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Home | Tag Archives: OCC

Tag Archives: OCC

State Regulators Sue OCC Over Fintech Charter

When the Office of the Comptroller of the Currency (OCC) released an update to its Licensing Manual, which allows for FinTech companies to receive bank charter, the decision was met with some criticism. On Wednesday, The Conference of State Bank Supervisors (CSBS) announced that it has filed a complaint in the United States District Court for the District of Columbia against the OCC, claiming that the attempt to create a national nonbank charter will harm markets, innovation, and consumers.

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OCC Releases Results of Wells Fargo Review

According to a new report from the OCC, there were many lessons learned through the agency’s supervision of Wells Fargo during recent controversy. Failure to respond timely to known issues, ineffective communication, and unclear records were just a few of the problems cited. The agency is currently working to address all weaknesses identified.

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Preparing OCC for the Future

Comptroller of the Currency Thomas J. Curry touched on a few of the ways the OCC is preparing for the future during his speech at the National Community Reinvestment Coalition Conference in Washington, D.C., on Wednesday. Among the agency’s recent developments Curry mentioned were: the Office of Innovation, the Compliance and Community Affairs Department, and a supplement regarding FinTech national bank charters. The OCC is soliciting comments on the supplement through April 14.

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OCC Rates Wells Fargo, While the Bank Settles Suit

Wells Fargo announced an agreement in principal to settle a class action lawsuit, regarding claims that Wells Fargo opened accounts without the consent of its customers. This comes on the heels of the announcement of the bank's Community Reinvestment Act Rating (CRA), in which it received high scores, despite an overall score of "needs improvement."

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Credit Unions Support OCC’s FinTech Proposal, Sort Of

The National Association of Federally-Insured Credit Unions is behind the Office of the Comptroller of the Currency's recently proposed initiative to allow FinTechs to operate as banks, but it also believes these companies should be held to the same standards and regulations as other financial institutions.

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