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

The Paypers

FEBRUARY 20, 2019

(The Paypers) The Office of the Comptroller of the Currency (OCC) has inspected USAA Federal Savings Bank , after the government agency found issues with how the subsidiary manages risk.

Office of the Comptroller of the Currency

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

The Fintech Times

AUGUST 17, 2024

The US subsidiary of a Canadian bank was issued a fine of $65million for unsafe practices related to operational, compliance, and strategic risk management controls.

APACS

PYMNTS

MAY 17, 2018

The bank reportedly has told the federal Office of the Comptroller of the Currency about the problem in the wholesale unit. This new Wells Fargo controversy comes after the bank hired Amanda Norton, a former JPMorgan Chase executive, as its new chief risk officer, a job she reportedly starts this summer.

Office of the Comptroller of the Currency

PYMNTS

JANUARY 15, 2019

As has been reported, the regulators include the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., Yet now, said Reuters, the Fed has said there is not enough risk management in place to allow FinTechs full-fledged access to the payment system. Reuters reported early Monday (Jan.

Fed

PYMNTS

JULY 19, 2018

In April, the bank settled with the CFPB and the Office of the Comptroller of the Currency, getting slapped with a $1 billion fine for its lack of risk management.

Consumer Financial Protection Bureau (CFPB)

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.

OCC

PYMNTS

MARCH 15, 2019

The Office of the Comptroller of the Currency (OCC) also said this week that it “continued to be disappointed” with the bank’s efforts on risk management and corporate governance. Other politicians — including Senator Elizabeth Warren, who is running for president — have also called for Sloan to resign.

Office of the Comptroller of the Currency

PYMNTS

MARCH 29, 2019

The Office of the Comptroller of the Currency (OCC) also weighed in, stating that — after Sloan testified — it was “disappointed” over the lack of effective corporate governance and risk management. trillion.

Office of the Comptroller of the Currency

PYMNTS

MARCH 28, 2018

Wells Faro wasn’t hit with sanctions from to the scandal until 2016, when the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the city and county of Los Angeles fined the financial institution $185 million.

Fed

PYMNTS

MARCH 12, 2019

The regulatory actions against Wells are likely to continue, as a “person familiar with the matter,” — thus, an unnamed source — told the Journal that the Office of the Comptroller of the Currency (OCC) may force out additional executives or directors of the company.

Office of the Comptroller of the Currency

PYMNTS

APRIL 20, 2018

Beyond the penalty, the bureau said that the bank will need to take steps to remediate harmed consumers – and undertake activities related to risk management and compliance management.

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. More is coming. To many banks partnering with fintechs, these supervisory expectations are new.

OCC

CB Insights

NOVEMBER 2, 2017

It’s been nearly a decade since the financial crisis exposed how a weak risk management framework and lack of governance can almost permanently debilitate even one of the strongest capital markets. Office of the Comptroller of the Currency, the CFPB, and the city attorney.

Compliance

PYMNTS

APRIL 23, 2018

A one billion dollar fine has arrived on Wells Fargo’s doorstep as part of a “coordinated action” between the Consumer Finance Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). 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

The Payments Association

MARCH 18, 2025

Regulatory guidance has reinforced banks hesitations, with agencies such as the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC) requiring extensive due diligence when working with crypto clients.

Federal Reserve

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

The Fintech Times

NOVEMBER 5, 2024

Addressing a letter to the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve, the Bank Policy Institute and the Clearing House Association explained that banks should not be expected to independently police fintechs.

Regulations