Articles Tagged with ''Office of the Comptroller of the Currency''

OCC to begin offering bank charters to nonbank fintech companies

Move already angering state regulators
Tuesday was a big day for fintech companies. In addition to the Department of the Treasury rolling out a series of proposals that could alter the playing field for fintech companies, the Office of the Comptroller of the Currency also announced Tuesday that it will begin offering bank charters to nonbank fintech companies.
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Report: Fed regulators to fine Wells Fargo $1 billion

Penalty for megabank’s misbehavior in auto and mortgage markets
A new report from the Washington Post says that both the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency are preparing to fine Wells Fargo about $1 billion for misbehavior in the automotive and mortgage markets. Citing two people familiar with the negotiations, the Washington Post reported that the settlement could be announced as soon as Friday.
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Wells Fargo facing $1 billion fine for mortgage and auto insurance issues

Bank confirms it is facing a fine from CFPB and OCC
Earlier this week, reports emerged that the Consumer Financial Protection Bureau was seeking a “record fine” against Wells Fargo for mortgage and auto insurance issues. Wells Fargo confirmed Friday that it is indeed facing a fine of $1 billion over mortgage lending and auto insurance abuses.
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HMDA enforcement defanged by Trump-led regulators

Regulators rollback HMDA penalty assessments going into 2018
The Home Mortgage Disclosure Act caused its fair share of grief among mortgage lenders who stress over the new risks it will bring to compliance in 2018. But now, the Trump administration's new regulatory leaders defanged the new rule — CFPB and OCC both announced they have no intentions of issuing data reporting penalties in 2018.
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Otting takes over as Comptroller of the Currency, pledges to reduce regulatory “burden”

Former CIT Bank executive replaces acting Comptroller Keith Norieka
President Donald Trump now has another of his handpicked choices leading one of the country’s top banking regulators. Joseph Otting, who the Trump administration nominated back in June, was officially sworn in on Monday as the next Comptroller of the Currency.
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OCC claims proof CFPB wrong on arbitration rule data

Instead, consumers to face significant increase in cost of credit cards
The Office of the Comptroller of the Currency decided to fact check some of the Consumer Financial Protection Bureau’s data on the controversial arbitration rule. They now claim some of the data wasn’t quite adding up. Unlike what the CFPB reported, the OCC said the rule is likely to cause a significant increase in credit costs to consumers.
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OCC sounds alarm on CFPB arbitration rule, welcomes Congressional repeal

Noreika: “The rule may turn out to be the proverbial straw on the camel’s back”
There’s good news and bad news for the Consumer Financial Protection Bureau’s new arbitration rule. On the positive side, the Office of the Comptroller of the Currency doesn’t plan to stand in the way of the rule being implemented, as the OCC recently threatened to do. On the other hand, the OCC isn’t planning to intervene in the arbitration rule situation because Congress is currently in the process of repealing the rule.
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