All Office of the Comptroller of the Currency articles
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News BriefOCC cites three banks for risk management, BSA-related failures
The Treasury Department’s Office of the Comptroller of the Currency cited three banks for unsafe and unsound business practices that mirror issues similar to what spurred last year’s banking crisis, including risks posed to bank investments by higher interest rates and liquidity concerns in the event of a bank’s failure.
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PremiumOCC’s Hsu: ‘Sense of fairness’ key to bank compliance initiatives
Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.
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PremiumFDIC proposes strengthening, modernizing bank merger reviews
The Federal Deposit Insurance Corporation proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
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News BriefJPMorgan fined $348M by OCC, Fed over trade surveillance lapses
JPMorgan Chase will pay $348.2 million in fines to settle allegations laid by two federal banking regulators that it failed to adequately monitor trading and order activity.
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PremiumU.S. banking regs mulling enhanced operational resiliency frameworks
Acting Comptroller of the Currency Michael Hsu said federal banking agencies are considering enhancements to their operational resiliency requirements for member banks.
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News BriefArgus to pay $37M in DOJ case over misused regulator data
Economic data and research firm Argus Information and Advisory Services agreed to pay $37 million to settle charges from the Department of Justice alleging misuse of data obtained through federal regulatory contracts.
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News BriefEx-Sterling Bank GC cited by OCC over BSA-related failures
The Office of the Comptroller of the Currency issued a cease-and-desist order against the former general counsel at Sterling Bank and Trust for not ensuring the institution’s Bank Secrecy Act compliance and failing to timely file suspicious activity reports.
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News BriefCity National Bank ordered to pay $65M over deficient risk, internal controls
The Office of the Comptroller of the Currency levied a $65 million civil penalty against Los Angeles-based City National Bank over alleged risk management and internal control failures.
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News BriefOCC proposes stricter review process for bank mergers
The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
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News BriefU.S. Bank to pay $36M in CFPB, OCC settlements
U.S. Bank agreed to pay nearly $36 million total in separate settlements with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for allegedly impeding consumers’ access to their unemployment benefits during the Covid-19 pandemic.
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News BriefOCC risk report homes in on AI challenges to banking
Artificial intelligence was highlighted as an emerging risk to the federal banking system as part of the Office of the Comptroller of the Currency’s latest semiannual risk perspective.
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News BriefOCC offers compliance guidance to banks on ‘buy now, pay later’ loans
New guidance from the Office of the Comptroller of the Currency advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” plans.
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News BriefBanking regs release climate-related risk management framework
Federal banking regulators issued a long-promised framework that provides guidance on the safe and sound management of climate-related financial risks at large banks.
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PremiumReport faults FDIC for poor supervisory guidance on crypto assets
Uncertainty created by the Federal Deposit Insurance Corporation’s lack of clarity on risks posed by crypto assets has left member banks with the impression the agency wants banks to avoid them, according to a new report from the Office of Inspector General.
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PremiumOCC examiners to focus 2024 attention on risks that led to bank failures
Bank examiners from the Office of the Comptroller of the Currency are focusing their supervision attention on how banks manage risks that brought down three mid-sized financial institutions earlier this year.
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WebcastCPE Webcast: Interagency guidance on third parties: How the expanded scope affects everyone
This webcast will provide an overview of new interagency guidance on third-party relationships, as well as share practical advice to ensure your organization is fully prepared for the expanded scope and what this means for your organization’s TPRM program.
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News BriefEx-Wells Fargo exec dodges prison for fake accounts role
Carrie Tolstedt, the former head of Wells Fargo’s community bank who pleaded guilty to obstructing justice regarding her role in the bank’s infamous fake accounts scandal, will not serve prison time.
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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.