Category Archives: OCC

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States Oppose OCC’s proposed Fintech Charter

As part of its push to promote innovation in the financial services industry, the Office of the Comptroller of the Currency (“OCC”) plans to allow financial technology (“fintech”) companies to become special purpose national banks. If the proposal is successful, fintech companies could secure a charter providing them with preemptive effects of federal law over … Continue Reading

8 Simple Rules for Accommodating Responsible Innovation

From mobile deposits to securing account access with biometric data, financial institutions are interacting with their customers in never-before-seen ways. But long before these advances come to market they must survive regulators’ scrutiny. To effectively screen new developments, regulators must therefore innovate alongside industry. To that end, the Office of the Comptroller of Currency (OCC) … Continue Reading

OCC Revises Its Policies for Assessing Penalties against Financial Institutions

The Office of the Comptroller of the Currency (OCC) has revised its civil monetary penalty (CMP) policy, effective February 26, 2016. The revised Policy and Procedures Manual sets forth the OCC’s new scheme for the assessment of CMPs against national banks, federal savings associations, and bank service companies and service providers. The heart of the … Continue Reading

Third Party Service Providers Remain in the Spotlight

Yesterday, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (the “Semiannual Risk Perspective”). The Semiannual Risk Perspective covers “key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.” While the OCC identifies four main … Continue Reading
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