Can-Am Off-Road Maverick X3 Wins the Dakar Rally for an Unprecedented Fourth Consecutive Year Amidst More Competition

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Another History-Making Performance Against Tougher Competition at the World’s Toughest Race ©BRP 2021

Valcourt, Quebec, January 15, 2021 – Four. Wins. In a row. BRP (TSX: DOO; NASDAQ: DOOO) and its Can-Am Off-Road vehicles just scored their fourth consecutive Dakar Rally victory (2018–2021), sweeping the top 11 places. Together, Maverick X3 racers completed more than 114,024 miles (183,504 km) of extreme off-road racing during this years’ rally, achieving another historic performance.

Crossing the line first in the combined Lightweight Vehicle category as well as the Side-by-Side class, Francisco López (Chile) and Juan Pablo Latrach Vinagre (Chile) led home a train of Maverick X3 racers. With a completely new route, the 2021 Dakar Rally, held in Saudi Arabia, created several dramatic moments and constant challenges for everyone—even the eventual race winners.

“This is a dream come true and the feeling of winning the toughest race in the world is absolutely exhilarating,” said Francisco López. “A lot of work and preparation are needed to win Dakar, but it could not be achieved without the right machine: the Can-Am Maverick X3. This beast can face anything, and you can really rely on it to overcome any challenge, whether you’re in the sand, the rocks or the mud. Dakar is about adaptability, and the Maverick X3 provides the perfect mix of speed, handling and performance to win this rally.”

Available at dealerships around the world, the 2021 Maverick X3 SxS is a proven off-road vehicle with remarkable capabilities. This year, when the dust settled after the Dakar Rally:

 

– First place: Francisco López, Juan Pablo Latrach Vinagre

– Can-Am podium sweep (Lightweight Vehicle and SSV class)

– Top 11 finishers in class – 24 of 29 finishers were driving a Can-Am vehicle

– Reliability: Combined, Can-Am vehicles completed 114,024 miles / 183,504 km over 12 days

 

“To win the rally for a 4th consecutive year gives us great pride since Dakar is really the toughest race in the world,” said Bernard Guy, Senior Vice President of Global Product Strategy at BRP. “In order to dominate that race, the Maverick X3 must be prepared for and have the capacity to overcome each potentially difficult scenario. So, we plan for the harshest conditions, analyze how our machines react throughout the 12 days, and apply our learnings to our entire lineup. At the end of the day, everything we do is to improve our drivers’ experience.”

Supporting these results was the team effort of South Racing Can-Am—fielding everything from mechanics to logistics and meals—for more than 30 Can-Am Maverick X3 racers. Showing how capable the car is, several drivers remained within striking distance of the overall lead until the last few stages.

For more information about the complete Can-Am Off-Road vehicle lineup, including detailed technical information and product specs, visit https://can-am.brp.com/off-road/.

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About BRP

We are a global leader in the world of powersports vehicles, propulsion systems and boats, built on over 75 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Alumacraft, Manitou, Quintrex, Stacer and Savage boats, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience.With annual sales of CA$6.1 billion from over 120 countries, our global workforce is made up of approximately 12,600 driven, resourceful people.

www.brp.com

@BRPNews

 

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude, Manitou, Alumacraft, Telwater and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

 

For information:

Steven Ross

Global Consumer Public Relations Specialist

Tel: 438.885.2751

[email protected]

[email protected]

 

Photos of Francisco López during the Dakar Rally 2021 available here: https://drive.google.com/drive/u/0/folders/1V1mR19MXeqJqVWVRi_fF5R6nieO2D5BF

OCC Fines Former Wells Fargo General Counsel $3.5 Million in Settlement

News Release 2021-10 | January 15, 2021

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it has assessed a $3.5 million penalty against James Strother for his role in Wells Fargo Bank, N.A.’s systemic sales practices misconduct.

The penalty came as part of a settlement with the bank’s former General Counsel that also included a personal cease and desist order. The settlement follows the OCC filing a notice of charges against Mr. Strother and four other senior bank executives on January 23, 2020. As part of the settlement, Mr. Strother agreed to cooperate with the OCC in any investigation, litigation, or administrative proceeding related to sales practices misconduct at the bank.

The settlement the OCC announced today is in addition to the settlements with six other former senior bank executives announced on January 23 and September 21, 2020.

The civil money penalty (CMP) is paid to the U.S. Treasury.

