The OCC today finalized a controversial proposal stating that banks should provide access to services, capital and credit based on their risk assessment of individual customers and not make broad-based decisions that affect whole categories or classes of customers.
The OCC today granted conditional approval for the conversion of the South Dakota-chartered Anchorage Trust Company to become Anchorage Digital Bank.
In an American banker op-ed today, ABA President and CEO Rob Nichols and National Community Reinvestment Coalition CEO Jesse Van Tol expressed opposition to moves by the OCC to grant banking charters to fintech firms that would allow them access to the banking system while circumventing many of the rules and regulations that banks are required to adhere to, such as the Community Reinvestment Act regulations.
The American Bankers Association and a coalition of trade associations yesterday called for the withdrawal of the OCC’s CRA information collection survey.
In an interpretive letter yesterday, the OCC verified that national banks and federal savings associations may use independent node verification networks, or INVNs, and stablecoins, to engage in and facilitate payment activities.
The American Bankers Association yesterday called for the withdrawal of a controversial OCC proposal stating that banks should provide access to services, capital and credit based on their risk assessment of individual customers and not make broad-based decisions that affect whole categories or classes of customers.
The OCC today proposed changes to its current rules on national bank or federal savings association ownership of real property. The proposal will provide a set of general standards—including an occupancy test and excess capacity standards—that the OCC will use for determining whether the acquisition and holding of real estate Is necessary for the transaction of an institution’s business.
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.
The Office of the Comptroller of the Currency issued an interpretive letter last Friday that sets out how it interprets the preemption standards and requirements in the Dodd-Frank Act and describes its framework for compliance.
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC has issued a proposal that would allow the agency to issue exemptions from Suspicious Activity Report requirements.