OCC latest US regulator to give banks crypto freedom
Finextra
MAY 8, 2025
The Office of the Comptroller of the Currency (OCC) today clarified permissible bank activities related to crypto-asset custody and execution services.
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Finextra
MAY 8, 2025
The Office of the Comptroller of the Currency (OCC) today clarified permissible bank activities related to crypto-asset custody and execution services.
PYMNTS
OCTOBER 31, 2016
The Office of the Comptroller of the Currency (OCC) disclosed it was hacked in September, reported The Wall Street Journal last week. WSJ cited an OCC spokesman as saying the data included information “related to OCC activities and employees.” The incident occurred in Nov.
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Finextra
APRIL 15, 2025
JPMorgan Chase and Bank of New York Mellon have reportedly scaled back electronic information sharing with the Office of the Comptroller of the Currency (OCC) following a significant breach of the regulators email system.
PYMNTS
SEPTEMBER 22, 2020
The regulator of the nation’s banks has issued its first guidance on stablecoins , the cryptocurrency backed by traditional currency. . A letter by the Office of the Comptroller of the Currency (OCC) published on Monday (Sept. Allaire said this has been a long time coming.
PYMNTS
JANUARY 15, 2021
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.
Payments Source
SEPTEMBER 15, 2020
With the Office of the Comptroller of the Currency considering a special charter for payments firms, a state regulator group said large money transmitters can opt for the “one company, one exam” program next year.
Finextra
JULY 1, 2025
The company has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish the new trust institution, which will operate under the name First National Digital Currency Bank, N.A.
Payments Source
DECEMBER 20, 2018
The Office of the Comptroller of the Currency has gotten the ball rolling for financial technology firms trying to operate a national platform, but the FDIC and Federal Reserve should act to remove other policy roadblocks.
PYMNTS
NOVEMBER 23, 2020
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.
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.
PYMNTS
JULY 31, 2019
The Office of the Comptroller of the Currency (OCC) has announced that it’s going to realign about 150 staff members in two new units, the organization said in a press release. . Deputy Comptroller for Supervision Risk Management Bob Phelps has been chosen to run the new unit. .
PYMNTS
JULY 22, 2020
Banks chartered by the federal government can offer digital currency custody services, the Office of the Comptroller of the Currency (OCC) said in a Wednesday (July 22) announcement. In other news, South Korea intends to levy a two-tenths tax on income made via digital currency transactions, The Block reported.
Payments Source
SEPTEMBER 14, 2018
The state's banking regulator and the Conference of State Bank Supervisors are reviving litigation after the Office of the Comptroller of the Currency said it would accept charter applications.
PYMNTS
JANUARY 7, 2021
The paper reported that the Office of the Comptroller of the Currency (OCC) is looking into business card sales tactics at the company as well, citing unnamed sources. Representatives of the Fed, FDIC and Treasury inspectors general offices would not comment on the matter, the paper reported.
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.
PYMNTS
JULY 1, 2020
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.
Payments Source
AUGUST 23, 2017
The Office of the Comptroller of the Currency is seeking to scrap a challenge to its fintech charter by New York’s bank regulator.
PYMNTS
JANUARY 23, 2020
A Wells Fargo regulator is planning to slap former company executives with civil charges associated with their position in its retail banking scandals, people familiar with the matter told Bloomberg on Thursday (Jan. An OCC spokesman declined to comment, as did representatives for Tolstedt, Hardison and Julian.
PYMNTS
SEPTEMBER 17, 2018
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.
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.
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. He will also have to pay $17.5
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. The charter is optional for FinTechs and is aimed at providing a stamp of approval by the OCC for having good compliance practices.
PYMNTS
MAY 29, 2017
but experts are beginning to question how it will impact regulation. Reports in Reuters on Friday (May 26) explored how industry players are examining the future of financial regulation as FinTech continues its disruption. The OCC also issued a draft licensing manual last March to help some FinTechs obtain a limited banking license.
Payments Source
FEBRUARY 16, 2017
Some fintech firms are flatly rejecting the Office of the Comptroller of the Currency's creation of a charter for such firms, citing fears that it will come with too many strings attached.
PYMNTS
DECEMBER 10, 2018
Separately, but still within the scope of efforts from the Federal Reserve and the OCC, along with the FDIC, the agencies last week released a proposal that would increase the threshold of real estate transactions that require appraisal from $250,000 to $400,000.
Global Fintech & Digital Assets
DECEMBER 21, 2023
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.
PYMNTS
MAY 11, 2020
Office of the Comptroller of the Currency (OCC) Chief Operating Officer Brian Brooks said he thinks digital currency firms could go under a federal licensing program in the event they offer what could be called payment services, CoinDesk reported.
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 (..)
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.
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. However, the U.S. This included banks opening accounts without proof that consumers gave them permission to do so.
PYMNTS
DECEMBER 4, 2019
The OCC wrote a letter in July outlining a to-do list for the department, saying that it needed to handle thousands of complaints and handle compensation structures. “We One executive, who was in charge of the HR department, was put on leave after being accused of failings by the OCC.
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. This has hit home for the C-suite and the boards of the major banks,” Ryan told American Banker. “No
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 clarity of being regulated by the oldest regulator for banks in the United States … sends a very clear message.”.
PYMNTS
DECEMBER 3, 2019
The Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), FinCEN , the OCC and the Conference of State Bank Supervisors participated in issuing the definitions and guidelines.
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. A bill signed by Governor Andrew M.
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. state bank regulators said it filed a complaint in the U.S. The body of U.S.
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.
PYMNTS
FEBRUARY 22, 2019
Office of the Comptroller of the Currency (OCC), over deficiencies that the OCC identified in the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The OCC identified the deficiencies in the bank’s branches in New York, Los Angeles and Chicago.
Finovate
FEBRUARY 1, 2024
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.
PYMNTS
DECEMBER 4, 2019
The OCC wrote a letter in July outlining a to-do list for the department, saying that it needed to handle thousands of complaints and handle compensation structures. “We One executive, who was in charge of the HR department, was put on leave after being accused of failings by the OCC.
PYMNTS
MAY 21, 2020
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. Otting will be succeeded by First Deputy and Chief Operating Officer Brian P.
PYMNTS
APRIL 10, 2017
The lead regulator for U.S. banks, the Office of the Comptroller of the Currency, removed Wells Fargo’s most senior bank examiner, people familiar with the matter told Reuters. Notably, most of the cases referred to by the OCC had already been announced and, in some cases, were over a decade old.
PYMNTS
SEPTEMBER 21, 2020
The reality of the global financial system is that there will always be attempts to launder money and evade sanctions; the responsibility of banks is to build effective screening and monitoring systems, and we work closely with regulators and law enforcement to bring perpetrators to justice.”. In one example, reported on Monday (Sept.
PYMNTS
APRIL 20, 2017
While much attention has been paid to Wells’ behavior, today a new player is in the spotlight — Wells Fargo’s regulator the Office of the Comptroller of Currency — with questions about why it didn’t act sooner when complaints about the bank began to roll in.
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