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Media Contact

Bryan Hubbard
(202) 649-6870

Treasury Finalizes Payroll Support to Aid Airline Industry Employees

WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin announced that the U.S. Department of the Treasury approved more than $12 billion in payroll support for major passenger air carriers to support airline industry workers.

Subtitle A of Title IV of Division N of the Consolidated Appropriations Act, 2021 (the PSP Extension Law) provides for up to $16 billion in payroll support for American workers employed by passenger air carriers and contractors (PSP2).  Treasury concluded PSP2 agreements with Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, Republic Airways, SkyWest Airlines, Southwest Airlines, Spirit Airlines, and United Airlines.  Together, these airlines represent nearly 95 percent of U.S. airline capacity. 

Treasury also made the first PSP2 payments to passenger air carriers today, disbursing a total of $6.1 billion to major air carriers to support hundreds of thousands of jobs.  To protect taxpayers, Treasury received notes and warrants from these carriers, as required under Section 408 of the PSP Extension Law.

“The Payroll Support Program provided critical support to the aviation industry and its workers,” said Secretary Steven T. Mnuchin. “The extension of this program will provide additional economic relief for workers, while also protecting taxpayer funds.” 

For more information and Treasury Department updates, visit www.Treasury.gov/CARES.

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Treasury Sanctions the Cuban Ministry of the Interior and Its Leader for Serious Human Rights Abuse

Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated the Cuban Ministry of Interior and the Minister of Interior, Lazaro Alberto Álvarez Casas, for serious human rights abuse, pursuant to Executive Order (E.O.) 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuse and corruption around the world.

“The Cuban regime has a long history of human rights abuse,” said Secretary Steven T. Mnuchin. “The United States will continue to use all the tools at its disposal to address the dire human rights situation in Cuba and elsewhere around the world.”

The Cuban Ministry of Interior (MININT) is responsible for Cuba’s internal security, to include controlling Cuba’s police, internal security forces, and the country’s prison system. Specialized units of MININT’s state security branch are responsible for monitoring political activity, and Cuba’s police support these security units by arresting persons of interest to MININT.

In September 2019, Cuban dissident Jose Daniel Ferrer was held in a MININT-controlled prison in Cuba, where he reported being beaten, tortured, and held in isolation. Additionally, Ferrer received no medical attention while in prison. Lazaro Alberto Álvarez Casas (Álvarez Casas) served as the vice minister of MININT until November 25, 2020, when he was promoted to the position of Minister of the Interior.

MININT is being designated pursuant to E.O. 13818 for being a foreign person who is responsible for or complicit in, or having directly or indirectly engaged in, serious human rights abuse. Álvarez Casas is being designated pursuant to E.O. 13818 for being a foreign person who is the leader or official of MININT, an entity that has engaged in, or whose members have engaged in, serious human rights abuse relating to his tenure. 

SANCTIONS IMPLICATIONS

All property and interests in property of these persons that are blocked pursuant to the Cuban Assets Control Regulations, 31 C.F.R. part 515 (CACR), continue to be blocked. The CACR prohibits persons subject to U.S. jurisdiction from dealing in property in which Cuba or a Cuban national has an interest, unless authorized or exempt. Additionally, pursuant to the Global Magnitsky Sanctions Regulations, 31 C.F.R. part 583, all property and interests in property of the persons above that are in the United States or in the possession or control of U.S. persons are blocked, and all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of designated or otherwise blocked persons are prohibited unless authorized by a general or specific license issued by OFAC, or otherwise exempt. These prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any blocked person or the receipt of any contribution or provision of funds, goods, or services from any such person.

View more information on the persons designated today.

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Good Design USA – BRP Wins Three Prestigious Awards

Good Design USA – BRP Wins Three Prestigious Awards

Valcourt, Quebec, January 14, 2021 – BRP has ended 2020 on a high note with three big wins at the prestigious Good Design USA Awards, thanks to its innovative and creative design. Here are the three winning products:

  • 2020 Sea-Doo GTI
  • 2020 Can-Am Spyder RT
  • 2020 Ski-Doo Expedition Xtreme

A winning year for BRP
“We’re thrilled to have been recognized with 13 awards in 2020. This is a huge accomplishment for our teams, and I’d like to highlight the dedication and innovative spirit of everyone at BRP. This year saw many people take refuge in the outdoors with the help of BRP’s products, and we look forward to seeing a continuation of this trend in 2021,” said Denys Lapointe, Senior Vice-President, Design, Innovation & Creative Services at BRP.

