Tagged: office of the comptroller of the currency

April 26, 2023 @ 10:41 pm By JD Alois  |  

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

March 30, 2023 @ 5:55 pm By JD Alois  |  

The Office of the Comptroller of the Currency (OCC) has created the Office of Financial Technology (Fintech). At the same time, the OCC has appointed Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer. This is not the first time… Read More

January 5, 2023 @ 11:59 am By JD Alois  |  

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

January 3, 2023 @ 10:29 pm By JD Alois  |  

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

January 3, 2023 @ 5:21 pm By JD Alois  |  

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

November 22, 2022 @ 9:05 am By JD Alois  |  

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

November 15, 2022 @ 5:12 pm By JD Alois  |  

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

October 30, 2022 @ 1:37 pm By Omar Faridi  |  

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

October 27, 2022 @ 12:20 pm By JD Alois  |  

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

October 11, 2022 @ 2:56 pm By JD Alois  |  

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

April 21, 2022 @ 4:50 pm By JD Alois  |  

  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

April 1, 2022 @ 6:17 pm By JD Alois  |  

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

December 7, 2021 @ 5:57 pm By JD Alois  |  

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

November 25, 2021 @ 9:48 am By JD Alois  |  

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

November 23, 2021 @ 2:52 pm By JD Alois  |  

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

November 18, 2021 @ 7:42 pm By JD Alois  |  

  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

November 17, 2021 @ 5:35 pm By JD Alois  |  

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

November 3, 2021 @ 7:59 pm By JD Alois  |  

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

September 24, 2021 @ 2:52 pm By JD Alois  |  

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

September 21, 2021 @ 3:20 pm By JD Alois  |  

“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