OCC to Host Office Hours in San Francisco

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the Office of Financial Technology (OFT) will hold Office Hours in San Francisco, May 21-22, 2024, to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with OCC’s OFT staff to discuss financial technology (fintech), new products or services, partnering […]

OCC Assesses $250 Million Civil Money Penalty Against JPMorgan Chase Bank, N.A. Related to Bank’s Trade Surveillance Program

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) related to deficiencies in its trade surveillance program. The OCC found that JPMC operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance […]

Agencies Take Temporary Action on Appraisal Requirements in Area Affected by Hawaii Wildfires

To help facilitate recovery efforts from wildfires in Hawaii last year, four federal financial institution regulatory agencies today temporarily paused certain appraisal requirements for real estate-related transactions in Maui County. This temporary action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal. Banks and credit unions […]

Acting Comptroller Discusses Operational Resiliency

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of operational resiliency in remarks at the Institute of International Bankers Annual Washington Conference. In his remarks, Mr. Hsu discussed the growing risks of disruptions that may impede the provision of financial services or adversely impact systems. He also discussed considerations to strengthen […]

Agencies Host 2024 National Interagency Community Reinvestment Conference

The federal bank regulatory agencies and the Federal Reserve Banks of San Francisco and Chicago will host the 2024 National Interagency Community Reinvestment Conference in Portland, Oregon, March 4 to 7. The biennial conference offers participants the opportunity to learn about the Community Reinvestment Act (CRA) and to discuss best practices, innovations, and emerging challenges […]

OCC Issues Second and Third Quarter 2024 CRA Evaluation Schedule

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second and third quarters of 2024. The OCC encourages public comment on the CRA-related activities of the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the […]

Ted Dowd Named Acting Senior Deputy Comptroller and Chief Counsel

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced that Ted Dowd will serve as Acting Senior Deputy Comptroller and Chief Counsel, effective April 8, 2024. Mr. Dowd will serve in this position while the agency initiates a search for a successor to Ben McDonough, who will be taking a position at another […]

Acting Comptroller Discusses Consolidated Supervision of Crypto-Asset Intermediaries

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today offered remarks to the Financial Stability Board’s Crypto Working Group. In his remarks, Mr. Hsu shared his perspective on the importance of coordination and collaboration on the supervision of global institutions, particularly with regard to crypto-asset activities. He also discussed the relationship between crypto and tokenization. […]

Acting Comptroller Discusses Banking and Commerce

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tenn. In his remarks, Mr. Hsu discussed the blurring of the lines between banking and commerce in payments and private credit/equity, and how this might lead to financial instability. He […]

Agencies Issue 2023 Shared National Credit Program Report

Federal bank regulatory agencies today reported in the 2023 Shared National Credit (SNC) report that credit quality associated with large, syndicated bank loans remains moderate. However, the agencies noted declining credit quality trends due to the pressure of higher interest rates on leveraged borrowers and compressed operating margins in some industry sectors. Risks in leveraged […]