptroller of the Currency Treasury Settlement 117

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. The benefit of having a federally chartered bank is that it preempts all the state laws,” Anchorage President Diogo Mónica told CoinDesk.

Money Laundering 52

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

PYMNTS

APRIL 10, 2017

banks, the Office of the Comptroller of the Currency, removed Wells Fargo’s most senior bank examiner, people familiar with the matter told Reuters. The Office of the Comptroller of the Currency accused Wells Fargo of an “extensive and pervasive pattern” of discriminatory and illegal lending practices for years.

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Office of the Comptroller of the Currency Regulations OCC Settlement 40

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. The body of U.S.

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Office of the Comptroller of the Currency OCC Regs Blocks 62

PYMNTS

MARCH 10, 2020

The bank is accused of eight counts of breaching federal consumer protection and banking laws. The bank also paid another $1 billion in settlements to the CFPB, Office of the Comptroller of the Currency, the Los Angeles City Attorney’s office and numerous private class action settlements.

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CFPB Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Accounts 67

PYMNTS

APRIL 25, 2017

The FinTech industry’s future could depend on the outcome of a fight between the Office of the Comptroller of the Currency (OCC) and states, according to a report in TechCrunch.

OCC 43

OCC Office of the Comptroller of the Currency FinTech Rules 43

PYMNTS

MARCH 26, 2020

FDIC), National Credit Union Administration and Office of the Comptroller of the Currency said small-dollar loans can play a key role in meeting credit needs because of temporary cash flow problems, unexpected expenses or loss of income during this period of economic stress.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency Credit Union FDIC 52

PYMNTS

MARCH 4, 2020

Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. His actions prevented the proper filing of many, many SARs, which hindered law enforcement’s ability to fully combat crimes and protect people,” said FinCEN Director Kenneth A.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

PYMNTS

DECEMBER 3, 2019

Under the BSA and related anti-money laundering laws, FIs must have compliance and monitoring programs, establish a process for SAR and screen against Office of Foreign Assets Control (OFAC) and other government lists. It was amended to include the Patriot Act, which requires every bank to adopt a customer identification program.

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Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

JANUARY 23, 2020

The Office of the Comptroller of the Currency (OCC) said that there will also be a number of other individuals selected for punishment involving the fake accounts scandal, including other executives at the bank. “The He will also have to pay $17.5

Office of the Comptroller of the Currency 54

Office of the Comptroller of the Currency OCC Community Banks Regulations 54

Segpay

MARCH 24, 2025

This article will help you gain a better understanding of gaming and gambling laws in Down Under. USA: Stricter data-sharing laws, including the Gramm-Leach-Bliley Act (GLBA) and inter-agency reporting for suspicious activity over $3,000 USD. What are the Implications for Payment Companies (PSPs, PayFacs, etc)?

Compliance 71

Compliance Suspicious Activity Report (SAR) Fincen AML 71

PYMNTS

DECEMBER 10, 2018

And as reported by sites such as American Banker and National Law Review , a bipartisan group of senators is working on a bill that may reform the Bank Secrecy Act, which in turn may raise the threshold for reporting currency transaction reports to $30,000, from the current levels of $10,000.

Regulations 69

Regulations AML Office of the Comptroller of the Currency Money Laundering 69

PYMNTS

JUNE 2, 2020

Brooks , Acting Comptroller of the Currency, said in a series of letters that some states’ long-term efforts to curb the coronavirus could lead to reduced real estate values and debt payments. Brooks has only just taken office as of the beginning of June, after his predecessor Joseph Otting stepped down May 29.

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OCC Office of the Comptroller of the Currency Laws Economy 52

PYMNTS

MAY 29, 2017

. “It has ended banking as we know it,” said chief business development officer of Digital Asset, Chris Church, at an International Monetary Fund meeting this year. According to reports, this trend has the federal Office of the Comptroller of the Currency (OCC) examining how to navigate regulation in the age of FinTech.

Regulations 53

Regulations Office of the Comptroller of the Currency OCC FinTech 53

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. Department of Justice (DOJ), said were violations of the Bank Secrecy Act. Blanco in the press release.

Money Laundering 43

Money Laundering Fincen Office of the Comptroller of the Currency Settlement 43

PYMNTS

MARCH 30, 2017

Last week, the Federal Reserve told Santander to increase oversight of its subprime auto lending, giving the bank two months to put together a plan ensuring that all levels of the bank’s staff are instructed to improve the bank’s compliance with federal consumer protection laws. Back in 2015, Santander paid Massachusetts $5.5

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Office of the Comptroller of the Currency Federal Reserve Settlement Consumer Protection 43

PYMNTS

MAY 19, 2016

Banks, according to the guidance, must adopt policies that are governed by “fairness” as consumers make deposits that do not violate law. the National Credit Union Administration, the Office of the Comptroller of the Currency and the Federal Reserve. million penalty tied to those violations.

CFPB 40

CFPB Office of the Comptroller of the Currency Accounts Federal Reserve 40

PYMNTS

OCTOBER 25, 2019

The Commodity Futures Trading Commission ( CFTC ), Federal Deposit Insurance Corporation ( FDIC ), Office of the Comptroller of the Currency ( OCC ), and the Securities and Exchange Commission ( SEC ) have announced that they are joining the Global Financial Innovation Network ( GFIN ).

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Office of the Comptroller of the Currency Regulations Innovation OCC 40

PYMNTS

DECEMBER 4, 2018

The agencies tied to the joint release include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration and the Office of the Comptroller of the Currency. financial system.”.