BRP’s teams have really outdone themselves in 2020 and we expect 2021 to be another promising year!

About Good Design USA
Good Design USA is the world’s oldest and most prestigious international design awards. Having three products recognized during this competition shows how BRP shines on the world stage for design, alongside many important players in the industry.

About BRP
We are a global leader in the world of powersports vehicles, propulsion systems and boats, built on over 75 years of ingenuity and intensive consumer focus. Our portfolio of industry-leading and distinctive products includes Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Alumacraft, Manitou, Quintrex, Stacer and Savage boats, Evinrude and Rotax marine propulsion systems as well as Rotax engines for karts, motorcycles and recreational aircraft. We complete our lines of products with a dedicated parts, accessories and apparel business to fully enhance the riding experience. With annual sales of CA$6.1 billion from over 120 countries, our global workforce is made up of approximately 12,600 driven, resourceful people.

www.brp.com
@BRPNews

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Evinrude, Manitou, Alumacraft, Telwater and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

For information:
Elaine Arsenault
Senior Advisor, Media Relations
Tel: +1.514.238.3615
[email protected]

OCC Releases 2021 Schedule of Virtual Bank Director Workshops

News Release 2021-9 | January 14, 2021

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced its 2021 schedule of free, virtual workshops for board of directors of national banks and federal savings associations.

The OCC examiner-led workshops provide practical training and guidance to directors of national community banks and federal savings associations in a virtual learning environment to support the safe and sound operation of community-based financial institutions.

“Community banks are fundamental to meeting the financial services needs of consumers and small businesses throughout the country,” said Acting Comptroller of the Currency Brian P. Brooks. “The OCC’s Bank Director Workshops are uniquely tailored to help bank directors understand the regulatory environment, their roles and responsibilities, and risks facing the industry so their institutions can continue to be a source of strength for economic opportunity and community development.”

The OCC offers four virtual workshops:

  • Building Blocks: Keys to Success for Directors and Senior Management
  • Risk Governance: Improving Director Effectiveness
  • Credit Risk: Directors Can Make a Difference
  • Operational Risk: Navigating Rapid Changes

To view the schedule of virtual workshops and register online, visit the OCC’s website. For questions or other assistance about the workshops, please contact the OCC Bank Director Workshop Team at (202) 649-6490 or [email protected].

Media Contact

Stephanie Collins
(202) 649-6870

OCC Finalizes Rule Requiring Large Banks to Provide Fair Access to Bank Services, Capital, and Credit

News Release 2021-8 | January 14, 2021

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.

The rule codifies more than a decade of OCC guidance stating that banks should conduct risk assessment of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when provisioning access to services, capital, and credit.

“When a large bank decides to cut off access to charities or even embassies serving dangerous parts of the world or companies conducting legal businesses in the United States that support local jobs and the national economy, they need to show their work and the legitimate business reasons for doing so,” said Acting Comptroller of the Currency Brian P. Brooks. “As Comptrollers and staff in previous administrations have made clear in speeches, guidance, and testimony, banks should not terminate services to entire categories of customers without conducting individual risk assessments. It is inconsistent with basic principles of prudent risk management to make decisions based solely on conclusory or categorical assertions of risk without actual analysis. Moreover, elected officials should determine what is legal and illegal in our country.”

The rule implements language included in Title III of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, which charged the OCC with “assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.” The statute expanded the OCC’s mission to include fair access separately from fair treatment following the last financial crisis during which the government had provided substantial public resources to support the banking system.

The rule applies to the largest banks with more than $100 billion in assets that may exert significant pricing power or influence over sectors of the national economy. Under the rule, banks still determine their product lines and geographic markets and are free to make legitimate business decisions about what and whom to serve. The rule requires covered banks to make those products and services they choose to offer available to all customers in the communities they serve, based on consideration of quantitative, impartial, risk-based standards established by the bank. Under the rule, a covered bank’s decision to deny services based on such objective assessment would not violate the bank’s obligation to provide fair access. However, a covered bank’s decision not to offer a specific kind of financial product or service or not to compete in a geographic market is unaffected.

