Office of the Comptroller of the Currency

News & Analysis as of

Banking By Phone Requires More Demanding Responsibilities for Bank Management and the Board of Directors

Competition and technology are demanding that banks provide more convenient payment choices for consumers. Consequently, banks are offering mobile financial services (MFS) that can be accessed through mobile devices such as...more

What Banks Need to Do to Address Technological Change

In the past few years the FinTech industry has grown exponentially. According to a recent Forbes article, the existing number of FinTech start-ups globally are between 5,000 and 6,000, all seeking to take a slice of the...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 5

Electronic Structured Product Systems and FINRA’s Robo-Advisor Report - In a prior issue of this publication, we wrote about electronic structured note issuance platforms, and how these might be affected by U.S....more

Your daily dose of financial news The Brief – 5.2.16

Nearly a year-and-a-half after announcing their plans to join forces, Halliburton and Baker Hughes have reportedly called off their $35 billion merger. Serious DOJ reservations about the deal and a wildly changed energy...more

ABA Seeks Interagency Guidance Related to Force-Place Flood Insurance Premiums

On April 22, the American Bankers Association (ABA) sent a letter to the OCC, the Federal Reserve, and the FDIC regarding force-place flood insurance (also known as lender-placed insurance). The ABA probed the question of...more

Orrick's Financial Industry Week in Review

No-Action Letter Issued Regarding the OCR Final Rule - On April 8, the U.S. Commodity Futures Trading Commission's ("CFTC") Division of Market Oversight issued a no-action letter regarding the ownership and control final...more

New Proposed Rules on Banker Incentive Compensation Released

The National Credit Union Administration, or NCUA, became the first of six Agencies to unveil a revised rule proposal under Section 956 of the Dodd-Frank Act: prohibiting incentive-based payment arrangements that the...more

OCC Names Deputy Comptroller for Compliance Risk

On April 13, the OCC named Donna Murphy Deputy Comptroller for Compliance Risk. Effective May 1, Murphy will be responsible for supervising the development of policy and examination procedures relating to consumer, BSA/AML,...more

Financial Services Weekly News - April 2016 #3

Regulatory Developments - FHFA Announces Principal Reduction Program for Struggling Underwater Homeowners - On April 14, the Federal Housing Finance Agency (FHFA) announced a new Principal Reduction Modification...more

Women in Housing and Finance’s Annual Symposium on FinTech Issues

DWT Consumer Financial Services team members Adam Maarec and Allison May attended last week’s Annual Symposium of Women in Housing and Finance, which focused on the impact of financial technology. A few of the most notable...more

SCRA Will Continue to Receive Regulatory Scrutiny

On March 22, 2016, the U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015. This bill was signed into law by President Obama on March 31, 2016. This follows the...more

OCC Releases Risk Appetite Statement

On April 12, the OCC released its Risk Appetite Statement (Statement) summarizing the agency’s largely conservative approach toward managing risks to the OCC’s mission, the financial system, and consumers. The Statement sets...more

US Comptroller of the Currency Discusses Innovation in the Financial Services Industry

At the American Banker Retail Banking Conference, US Comptroller of the Currency Thomas J. Curry discussed innovation in the financial services industry and its impact on retail bankers, consumers of banking services and...more

US Office of the Comptroller of the Currency Releases Risk Appetite Statement

The US Office of the Comptroller of the Currency released its Risk Appetite Statement, which documents the OCC’s overall conservative risk appetite in carrying out its supervisory mission. The Risk Appetite Statement provides...more

OCC Introduces Framework for Responsible Innovation

On March 31, 2016 the Office of the Comptroller of the Currency (OCC) issued a white paper setting forth its vision of responsible innovation, and signaling its increasing involvement in the financial technology (Fintech)...more

OCC Releases its Risk Appetite Statement

On April 12, the Office of the Comptroller of the Currency (“OCC”) released its Risk Appetite Statement, which sets boundaries of acceptable levels of risk in key areas of agency operations. The OCC stated that: “By clearly...more

OCC Lends Perspective on Responsible Innovation

Last week, the OCC published a whitepaper titled, “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective.” The whitepaper reports on the OCC’s vision for responsible innovation in the federal...more

How to Regulate New Financial Technologies While Supporting Innovation

Office of the Comptroller of Currency publishes proposed framework for responsible innovation in federal banking. The Office of the Comptroller of Currency (the OCC or the Agency) recently published a whitepaper,...more

Lenders & FinTech Companies Now Have an Opportunity to Shape Federal Regulation of FinTech

On March 31, 2016, the Office of the Comptroller of the Currency (“OCC”) issued its much anticipated white paper on the role of financial technology (“FinTech”) in the financial services industry. The paper, titled Supporting...more

OCC Issues White Paper on "Responsible Innovation"

On March 31, 2016, the Office of the Comptroller of the Currency (OCC) issued a white paper on the growing intersection between financial services and technology. The OCC stated that "[w]hile banks continue to innovate, rapid...more

OCC Announces Workshop for Bank Directors

On May 2 through May 4, the OCC will host a workshop in Wilmington, Delaware for directors of national community banks and federal savings associations. With a focus on directors’ duties and core responsibilities, the...more

OCC Issues Paper on “Responsible Innovation”—Including Its Own Responsibilities

On March 31, the Office of the Comptroller of the Currency articulated its “vision” for responsible innovation in the federal banking system in the form of a white paper, continuing the agency’s own multi-year initiative to...more

Financial Services Weekly News - April 2016

Regulatory Developments - DOL Issues Final Fiduciary Rule - On April 6, the Department of Labor (DOL) unveiled its pre-publication final version of the long-awaited fiduciary rule (the Final Rule). Some of the more...more

OCC Announces Preliminary Framework on FinTech and Responsible Innovation

On March 31, 2016, the Office of the Comptroller of the Currency (“OCC”) released a white paper on financial technology innovation (“White Paper”), which lays out a preliminary framework for “responsible innovation.” The...more

Orrick's Financial Industry Week in Review

ESMA Consults on Guidelines on Disclosure of Information on Commodity Derivatives Markets or Related Spot Markets under MAR - On March 30, the European Securities and Markets Authority ("ESMA") opened a public...more

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