Office of the Comptroller of the Currency

News & Analysis as of

Financial Services Weekly News - March 2017 #4

Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

OCC Issues Additional Guidance for Evaluating FinTech Charter Applications

On March 15, the Office of the Comptroller of the Currency (OCC) provided additional detail on evaluating national bank charter applications from financial technology (FinTech) companies that engage in the business of...more

OCC Issues Additional Guidance for Evaluating FinTech Charter Applications

On March 15, the Office of the Comptroller of the Currency (OCC) provided additional detail on evaluating national bank charter applications from financial technology (FinTech) companies that engage in the business of...more

OCC Issues Draft Supplement Outlining Application Process for FinTech Charters

The Office of the Comptroller of the Currency (the OCC) has released a draft supplement to its Licensing Manual that explains the process for an entity engaged in financial technology—or FinTech—activities to charter a...more

More on Comptroller Curry’s remarks at LendIt USA conference

In a recent blog post, Alan Kaplinsky and Scott Pearson wrote about the remarks made by CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry at the LendIt USA conference in New York City earlier this...more

The OCC Fintech Charter: A New Model for Tech-Enabled Financial Services?

On February 21, DWT Payments team members Andy Lorentz and Tom Scanlon took part in a discussion organized by NYPAY that focused on the prospects of the OCC special purpose fintech charter. The questions discussed included,...more

OCC Provides Additional Details to Evaluate Charter Applications From fintech Companies

On March 15, 2017, the Office of the Comptroller of the Currency (“OCC“) issued a “Draft Licensing Manual Supplement for Evaluating Charter Applications from Financial Technology Companies,” which provides additional details...more

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Developments on the OCC’s Initiative for Fintech Companies

Since Comptroller of the Currency Thomas J. Curry announced last December that the OCC will move forward to consider granting special purpose national bank charters to financial technology companies—under the OCC’s existing...more

OCC won’t allow fintech national bank charters for commercial firms, addressing potential Walmart fintech bank concerns

The Office of the Comptroller of the Currency issued guidance this week stating that it will not approve any fintech national bank application that would “inappropriately commingle banking and commerce,” citing potential...more

Curry in a Hurry: OCC Publishes Fintech Charter Standards

A key banking regulator has published draft licensing standards that could fundamentally change how financial technology companies operate and are supervised in the United States. The new standards come in the final weeks of...more

Alert: New Federal “Fintech Charter” Framework Released

The Office of the Comptroller of the Currency (OCC) recently came one step closer to making its fintech bank charter a reality. On Wednesday, March 15, it released a Licensing Manual Supplement (Supplement) with proposed...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - House Committee on Financial Services Comments on OCC Fintech Charter - All 34 Republican members of the Financial Services Committee of the U.S. House of Representatives, including...more

OCC Moves Forward on Fintech Bank Charters

Amid criticism from virtually every possible constituency, on March 15, 2017, the Office of the Comptroller of the Currency (OCC) released a draft supplement to its chartering licensing manual related to special purpose...more

OCC Creates New Special Purpose National Bank Charter as Comptroller Curry's Term Comes to an End

After months of speculation, the Comptroller of the Currency has issued for public comment a draft Supplement to its Licensing Manual ("Supplement") to accept applications for a special purpose national bank ("SPNB") charter...more

Financial Services Weekly News - March 2017 #3

Editor's Note - The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more

Your Daily Dose of Financial News

As anticipated (and hinted-at forcefully by its officials), the Fed raised the benchmark interest rate yesterday to a range nearing 1 percent, a move that signals the slow end to the body’s nine-year stimulus effort....more

House Committee on Financial Services Comments on OCC Fintech Charter

All 34 Republican members of the Financial Services Committee of the U.S. House of Representatives, including Chairman Jeb Hensarling (Tex. – R) and Vice Chairman Patrick McHenry (N.C. – R), in a letter dated March 10, 2017,...more

Orrick's Financial Industry Week In Review

SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...more

Director Cordray and Comptroller Curry speak at LendIt USA conference

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke....more

Comptroller of the Currency Tom Curry Discusses Fintech Charters

In his remarks at the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed the special purpose national bank charters to be granted by the OCC to fintech companies and addressed the various...more

Agencies Release Swap Margin Guidance

On February 23, 2017, the Federal Reserve Board (Board) and the Office of the Comptroller of the Currency (OCC) issued guidance regarding how supervisors should examine for compliance with the swap margin rule. The swap...more

US and EU Regulators Provide Relief for Compliance with Variation Margin Requirements

The CFTC, the Federal Reserve Board and the Office of the Comptroller of the Currency have taken action to extend the period during which Swap Dealers can comply with the requirement to post and collect variation margin under...more

US Office of the Comptroller of the Currency Issues Revised Comptroller’s Licensing Manual Booklet

The OCC issued a revised version of the “Changes in Directors and Senior Executive Officers” booklet of the Comptroller’s Licensing Manual...more

Financial Services Weekly News - March 2017

Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more

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