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Category Archives: Office of the Comptroller of the Currency
OCC Assesses $15 Million Civil Money Penalty Against American Express National Bank Related to Bank’s Governance and Oversight of Third-Party Affiliate
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers. The OCC found that American Express failed to […]
Acting Comptroller Discusses Delivering Financial Education and Banking Services in Indian Country
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the role of national banks and federal savings associations in delivering capital and other financial services to support economic development, housing, and other needs in Indian Country in remarks prepared for delivery at the Financial Literacy and Education Commission meeting. In his remarks, Mr. Hsu […]
OCC Hosts Risk Governance and Capital Markets Workshops in Cincinnati
WASHINGTON—The Office of the Comptroller of the Currency (OCC) will host two workshops August 8-9 in Cincinnati for directors, senior management, and other key executives of national community banks and federal savings associations. The Risk Governance: Improving Effectiveness workshop on August 8 combines lectures, discussion, and exercises to provide practical information for participants to effectively […]
Office of the Comptroller of the Currency Promotes Financial Literacy at Capitol Hill Event
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today promoted financial literacy education by participating in the annual Jump$tart Coalition Financial Literacy Day on Capitol Hill. At the event, OCC staff distributed materials to attendees including members of Congress, their staff, the Capitol Hill community, and the public to promote financial literacy education and […]
Senior Deputy Comptroller for Large Bank Supervision Testifies on Climate-Related Financial Risks
WASHINGTON—Office of the Comptroller of the Currency (OCC) Senior Deputy Comptroller for Large Bank Supervision Greg Coleman today testified before the U.S. House of Representatives’ Committee on Financial Services’ Subcommittee on Financial Institutions and Monetary Policy on the agency’s supervision of climate-related financial risks. In his testimony, Mr. Coleman discussed the OCC’s supervision activities at […]
OCC Allows National Banks and Federal Savings Associations Affected by Flooding in Vermont to Close
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices in areas affected by flooding in Vermont. In issuing the proclamation, the OCC expects that only those bank offices directly affected by potentially unsafe conditions […]
OCC Assesses $60 Million Civil Money Penalty Against Bank of America Related to Bank’s Overdraft Program
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced a $60 million civil money penalty against Bank of America, N.A., for violations of law relating to its practice of assessing multiple overdraft and insufficient funds fees against customers for a single transaction. The OCC found that Bank of America charged customers tens of […]
Agencies Finalize Policy Statement on Commercial Real Estate Loan Accommodations and Workouts
Federal financial institution regulatory agencies today jointly issued a final policy statement on commercial real estate loan accommodations and workouts. The updates reinforce and build on existing supervisory guidance calling for financial institutions to work prudently and constructively with creditworthy borrowers during times of financial stress. The statement is substantially similar to a proposal issued […]
OCC Reports Improvement in Mortgage Performance for First Quarter of 2023
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2023 compared to the previous quarter. The OCC Mortgage Metrics Report, First Quarter 2023 showed that 97.6 percent of mortgages included in the report were current and […]