Tagged: occ

State & Federal Regulators Issue Statement Regarding Banking & “Hemp Related Businesses” – No More SAR Reports

The Office of the Comptroller of the Currency (OCC) along with three other federal agencies and in conjunction with the state bank regulators have issued a statement clarifying the legal status of hemp growth and production and the relevant requirements under the Bank Secrecy Act… Read More

Report: Robinhood Pulls Bank Charter Application

Robinhood, a Fintech that seeks to provide a growing number of banking services, has pulled its application for a national bank charter filed with the Office of the Comptroller of the Currency (OCC), according to a report by CNBC. Robinhood filed for a “Charter National… Read More

Office of the Comptroller of the Currency Proposes Clarification for “Valid When Made” Related to Madden v. Midland Lawsuit

The Office of the Comptroller of the Currency (OCC) is proposing to “clarify” the “valid when made” issue regarding lending. The OCC is soliciting comments now on the proposal. To quote the OCC: “[the proposed] rule to clarify that when a national bank or savings… Read More

UK Launched GFIN Expands with Addition of US Regulators; SEC, FDIC, OCC Join Current Member CFTC to Support Global Fintech Mission

GFIN, or the Global Financial Innovation Network, has gained multiple US regulators as members. GFIN now lists the US Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) as members joining the Commodity Futures Trading Commission… Read More

Final Judgement: OCC Loses Fintech Charter Legal Battle as Judge Rules in Favor of New York State Department of Financial Services

Customers Lose as Fintech Charter Shot Down by US District Court This week, Judge Victor Marrero of the US District Court for the Southern District of New York, ruled against the Office of the Comptroller of the Currency (OCC), in its ongoing legal battle to… Read More

Conference of State Bank Supervisors Denied Again as DC Federal Court Shoots Down Attempt to Challenge OCC Fintech Charter

The Conference of State Bank Supervisors (CSBS) has been rebuffed once again in its attempt to stymie looming Fintech banking competition. In a decision issued yesterday (September 3, 2019), the US District Court for the District of Columbia ordered that the CSBS pursuit of a… Read More

New York Department of Financial Services Gets Go Ahead to Pursue OCC Fintech Charter Lawsuit

The US District Court Southern District of New York has greenlighted the lawsuit against the Office of the Comptroller of the Currency filed by the New York Department of Financial Services (DFS). The legal battle is an ongoing attack by DFS to challenge OCC’s Fintech… Read More

Office of the Comptroller of the Currency Solicits Feedback on Innovation Pilot Program

The Office of the Comptroller of the Currency (OCC) has opened a consultation on a proposed Innovation Pilot Program. The OCC charters, regulates, and supervises national banks and federal savings associations. The OCC has also been a proponent of a Fintech Charter but as of… Read More

Fintech Robinhood Said to Be Pursuing National Bank Charter

Robinhood, a Fintech brokerage firm that combines traditional securities with digital assets in a single app, has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC), according to a report by the San Francisco Business Times. Last December,… Read More

After Years of Debate, Avant May be the First to Receive an OCC Fintech Charter

Online lender Avant is said to be in “late-stage discussions” concerning the approval of an Office of Comptroller of the Currency (OCC) Fintech charter. The news was apparently revealed on Politico Pro. Big scoop by @vtg2 on @Avant_US in late stage discussions re: @USOCC #FinTech… Read More

A Win for Fintech? Linda Lacewell Nominated as Superintendent of the New York State Department of Financial Services

Late last week, New York Governor Andrew Cuomo nominated Linda Lacewell to become Superintendent of the New York State Department of Financial Services. Lacewell will replace Maria T. Vullo who announced on December 19th her intent to depart the agency after three years. Vullo will… Read More

Blockchain Perhaps? OCC, Federal Reserve, FDIC, FinCEN & NCUA Encourage Banks to Innovate When it Comes to AML/BSA Compliance

Multiple federal agencies have come together to encourage banks to innovate when it comes to compliance. The statement is part of a governmental working group that has been created to collaborate between some of the financial regulatory entities. The Office of the Comptroller of the Currency… Read More

State Banking Supervisors Sue OCC Over Fintech Charter

CI reported last month that the Conference of State Bank Supervisors (CSBS) was considering filing a lawsuit against the Office of the Comptroller of the Currency (OCC). Once again, the CSBS mission is a legal challenge to the much debated OCC Fintech Charter. Last week, the… Read More

Lawless, Ill-Conceived, and Destabilizing of Financial Markets: New York Department of Financial Services Sues OCC Over Fintech Charter

Lawless, ill-conceived, and destabilizing of financial markets. While most level headed individuals will have the opinion this statement best describes the New York Department of Financial Services (NY DFS) and their anti-Fintech point of view, think again. This is how the DFS describes the Office… Read More

State Bank Regulators Look to Pick Another Fight with OCC on Fintech Charter with Renewed Litigation

According to a post on the Conference of State Bank Supervisors (CSBS), the group is gearing up for more litigation pertaining to the renewed push by the Office of the Comptroller of the Currency (OCC) and their Fintech Charter. The CSBS is a national lobbying… Read More

PeerIQ CEO Ram Ahluwalia on OCC Fintech Charter: Consumers Win if it is Implemented Correctly

At the end of July, the US Department of Treasury published a wide-sweeping document on Fintech innovation in the US and what must be done to boost innovation in financial services. While much of the document addressed much needed regulatory reform and overlapping state and… Read More

Office of the Comptroller of the Currency to Hold Fintech Office Hours in NYC this September

The Office of the Comptroller of the Currency (OCC) will be holding Innovation Office Hours, September 25-27, 2018, in New York. The open office hours are timely as the OCC just recently announced it will start accepting Fintech Charters for special purpose national banks. The… Read More

Attorney Brian Korn: Fintech Charters Will NOT be Effective Unless Federal Preemption is Available to Holders

After years of discussion, and multiple attempts by traditional finance to block a Fintech Charter offered by the Office of the Comptroller of the Currency (OCC), in a surprise move the OCC announced this week it would begin accepting applications from Fintechs to gain a… Read More

Financial Innovation Now, the Group that Represents Amazon, Apple, Google & More, Welcomes OCCs Decision to Move Forward with Fintech Charter

Financial Innovation Now (FIN), the group that represents big techs interest in Fintech, has issued a comment on the decision by the Office of the Comptroller of the Currency (OCC) to move forward with a Fintech Charter following the release of a report on Fintech by… Read More

Here is the Licensing Manual Supplement from the OCC Pertaining to Applications for Fintech Charters

The Office of the Comptroller of the Currency (OCC) announced its intent to move forward with Fintech Charters following a policy document on Fintech published by the US Department of Treasury. The announcement was accompanied by an update to the OCC’s licensing manual. The document… Read More

Send this to a friend