WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced the selection of Mark Thomas to be the agency’s Principal Deputy Comptroller for Management and Chief Financial Officer. In this role, Mr. Thomas will oversee the agency’s planning and execution of its annual operating budget. In addition to his financial duties, Mr. Thomas is […]
Category Archives: Office of the Comptroller of the Currency
Acting Comptroller Issues Statements on Bank Liquidity and Bank Resolvability
Related posts: Comptroller of the Currency Joseph Otting to Step Down, Brian P. Brooks to Become Acting Comptroller of the Currency on May 29, 2020 Office of the Comptroller of the Currency to Close June 18 in Recognition of Juneteenth OCC Announces Executive Director for Office of Minority and Women Inclusion Acting Comptroller Issues Statement […]
Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements
The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory […]
Agencies Announce Public Outreach Meeting As Part of Their Review of Regulations
Federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, as part of their review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify […]
Agencies Request Comment on Anti-Money Laundering/Countering the Financing of Terrorism Proposed Rule
Four federal financial institution regulatory agencies today requested comment on a proposal to update their requirements for supervised institutions to establish, implement, and maintain effective, risk-based, and reasonably designed anti-money laundering and countering the financing of terrorism (AML/CFT) programs. The amendments are intended to align with changes concurrently proposed by the U.S. Department of the […]
Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the […]
OCC Announces Enforcement Actions for July 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 Trends Reshaping Banking
Related posts: Federal Bank Regulatory Agencies Issue Final Rule to Simplify Capital Calculation for Community Banks Acting Comptroller Discusses Banking and Commerce OCC to Host Office Hours in San Francisco OCC Announces Enforcement Actions for March 2024
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated valuation models […]
OCC Amends Enforcement Action Against Citibank, Assesses $75 Million Civil Money Penalty
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an amendment to its October 7, 2020, Cease and Desist Order against Citibank, N.A, Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls (2020 Order). The amendment is based on the bank’s failure to […]