All OCC articles – Page 5
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OCC acting head: 5 climate questions bank boards should be asking
Michael Hsu, acting head of the Office of the Comptroller of the Currency, explores the role of bank boards to promote improvements in climate risk management practices at their banks.
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OCC orders Cenlar to address risk management issues
The OCC has ordered the country’s largest mortgage subservicer, Cenlar FSB, to address chronic risk management deficiencies the agency alleges have led to “unsafe and unsound practices.”
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WaFd Bank to pay $2.5M for AML/BSA deficiencies
Washington Federal Bank has agreed to pay $2.5 million in accordance with a consent order reached with the Office of the Comptroller of the Currency in February 2018.
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Biden’s pick to head OCC favors tighter regulation of FinTech
President Joe Biden’s nominee for Comptroller of the Currency, Cornell law professor Saule Omarova, continues a Democratic pattern of choosing potential regulators who believe in stricter control of the markets.
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OCC raps MUFG Union Bank for risk management deficiencies
MUFG Union Bank, which has entered into agreement to be acquired by U.S. Bank, received a cease-and-desist order from the OCC for “unsafe or unsound practices regarding technology and operational risk management.”
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OCC fines Wells Fargo $250M for continued risk management failings
Wells Fargo Bank has been ordered to pay $250 million related to deficiencies in its home lending loss mitigation program in addition to violations of a 2018 consent order, the Office of the Comptroller of the Currency announced.
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Banking guidance: Six key areas of FinTech due diligence
Three federal banking regulators have released guidance offering tips and suggestions to community banks for conducting due diligence on potential FinTech partners.
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OCC appoints first climate change risk officer
The Office of the Comptroller of the Currency has appointed Darrin Benhart as its first climate change risk officer—a move in line with the agency’s plans to better develop effective climate risk management practices at banks.
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New bank guidance expands on advice for handling third parties
Three federal banking regulators are seeking public input on the first comprehensive update to risk management guidance for financial institutions entering into business relationships with third parties since 2013.
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OCC revamps structure, names chief risk officer
The Office of the Comptroller of the Currency announced Larry Hattix will take on the additional role of chief risk officer as part of a series of updates to its organizational structure.
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Biden signs off on repeal of OCC’s ‘true lender’ rule
President Joe Biden has signed Congress’ repeal of the Office of the Comptroller of the Currency’s “true lender” rule issued last year in the waning months of the Trump administration.
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Options Clearing Corp. appoints chief risk officer
The Options Clearing Corporation, a derivatives clearing organization, announced the appointment of David Ye as chief risk officer and a member of its management committee.
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Michael Hsu named acting OCC head
Michael Hsu, a regulator at the Federal Reserve, has been named acting comptroller of the currency by U.S. Treasury Secretary Janet Yellen.
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Regulatory leadership status check: FTC nominee key to relieving backlog
With President Joe Biden’s picks to lead the Justice Department, Treasury Department, and SEC confirmed and sworn in, we check in on where other key regulatory agencies stand.
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Regulators want answers from financial services on AI/ML tools
The financial services industry is at the cutting edge of the utilization of artificial intelligence and machine learning tools. Regulators have recently requested to understand how these technologies are being used—or misused.
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Recently penalized USAA adds chief risk officer
USAA announced the appointment of Neeraj Singh as chief risk officer nearly four months after its federal savings bank was fined $85 million by the OCC for compliance risk management failures.
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Ex-Wells Fargo general counsel fined $3.5M for fake accounts role
General Counsel James Strother agreed to a $3.5 million settlement to become the seventh former senior executive at Wells Fargo fined by the OCC for their role in the bank’s fake account scandal.
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OCC finalizes controversial ‘Fair Access’ rule as acting head departs
The Office of the Comptroller of the Currency published its much-criticized “Fair Access to Financial Services” rule the same day Acting Comptroller of the Currency Brian Brooks announced he is stepping down.
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Regulators catching up on use of analytics; compliance better take notice
If your company isn’t making optimal use of data to enhance its compliance program, now is the time to start—before it’s too late.
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U.S. regs urge banks to transition from LIBOR ‘as soon as practicable’
U.S. banking regulators are encouraging financial institutions to stop entering into new contracts that use the U.S. dollar LIBOR as a reference rate ahead of its slated expiration at the end of 2021.