OCC Assesses $400 Million Civil Money Penalty Against Citibank

News Release 2020-132 | October 7, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $400 million civil money penalty against Citibank, N.A, of Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls. The OCC took these actions based on […]

OCC Releases CRA Evaluations for 12 National Banks and Federal Savings Associations

News Release 2020-131 | October 1, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of September 1, 2020 through September 30, 2020.  The list contains only national banks, federal savings associations, and insured federal […]

OCC Releases Bank Supervision Operating Plan for Fiscal Year 2021

News Release 2020-130 | October 1, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2021. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, […]

Agencies Issue Two Final Rules

News Release 2020-129 | September 29, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency The federal bank regulatory agencies finalized two rules, which are either identical or substantially similar to interim final rules currently in effect and issued earlier this year. […]

Statement by the Acting Comptroller of the Currency Regarding FSOC’s Consideration of Secondary Mortgage Market Activities

News Release 2020-128 | September 25, 2020 Share This Page: WASHINGTON, D.C. – Acting Comptroller of the Currency Brian P. Brooks made the following statement today at the meeting of the Financial Stability Oversight Council (FSOC) with respect to the FSOC’s activities-based review of secondary mortgage market activities and issuance of a public statement on the […]

Statement on the Passing of the 23rd Comptroller of the Currency James E. Smith

News Release 2020-127 | September 23, 2020 Share This Page: WASHINGTON, D.C. – Acting Comptroller of the Currency Brian P. Brooks issued the following statement upon learning of the passing of James E. Smith, the 23rd Comptroller of the Currency. Today, the OCC family and banking industry lost a giant with the passing of the 23rd […]

OCC Reports Decline in Mortgage Performance

News Release 2020-126 | September 23, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system declined during the second quarter of 2020. The OCC Mortgage Metrics Report, Second Quarter 2020 showed 91.1 percent of mortgages included in the report were current […]

Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin Activities

News Release 2020-125 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks’ and federal savings associations’ authority to hold “reserves” on behalf of customers who issue certain stablecoins. Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including […]

OCC Announces Settlements With Three Former Senior Wells Fargo Bank Executives

News Release 2020-124 | September 21, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct. The settlements include: (1) a prohibition order and $925,000 civil […]

Acting Comptroller of the Currency Statement on Federal Reserve Board’s Action to Modernize the Community Reinvestment Act

News Release 2020-123 | September 21, 2020 Share This Page: WASHINGTON—Acting Comptroller of the Currency Brian P. Brooks today released the following statement in appreciation of the Federal Reserve Board’s Advance Notice of Proposed Rulemaking (ANPR), which solicits stakeholder comment on how to improve Community Reinvestment Act (CRA) regulations for state-chartered banks that are members of […]