PYMNTS

SEPTEMBER 21, 2020

The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. Acting Comptroller of the Currency Brian P.

Office of the Comptroller of the Currency

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. “The He will also have to pay $17.5

Office of the Comptroller of the Currency

PYMNTS

MARCH 10, 2020

21, Wells Fargo agreed to a $3 billion settlement with the Justice Department and SEC to resolve the claims related to the bank’s fake account scandal.

CFPB

PYMNTS

JANUARY 23, 2020

The Office of the Comptroller of the Currency (OCC) is putting together “so-called notices of charges” against 10 people, although settlements could be extended to some, the sources said. Investigations and settlements soon followed. . Other departments were also found to doing things that were underhanded.

OCC

PYMNTS

SEPTEMBER 21, 2020

21), Commerzbank recounted in a statement that the transactions detailed in the FinCEN files are “based entirely on reports made by Commerzbank to the responsible authorities, mainly in the period 2010 to 2016,” and that the bank had reached a settlement in 2015 to pay regulators about $1.5 In one example, reported on Monday (Sept.

Fincen

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. The bank has agreed to a $1 billion settlement with two of its regulators and has absorbed Federal Reserve sanctions. The bank’s shares were down about 1.8 percent by late Thursday afternoon.

Office of the Comptroller of the Currency

PYMNTS

APRIL 10, 2017

banks, the Office of the Comptroller of the Currency, removed Wells Fargo’s most senior bank examiner, people familiar with the matter told Reuters. Wells Fargo recently came to a $110 million settlement with customers whose personal information their staff used to set up fake bank and credit card accounts.

Office of the Comptroller of the Currency

PYMNTS

APRIL 14, 2016

HSBC Bank USA has reached an agreement to pay $35 million as part of a settlement with the Office of the Comptroller of the Currency. The settlement, according to a press release on Wednesday (April 13), resolves a regulatory review of billing practices tied to credit add-ons sold to HSBC Bank Nevada customers.

Credit Cards

PYMNTS

FEBRUARY 15, 2018

Bank was slapped with a $185 million civil penalty for what the Financial Crimes Enforcement Network (FinCEN), in coordination with the Office of the Comptroller of the Currency (OCC) and the U.S. Department of Justice (DOJ), said were violations of the Bank Secrecy Act.

Money Laundering

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 project is to digitalize entire check processing — from issuing checks to clearing checks,” said MUFG Asian Systems Office General Manager Hirofumi Aihara.

OCC

PYMNTS

MARCH 9, 2020

Waters said the two also did not follow legal orders with the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board and Office of the Comptroller of the Currency (OCC). Wells Fargo agreed in February to pay $3 billion as a settlement with regulators over a scandal involving the creation of fake accounts.

Consumer Financial Protection Bureau (CFPB)

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. “The He will also have to pay $17.5

Office of the Comptroller of the Currency

PYMNTS

MAY 6, 2019

District Court for the Southern District of New York, said the case can proceed, a ruling that denied a dismissal of the suit requested by the Office of the Comptroller of the Currency ( OCC ). million USD) as a penalty under the Payment and Settlement Systems Act of 2007. Judge Victor Marrero, presiding over the U.S.

OCC

PYMNTS

JANUARY 17, 2019

According to a settlement that was signed with a wholly owned subsidiary, Signet Jewelers Ltd. Sterling Jewelers, a subsidiary that operates over 1,500 locations across the country with different brands, signed the settlement, The Wall Street Journal reported.

Office of the Comptroller of the Currency

PYMNTS

DECEMBER 4, 2019

The OCC has the power, after a $1 billion settlement it made with the bank last year, to compel the bank to make changes to its senior management, or board of directors. One executive, who was in charge of the HR department, was put on leave after being accused of failings by the OCC.

Office of the Comptroller of the Currency

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. The $480 million fine is subject to a final approval by the court.

OCC

PYMNTS

DECEMBER 4, 2019

The OCC has the power, after a $1 billion settlement it made with the bank last year, to compel the bank to make changes to its senior management, or board of directors. One executive, who was in charge of the HR department, was put on leave after being accused of failings by the OCC.

OCC

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. The fine is subject to a final approval by the court.

