Tagged: office of the comptroller of the currency

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

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

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

President Joe Biden has withdrawn the nomination of Saule Omarova to become the Comptroller of the Currency, according to a statement by the Whitehouse.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

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

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

  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

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

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

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

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

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

“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

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

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

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

Digital Assets: Anchorage GC Georgia Quinn Shares Why Receiving a National Bank Charter is Key

Back in January of this year, Anchorage, a top crypto platform for institutions, announced that the Office of the Comptroller of the Currency (OCC) had conditionally approved  Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. Thus, Anchorage… Read More

OCC, CFPB, FDIC, NCUA and Federal Reserve Join in Request for Information on Artificial Intelligence and Usage in Financial Services

In a joint statement today, five federal financial regulatory agencies announced a consultation pertaining to the usage of artificial intelligence (AI) as well as machine learning (ML) within financial institutions. The agencies seek information from the public on how financial institutions use AI in their… Read More

OCC Approves Anchorage Trust Company to Become Anchorage Digital Bank

The Office of the Comptroller of the Currency (OCC) has conditionally approved Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association. Founded in 2017, Anchorage has emerged as a top digital asset platform serving institutions investing in the crypto… Read More

Happy New Year! LendingClub’s Acquisition of Radius Bank Approved by the OCC

LendingClub (NYSE:LC) will start 2021 on a high note it seems. The online lender and aspiring digital bank has had its acquisition of Radius Bank approved by the Office of the Comptroller of the Currency (OCC), according to many reports. Additionally, the decision letter was… Read More

Conference of State Bank Supervisors Targets OCC Chartering Authority of Fintechs in Lawsuit, Points Finger at Figure Technologies

The Conference of State Bank Supervisors (CSBS) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC), as well as Acting Comptroller Brian Brooks, regarding the agency’s ability to issue federal bank charters to Fintechs. The complaint mentions Figure Technologies, a… Read More

OCC Crypto Guidance Used to Assure National Banks as Certain States Move Aggressively into Digital Assets

Earlier this week, the Office of the Comptroller of the Currency (OCC) – the leading national bank regulator, provided guidance on banks and stablecoins. The guidance was designed to provide “greater regulatory certainty for banks” operating in this sector. Stablecoins are digital assets typically tied… Read More

OCC Issues Interpretive Letter on Banks and Stablecoins, SEC Comments on its Position Regarding Digital Assets

The Office of the Comptroller of the Currency (OCC), part of the US Department of Treasury, has issued an interpretive letter pertaining to banks and federal savings entities pertaining to “certain stablecoins.” Stablecoins are digital currencies that are based on a fiat currency or specific… Read More

OCC to Start Processing Charter Applications from Fintechs: Report

  The Office of the Comptroller of the Currency (OCC) will start processing Fintech applications to become federally chartered firms as soon as this week, according to a report. The acting Comptroller of the Currency Brian Brooks has only been managing the regulator since May… Read More

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