OCC – Regulatory Report

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[ October 29, 2020 ] Federal financial regulators, separately but united, announce proposal codifying supervisory guidance CFPB
[ October 29, 2020 ] Fed supplemental data from 2019 shows faster decline in check payments, slower decline in value; more The Fed
[ October 29, 2020 ] Online lender Social Finance gets OCC’s preliminary, conditional approval for national bank charter OCC
[ October 29, 2020 ] Bureau issues final rule on its own records and information disclosure CFPB
[ October 28, 2020 ] FDIC information security ‘not effective,’ report finds; eight recommendations offered to address FDIC

Federal financial regulators, separately but united, announce proposal codifying supervisory guidance

October 29, 2020 0

A proposal outlining and confirming federal financial institution regulators’ use of supervisory guidance for regulated institutions was issued for a 60-day comment period, the regulators announced Thursday. In individual press releases, the federal banking agencies, […]

Online lender Social Finance gets OCC’s preliminary, conditional approval for national bank charter

October 29, 2020 0

Social Finance, Inc., this week obtained preliminary approval of its application to establish a full-service national bank – to be named SoFi Bank, National Association, and based in Utah – from the Office of the […]

OCC finalizes ‘true lender’ regulation in quick turn-around (just four months after proposing)

October 27, 2020 0

Determining when a bank is a “true lender” within the context of a partnership between it and a third party is the focus of a final rule issued Tuesday by the federal regulator of national […]

Semiannual interest rate stats report launched by OCC, focuses on mid-size, community banks

October 27, 2020 0

The first of what will be semiannual reports on interest rate risk (IRR) data collected during examinations of banks supervised by the agency’s midsize and community bank supervision department was released Tuesday by the Office […]

UPDATED: Reg capital, LCR provisions to neutralize effects of participation in certain COVID-19 emergency facilities adopted as final

October 27, 2020 0

Three interim final rules in place since the spring to mitigate the effects on capital and the liquidity coverage ratio (LCR) in banks making use of certain Federal Reserve emergency funding facilities have been adopted […]

Booklet reflects revisions for credit concentration ratios to comply with CECL accounting

October 27, 2020 0

Changes to the supervisory calculation for credit concentration ratios for banks that have implemented new current expected credit loss (CECL) accounting rules are included in the latest version of the Comptroller’s Handbook released Monday by […]

OCC enforcements include $3 million in fines over FX spot trade practices, $1.675 million in fines for former Wells managers

October 16, 2020 0

Seventeen enforcement orders spanning the months of August to October – including civil money penalties in the hundreds of thousands and millions of dollars – were released Thursday by the Office of the Comptroller of […]

Real Estate Appraisals

October 16, 2020 0

Title: Real Estate Appraisals Subject: Appraisals (coronavirus response) Agency: FDIC, Federal Reserve, OCC Status: Final rule Summary: The OCC, Board, and FDIC (collectively, the agencies) are adopting as final the interim final rule published by […]

USAA assessed $85 million penalty for violations of servicemember protection laws

October 14, 2020 0

USAA, Federal Savings Bank was assessed an $85 million civil money penalty under a consent order with the Office of the Comptroller of the Currency (OCC) over violations of the Military Lending Act (MLA) and […]

Agencies exempt loans for property, casualty insurance policies from customer ID program rules

October 9, 2020 0

An exemption from the requirements of the customer identification program (CIP) rules for loans extended by banks and credit unions and their subsidiaries to all customers to facilitate purchases of property and casualty insurance policies […]

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Federal financial regulators, separately but united, announce proposal codifying supervisory guidance

October 29, 2020 0

A proposal outlining and confirming federal financial institution regulators’ use of supervisory guidance for regulated institutions was issued for a 60-day comment period, the regulators announced Thursday. In individual press releases, the federal banking agencies, the Consumer Financial Protection Bureau [...]
Fed supplemental data from 2019 shows faster decline in check payments, slower decline in value; more

October 29, 2020 0

Detailed noncash payments data from the 2019 Federal Reserve Payments Study (FRPS) shows that the number of check payments from 2015-2018 declined at a faster pace than reported last December but that the decline in their value was also less [...]
Online lender Social Finance gets OCC’s preliminary, conditional approval for national bank charter

October 29, 2020 0

Social Finance, Inc., this week obtained preliminary approval of its application to establish a full-service national bank – to be named SoFi Bank, National Association, and based in Utah – from the Office of the Comptroller of the Currency (OCC). [...]
Bureau issues final rule on its own records and information disclosure

October 29, 2020 0

The federal consumer financial protection agency on Thursday completed action initiated in 2016 by issuing a final rule on its own disclosure of records and information that is scheduled to take effect 30 days after its publication in the Federal [...]