OCC

PYMNTS

NOVEMBER 23, 2018

In June, Wells Fargo submitted a plan to regulators as part of a $1 billion settlement it reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). Wells Fargo is trying to avoid compensating all of the 600,000 drivers affected by its auto loan scandal.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

MARCH 30, 2017

I think the scope of the settlement and the kind of relief we’re getting could be used as a model for other jurisdictions,” Massachusetts Attorney General Maura Healey told Bloomberg News , adding that $16 million of the total will go to consumers. states — $22 million to Massachusetts and $2.87 Back in 2015, Santander paid Massachusetts $5.5

Office of the Comptroller of the Currency

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. The bank has agreed to a $1 billion settlement with two of its regulators, and has absorbed Federal Reserve sanction. The bank’s shares were down about 1.8 percent by late Thursday afternoon.

Office of the Comptroller of the Currency

CB Insights

MAY 3, 2021

New York-based Paxos is a blockchain infrastructure platform that provides cryptocurrency services, like crypto trading and settlement or custody, to enterprises. The company offers a variety of products, like crypto brokerage APIs, settlement services, a cryptocurrency exchange named itBit, and stablecoins.

Office of the Comptroller of the Currency

PYMNTS

NOVEMBER 23, 2020

You're not dealing with two-day settlement,” he stated, adding that interoperability also has the ability to foster sticky relationships between merchants and consumers, especially consumers who want perks and high reward cards or coupons.

Financial Inclusion

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., There of course needs to be access to the financial infrastructure that underpins offerings and is part of processes as far-flung as settlement of transactions. As the St.

Fed

PYMNTS

APRIL 20, 2018

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

PYMNTS

SEPTEMBER 12, 2018

Reuters , citing three sources familiar with the matter, reported that the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) told the bank that it has to do more to make sure it has located and compensated everyone impacted by the practice.

Consumer Financial Protection Bureau (CFPB)

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. Waters, for her part, said a bill would be in the offing to break up banks that have not done right by their customers.

Office of the Comptroller of the Currency

PYMNTS

JUNE 24, 2019

That sentiment was reflected in part by the Bank for International Settlements (BIS), which said this past weekend that there should be coordinated regulations on cryptocurrencies. This means Libra is likely to see more scrutiny from regulators as the project takes shape and eventually launches.

Money Laundering

PYMNTS

MARCH 10, 2020

Waters categorized the bank as a “lawless organization” that opened 3.5 million accounts in customers’ names, costing them $6 million, and charged individuals for auto insurance they didn’t need, leading some people to lose their cars.

Consumer Financial Protection Bureau (CFPB)

PYMNTS

JANUARY 24, 2020

The Office of the Comptroller of the Currency (OCC) is putting together “ so-called notices of charges ” against 10 people, although settlements could be extended to some, sources have said. He will also have to pay $17.5 OCC Prepares Civil Suit Against Former Wells Fargo Executives.

Online and Mobile Banking

PYMNTS

NOVEMBER 28, 2016

190 million in settlements, 2 million fraudulent accounts opened and 5,300 fired employees later , Wells Fargo is reportedly looking to settle out of court to put this fiasco behind it. Office of the Comptroller of the Currency, meanwhile, is exploring revised sanctions guidelines against banks in the wake of the Wells Fargo case.

Office of the Comptroller of the Currency

PYMNTS

JUNE 21, 2019

The dispute over the Office of the Comptroller of the Currency ‘s (OCC’s) national bank charter, which became available to FinTech firms last year, has reportedly caused technology conglomerates to shy away from a tool that aims to provide nonbank firms with a more streamlined way to operate on a national level. Top Performers.

Fraud Prevention

PYMNTS

AUGUST 5, 2019

The Office of the Comptroller of the Currency (OCC) said via press release that it will realign about 150 staff members in two new units, tied to bank supervision support, risk analysis and the oversight of national trust banks and important service providers. “We

FTC

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.

OCC

PYMNTS

JULY 31, 2018

Federal Reserve should “move quickly in facilitating a faster retail payments system, such as through the development of a real-time settlement service that would allow for more efficient and widespread access to innovative payment capabilities,” the report said. Meanwhile, the U.S.

AI

PYMNTS

AUGUST 6, 2018

The report also calls for the Office of the Comptroller of the Currency (OCC) to allow FinTech firms to operate across every state, taking a page from the way banks operate. After the Treasury report debuted, the OCC advocated such charters, as well.

Treasury

The Payments Association

MARCH 18, 2025

Limited access to banking services has, in turn, constrained these firms’ ability to operate efficiently within the broader financial system, including in areas such as payments, settlements, and liquidity management.

Federal Reserve