Payments Source

SEPTEMBER 19, 2019

A federal judge blocked state regulators from suing the agency over its new charter, but it’s still unclear whether fintechs would even apply.

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OCC FinTech Blocks Regulations 102

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.

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Office of the Comptroller of the Currency Payments Exams OCC Payments 90

PYMNTS

SEPTEMBER 17, 2018

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 banking sector, argues the suit, is more efficiently regulated at the state level. The OCC has been accepting applications since the end of July. The GDPR’s Compliance Laggards.

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OCC Legal Office of the Comptroller of the Currency FinTech 72

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.

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OCC Office of the Comptroller of the Currency Risk Assessment Assessments 68

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. “The onus is on the bank and fintech company to manage risk, but equally important that regulators assess risk effectively.

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OCC FinTech Non-Bank Regulations 69

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.

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

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). 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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OCC Compliance Risk Office of the Comptroller of the Currency 66

Payments Source

SEPTEMBER 30, 2020

Various trade organizations sent letters to a House Financial Services Committee task force saying lawmakers should "actively discharge their oversight prerogatives" as the national bank regulator considers giving licenses to companies that do not accept deposits.

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OCC Blocks Regulations Payments 87

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. As the prudential regulator of the U.S.

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OCC Office of the Comptroller of the Currency Innovation Regulations 51

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

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. . The two units will consolidate bank supervision support, risk analysis, and oversight of national trust banks and important service providers.

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

Payments Dive

JANUARY 4, 2023

The regulators didn't go so far as to create new rules around bank-crypto partnerships, but said they're "continuing to assess" if — and how — such tie-ups can proceed safely.

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FDIC OCC Fed Risk 88

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.

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OCC Office of the Comptroller of the Currency Settlement Community Banks 52

Payments Source

JULY 29, 2019

The former state banking superintendent weighs in on some of the toughest questions bank regulators are grappling with and the lawsuit (still ongoing) that she filed against the OCC.

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Regulations OCC FinTech Laws 62

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.

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Office of the Comptroller of the Currency OCC Federal Reserve FDIC 62

Payments Source

NOVEMBER 25, 2019

Former Comptroller Thomas Curry, who initially proposed the special charter now blocked by a judge, calls on policymakers to find another way to regulate financial tech startups.

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OCC Blocks FinTech Regulations 79

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.

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Regulations Office of the Comptroller of the Currency OCC FinTech 53

Payments Source

SEPTEMBER 2, 2020

The OCC’s efforts to bring the technology into the financial mainstream could help people in underserved communities execute payments more securely.

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Underserved Regulations Blockchain Security 140

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.

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OCC Office of the Comptroller of the Currency Digital Currency Bitcoin 63

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 69

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

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. regulator has concluded that the practice of creating fake customer accounts isn’t a sign of a broader issue for the financial industry.

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OCC Office of the Comptroller of the Currency Accounts Regulations 49

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. but across the globe.

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

Electronic Payments Coalition

OCTOBER 22, 2024

The Office of the Comptroller of Currency (OCC) filed a scathing amicus brief highlighting the glaring flaws in a new credit and debit card law set to take effect on July 1, 2025. The OCC called the law “bad policy and an unlawful interference with federally granted powers.” “The

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Laws OCC Regulations Debit Card 52

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.

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OCC Office of the Comptroller of the Currency Settlement Accounts 52

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. Though the results have not been publicly released, Dan Ryan, who leads the PwC banking practice, was briefed on the results.

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OCC Office of the Comptroller of the Currency Settlement Agreements 52

PYMNTS

JUNE 11, 2018

Otting is the first banker in decades to run the OCC. According to a report in The Wall Street Journal , Otting’s appointment signals a change in how the federal government will regulate banks following the Great Recession, which saw an onslaught of new regulations geared toward financial institutions.

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OCC Money Laundering Regulations Governance 43

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. The probe by the OCC has to do with cards provided to business owners to supplant their co-branded AmEx-Costco cards, according to unnamed sources in the paper’s report.

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Fed Office of the Comptroller of the Currency OCC FDIC 97

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.

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OCC Office of the Comptroller of the Currency FinTech Rules 43

Payments Source

OCTOBER 23, 2018

Federal and state regulators are at odds over the Office of the Comptroller of the Currency’s new licensing program, but there are ways to improve current law to appease both sides.

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OCC FinTech Laws Regulations 67

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.

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

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

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. 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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Office of the Comptroller of the Currency Data Breach Breach OCC 74

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. Another Wells Fargo exec, Carrie Tolstedt, from the Community Bank unit, is still fighting her allegations, the OCC said.

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

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. The guidance did not change any regulation, but clarified the regulator’s stance on the loans, Reuters reported. We cannot simply wish away that need.

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

PYMNTS

MAY 15, 2019

Comptroller of the Currency (OCC) has told Congress he would use his office’s power to review any candidate put forward by Wells Fargo as the scandal-plagued bank’s new CEO, according to a report by Reuters. Warren and others have said the OCC is not hard enough on Wells Fargo, a claim that was disputed by Otting on Wednesday (May 15).

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OCC Federal Reserve Risk Management Disputes 48

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.

Office of the Comptroller of the Currency 63

Office of the Comptroller of the Currency OCC Blocks FinTech 63

The Paypers

APRIL 16, 2025

Morgan Chase and BNY Mellon have reportedly suspended the electronic sharing of information to the OCC following a cyberattack on the regulator’s email.

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OCC Cybersecurity Regulations 36