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

ARTICLES

  • More trouble for Wells Fargo? Top execs take “leave of absence” amid ongoing investigations

    Chief administrative officer, chief auditor removed from bank’s operating committee
    Wells Fargo’s troubles appear to be far from over. The once-impenetrable megabank announced Wednesday that two of its top executives are taking “leaves of absence” for an unspecified length of time and will no longer serve on the company’s operating committee. According to the bank, their leaves of absence are related to “previously disclosed ongoing reviews by regulatory agencies in connection with historical retail banking sales practices.”
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  • Trump administration considering changes to Community Reinvestment Act

    OCC invites comments on how to “modernize” CRA regulations
    The Trump administration is considering making changes to the Community Reinvestment Act, the federal law that requires banks to meet the credit needs of all communities they serve, including low- and moderate-income neighborhoods. The Office of the Comptroller of the Currency announced Tuesday that it is looking to “modernize” the CRA and wants public comments on how best to do so.
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  • 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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