PYMNTS

DECEMBER 3, 2019

Department of Agriculture’s (USDA) interim final rule on hemp production. After further evaluation of the USDA interim final rule, the Financial Crimes Enforcement Network (FinCEN) will issue additional guidance. Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp.

Suspicious Activity Report (SAR)

PYMNTS

SEPTEMBER 30, 2020

The House committee held a hearing on the idea after Acting Comptroller of the Currency Brian Brooks in July proposed a new special purpose national banking charter for payments companies. A lack of safety and soundness rules will expose the financial system to significant vulnerabilities.”.

Office of the Comptroller of the Currency

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.

Office of the Comptroller of the Currency

PYMNTS

NOVEMBER 23, 2020

The Office of the Comptroller of the Currency ( OCC ) has proposed personal banking regulations intended to level the playing field. . Brooks, acting Comptroller of the Currency, sai d in a statement on Monday (Nov. Fair access to financial services, credit and capital is essential to our economy,” Brian P.

OCC

PYMNTS

MARCH 29, 2020

Bigger lenders — JPMorgan Chase , Bank of America , Capital One and Santander — are pouring over various borrowing rules and making revisions, informed sources told the WSJ. National Credit Union Administration and Office of the Comptroller of the Currency — have asked lenders to extend loans to individuals and small businesses.

Office of the Comptroller of the Currency

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 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.

OCC

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

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. While the OCC thought the rule would elicit little backlash, it has actually prompted a ton of objections from different parties.

OCC

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

DECEMBER 10, 2018

CoinGeek reports that the Swiss financial regulator (specifically the Federal Council of the Swiss Financial Market Supervisory Authority) last week has put in place rules that would allow FinTech startups to accept public deposits to up to the equivalent of $100 million USD which reflects a bid to increase innovation in the sector.

Regulations

PYMNTS

FEBRUARY 27, 2017

According to the Wall Street Journal , since July of 2015 Capital One has an open consent order with the Office of the Comptroller of the Currency due to deficiencies from a regulatory perspective in the anti-money laundering program at the company. The banks are arguing that rules imposed in the years after the Sept.

Money Laundering

PYMNTS

MARCH 4, 2020

In February 2018, FinCEN collaborated with the Office of the Comptroller of the Currency (OCC) and the U.S. Some operators responded by moving to countries with more relaxed rules, or simply shuttering. “FinCEN encourages technological innovations to help fight money laundering, but technology must be used properly.” .

AML

PYMNTS

JUNE 21, 2018

According to Bloomberg , one source claims that the California-based firm is engaging in conversations with the Office of the Comptroller of the Currency, which charters and regulates all national banks and federal savings associations. The talks are not final and no deal has been made.

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

OCTOBER 6, 2016

Meanwhile, Congresswoman Maxine Waters (D-CA ) , ranking member of the Committee on Financial Services, and 10 committee Democrats issued their own letter to financial regulators, urging them to strengthen a proposed “clawback” rule regarding when a financial institution must revoke senior executives’ bonuses.

Office of the Comptroller of the Currency

PYMNTS

SEPTEMBER 30, 2016

Separately, the Office of the Comptroller of the Currency said it would fine Wells $20 million in the wake of violating lending rules, as interest rates charged to members of the military, above caps that are in place for personnel on active duty. That news led Rep.

Office of the Comptroller of the Currency

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

JULY 18, 2017

Office of the Comptroller of the Currency aimed to clarify KYC rules for banks in an effort to encourage cross-border activity. The report uses aggregated data from SWIFT and analyzes correspondent banking activity to pinpoint potential areas risk for the purpose of KYC compliance and due diligence. This year, the U.S.

SWIFT

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.”.

Financial Crimes

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

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. Separately, and on the international stage, Meridian Trade Bank was fined more than €450,000 for breaching anti-money laundering rules.

CFPB

PYMNTS

JUNE 24, 2019

Amid the announcement of a new cryptocurrency – that would be Libra – the Financial Action Task Force (FATF), which operates as global regulatory firm based in Paris with a membership roster of countries such as China and the United States, has said it will boost its examination of digital currencies with an eye on money laundering.

Money Laundering

PYMNTS

APRIL 7, 2016

.” “As an industry, there’s not one specific issue we’re particularly worried about — the space is already heavily regulated, with borrower protections on one side and securities rules on the other,” said Sam Hodges, cofounder and U.S. managing director of Funding Circle, which is based in London.

Office of the Comptroller of the Currency

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

Finovate

FEBRUARY 1, 2024

Office of the Comptroller of the Currency (OCC) fined City National $65 million in a civil money penalty. Adhering to regulations requires compliance from all levels of the organization, so permeating your culture with compliance will help ensure everyone plays by the rules. This week, U.S. but across the globe.

OCC

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

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

MAY 28, 2018

Earlier this month, 17 of 24 authorities who responded to a survey said they do not have what they need in terms of authority or funding to enforce rules. In banking, the Office of the Comptroller of the Currency has issued new guidance that encourages banks to offer what are defined as responsible small/short-term loans to customers.

Office of the Comptroller of the Currency

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 rules were rescinded in 2017, leading to this guidance.

OCC

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

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

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

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.

FTC

CB Insights

MARCH 8, 2018

Regulators in the EU are still very active in enabling challenger banks by implementing rules that give challenger banks room to grow. The US regulatory landscape is fractured across state lines and the US Office of the Comptroller of the Currency (OCC’s) fintech charter has been tabled.

Payment APIs and Integration

CB Insights

NOVEMBER 2, 2017

Office of the Comptroller of the Currency, the CFPB, and the city attorney. Software providers like Fenergo offer customers an out-of-the-box repository of rules. In September, the firm neither confirmed nor denied the charges, but agreed to pay a $185M fine issued by the U.S.

Compliance