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. With the national trust bank charter, South Dakota-based Anchorage will become Anchorage Digital Bank , National Association.

Money Laundering

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.

Office of the Comptroller of the Currency

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.

Office of the Comptroller of the Currency

PYMNTS

MAY 6, 2019

The news came Thursday (May 2) that, per a ruling in federal court in New York, the State Department of Financial Services can move forward with a suit that looks to derail national bank charters for FinTech companies. Judge Victor Marrero, presiding over the U.S. The national licenses would let FinTechs lend money and paychecks to consumers.

OCC

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.

OCC

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.

OCC

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.

Real Time Payments

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.

OCC

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.

Regulations

PYMNTS

MARCH 4, 2020

In February 2018, FinCEN collaborated with the Office of the Comptroller of the Currency (OCC) and the U.S. The OCC also warned U.S. Some operators responded by moving to countries with more relaxed rules, or simply shuttering. Department of Justice (DOJ) to penalize U.S.

AML

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. District Court for the Southern District of New York ruled Monday (Oct. Lights out for the FinTech charter idea?

Legal

PYMNTS

JUNE 4, 2018

The Office of the Comptroller of the Currency (OCC) says that it has warned some financial companies that they should modify lending terms. That movement comes as matters requiring attention — citations put forth by the OCC to modify lending practices — are up 24 percent year over year, as measured in the first quarter.

CFPB

Segpay

MARCH 24, 2025

KYC & Customer Due Diligence (CDD) Australia: Risk-based approach, with minimum KYC checks under the AML/CTF Rules. USA: More prescriptive Customer Identification Program (CIP) rules, requiring standardized ID verification and risk-based CDD measures. Strict ID verification under state gaming laws and FinCEN rules.

Compliance

PYMNTS

MAY 25, 2016

Three bodies — the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation — issued joint guidance in 2013 that recommended FIs not provide loans to businesses that would push their corporate debt levels above six times their earnings.

Office of the Comptroller of the Currency

PYMNTS

OCTOBER 11, 2017

Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. Payday lenders have exploited loophole after loophole to trap working people in debt, and this rule will help put an end to their abusive practices.”.

Rules

PYMNTS

JUNE 10, 2016

As a general rule, most startups aren’t too happy when the regulator comes around, and it is rarely indicative of good news. Officials at the Office of the Comptroller of the Currency (OCC), the national bank regulator, told the Boston startup they would weigh its request.

Regulations

Innovative Payments Association

FEBRUARY 24, 2025

The IPA has heard that the Bureau has retained most of its rule writing staff and will begin looking at the regulations or proposals which have not been finalized that are on the books today to see what needs to be changed , clarified, or revoked.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

AUGUST 5, 2019

That determination comes from a ruling by the EU Court of Justice, which ruled this past week that websites are liable for “the collection and transmission to Facebook of the personal data of visitors to its website. The OCC, Too.

FTC

PYMNTS

OCTOBER 25, 2019

Court Rules Only ‘Depository Institutions’ Eligible For OCC’s Bank Charters. 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. What’s in store for the 2020s ?

Office of the Comptroller of the Currency

PYMNTS

AUGUST 20, 2018

Three months in, the European Union’s General Data Protection Regulation still stymies some firms seeking to comply with new rules and regulations governing data protection and privacy. Consider India, where EY estimates in a recent survey that in India, companies are finding it a challenge to navigate GDPR. FinTech Firms Eye Bank Charters.

Office of the Comptroller of the Currency

PYMNTS

SEPTEMBER 4, 2018

Softer Rules Elsewhere? And a bit closer to home, the Office of the Comptroller of the Currency (OCC) has also proposed rewriting at least some lending rules … in this case, those geared toward lending in lower-income communities. million USD.

Office of the Comptroller of the Currency

PYMNTS

AUGUST 1, 2018

The CFPB would need to adjust its qualified mortgage and ability-to-pay rules to better reflect the circumstances of small business borrowers. The report also asked Congress to amend the National Bank Act to authorize the Office of the Comptroller of the Currency (OCC) to issue a federal charter for non-bank financial companies.

Small Business

Clearly Payments

FEBRUARY 8, 2024

Moreover, by establishing rules for payment networks and financial institutions, regulation mitigates systemic risks and fosters fair competition, thereby enhancing market efficiency. Office of the Comptroller of the Currency (OCC): As an independent bureau within the U.S.

Regulations

PYMNTS

AUGUST 3, 2018

Office of the Comptroller of the Currency (OCC) to allow FinTech companies to operate in all states, according to the same standards as banks — a move that would require the office to issue special charters to those younger payment and financial technology firms. Additionally, the report calls upon the U.S.

FinTech

PYMNTS

NOVEMBER 6, 2017

That is what happens when politicians create rules,” Madhu said. Regulations seem like they may be done in isolation, but ripple effects abound. Problems may be solved in one area, but can cause unintended consequences elsewhere in the payments and data security arenas.

Security

PYMNTS

NOVEMBER 23, 2020

In today’s top news in digital-first banking, The Office of the Comptroller of the Currency (OCC) has proposed a personal banking rule intended to level the playing field, while U.S. OCC Calls for Equal Access to Banking Services.

OCC

PYMNTS

JULY 31, 2018

Also at the federal level, the Office of the Comptroller of the Currency (OCC) should allow FinTech companies to operate in all states, according to the same standards as banks — a move that would require the office to issue special charters to those younger payment and financial technology firms.

AI

PYMNTS

JANUARY 6, 2021

joined seven states in suing a bank regulator over a rule they fear could encourage predatory lending by stopping them from leveling state laws against exploitative interest rates, Reuters said. New York Attorney General Letitia James said the new rule would have an opposite effect of what the OCC said it was for.

Rules

PYMNTS

OCTOBER 23, 2019

New York’s federal district court ruled that the U.S. Office of the Comptroller of the Currency (OCC) does not have the power to grant national charters to financial technology (FinTech) companies, The Wall Street Journal reported on Tuesday (Oct. The OCC serves as the national bank regulator.

OCC

PYMNTS

OCTOBER 9, 2018

At its core, the new set of rules restricted a lender’s ability to continually collect fees on small loans by more tightly controlling how often, and how much, customers can borrow. The rules also limit the number of loans that can be made in quick succession to three individual borrowers. The New Terrain.

CFPB

PYMNTS

AUGUST 29, 2018

The Office of the Comptroller of the Currency is aiming to rewrite the 1977 Community Reinvestment Act, which is designed to encourage bank lending in low-income areas. Under the rules, banks have to provide mortgages and credit products to low-income communities in which they accept deposits. and Federal Reserve.

OCC

PYMNTS

OCTOBER 31, 2017

If the Office of the Comptroller of the Currency (OCC)’s idea is approved, it means the government watchdog can treat Wells Fargo and other big banks with more leniency if they are hit with sanctions down the road. In another, the OCC would approve the payout to exiting employees without needing additional FDIC approval.

OCC

The Payments Association

JANUARY 31, 2025

the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), or the National Credit Union Administration (NCUA)) are not included in the Working Group, especially given the allegations of an ‘Operation Choke Point 2.0.,’

Stablecoins

FICO

JULY 17, 2017

These include eliminating the proprietary trading restrictions of the ‘Volcker’ Rule, major changes to the Financial Stability Oversight Council and the diminished authority and independence of the Consumer Financial Protection Bureau (CFPB). And now there is even more on Congress’s plate.

Consumer Financial Protection Bureau (CFPB)