Tagged: occ

First Digital Asset Bank: OCC Gets Consent Order Against Anchorage Digital Bank for AML Shortcomings

Expired Penalty Fine Times Up

  Anchorage Digital Bank, the first-ever charted digital asset bank, has been hit with a consent order from the Office of the Currency of the Comptroller (OCC), the lead federal bank regulator. According to a statement by the OCC, that action was taken due to… Read More

Comptroller of the Currency Outlines View on Stablecoins: A banking approach would be more effective

Michael Hsu

Acting Comptroller of the Currency, Michael J. Hsu, has shared his thoughts on stablecoins and how they should be regulated. As the Biden Administration has messaged its intent to review digital assets as well as central bank digital currencies (CBDCs) and stablecoins, the most pressing… Read More

Acting Comptroller of the Currency Addresses Crypto Derivatives Risks

Michael Hsu

Acting Comptroller of the Currency, Michael J. Hsu, addressed the American Bankers this week speaking about “tail risks” – or low probability, high impact risk events. In a world pummelled by geopolitical challenges like Russia’s war with Ukraine, and the ever-present concern of cyberattacks, Hsu… Read More

Office of the Comptroller of the Currency Approves SoFi’s Bank Application

SoFi on 42nd Ave in New York City

The Office of the Comptroller of the Currency (OCC) has conditionally approved  SoFi’s (NASDAQ:SOFI) application to operate a bank. According to the OCC, SoFi Bank National Association (SoFi Bank, N.A.), may operate as a full-service national bank headquartered in Cottonwood Heights, Utah. As part of… Read More

Anchorage Digital Shares Survey Results Revealing that Many Americans Believe Crypto and Regulatory Clarity are Vital to US Economy

Rules Regulations

Anchorage Digital, the first federally chartered digital asset bank, has shared survey results that show OCC approval “gives Americans greater confidence in cryptocurrency.” The team at Anchorage Digital writes in a blog post that as the volume of conversation around cryptocurrency and digital assets continues… Read More

President Biden Pulls Nomination of Saule Omarova to be Head of OCC

Saule Omarova 11.18.21

President Joe Biden has withdrawn the nomination of Saule Omarova to become the Comptroller of the Currency, according to a statement by the Whitehouse. The Office of the Comptroller of the Currency is an independent bureau under the US Department of Treasury and the lead… Read More

Joe Biden’s Radical Selection to Head the OCC Appears to be Doomed as Multiple Democrats Will Not Support Nominee

Saule Omarova 2018

The confirmation of Saule Omarova, President Joe Biden’s selection to head the Office of the Comptroller of the Currency (OCC) – the top bank regulator, appears to be doomed as multiple Democrat Senators have expressed to the Whitehouse they will not support the nominee. Omarova,… Read More

Office of the Comptroller of the Currency Issues Interpretive Letter on Cryptocurrency and Banks, Joint Statement on Crypto Issued by Fed, OCC and FDIC

Talk Proclaim Declare Announce News Speak Information

The Office of the Comptroller of the Currency (OCC), the leading regulatory overseeing national banks, has issued a letter confirming that national banks and federal savings associations can engage in crypto but must demonstrate adequate controls in place before they can engage in certain cryptocurrency,… Read More

Senate Hearing for Saule Omarova as Comptroller of the Currency Shows Challenging Path to Approval

US Capitol Senate Washington DC

  Saule Omarova testified in front of the Senate Banking Committee today and the challenging questions did not just come from Republican members as several Democrats queried the aspiring bank regulator with difficult queries as well. Omarova, a Cornell Law professor born in the former… Read More

Saule Omarova: Approval of Biden Administration’s Pick for Comptroller of the Currency is Looking Dicey

Saule Omarova 2018

The Office of the Comptroller of the Currency (OCC), an independent bureau under the US Department of Treasury, is the lead bank regulator in the US. Managed by the Comptroller of the Currency, it is a key federal agency in approving or denying national bank… Read More

Comptroller of the Currency Michael Hsu Says Regulation is Too Fragmented When it Comes to Fintech, Crypto Firms

Michael Hsu

Acting Comptroller of the Currency Michael Hsu delivered a compelling speech today during a presentation at the American Fintech Council, Fintech Policy Summit. The AFC largely represents digital and neo-banks as well as non-bank lenders. Hsu recently spoke at a Blockchain Association event where he… Read More

Oportun Updates on Pursuit of National Bank Charter, Withdraws Application – For Now

Do Not Enter Stop Halt

Last week, Oportun (Nasdaq:OPRT), an online lender that utilizes artificial intelligence, said it had decided to voluntarily withdraw its application for a national bank charter from the Office of the Comptroller of the Currency (OCC). The OCC is the main bank regulator in the United… Read More

Congressman Patrick McHenry Slams Biden’s Selection to Lead Office of the Comptroller of the Currency

Patrick Mchenry Sept. 2019

Congressman Patrick McHenry, the ranking minority member on the House Financial Services Committee and keen supporter of financial innovation, has issued a statement on the Biden’s Administration selection to manage the Office of the Comptroller of the Currency. Yesterday, President Biden announced he had selected… Read More

President Biden Nominates Saule Omarova, Known Wall Street Critic, to be Next Comptroller of the Currency

The White House

Saule Omarova, a Cornell law professor, has been nominated to become the next Comptroller of the Currency – the head of the Office of the Comptroller of the Currency the bureau that regulates the nation’s federal banks. The selection had been widely rumored in advance… Read More

Acting Comptroller of the Currency Michael Hsu Comments on Digital Asset Innovation, Compares Crypto to 2008 Financial Crisis

michael hsu OCC

“Fools Gold.” Acting Comptroller of the Currency Michael Hsu has slammed the emerging digital asset sector as “Fool’s Gold” comparing it to the unfortunate events that led up to the 2008 financial crisis. In a speech delivered at the Blockchain Association, Hsu stated: “I have… Read More

Senator Sherrod Brown, Chair of Senate Banking Committee, Presses OCC on Crypto Bank Charters Putting Fintech Innovation at Risk

Sherrod Brown Senate Hearing 2019

Earlier today, US Senator Sherrod Brown, Chairman of the Senate Banking Committee,  issued a statement challenging the Office of the Comptroller of the Currency (OCC) to review federal bank charters approved for digital asset firms. In the last year of the Trump Administration, the OCC… Read More

Mike Cagney from Figure Technologies Says their Blockchain Enabled Provenance Platform can Open Up Universe of Security Tokens

Mike Cagney

Figure Securities, a division of the digital lending service provider Figure Technologies, has reportedly acquired approval from the US Securities and Exchange Commission (SEC) to serve as a broker-dealer and also operate as an SEC-registered Alternative Trading System for digital securities that are custodied on… Read More

US Federal Regulators Add Time to Comment Period on AI and Financial Services

Cyber Dollar AI Artificial Intelligence

As was reported last March, five federal regulatory agencies joined in a consultation pertaining to the usage of artificial intelligence (AI) and machine learning (ML) within financial institutions. The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and… Read More

Here is the Letter from the OCC Granting the Preliminary Bank Charter to Paxos

Bank Banking First National Bank

Last week, it was reported that Paxos had received preliminary approval for a national bank charter for Paxos National Trust. The Office of the Comptroller of the Currency (OCC) stated: “the preliminary conditional approval is granted after a thorough review of the application, other materials… Read More

OCC Announces Prelimimary Conditional Approval of the Application to Charter Paxos National Trust, New York

USA Approved

The Office of the Comptroller of the Currency (OCC), an independent bureau within the US Department of the Treasury that serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United… Read More

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