The Office of the Comptroller of the Currency issued a prompt corrective action directive to First National Bank and Trust in January, requiring it to hire a forensic auditor and provide the OCC with access to documents and records.
The former comptroller of the currency, who founded the consulting firm known for its roster of ex-regulators, will hand over leadership of day-to-day activities to an operating committee as he pursues other projects.
Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications.
The inquiry into Venmo's debt collection practices is a taste of what PayPal can expect as it expands to other categories that increasingly face regulatory pressure.
Todd Harper, a Democrat, says he will continue his efforts to increase the agency's consumer advocacy role, despite opposition from the industry and two Republican board members.