In finalizing the rule, the agency considered more than 35,000 stakeholder comments and suggestions. As a result, the final rule excludes section 55.1(b)(3) of the proposed rule, which would have required that a covered bank not deny any person a financial service the bank offers when the effect of the denial is to prevent, limit, or otherwise disadvantage the person: (1) from entering or competing in a market or business segment; or (2) in such a way that benefits another person or business activity in which the covered bank has a financial interest. The agency determined that the requirement would have resulted in regulatory burden without contributing to the primary objective of the rule. Based on that analysis, the agency eliminated that requirement to focus the rule on the fairness of the covered banks’ decisionmaking processes and prudent risk management principles, as well as to facilitate the OCC’s administration of this rule. The remainder of the rule is substantially unchanged from the proposal.

The rule takes effect April 1, 2021.

Media Contact

Bryan Hubbard
(202) 649-6870

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Treasury Department and FHFA Amend Terms of Preferred Stock Purchase Agreements for Fannie Mae and Freddie Mac

WASHINGTON – The U.S. Department of the Treasury (Treasury) and the Federal Housing Finance Agency (FHFA) today announced an agreement to amend the Preferred Stock Purchase Agreements (PSPAs) between Treasury and each of Fannie Mae and Freddie Mac (the GSEs) to move the GSEs toward capitalization levels consistent with their size, risk, and importance to the U.S. economy, and to codify several existing FHFA conservatorship practices, including providing small lender protections and limiting future increases in certain higher risk lending practices. The agreement also outlines a plan for Treasury, in consultation with FHFA, to develop a proposal for continued GSE reform.

“Today’s agreement to extend capital retention marks an important step for housing finance reform and leaves behind a blueprint that we hope will help guide additional reforms amidst the complex legal and capital structure considerations that remain. Although we would have preferred to have been able to achieve further reforms to the housing finance system through legislative action over the past several years, we are pleased to announce today’s agreement and are thankful for all of the various stakeholders who have helped inform our work.” said Secretary Steven T. Mnuchin.

Treasury entered into the PSPAs on September 7, 2008, the day after FHFA placed the GSEs into conservatorship. Under the PSPAs, Treasury committed to invest in each GSE to the extent necessary to maintain a positive net worth. Treasury’s funding commitment was initially $100 billion for each GSE, but was subsequently increased in order to ensure a level of capital support that would provide confidence to financial markets and ensure the continued flow of mortgage credit. Today, $254 billion of the funding commitment remains available to the GSEs.

In return for its commitment, Treasury received from each GSE nonvoting senior preferred shares, warrants to purchase 79.9% of the GSEs’ common stock, and a right to a periodic commitment fee to be determined at a later date. The liquidation preference of the senior preferred shares increases by the amount of each draw on the PSPA funding commitment and, after $191.5 billion in combined draws and $37.2 billion in non-cash increases, the GSEs’ combined senior preferred liquidation preference now stands at $228.7 billion.

Treasury’s senior preferred shares were entitled to receive quarterly dividends at an annual rate of 10% of the liquidation preference. As neither GSE was able to consistently generate earnings sufficient to cover the required dividend, in August 2012, Treasury and FHFA amended the senior preferred shares to replace the fixed 10% dividend with a variable dividend equal to each GSE’s positive net worth above a specified capital reserve. The August 2012 amendments also suspended the periodic commitment fee while the variable dividend is in place.

The capital reserve was initially set at $3 billion for each GSE, with the amount declining by $600 million each year until it was scheduled to decline to zero on January 1, 2018. In December 2017, Secretary Mnuchin and FHFA Director Mel Watt executed letter agreements allowing each GSE to retain additional capital by restoring the capital reserve to $3 billion.

In September 2019, Secretary Mnuchin and FHFA Director Calabria again amended the PSPAs to permit additional capital retention — up to $25 billion for Fannie Mae and up to $20 billion for Freddie Mac. As compensation for taxpayers forgoing cash dividends, the December 2017 and September 2019 changes provided that the liquidation preferences for Treasury’s senior preferred stock would increase by the amount of capital the GSEs were permitted to retain. As of September 30, 2020, Fannie Mae and Freddie Mac had retained equity capital of approximately $21 billion and $14 billion, respectively.

In order to better protect against unexpected future losses, Secretary Mnuchin and Director Calabria determined that the GSEs should be permitted to continue to accumulate more first-loss capital to stand in front of and protect taxpayers. To this end, Treasury and FHFA have today executed letter agreements that will allow the GSEs to continue to retain capital up to their regulatory minimums, including buffers, as prescribed in the FHFA Enterprise Capital Framework finalized in December 2020.

