OCC

JPMorgan Chase warns of upcoming fine over internal controls

11/03/20

The company said one of its regulators may impose a civil money penalty related to compliance deficiencies in its advisory business and other areas. The matter echoes a recent fine imposed on Citigroup, one expert says.

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Who would craft regulatory policy in a Biden administration?

11/02/20

A Democratic victory in Tuesday’s election would likely produce new leaders at the CFPB and OCC who could take bank regulation in a sharply different direction. Here are some names potentially under consideration.

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OCC announces initiative to expand credit access in Los Angeles

10/30/20

The effort is the first offshoot of Project REACh, which is designed to bring together business leaders, government officials and advocates to help improve financial services options for disadvantaged communities.

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Agencies formally propose rule to weaken role of guidance

10/29/20

The proposed regulation would codify a 2018 pronouncement by regulators that guidance does not carry the force of law.

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SoFi gets preliminary OK on bank charter, launches credit card

10/28/20

Both developments are part of the company’s strategy of becoming a full-service bank for its young, affluent customer base.

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Fed’s CRA plan does too much, and too little

10/28/20

The agency overreached in its proposal to revamp the Community Reinvestment Act when it should have simply required branchless banks to invest more in areas where deposits are taken.

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OCC clarifies who is 'true lender' in bank-nonbank partnerships

10/27/20

The agency finalized a rule to determine which party in a loan sale is subject to regulatory requirements. Advocates charged that the move will help predatory lenders.

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Gene Ludwig's plan for saving the American Dream

10/26/20

Ludwig, an ex-banking regulator and CEO of Promontory Financial Group, describes how economic conditions for middle- and low-income Americans have declined and advocates a living wage, investment in infrastructure, smart regulation and other solutions.

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OCC chief says agency is close to proposing new CRA scoring benchmarks

10/26/20

The agency's May rule modernizing the Community Reinvestment Act had deferred action on establishing numeric metrics for meeting the law's requirements, but acting Comptroller of the Currency Brian Brooks said banks will soon get more clarity in a follow-up proposal.

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Should consumer protection failures play a bigger role in CRA grades?

10/21/20

USAA Federal Savings Bank’s downgrade shows how customer mistreatment stemming from flaws in internal controls can hurt Community Reinvestment Act scores. Some want consumer compliance to carry more weight in the CRA calculus.

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