Agencies Announce Public Meeting on Proposed Acquisition by Capital One of Discover; Public Comment Period Extended

The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois. The proposal includes the merger of Discover Bank, of Greenwood, Delaware, into Capital One, National Association, […]

Acting Comptroller Issues Statement on Financial Stability Oversight Council’s Report on Nonbank Mortgage Servicing

WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today issued the following statement in support of the vote by the Financial Stability Oversight Council (FSOC) to issue its Report on Nonbank Mortgage Servicing: I support the issuance of the Financial Stability Oversight Council’s report on nonbank mortgage servicing and its recommendations. Mortgage servicing […]

Acting Comptroller Issues Statement on Notice of Proposed Rulemaking on Incentive Compensation

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement supporting an interagency notice of proposed rulemaking (NPR) on incentive compensation. Section 956 of the Dodd Frank Act requires six agencies, including the Office of the Comptroller of the Currency (OCC), to jointly adopt a rule or guidelines to govern incentive compensation. […]

Agencies Issue Proposal on Incentive-Based Compensation

Washington, D.C.— The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956).  The […]

Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices

Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks engage with third parties to help compete in and respond to an evolving financial services landscape. Third-party relationships present varied risks that community banks are expected to appropriately identify, assess, monitor, and control to […]

Acting Senior Deputy Comptroller and Chief Counsel Testifies on Bank Mergers

WASHINGTON—Acting Senior Deputy Comptroller and Chief Counsel Ted Dowd today testified on the Office of the Comptroller of the Currency’s (OCC) review and consideration of bank merger applications before the Subcommittee on Financial Institutions and Monetary Policy, Committee on Financial Services of the U.S. House of Representatives. In his testimony, Mr. Dowd discussed the OCC’s […]

Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Federal Deposit Insurance Corporation’s (FDIC) board meeting concerning the FDIC memorandum and resolution for proposals related to Change in Bank Control Act: I want to thank Directors Chopra and McKernan for these proposals. They shine much needed light on the […]

OCC Extends Comment Period on Application by Capital One to Acquire Discover Bank

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced an extension of the comment period until 5:00 p.m. EDT on May 31, 2024, for the application of Capital One, National Association, McLean, Virginia, to acquire Discover Bank, Greenwood, Delaware. The extension will allow interested parties more time to provide comments. The application was […]

OCC Announces Enforcement Actions for April 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the […]

Acting Comptroller Discusses Creating Economic Opportunity for New Americans

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the value of financial literacy for new Americans in remarks during the Financial Literacy and Education Commission’s Public Meeting. In his remarks, Mr. Hsu acknowledged that immigrants are important drivers of our economy, including through entrepreneurship and innovation; however, they are also more likely to […]