Office of the Comptroller of the Currency

News & Analysis as of

OCC Hosts Forum on Responsible Innovation

On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among...more

Bridging the Great Divide: Collaboration Considerations for Banks and Marketplace Lenders

Marketplace lending has grown dramatically over the last several years, but it still remains a nascent industry. As it continues to expand its reach, players in the industry and the traditional banking/investment sector are...more

OCC Report Examines Risks Facing National Banks and Federal Savings Associations

On July 11, 2016, the Office of the Comptroller of the Currency issued its semiannual report on risks faced by national banks and federal savings associations, using data through December 31, 2015....more

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

Fed’s Final Treatment of Municipal Securities as High-Quality Liquid Assets Disappoints the Industry

Treatment of Municipal Securities in Fed’s Final HQLA Rule Draws Unenthusiastic Industry Reactions - On April 1, 2016, the Federal Reserve Board released its final regulations respecting treatment of municipal securities...more

Interim Final Rule Regarding Inflation-Adjusted Civil Money Penalties

On July 1, 2016, the Office of the Comptroller of the Currency (OCC) published an interim final rule that amends its rules of practice for national banks and federal savings associations to adjust the maximum amount of each...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

A new set of federal banking regulations are on the horizon aimed at helping financial institutions put in place minimum compliance standards to prevent future cyber-attacks. Bloomberg Law has reported that the Federal...more

Regulators Remind Banks That Strategy Setting Creates Risks That Must Be Managed

When most bankers think of “operational risk,” they think of day-to-day operations like internal or external fraud, reconciliation failures, and the like. The Comptroller of the Currency recently reminded banks, however, the...more

Key Takeaways from the OCC Forum on Supporting Financial Innovation

While the CFPB has not yet held a public event devoted to FinTech or financial innovation, the Office of the Comptroller of the Currency (OCC) recently held a Forum On Supporting Financial Innovation in the Federal Banking...more

Agencies announce submission of diversity self-assessments to OMWIs can begin

In a notice to be published in tomorrow’s Federal Register, the CFPB, OCC, Fed, FDIC, SEC, and NCUA announce that the Office of Management and Budget has approved the “information collection” contained in their “Final...more

Your daily dose of financial news - The Brief – 7.12.16

The SEC’s opened an investigation into Elon Musk’s Tesla Motors over whether the electric automaker breached securities laws by failing to disclose to investors the fatal crash involving one of its cars in self-driving mode...more

Madden Uncertainty Remains for Secondary Loan Market

The US Supreme Court last week delivered another blow to the unsteady secondary loan market industry by denying a request for certiorari in an important case for banks and buyers and sellers of loans and other debt...more

OCC Hosts Innovation Forum

On June 23, the Office of the Comptroller of the Currency hosted an all-day forum on supporting responsible innovation in the federal banking system. The forum builds on the OCC’s white paper on responsible innovation, which...more

Financial Services Weekly News - June 2016 #5

Regulatory Developments - FSOC Rescinds GE Capital's SIFI Designation - On June 29, the Financial Stability Oversight Council (FSOC) announced that it had voted unanimously to “rescind its determination that...more

Agencies Propose Incentive Compensation Rules for Financial Institutions

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the U.S. Securities and Exchange Commission recently proposed new restrictions...more

UK Financial Regulatory Developments - June 2016 #9

OCC upholds complaint about misinformation for third party insurer complaints - OCC has published a decision partially upholding a complaint relating to FCA’s rules for third party insurers. The complaint highlighted...more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

UK Financial Regulatory Developments - June 2016 #1

Insurance Europe reiterates PRIIPSs concerns - Insurance Europe has published a paper articulating its detailed concerns over the RTS produced by the European Supervisory Authorities in support of the Key Information...more

OCC Imposes $70 Million Fine Against National Bank for Allegedly Violating Mortgage Servicing Consent Order

On May 25, the Office of the Comptroller of Currency (OCC) entered a consent order with a national bank stemming from allegations that the bank violated a 2011 consent order concerning its mortgage servicing related...more

US Office of the Comptroller of the Currency Issues Bulletin Regarding Compliance with Compliance with Securities and Exchange...

The Office of the Comptroller of the Currency issued a bulletin to highlight actions that national banks and federal savings associations should take and factors that banks should consider based on the US Securities and...more

Interagency Guidance Issued Regarding Deposit Reconciliation Practices

Federal banking agencies have advised financial institutions to adopt deposit reconciliation policies and practices for customer accounts, and to effectively manage the institution’s deposit reconciliation practices to comply...more

Solicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend Denial of Supreme Court Review

In a widely anticipated brief requested by the U.S. Supreme Court, the Solicitor General and the Office of the Comptroller of the Currency (OCC) have expressed the view of the United States that the Court should deny the...more

Financial Services Weekly News - May 2016 #4

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

Case Update: Midland Funding v. Madden: The Solicitor General Brief Could Be a Game Changer

In response to a request of the U.S. Supreme Court (discussed here), the U.S. Solicitor General’s Office on Tuesday filed a brief with the Court expressing the U.S. Government’s views on the merits of the claims brought in...more

Penny Proof for Deposits: Federal Banking Regulators Issue Interagency Guidance Regarding Deposit Reconciliation Practices

On May 18, 2016, five federal banking agencies—the Board of Governors of the Federal Reserve System (“Board”), the Consumer Financial Protection Bureau (“CFPB”), the Federal Deposit Insurance Corporation (“FDIC”), the...more

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