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 […]
Category Archives: Office of the Comptroller of the Currency
Acting Comptroller Discusses Trends Reshaping Banking
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Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated valuation models […]
OCC Amends Enforcement Action Against Citibank, Assesses $75 Million Civil Money Penalty
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today issued an amendment to its October 7, 2020, Cease and Desist Order against Citibank, N.A, Sioux Falls, South Dakota, related to deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls (2020 Order). The amendment is based on the bank’s failure to […]
Acting Comptroller Discusses Importance of Addressing Financial Fraud
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed ways banks can assist their customers in avoiding fraud and scams in remarks during the Financial Literacy and Education Commission’s Public Meeting. In his written remarks, Mr. Hsu acknowledged the range of frauds and scams that result in significant annual losses to consumers and businesses. […]
OCC Renews Mutual Savings Association Advisory Committee Charter, Seeks Nominations
WASHINGTON—The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Mutual Savings Association Advisory Committee (MSAAC) and seeks nominations for its members. The MSAAC provides advice and information to the Comptroller of the Currency on the condition of mutual savings associations, the regulatory changes or other steps the OCC may […]
OCC Renews Minority Depository Institutions Advisory Committee, Seeks Nominations
WASHINGTON—The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC) and is seeking nominations for its members. The MDIAC provides advice to the Comptroller of the Currency about minority depository institutions, their current condition, potential regulatory changes that may promote their health and viability, […]
OCC Reports Mortgage Performance for First Quarter of 2024
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 first quarter of 2024. The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, […]
OCC Reports First Quarter 2024 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 $15.6 billion in the first quarter of 2024. The first quarter trading revenue was $4.0 billion, or 34.2 percent, more than in the previous quarter and $2.0 billion, or 11.1 percent, less than a […]
OCC Requests Comments on Proposed Revisions to Its Recovery Planning Guidelines
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to revise its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks). The proposed rulemaking is part of the OCC’s effort to ensure that large banks are adequately prepared and have developed a […]