Washington, D.C.— The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956). The […]
Category Archives: Office of the Comptroller of the Currency
Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices
Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks engage with third parties to help compete in and respond to an evolving financial services landscape. Third-party relationships present varied risks that community banks are expected to appropriately identify, assess, monitor, and control to […]
Acting Senior Deputy Comptroller and Chief Counsel Testifies on Bank Mergers
WASHINGTON—Acting Senior Deputy Comptroller and Chief Counsel Ted Dowd today testified on the Office of the Comptroller of the Currency’s (OCC) review and consideration of bank merger applications before the Subcommittee on Financial Institutions and Monetary Policy, Committee on Financial Services of the U.S. House of Representatives. In his testimony, Mr. Dowd discussed the OCC’s […]
Acting Comptroller Issues Statement on the FDIC’s Proposals Related to Change in Bank Control Act
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Federal Deposit Insurance Corporation’s (FDIC) board meeting concerning the FDIC memorandum and resolution for proposals related to Change in Bank Control Act: I want to thank Directors Chopra and McKernan for these proposals. They shine much needed light on the […]
OCC Extends Comment Period on Application by Capital One to Acquire Discover Bank
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced an extension of the comment period until 5:00 p.m. EDT on May 31, 2024, for the application of Capital One, National Association, McLean, Virginia, to acquire Discover Bank, Greenwood, Delaware. The extension will allow interested parties more time to provide comments. The application was […]
OCC Announces Enforcement Actions for April 2024
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the […]
Acting Comptroller Discusses Creating Economic Opportunity for New Americans
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the value of financial literacy for new Americans in remarks during the Financial Literacy and Education Commission’s Public Meeting. In his remarks, Mr. Hsu acknowledged that immigrants are important drivers of our economy, including through entrepreneurship and innovation; however, they are also more likely to […]
OCC Extends Comment Period for Proposed Rulemaking and Policy Statement on Bank Mergers
WASHINGTON—The Office of the Comptroller of the Currency (OCC) announced today that it will extend until June 15, 2024, the comment period on its proposal to update its rules for business combinations to allow interested parties more time to provide comments. The proposal also includes a policy statement to clarify the OCC’s review of applications […]
Acting Comptroller Discusses Elevating Fairness in Banking
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024. Mr. Hsu highlighted bank progress in overdraft protection program reforms since the OCC issued guidance last April and provided an update on Project REACh accomplishments regarding credit invisibles, […]
OCC Reports Fourth Quarter 2023 Bank Trading Revenue
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $11.6 billion in the fourth quarter of 2023. The fourth quarter trading revenue was $1.6 billion, or 11.8 percent, less than in the previous quarter and $2 billion, or 20.4 percent, more than a […]