Key terms of the agreements are:

  • Extend Capital Retention: Replace the variable dividend (i.e., net worth sweep) with alternative compensation to permit the GSEs to continue their recapitalization efforts. As compensation to Treasury, the liquidation preference will increase by the amount of retained capital until the GSE has achieved its regulatory minimum capital, including buffers (referred to as the capital reserve end date).
    • Upon the capital reserve end date, the GSEs will resume quarterly dividend payments. The dividend amount at that time will be equal to the lesser of 10% of the liquidation preference of Treasury’s senior preferred stock, or the incremental increase in the GSE’s net worth in the prior quarter.
    • Before the capital reserve end date, Treasury and the GSEs will determine a periodic commitment fee for Treasury’s remaining funding commitment, to compensate taxpayers for their risk in supporting the GSEs.
  • Treasury Establishes No Exit From Conservatorship With Less Than 3% Capital: The letter agreements provide that there will be no exit until all material litigation relating to the conservatorship is resolved or settled, and the GSE has common equity tier 1 capital of at least 3% of its assets.
  • Allow for Common Stock Issuance at Appropriate Time: Treasury will allow each GSE to issue common stock upon the achievement of future conditions: first, Treasury must have exercised in full its warrant to acquire 79.9% of the GSE’s common stock, and second, all material litigation relating to the conservatorship must have been resolved or settled. Treasury will permit up to $70 billion in proceeds of stock issuances by each GSE to be used to build capital.
  • Limit Future Increases to the Retained Mortgage Portfolio: The PSPA cap on the GSEs’ retained mortgage portfolios will be lowered from the current cap of $250 billion to $225 billion by the end of 2022, aligning with the FHFA conservatorship cap the GSEs are required to comply with today, while providing the GSEs with flexibility to manage through the current economic environment. As of November 2020, Fannie Mae’s mortgage portfolio was $163 billion, and Freddie Mac’s mortgage portfolio was $193 billion.
  • Provide Small Lender Protections: The letter agreements codify FHFA conservatorship directives that require the GSEs to purchase loans for cash consideration, and to operate this cash window with non-discriminatory pricing. Additionally, to ensure that the cash window is for the benefit of community lenders, each GSE will limit volume purchased through the cash window to $1.5 billion per lender during any period comprising four calendar quarters.
  • Memorialize FHFA Multifamily Lending Caps: Each GSE will cap multifamily acquisitions at $80 billion over the trailing 52-week period and will require that 50% of these acquisitions are mission driven, as defined by FHFA.
  • Limit Risk to the GSEs by Keeping Certain Higher-Risk Single-Family Mortgage Acquisitions at Current Levels: To safeguard Treasury’s funding commitment and to ensure the GSEs’ business activities are consistent with their mission and Treasury’s capital support, the GSEs will restrict the acquisition of higher-risk single-family mortgage loans.
    • The GSEs will limit the acquisition of single-family mortgage loans with multiple higher risk characteristics at their current levels. A maximum of 6% of purchase money mortgages and maximum of 3% of refinancing mortgages over the trailing 52-week period can have two or more higher risk characteristics at origination: combined loan-to-value (LTV) greater than 90%; debt-to-income ratio greater than 45%; and FICO (or equivalent credit score) less than 680.
    • The GSEs will limit the acquisition of single-family mortgage loans secured by second homes and investment properties to 7% of single-family acquisitions — aligned with their current levels — over the preceding 52-week period.
    • The GSEs will limit the acquisition of single-family mortgage loans to (i) qualified mortgages, (ii) loans exempt from the CFPB’s ability-to-repay requirement, (iii) loans for investment property subject to the restrictions above, (iv) refinancing loans with streamlined underwriting for high loan-to-value ratios, (v) loans originated with temporary underwriting flexibilities due to exigent circumstances, and (vi) loans secured by manufactured housing.
  • Require GSE Compliance with FHFA Capital Framework: The letter agreements provide that the GSEs will comply with FHFA’s recently finalized regulatory capital framework, consistent with the findings of the Financial Stability Oversight Council (FSOC) in a statement issued in September 2020.
  • Outline a Plan to Develop a Proposal for Continued GSE Reform: To ensure a path for Treasury to resolve its investment in the GSEs in a manner that fairly compensates taxpayers for the support they have provided and continue to provide, Treasury, in consultation with FHFA, has begun work to establish a timeline and process for further GSE reform. Pursuant to this commitment, Treasury has identified key considerations that will inform this effort, as a part of its Blueprint on Next Steps for GSE Reform.
     

