Tagged: occ

American Fintech Council Celebrates OCC Inclusion Steps

The American Fintech Council (AFC), an industry association representing Fintech companies and banks, applauded the Office of the Comptroller of the Currency (OCC) on the expansion of REACh 2.0 and continued commitment to collaboration. The AFC said the agency has continued its pragmatic approach to… Read More

OCC Announces $250M Civil Money Penalty Against JPMorgan Chase

The Office of the Comptroller of the Currency (OCC) recently announced a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) (NYSE: JPM) related to deficiencies in its trade surveillance program. The OCC found that JPMC allegedly operated “with gaps in trading venue… Read More

American Fintech Council’s Goldfeder Applauds OCC BNPL Statement

The CEO of the American Fintech Council voiced his support for the Office of the Comptroller of the Currency’s recent statements on BNPL products. Phil Goldfeder said they provide clarity for banks and fintechs that offer responsible BNPL services. Goldfeder explained that responsibility includes identifying… Read More

Three Top House Republicans Send Letters to Federal Agencies Demanding Info on Push to De-Bank Digital Asset Firms

Representative Patrick McHenry, Chairman of the House Financial Services Committee, has joined with Representatives French Hill, Digital Assets, Financial Technology, and Inclusion Subcommittee Chairman, and Bill Huizenga, Oversight and Investigations Subcommittee Chairman, to send letters to federal agencies demanding information on the move to de-bank… Read More

Anchorage Digital Bank Board Welcomes OCC Veteran Julie L. Williams

This past January, Anchorage Digital marked the second anniversary of their federal bank charter. According to Anchorage Digital, it was “a moment of pioneering progress for any digital asset bank, and it coincided with their announcement of another milestone for their compliance and bank program:… Read More

OCC, FDIC, US Federal Reserve Join to Warn About “Crypto-Asset Market Vulnerabilities”

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), have joined once again in issuing a warning on crypto. Last month, the three federal entities issued a statement cautioning banks… Read More

Pryor Cashman Partner Calls US Federal Regulators Statement on Crypto and Banking a Reversal of Administration’s Digital Asset Policy

This past week, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the US Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement cautioning banks on their activities that involve digital assets (crypto). The joint statement… Read More

Law Firm Cautions Banks on Providing Crypto Services Following Bank Regulators Statement

Earlier today, the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the US Federal Reserve made the interesting move to jointly issue a statement cautioning banks about working with crypto firms. The joint statement… Read More

Group of Federal Regulators Warn Banks on Providing Crypto Services: Cautions on Fraud, Scams, Risk

Three federal bank regulators, including the Office of the Comptroller of the Currency (OCC), US Federal Reserve Bank, and Federal Deposit Insurance Corporation (FDIC), have joined to caution the public on “crypto asset” risks to banking firms. The statement follows a year of turmoil in… Read More

SoFi Gets Scrutiny from Senate Banking Committee Democrats Who Also Press Regulators on the Fintech Offering Digital Asset Services

Democrat members of the Senate Banking Committee have sent a letter to SoFi (NASDAQ:SOFI) inquiring about its activities in regard to digital asset trading. At the same time, the Senators have forwarded a letter to three bank regulators, the Office of the Comptroller of the… Read More

Acting Comptroller Outlines OCC Priorities, Includes Fintech, Crypto in Statement to Senate Banking Committee

The Acting Comptroller of the Currency, Michael J. Hsu, testified in front of the Senate Committee on Banking today. In prepared testimony, the Acting Comptroller outlined his priorities for the bank regulator. In opening statements, the Chair of the Committee, Senator Sherrod Brown, took a… Read More

OCC Announces Office of Financial Technology

The Office of the Comptroller of the Currency recently announced it will “establish an Office of Financial Technology early next year to bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape.” The Office of Financial Technology will “build on and… Read More

Fitch: US Regulators Block Fintechs Pursuing Bank Charters

Fitch Ratings says Fintechs and other non-bank financial institutions (NBFIs) are being blocked from receiving bank charters by public officials, adding that these digital firms are at a competitive disadvantage because of this reality. Fitch notes that no industrial loan company (ILC) charters have been… Read More

House Republicans Tell Office of the Comptroller of the Currency to Ensure Bank, Fintech Partnerships

All financial services will eventually be Fintech services, but some traditional financial firms struggle to become digitally native. Traditional banks, typically smaller ones, fall into this category. Most of these smaller banks have purchased services from Fintechs, thus providing modern platforms – others have partnered… Read More

The Crypto Economy’s Dependency on Hype: Comptroller of the Currency

Speaking recently at the DC Blockchain Summit, acting Comptroller of the Currency Michael Hsu took the crypto industry to task in light of the spectacular collapse of TerraUSD (UST) – an aspiring algorithmic stablecoin that failed in its mission. Hsu lambasted the sector of Fintech… Read More

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

  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

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

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

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

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