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. […]
Category Archives: Office of the Comptroller of the Currency
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 […]
OCC Announces Enforcement Actions for February 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 […]
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2024
WASHINGTON—The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions. The supervisory scenarios include baseline and severely adverse scenarios, as described in the OCC’s rule that implements the stress testing requirements of the Dodd-Frank Wall Street Reform and Consumer Protection […]
OCC Hosts Mutual Savings Association Advisory Committee Meeting March 5
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, March 5, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Standard Time (EST). […]
Acting Comptroller Discusses Appraisal Bias
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of eliminating appraisal bias in the financial industry in remarks at an Appraisal Subcommittee (ASC) Hearing. The ASC is a subcommittee of the Federal Financial Institutions Examination Council, of which the Office of the Comptroller of the Currency is a member. In his […]
Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
The federal bank regulatory agencies today published their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise […]
OCC Assesses $65 Million Penalty Against City National Bank
WASHINGTON, D.C. — The Office of the Comptroller of the Currency (OCC) today assessed a $65 million civil money penalty against City National Bank, of Los Angeles, California, related to systemic deficiencies in the Bank’s risk management and internal controls. The OCC found that the bank engaged in unsafe or unsound practices, including its failure to […]
OCC Requests Comments on Proposed Rulemaking and Policy Statement on Bank Mergers
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to update its rules for business combinations involving national banks and federal savings associations. The proposal also includes a policy statement to clarify the OCC’s review of applications under the Bank Merger Act (BMA). The proposed rulemaking is part of […]