Acting Comptroller of the Currency Michael Hsu called for establishing an “intentional architecture” for stablecoins that would focus on “stability, interoperability and separability,” and also take into account privacy, security and the need to prevent illicit finance.
The OCC today published its semiannual report on interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations.
Speaking at an industry event today, Acting Comptroller Michael Hsu warned that “there is a gap with regards to large regional banks” when it comes to resolvability, and signaled his desire for additional reforms to ensure financial stability in the event of a large regional bank failure.
With a joint agency final rule requiring banks to notify their primary regulatory within 36 hours of becoming aware of computer security incidents that are considered “notification incidents” taking effect on May 1, the OCC today issued a bulletin reminding banks of their notification responsibilities and specifying points of contact.
The share of current and performing first-lien mortgages in the fourth quarter rose to 96.3%, up from 93.3% a year ago, according to the Mortgage Metrics Report released by the OCC today.
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC finalized a rule that would allow the agency to issue exemptions from Suspicious Activity Report requirements in certain circumstances.
Speaking at the ABA Washington Summit, Acting Comptroller of the Currency Michael Hsu today ramped up his rhetoric urging banks to reconsider their overdraft products.
For midsize and community banks, it will be a number of years before OCC examiners conduct climate risk management examinations.
Acting Comptroller of the Currency Michael Hsu has been added to the speaker lineup for ABA’s Washington Summit, a free in-person and virtual event to be held March 7-9.
The OCC, Federal Reserve and FDIC plan to issue a CRA notice of proposed rulemaking in the near future.