The agency has no plans to release general findings from an extensive review of sales practices at large and midsized banks. That's troublesome, and will only fuel the perception that it is too cozy with the institutions it regulates.
An inquiry into the sales practices of more than 40 banks launched in the wake of the Wells scandal found several systemic issues and hundreds of problems at individual institutions. The OCC completed the review in December but is not making the results public.
Comptroller of the Currency Joseph Otting will bow out of certain regulatory matters involving CIT and U.S. Bank, where he held leadership roles, and three others.
A key part of Well Fargo's Camels score was reduced, reflecting concerns about its management; Morgan Stanley, Deutsche Bank join the list of banks taking writedowns for deferred-tax assets.
The dismissal of a lawsuit challenging the creation of a fintech charter gives the agency more time to refine its policy, but the court ruling may set up future legal challenges.
A district court judge said the state’s suit against Office of the Comptroller of the Currency is premature because the agency has not finalized its fintech charter nor has any firm applied for it.
On his last day at the agency, Keith Noreika called for scaling back the Bank Holding Company Act, arguing that it burdens banks with duplicative regulation and restricts their economic potential.
