All OCC articles – Page 6
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OCC fines Capital One $80M over 2019 data breach
Capital One and Capital One Bank (USA) were fined $80 million for failing to establish sound risk management processes and internal controls related to the company’s data breach last year.
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CCOs show resilience in early survey data; compliance-blind NRA in crosshairs
The National Rifle Association “Failed It” big time if a suit alleging a lack of compliance controls proves true. Meanwhile, we tip our caps to the stalwart CCOs who carry on despite a cut in pay and resources due to the pandemic.
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OCC proposal seeks to clarify when banks are ‘true lender’
The Office of the Comptroller of the Currency has proposed a rule meant to eliminate ambiguity in federal banking regulations regarding loans made by national banks and their third-party partners.
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What regulators want to know about KYC technology
So, your company has decided to embark on an update of its legacy Know Your Customer system. Hear from experts on how to begin the process of onboarding that tech to the regulators.
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OCC report highlights elevated compliance risks in banking
The Office of the Comptroller of the Currency published a new report describing key issues facing the federal banking system and the effects of the coronavirus pandemic on the banking industry.
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Regs rollback Volcker rule restrictions on bank investments
Despite pushback from some regulators and Democrats in Congress, the newest Volcker rule update will allow banks—in certain circumstances—to invest or sponsor hedge funds and private equity funds.
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Regulators skew virtual with summer events calendar
Despite the coronavirus pandemic throwing a wrench into the events industry, U.S. regulators are still planning Webinars and other opportunities this summer to engage with the public.
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FinCEN, OCC offer BSA compliance relief amid pandemic
Two federal agencies that oversee Bank Secrecy Act requirements have notified financial institutions they will agree to “reasonable delays” in the filing of required reports if institutions can show the delays are necessary due to the coronavirus pandemic.
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CECL delayed amid U.S. government’s coronavirus response
FASB’s controversial standard on credit losses was dealt two significant blows Friday as the U.S. government scrambles to respond to the financial impact of the escalating coronavirus pandemic.
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Regulatory events coming this spring
Check out information on upcoming events from such regulators as the SEC, FINRA, CFPB, and more.
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What’s next for Wells Fargo? Bank, execs still in crosshairs
Wells Fargo will pay $3 billion to resolve civil and criminal penalties with the DOJ and SEC related to its long-running fake accounts scandal, but the embattled bank—and its former executives—are far from out of the woods.
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Proposed Volcker rule rollback gets pushback from agency leadership
Five federal agencies agreed that now would be a good time to ease restrictions on bank investments in hedge funds or private equity funds, triggering concern by some that the deregulation could be harmful. But is apprehension over the proposed Volcker rule relaxation overblown?
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OCC fines former Wells Fargo CEO $17.5M, bans him from banking industry
Former Wells Fargo Bank CEO John Stumpf was disciplined by the OCC on Thursday, but is the ban of someone in his mid-60s with tens of millions of dollars in net worth really more than a wrist slap?
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Key U.S. regulators join global financial network
The SEC, CFTC, FDIC, and OCC have joined a group of 50 financial authorities from around the world that comprise the Global Financial Innovation Network.
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OCC eases stress-testing requirements for banks
New OCC requirements mean national banks and federal savings associations with assets under $250 billion will no longer have to self-administer stress tests annually.
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Upcoming regulatory events: SEC, DOJ, FASB, and more
Fall is a busy time for regulators across the compliance landscape. Take note of upcoming events, plus some early conference registration news.
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FDIC paves way for rollback of initial swap margin requirements
The move to ditch the requirement that insured depository institutions collect initial margin from affiliates is being praised by regulators for bringing the U.S. into alignment with other countries and freeing up $39.4 billion in collateral.
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New Volcker rule eases restrictions on proprietary trading
The latest amendments to the Volcker rule, a regulation aimed at curbing banks from engaging in proprietary trading, seek to eliminate unnecessary complexity without thwarting the rule’s main objective.
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Regulatory events coming this fall
Check out information on upcoming events from such regulators as the PCAOB, FDIC, SEC, DOJ, and more.
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Agencies exclude community banks from the Volcker Rule
Five federal financial regulatory agencies announced this week they have adopted a final rule to exclude community banks from the Volcker Rule.