By Aaron Nicodemus2024-05-29T20:01:00
The acting head of the Office of the Comptroller of the Currency (OCC) favors requiring more mid-sized U.S. banks to conduct the same rigorous recovery planning as the largest banks, part of a lesson learned from the collapse of three mid-sized banks in 2023.
Michael Hsu, in a speech delivered Monday at a European conference, said the issue of recovery planning helps mitigate the too-big-to-fail problem.
“Ensuring effective recovery planning at large banks is especially important given last year’s bank failures in the U.S. and Credit Suisse’s distress and eventual acquisition by UBS,” he said, referring to the fates of Silicon Valley Bank, Signature Bank, and First Republic Bank in the United States and Credit Suisse’s merger with its bigger Swiss rival.
2024-07-09T14:16:00Z By Aaron Nicodemus
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
2024-06-20T15:40:00Z By Aaron Nicodemus
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
2024-03-26T19:20:00Z By Aaron Nicodemus
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.
2025-09-10T23:26:00Z By Ruth Prickett
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
2025-09-08T05:00:00Z By Oscar Gonzalez
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.
2025-09-05T18:42:00Z By Adrianne Appel
The Department of Health and Human Services is stepping up its enforcement against hospitals and other health entities that block the sharing of electronic health records.
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