Executed Letter Agreement for Fannie Mae
Executed Letter Agreement for Freddie Mac
Treasury Department Blueprint on Next Steps for GSE Reform

Brian P. Brooks to Step Down, Blake Paulson to Become Acting Comptroller of the Currency on January 14, 2021

News Release 2021-7 | January 13, 2021

WASHINGTON — Acting Comptroller of the Currency Brian P. Brooks today announced he will step down on January 14, 2021, and pursuant to 12 USC 4, Chief Operating Officer Blake Paulson will become Acting Comptroller of the Currency.

“It has been a great honor to serve the United States as Acting Comptroller of the Currency,” Acting Comptroller Brooks said. “The Office of the Comptroller of the Currency (OCC) is the most extraordinary of federal agencies filled with the most dedicated, professional, and gifted staff any executive can hope to have. I am extremely proud of what we have accomplished together through what have been extraordinary times by any measure.”

During his eight months as Acting Comptroller, the OCC acted swiftly to provide relief and support to national banks and federal savings associations so they could use their strength to help consumers, businesses, and communities through the COVID-19 pandemic. It promoted greater financial access and economic opportunity by eliminating regulatory uncertainty regarding valid-when-made and true-lender rules. The agency also continued to implement its new Community Reinvestment Act rule to promote more investment, lending, and services where they are needed most.

In addition, the agency enhanced the relevance and value of the federal charter and helped ensure the federal banking system can evolve to meet the changing demands of consumers and markets by clarifying bank and thrift authorities regarding certain activities related to crypto assets and continuing to defend our authority to charter companies engaged in the business of banking with business models that focus on serving customers in new and specific ways.

“The actions we took as a team will help ensure the federal banking system operates in a safer, sounder, and fairer manner for decades to come,” Mr. Brooks said.

Chief among the initiatives launched during Acting Comptroller Brooks’ tenure is Project REACh. Project REACh includes active participation of bankers, civil rights leaders, and technologists working at national and regional levels to identify and reduce barriers that prevent underserved and minority populations from participating fully and fairly in our economy. “The movement demonstrates the good the agency can do by convening hearts and minds and aligning them to a common cause,” Brooks said. “I applaud the agency, the industry, and stakeholders for coming together for this important project—all the more so since, as the events of January 6 demonstrate, the country’s need to come together has never been greater.”

“The nation and the federal banking system are fortunate to have such a stable, capable hand like Blake Paulson to step in and guide the agency with the other Executive Committee members until the next Comptroller is nominated and confirmed,” Brooks added.

Mr. Paulson is a career bank examiner and has served as Chief Operating Officer since June 2020. In this role, Mr. Paulson oversaw OCC bank supervision and OCC management operations, as well as staff responsible for Systemic Risk Identification Support and Specialty Supervision, and Supervision System and Analytical Support.

Prior to this role, Mr. Paulson was responsible for supervising nearly 1,100 national banks and federal savings associations, as well as nearly 1,600 OCC employees as Senior Deputy Comptroller for Midsize and Community Bank Supervision. During his long career at the OCC, he has held a variety of other bank supervision and leadership roles involving banks of all size.

Mr. Paulson joined the OCC in 1986 in Sioux Falls, South Dakota and is a graduate of the University of South Dakota.

Media Contact

Bryan Hubbard
(202) 649-6870

OCC Conditionally Approves Conversion of Anchorage Digital Bank

News Release 2021-6 | January 13, 2021

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the conversion of Anchorage Trust Company, a South Dakota chartered trust company, to become Anchorage Digital Bank, National Association.

The OCC granted a national trust bank charter to Anchorage after thorough review of the company and its current operations.  As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other things, capital and liquidity requirements and the OCC’s risk management expectations. 

In granting this charter, the OCC applied the same rigorous review and standards applied to all charter applications.  By bringing this applicant into the federal banking system, the bank and industry will benefit from the OCC’s extensive supervisory experience and expertise. At the same time, the Anchorage approval demonstrates that the national bank charters provided under the National Bank Act are broad and flexible enough to accommodate evolving approaches to financial services in the 21st century.

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Media Contact

Bryan Hubbard
(202) 649-6870