
Trade groups back OCC: Some crypto actions within scope of traditional banking
Withdrawing OCC cryptocurrency interpretive letters won’t benefit consumers and investors or promote a safe and secure marketplace, ABA says.
Withdrawing OCC cryptocurrency interpretive letters won’t benefit consumers and investors or promote a safe and secure marketplace, ABA says.
The American Bankers Association and 51 state banking associations submitted comments today on the banking agencies’ proposed overhaul of the Community Reinvestment Act regulations, saying said that while they support the effort in principle, there were multiple flaws in the proposed rule that ultimately worked against the agencies’ stated goals.
The voluntary information collection resource was created to assist financial institutions in assessing their inherent cyber risks.
The financial services sector has done “a good job” so far of building cyber defenses and working with law enforcement and the regulatory community to guard against attacks, but there’s more work to be done, said Acting Comptroller of the Currency Michael J. Hsu today during remarks to financial services groups.
The OCC Mortgage Metrics Report showed that 96.9% of mortgages were current and performing at the end of the quarter, compared to 94.2% a year earlier.
The OCC announced several key changes to its executive committee membership.
This year’s spring report presents data in five main areas: operations, bank performance, special topics, trends in key risks and supervisory actions.
Hsu said frameworks for analyzing bank mergers need updating, but a merger moratorium would prevent deals that increase competition, better serve communities better, and enhance resiliency.
The Federal Reserve, FDIC and OCC issued a much-anticipated joint notice of proposed rulemaking to modernize regulations implementing the Community Reinvestment Act.
Acting Comptroller of the Currency Michael Hsu advocated for stablecoin technical standards today during an event focused on artificial intelligence and the economy.