Tagged: occ

June 4, 2020 @ 6:44 pm By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) has issued an advance notice of proposed rulemaking (ANPR) inviting public comment on its regulations regarding digital banking activities. The OCC is part of the US Department of Treasury and is the main banking regulator in… Read More

June 1, 2020 @ 6:21 pm By JD Alois  |  

Last Friday, the Acting Comptroller of the Currency Brian P. Brooks quickly moved to clarify a longstanding point of contention within the online lending industry. Brooks issued a statement regarding the Office of the Comptroller of the Currency’s (OCC) final rule on when a national… Read More

May 21, 2020 @ 11:52 am By JD Alois  |  

Comptroller of the Currency Joseph M. Otting will step down from the office on May 29, 2020, according to a release posted by the Office of the Comptroller of the Currency (OCC).  Current OCC First Deputy and Chief Operating Officer Brian P. Brooks will take… Read More

February 28, 2020 @ 7:00 pm By JD Alois  |  

Recently the Office of the Comptroller of the Currency (OCC), issued what is believed to be the first enforcement action against a bank dealing in digital assets. The target of the consent order was M.Y. Safra Bank. According to the Order, the bank was a… Read More

December 31, 2019 @ 11:58 am By JD Alois  |  

The internet has disrupted so many different industries mainly for the better. Fintech, or financial technology, is really the digitization of financial services that previously leaned in an analog direction, lending, trading & investing, payments, banking and more. While the benefits to consumers and business… Read More

December 3, 2019 @ 11:51 am By JD Alois  |  

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

November 27, 2019 @ 3:20 pm By JD Alois  |  

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

November 18, 2019 @ 3:05 pm By JD Alois  |  

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

October 24, 2019 @ 11:00 am By JD Alois  |  

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

October 23, 2019 @ 8:56 am By JD Alois  |  

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

September 4, 2019 @ 4:26 pm By JD Alois  |  

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

May 3, 2019 @ 8:51 am By JD Alois  |  

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

April 30, 2019 @ 2:13 pm By JD Alois  |  

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

April 20, 2019 @ 5:16 pm By JD Alois  |  

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

April 12, 2019 @ 3:57 pm By JD Alois  |  

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

January 6, 2019 @ 5:55 pm By JD Alois  |  

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

December 4, 2018 @ 9:22 am By JD Alois  |  

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

October 28, 2018 @ 4:50 pm By JD Alois  |  

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

October 20, 2018 @ 6:54 pm By JD Alois  |  

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

September 13, 2018 @ 2:06 pm By JD Alois  |  

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