October in Washington, DC is typically busy, marking the start of a new fiscal year for the federal government, a new term of the Supreme Court, and, this year, a lot of activity by financial regulators and Congress.
The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) have jointly announced a proposed rulemaking that would extend the existing transitional periods for certain regulatory capital deductions and risk weights (Proposed Rule).
On June 22, senior officials from the three primary federal bank regulatory agencies—the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Board), and the Federal Deposit Insurance Corporation (FDIC)—testified before the Senate Committee on Banking, Housing and Urban Affairs (Committee) on, among other things, financial services reform matters.
Notwithstanding objections from both parties of the US Congress and state banking regulators, the Office of the Comptroller of the Currency (OCC) is moving forward with its proposal to accept applications from financial technology companies for a special purpose national bank charter (FinTech Charter) and has issued draft guidelines (FinTech Charter Guide) for its evaluation of FinTech Charter applications.
On December 2, the Office of the Comptroller of the Currency (OCC) announced that it would “move forward with considering applications from financial technology companies” to become special purpose national banks.
As National Cybersecurity Awareness Month comes to a close, the federal financial regulators have been releasing guidance related to cybersecurity and financial technology (FinTech) issues faster than a teen can complain about slow Wi-Fi.
Starting August 1, violations of financial regulations will come with higher civil money penalties (CMPs).
The Federal Financial Institutions Examination Council (FFIEC), an interagency body tasked with prescribing principles and standards for the examination of federally regulated banking and other financial institutions, recently released proposed rules to update the Uniform Interagency Consumer Compliance Rating System (CC Rating System).
On February 26, the Office of the Comptroller of the Currency (OCC) released its revised Policies and Procedures Manual policy for assessing civil money penalties ( CMP Policies ). The CMP Policies are used as a reference tool for examiners in assessing the severity of any identified unsafe and unsound banking practices, violations of laws, regulations, orders, conditions imposed in writing, and formal agreements (“violations”) by institutions and persons subject to OCC’s supervision (national banks, federal savings associations, federal branches and agencies, and bank service companies and service providers).