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Financial Crimes Crime BSA Innovation 64

PYMNTS

NOVEMBER 27, 2017

The Office of the Comptroller of the Currency (OCC) is looking into Wells Fargo’s auto loans business as well. . Federal and state officials have been investigating whether the GAP insurance is unnecessary, and whether interest rates on the loans increased too much as a result of the GAP protection.

CFPB 40

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

PYMNTS

SEPTEMBER 14, 2016

bankruptcy laws a week later. Wells Fargo settled the investigation, which was sparked by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Los Angeles prosecutor, last week by agreeing to pay a fine of $185 million. The South Korean shipping company, which handles about 7.8

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Office of the Comptroller of the Currency Wires Wire Credit Cards 59

PYMNTS

OCTOBER 24, 2019

The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. Regulation, Law and Going Forward. Lights out for the FinTech charter idea?

Legal 40

Legal Office of the Comptroller of the Currency OCC FinTech 40

PYMNTS

APRIL 20, 2018

As to the terms of the settlement: we have said all along that we will enforce the law. That is what we did here.”.

OCC 40

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

Finovate

FEBRUARY 1, 2024

Office of the Comptroller of the Currency (OCC) fined City National $65 million in a civil money penalty. Review your lending practices on a regular basis to ensure fairness and compliance with anti-discrimination laws. This week, U.S. The bank also allegedly violated the bank secrecy act. And don’t get complacent.

OCC 59

OCC Office of the Comptroller of the Currency Risk Management Compliance 59

PYMNTS

FEBRUARY 15, 2019

Those agencies include the aforementioned FinCEN, the Federal Reserve , the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Office of the Comptroller of the Currency (OCC).

BSA 49

BSA Credit Union Business Email Compromise Office of the Comptroller of the Currency 49

PYMNTS

MARCH 10, 2020

Patrick McHenry, Republican of North Carolina, stated that “the failure of Wells Fargo is not the failure of some sort of innovation – it’s the lack of it, lack of adapting to the new marketplace, lack of adhering to existing laws and regulatory order.”. He said in his testimony that the business model had been flawed.

Consumer Financial Protection Bureau (CFPB) 52

Consumer Financial Protection Bureau (CFPB) Accounts Office of the Comptroller of the Currency OCC 52

Innovative Payments Association

FEBRUARY 24, 2025

If confirmed, he will return to the FDIC board, along with the Comptroller. The by-laws of the Board say that not more than three of the five-member board can be from one political party. Until his confirmation, the CFPB will be run by Office of Management and Budget Director Russell Vought.

Consumer Financial Protection Bureau (CFPB) 40

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

Global Fintech & Digital Assets

JANUARY 12, 2024

The director may determine the merits of the appeal, or at the election of the financial institution, refer the appeal to an administrative law judge appointed by the FFIEC to conduct a hearing. In any hearing, neither the director nor the administrative law judge could defer to the opinions of the examiner or agency.

FFIEC 52

FFIEC Process FRB Consumer Financial Protection Bureau (CFPB) 52

Global Fintech & Digital Assets

DECEMBER 21, 2023

Long , Parag Patel , Barrie VanBrackle , Becky Critchley , Deric Behar , and Charlotte Collins On December 6, 2023, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2023-37 (Guidance), which clarifies the OCC’s policy positions on the risk management of “Buy Now, Pay Later” (BNPL) lending. By Arthur S.

OCC 59

OCC BNPL Electronic Fund Transfer Act (EFTA) Federal Trade Commission 59

PYMNTS

AUGUST 5, 2019

That legislation would make it easier for the government to penalize larger tech firms for violations of antitrust law. company found to be in violation of antitrust laws can be fined as much as 15 percent of their annual top line. In terms of punitive actions, the bill would mandate that a U.S. has a “major monopoly problem.”.

FTC 49

FTC OCC Office of the Comptroller of the Currency Digital Currency 49

PYMNTS

AUGUST 1, 2018

The report called on Congress to establish a national commission to conduct a comprehensive review of existing financial laws and regulations, and establish a pilot program to test the efficacy of coordinated bank examination teams.

Small Business 40

Small Business Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency CFPB 40

PYMNTS

SEPTEMBER 4, 2018

Separately, EMW, the law firm that had asked for the complaint tally in the wake of a freedom of information request, said through a principal, James Geary, that “despite this being on the horizon for a couple of years, the reality of the work involved in implementation and ongoing compliance may have taken many businesses by surprise.

Office of the Comptroller of the Currency 40

Office of the Comptroller of the Currency Security Data Breach Regulations 40

PYMNTS

OCTOBER 25, 2019

The Office of the Comptroller of the Currency (OCC) debuted a special purpose charter in 2016 that would have given FinTechs a leg up on competing with traditional financial services companies. NRF On The Case For Revising eCommerce Sales Tax Laws. What’s in store for the 2020s ? Lights out for the FinTech charter idea

Office of the Comptroller of the Currency 40

Office of the Comptroller of the Currency Innovation Online and Mobile Banking Void 40

PYMNTS

AUGUST 20, 2018

And in the wake of the announcement late last month that FinTechs will be able to apply for banking licenses with the Office of the Comptroller of the Currency, caution abounds. As many as 85 percent of firms are boosting budgets over the previous year’s, tied to data privacy and compliance. FinTech Firms Eye Bank Charters.

Office of the Comptroller of the Currency 40

Office of the Comptroller of the Currency FinTech OCC Regulations 40

CB Insights

NOVEMBER 2, 2017

These tools help firms cut down on the time and resources required to decipher new laws and regulatory requirements. Office of the Comptroller of the Currency, the CFPB, and the city attorney. The startup flags illicit activity on the Bitcoin blockchain and is leveraged by Bitcoin companies and law enforcement agencies.

Compliance 72

Compliance Regulations Audit Office of the Comptroller of the Currency 72