WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today emphasized the Office of the Comptroller of the Currency’s (OCC) continued focus on the safety, soundness and fairness of the federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition’s Just Economy Conference. In his remarks, the […]
Category Archives: Office of the Comptroller of the Currency
OCC Appoints Six New Members to Mutual Savings Association Advisory Committee
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today appointed six new members to its Mutual Savings Association Advisory Committee (MSAAC). The MSAAC’s role includes assessing the condition of mutual savings associations, considering regulatory changes, and recommending steps the OCC may take to ensure the health and vitality of the mutual savings association industry. […]
OCC Hosts Mutual Savings Association Advisory Committee Meeting April 4
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 4, 2023. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:15 a.m. Eastern Daylight Time (EDT). […]
OCC Conditionally Approves Flagstar Bank, N.A. to Purchase and Assume Deposits of Signature Bridge Bank, N.A.
WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved Flagstar Bank, N.A., Hicksville, New York, to purchase assets and assume certain liabilities of Signature Bridge Bank, N.A., New York, New York. The transaction includes the purchase by Flagstar Bank of certain loan portfolios from Signature Bridge Bank, N.A., […]
Joint Statement by the Department of the Treasury, Federal Reserve, FDIC and OCC
WASHINGTON—The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg and Acting Comptroller of the Currency Michael J. Hsu: Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large […]
OCC Issues Prohibition Order, Fines Former Wells Fargo Executive $17 Million in Settlement
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the issuance of a prohibition order and a $17 million civil money penalty by consent against Carrie Tolstedt, former head of Wells Fargo Bank, N.A.’s Community Bank, for her role in systemic sales practices misconduct. This settlement resolves the administrative enforcement action against Ms. […]
Acting Comptroller Discusses Trust in Global Banking, Lessons for Crypto
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed building and maintaining trust in global banking in remarks at the Institute for International Bankers. The Acting Comptroller discussed how the failure of the Bank of Credit and Commerce International (BCCI) in 1991 led to significant changes in how global banks are supervised. He highlighted […]
Acting Comptroller, Former Agency Leaders Celebrate the OCC’s 160th Anniversary
WASHINGTON— Acting Comptroller of the Currency Michael J. Hsu today hosted former Comptrollers and Acting Comptrollers to mark the Office of the Comptroller of the Currency’s (OCC) 160th anniversary of overseeing the federal banking system. Seven former agency leaders joined Acting Comptroller Hsu to reflect on their tenures leading the agency and discuss the value […]
OCC Issues Second and Third Quarter 2023 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 2023. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the CRA. Public comments should […]
Agencies Issue 2022 Shared National Credit Program Review
The federal bank regulatory agencies today reported in the 2022 Shared National Credit (SNC) report that credit quality associated with large syndicated bank loans improved in 2022, but noted the results do not fully reflect increasing interest rates and softening economic conditions that began to impact borrowers in the second half of 2022. Overall, the […]