- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-12-07T16:43:00
New guidance from the Treasury Department’s Office of the Comptroller of the Currency (OCC) advises banks to tailor their risk management strategies and lending oversight for “buy now, pay later” (BNPL) plans.
The OCC’s bulletin, released Wednesday, addressed risks posed by BNPL loans payable in four or fewer installments and carrying no finance charges. Loans with payment terms greater than four installments or that charge interest or carry other finance charges are considered by the OCC to be traditional and are not within the scope of the guidance.
The agency said BNPL loans are popular with tech-savvy customers and those with little or no credit history and are often associated with online purchases.
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The Office of the Comptroller of the Currency proposed eliminating expedited or streamlined reviews of mergers for national banks and federal savings associations.
Artificial intelligence was highlighted as an emerging risk to the federal banking system as part of the Office of the Comptroller of the Currency’s latest semiannual risk perspective.
Bank examiners from the Office of the Comptroller of the Currency are focusing their supervision attention on how banks manage risks that brought down three mid-sized financial institutions earlier this year.
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
