Tagged: office of the comptroller of the currency

Office of Comptroller of the Currency Encourages Banks to Issue Small Loans to Consumers

The Office of the Comptroller of the Currency (OCC) issued a Bulletin today encouraging banks to issue small loans to consumers. In past years, banks have shied away from providing credit that was deemed too high risk to pursue and too costly to originate. As… Read More

OCC to Hold Innovation Office Hours in San Francisco to Promote Responsible Federal Banking System Innovation

On Thursday, the Office of the Comptroller of the Currency (OCC) today announced it will hold Innovation Office Hours, on July 17th-19th, in San Francisco to promote responsible innovation in the federal banking system. According to the OCC, the Office Hours are one-on-one meetings with OCC… Read More

State Bank Regulators Take Step Forward to Streamline Licensing Process for Fintechs. Is this a Good Thing?

Yesterday, the Conference of State Bank Supervisors (CSBS) took a step forward to streamline the process of licensing  Fintech firms seeking to operate across the US. If you are based outside the US you may be surprised to know that banks and Fintechs must comply… Read More

Office of the Comptroller of the Currency Warns that Online Bluegate Industrial Bank is Fake, Domain Registered in Benin

The Office of the Comptroller of the Currency (OCC) has posted a warning regarding an entity calling itself Bluegate Industrial Bank USA, N.A.. The OCC said the firm claims to be an online financial institution offering regular banking products as well as loan services. Apparently… Read More

Joseph Otting Has a Lot on His Plate as the New Comptroller

Joseph Otting, a former banker and CEO of OneWest Bank, was approved by the Senate in a party line vote last week to take over the helm at the Office of the Comptroller of the Currency (OCC). As Comptroller, Otting will be stepping into an… Read More

Like a Bad Dream: Community Banks Fire Back at Acting Comptroller of the Currency & His Insistence Competition is Good for Banks

Acting Comptroller of the Currency Keith Noreika delivered a speech this week that has the traditional banking industry up in arms.  Noreika made the heretical statement that competition is good for the banking industry inciting the wrath of the Independent Community Bankers of America (ICBA),… Read More

Acting Comptroller Noreika: Fintech’s Should be Free to Seek a National Bank Charter

At Georgetown University today, Acting Comptroller of the Currency Keith Noreika reaffirmed his belief that Fintech s should have the option to apply for a national bank charter or Fintech Charter as it is frequently called. While there was little new in the presentation delivered… Read More

Acting Comptroller of the Currency Keith Noreika Hammers CFPB Arbitration Rule

Keith Noreika, acting Comptroller of the Currency, published an Op-Ed in the Hill on Friday that hammered the Consumer Financial Protection Bureau’s (CFPB) decision to push forward an updated rule on arbitration clauses for financial service firms. At the time the ruling was announced, CFPB… Read More

Reason for Optimism: OCC Chief Says Reducing Regulatory Burden Means More Economic Opportunity

Acting Comptroller of the Currency, Keith Noreika, delivered a speech to midsize bank risk officers today that struck a positive note. The head of the OCC said there was much room for optimism as the regulatory pendulum has shifted away from the monolithic belief that… Read More

Acting Comptroller of the Currency Keith Noreika Addresses Online Lending & Fintech Innovation

Speaking at the Online Lending Policy Summit in Washington, DC, Acting Comptroller of the Currency Keith Noreika discussed the online lending industry and his perspective on responsible innovation. Noreika told the conference participants; “I see the growth of online lending and marketplace lenders as the… Read More

OCC Motion to Dismiss Regarding Conference of State Bank Supervisors Lawsuit: A Fatally Premature Attempt to Remedy a Speculative Harm

Earlier this month the Office of Comptroller of the Currency (OCC) fired off a counter salvo in the legal battle regarding the OCC Fintech Charter. The Conference of State Bank Supervisors (CSBS) launched an attack against the OCC this past spring. Many Fintech industry participants… Read More

OCC Challenges CFPB on Arbitration: “Rule may adversely affect the institutions within the federal banking system and their customers”

Acting Comptroller of the Currency Keith Noreika is out with a statement on the controversial Consumer Financial Protection Bureau’s (CFPB) rule on arbitration agreements.  The CFPB announced a final position on Arbitration clauses with certain financial service firms and consumers. The rule has been criticized as… Read More

Acting Comptroller Answers Fintech Question: “What are your thoughts on granting national bank charters to financial technology companies?”

The Acting Comptroller of the Office of the Comptroller of the Currency, Keith Noreika, answered a pressing question today in a speech delivered at the Exchequer Club in Washington, DC. Noreika asked the question of himself that everyone in finance had been wondering; “What are… Read More

OCC Office of Innovation Schedules Open Office Hours for Fintech & Traditional Finance Firms

The Office of the Comptroller of the Currency (OCC) is opening up its doors at its Office of Innovation.  Announced today, the OCC will host office hours for its Office of Innovation at the OCC’s district office in New York City. The OCC is welcoming… Read More

Comptroller of the Currency, Thomas Curry, Delivers Speech on Importance of Fintech Innovation

“That ability to adapt and evolve to meet the changing needs of customers and the marketplace is as critical” Thomas Curry, the Comptroller of the Currency, delivered a speech today at Kellogg School of Management in Chicago. The speech comes at an interesting time as… Read More

Lawsuit Filed Against OCC Fintech Charter: CSBS’ John Ryan Sheds Light on State Regulators vs. OCC

US state regulators have filed a lawsuit against the Office of the Comptroller of the Currency, upping the ante in an increasingly bitter dispute over the federal agency’s plans to offer bank charter status to qualifying fintech firms, according to a release. The complaint, lodged by… Read More

The OCC Issues Draft Requirements for a Fintech Charter. Is a Charter for Innovative Financial Firms Dead in the Water?

As expected, the Office of the Comptroller of the Currency has published a draft licensing manual regarding the creation of a Fintech Charter. The draft is a supplement to the agency’s existing Licensing Manual and explains how Fintech firms may apply for special purpose bank charters…. Read More

Comptroller of the Currency Thomas J. Curry: “We Will Be Issuing Charters to Fintech Companies”

Comptroller of the Currency Thomas J. Curry delivered a speech yesterday (March 6, 2017) at the annual LendIt conference where he discussed his recent proposal for a Fintech Charter. The OCC Fintech Charter, as it is described, is designed to bring innovative financial firms under… Read More

OCC Fintech Charter: We Need a Government that Embraces Financial Innovation

The Office of Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was created by the National Currency Act of 1863 (154 years ago, 20 years before the automobile was invented by Karl Benz from Germany)…. Read More

Proposed OCC National Fintech Charter Comments & Feedback

Last December, the Office of the Comptroller of the Currency (OCC) – part of the Department of Treasury-  proposed a “National Bank Charter for Fintech Companies”. The exploration stirred up a hornet’s nest of public officials that were not too pleased the OCC would think… Read More