All OCC articles – Page 2
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News BriefBanking reg proposals eye greater flexibility for FDIC amid failures
Federal banking regulators jointly issued new rule proposals and proposed guidance in continuing the push to shore up the U.S. regulatory system after a series of mid-sized bank failures earlier this year exposed apparent gaps.
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News BriefBanking regs seek enhanced resilience with large bank capital reforms
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
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News BriefAmex banking unit fined $15M for poor third-party oversight
American Express National Bank agreed to pay a $15 million penalty levied by the Office of the Comptroller of the Currency for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
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News BriefBank of America to pay $230M over junk fees, fake accounts
Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.
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PremiumOCC’s Hsu: FIs wise to include risk, compliance in tech product development
As financial institutions mull potential growth opportunities with digital asset and artificial intelligence tools, Acting Comptroller of the Currency Michael Hsu warned against leaving risk and compliance teams out of the loop.
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News BriefOCC: Union Bank fined $15M for ‘deceptive’ account disclosure practices
The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
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News BriefOCC to banks: Don’t get complacent on risk monitoring
Banks should still be on guard despite relative calm in the industry compared to where things were three months ago following the collapse of Silicon Valley Bank, the Office of the Comptroller of the Currency warned.
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News BriefOCC soliciting input on proposed trust in banking survey
The Office of the Comptroller of the Currency announced a request for information to implement an annual survey aimed at tracking public trust in banking and bank supervision.
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News BriefBanking regs seek consistency via new TPRM guidance
U.S. banking regulators combined to issue final guidance on managing the risks of third-party relationships that replaces the previous documentation each agency released individually.
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News BriefEx-Wells Fargo exec to pay $5M in SEC settlement over fake accounts
Carrie Tolstedt, the former head of Wells Fargo’s community bank, agreed to pay nearly $5 million to settle charges levied by the Securities and Exchange Commission related to the bank’s fake account scandal.
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News BriefOCC pledges harder stance on banks that allow weaknesses to fester
The Office of the Comptroller of the Currency could require large banks to take substantial actions to address persistent weaknesses, including restricting their growth or forcing them to divest from risky ventures.
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News BriefOCC ‘reluctantly’ drops enforcement, fine against former Rabobank CCO
The Office of the Comptroller of the Currency dismissed an enforcement action and withdrew a fine against the former chief compliance officer for the now-defunct U.S. branch of Rabobank N.A.
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News BriefOCC establishes Office of Financial Technology to keep pace with fintechs
The Office of the Comptroller of the Currency established its Office of Financial Technology to supervise the fintech industry as it grows at a “rapid pace.”
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News BriefEx-Wells Fargo exec fined $17M for role in fake accounts scandal
Carrie Tolstedt, the former head of Wells Fargo’s community bank, will pay a $17 million fine issued by the Office of the Comptroller of the Currency for her role in the bank’s fake accounts scandal.
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News BriefBanking regs set 2023 stress test scenarios
Banking regulators unveiled new stress test requirements for the largest financial institutions, including a series of hypothetical global market shocks six banks will be required to face.
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News BriefAnchorage Digital revamps BSA/AML compliance post-OCC consent order
Anchorage Digital unveiled moves to bolster its Bank Secrecy Act/anti-money laundering compliance staff less than a year removed from being called out by the Office of the Comptroller of the Currency for deficiencies in the area.
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ArticleSEC, OCC flag heightened risks from crypto bankruptcies
The Securities and Exchange Commission and Office of the Comptroller of the Currency reminded public companies and financial institutions, respectively, of their responsibilities to properly manage risks related to the crypto asset market.
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ArticleOCC sets sights on big banks in updated penalty guidance
The Office of the Comptroller of the Currency’s new procedures for assessing civil penalties establishes fines as high as $400 million for misconduct—more than double the highest total in previous guidance—based on the size of the institution and severity of the violations.
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ArticleRegs order Citi to address unresolved data management woes
Citigroup has successfully resolved key compliance shortcomings identified as part of a 2020 enforcement action but still has work to do to address data management weaknesses, according to federal banking regulators.
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ArticleTreasury recommends more oversight for bank-fintech relationships
A new Treasury report found as the trend of nonbank fintech companies providing financial services in partnership with regulated entities continues to grow, regulators need to increase oversight of these relationships to curb the risks they pose.