News Topic: OCC

Comptroller of the Currency Joseph Otting writes that the Community Reinvestment Act has not kept pace with changes in banking and needs to be updated. ... Read full article

The Office of the Comptroller of the Currency issued more than 30 questions for the public as it begins an effort to modernize the Community Reinvestment Act. ... Read full article

Unilateral approaches to bank regulation are risky, but the OCC's plan to seek public comment independent of the other agencies could help shed light on a CRA debate that is now being waged internally. ... Read full article

The agency says it will act independently of other regulators to release a notice asking for public input on revamping the decades-old law. ... Read full article

An OCC charter for fintechs requires firms to meet a “financial inclusion” standard instead of conventional Community Reinvestment Act requirements. That’s a problem. ... Read full article

Before the passage of the recent regulatory relief law, only banks with assets of less than $1 billion were on an 18-month exam schedule. ... Read full article

The regulation implements a recent legislative provision dealing with how banks comply with post-crisis liquidity requirements. ... Read full article

The Troy, Mich., company is operating unfettered by regulatory orders for the first time in a decade, and its CEO says Flagstar now has the flexibility to pull the trigger faster on deals and accelerate its diversification beyond mortgages. ... Read full article

Several states pledged to compensate for a slowdown in enforcement at the Consumer Financial Protection Bureau under Mick Mulvaney, but their efforts have been complicated by tight budgets and doubts over whether such initiatives are necessary. ... Read full article

Rep. Emanuel Cleaver, D-Mo., says he is concerned that banks are freezing accounts of customers if they aren't providing citizenship information. ... Read full article

The Community Reinvestment Act can lower — not increase — bank credit availability in some low-income regions, and the OCC should reconsider holding fintechs to the same standards with its new charter. ... Read full article

The veteran banking attorney, who also worked at the FDIC and OCC, passed away Tuesday following a battle with cancer. ... Read full article

Organizers of Piermont Bank said in their application with the FDIC that they want to raise $100 million and eventually operate in several urban coastal communities. ... Read full article

The agency’s move to offer a national charter for fintech firms will undermine state authority and give certain firms an unfair advantage. ... Read full article

A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge. ... Read full article

The agency’s decision to offer special-purpose charters for fintech companies raises questions about how those institutions will be overseen and the risks they could pose to the system. ... Read full article

The online small-business lender was aided by loan growth, wider margins and stable credit trends. Its shares surged by 25% after second-quarter earnings were announced. ... Read full article

The unnamed customer, who was on a list of suspects involved with weapons of mass destruction, used an HSBC credit card to make 12 payments in the second quarter, the company told shareholders Monday. ... Read full article