- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-12-07T16:43:00
New guidance from the Treasury Department’s Office of the Comptroller of the Currency (OCC) advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” (BNPL) plans.
The OCC’s bulletin, released Wednesday, addressed risks posed by BNPL loans payable in four or fewer installments and carrying no finance charges. Loans with payment terms greater than four installments or that charge interest or carry other finance charges are considered by the OCC to be traditional and are not within the scope of the guidance.
The agency said BNPL loans are popular with tech-savvy customers and those with little or no credit history and are often associated with online purchases.
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The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
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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The Criminal Division of the Department of Justice plans to heighten its focus on cybercrime, according to division head Nicole Argentieri.
Steel and an artificial sweetener made by two Chinese companies using forced labor have been banned from entering the U.S. under the Uyghur Forced Labor Prevention Act.
A federal court in Florida has lashed out at federal whistleblower programs by dismissing a mundane False Claims Act case against a medical practice on the grounds that the qui tam provisions of the FCA are unconstitutional.
