ABA today called for more congressional oversight in light of recent efforts by federal and state agencies to create new bank charters or apply new interpretations to traditional charters that would allow entities to enjoy bank-like benefits while circumventing the rigorous regulatory framework that applies to traditional banks.
The Conference of State Bank Supervisors yesterday filed a complaint in the U.S. District Court for the District of Columbia challenging the OCC’s creation of a new special-purpose national bank charter for nonbank companies and the impending charter approval of fintech Figure Technologies.
ABA and six other industry trade groups today urged the OCC today to postpone its consideration of a charter application submitted by Reno, Nevada-based Figure Bank.
ABA and a coalition of financial trade associations urged the OCC today to provide more time for stakeholders and the public to evaluate novel charter applications by before the regulator considers applications.
In a comment letter to the OCC yesterday, ABA offered feedback on recent proposed changes to the agency’s licensing policies and procedures.
The OCC is seeking public feedback on proposed changes to its licensing policies and procedures.
The OCC today issued a bulletin informing banks that in July 2019 it will begin using an electronic fingerprinting process for its background investigations.
In the more than eight years since the Dodd-Frank Act passed, just 13 new U.S. banks have been chartered — and in some years, no new banks have been chartered at all. ABA Chairman Ken Burgess, who co-founded FirstCapital Bank of Texas as a de novo two decades ago, is concerned about these numbers.
Under a major new transparency initiative, the FDIC will publish key performance metrics on its website, agency chairman Jelena McWilliams said today.
The OCC will move ahead with plans — first announced under Comptroller Joseph Otting’s predecessor — to consider applications from fintech companies for special-purpose national bank charters, the agency said today.