WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at yesterday’s Federal Deposit Insurance Corporation (FDIC) board meeting regarding the application from Thrivent Financial for federal deposit insurance. I support the deposit insurance application for a proposed industrial bank to be owned by Thrivent Financial for Lutherans (Thrivent Financial). Thrivent Financial, a […]
Category Archives: Office of the Comptroller of the Currency
Acting Comptroller Issues Statement on New Reporting Channels for FDIC Complaints
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at yesterday’s Federal Deposit Insurance Corporation (FDIC) board meeting regarding the creation of the Office of Professional Conduct and the Office of Equal Employment Opportunity. I strongly support the creation of the Office of Professional Conduct (OPC) and the Office of Equal Employment […]
OCC Approves Final Rule on Automated Valuation Models
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Acting Comptroller Issues Statement on FDIC Resolution Plan Rule
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement at today’s Federal Deposit Insurance Corporation (FDIC) board meeting regarding the final rule on insured depository institution (IDI) resolution planning. As a long-time regulator of large financial institutions, I know first-hand the consequences of complacency when it comes to resolvability. Those consequences can […]
OCC Report Highlights Key Risks in Federal Banking System
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2024. The OCC reported that the overall condition of the federal banking system remains sound. However, the maturing economic cycle may cause consumer headwinds. It is important for banks […]
OCC Announces Enforcement Actions for June 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 Testifies on FDIC Work Culture
Related posts: Comptroller Submits Written Statement on the Condition of the Federal Banking System, Regulatory Priorities Statement on the President’s Intent to Nominate Brian P. Brooks to Serve as Comptroller of the Currency Acting Comptroller Issues Statement on Misuse of FDIC Name, Logo Joint Statement by the Department of the Treasury, Federal Reserve, FDIC and […]
Acting Comptroller Discusses Artificial Intelligence and Financial Stability
WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed systemic risk implications of artificial intelligence (AI) in banking and finance via livestream at the Financial Stability Oversight Council’s AI Conference. In addition, Mr. Hsu released complimentary remarks to expand upon how the use and weaponization of AI pose financial stability risks, and offered thoughts […]
Acting Comptroller Discusses Improving Consumer Financial Health
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OCC Hosts Mutual Savings Association Advisory Committee Meeting June 24
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Monday, June 24, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 1:30 p.m. Eastern Daylight Time (EDT). […]