WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $15 million civil money penalty against U.S. Bank, National Association, Cincinnati, Ohio, for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments. The OCC found that the bank engaged in unfair practices […]
Category Archives: Office of the Comptroller of the Currency
Acting Comptroller Issues Statement on Financial Stability Oversight Council’s Annual Report
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following statement at the Financial Stability Oversight Council (FSOC) meeting: Madam Secretary, we have seen a number of stresses and challenges in the financial system this past year. I would like to thank you for your strong and committed leadership of the Council during […]
OCC Announces Enforcement Actions for December 2023
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 […]
OCC Reports Third 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 $13.2 billion in the third quarter of 2023. The third quarter trading revenue was $470 million, or 3.4 percent, less than in the previous quarter and $474 million, or 3.7 percent, more than in […]
OCC Reports Mortgage Performance for Third Quarter of 2023
WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023. The OCC Mortgage Metrics Report, Third Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, […]
OCC Issues Annual Report for 2023
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published its 2023 Annual Report. The OCC Annual Report provides Congress with an overview of the condition of the federal banking system, discusses the OCC’s strategic priorities and initiatives, and shares the agency’s financial management and condition. In 2023, the OCC marked its 160th anniversary […]
OCC Issues Guidance on ‘Buy Now, Pay Later’ Lending
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued guidance to national banks and federal savings associations to address the risks associated with “buy now, pay later” lending. The guidance focuses on the risk management of buy now, pay later (BNPL) loans, which are payable in four or fewer installments and carry no […]
Acting Deputy Comptroller Testifies on Financial Technology
WASHINGTON—Deputy Comptroller for Compliance Policy and Acting Deputy Comptroller for the Office of Financial Technology Donna Murphy today testified on the activities and initiatives of the Office of the Comptroller of the Currency’s (OCC) Office of Financial Technology before the Subcommittee on Digital Assets, Financial Technology and Inclusion, Committee on Financial Services of the U.S. […]
OCC Releases Virtual Workshop Schedule for Community Bank Directors and Senior Management
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced its 2024 schedule of free, virtual workshops for directors, senior management, and other key executives of national community banks and federal savings associations. The OCC examiner-led workshops provide practical training and guidance to directors and senior management of national community banks and federal savings […]
OCC Solicits Research on Depositor Behavior, Bank Liquidity, and Run Risk
WASHINGTON—The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on depositor behavior, bank liquidity, and run risk in the banking system for submission by January 15, 2024. The OCC will invite authors of selected papers to present to OCC staff and invited academic and government researchers at OCC Headquarters in […]