Search Results: OCC

OCC Head Provides Remarks on Bank Overdraft Practices

On December 8, 2021, the Acting Comptroller of the Currency, Michael J. Hsu, gave remarks before the Consumer Federation of America’s 34th Annual Financial Services Conference where he expressed the Office of the Comptroller of the Currency’s (OCC) push for bank overdraft reform to benefit financially vulnerable consumers. Hsu opined…

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DOJ and OCC Obtain $5.5 Million Settlement, Resolving Allegations of Lending Discrimination

On August 30, 2021, the Department of Justice (DOJ) announced that, together with Office of the Comptroller of the Currency (OCC), it reached a settlement with a bank, resolving allegations that the bank engaged in lender discrimination in the Houston, Texas area. In 2017, the OCC initiated a fair lending examination…

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OCC Proposes Rescinding 2020 Amendments to CRA Regulation; Coordinated Agency Regulations Coming

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (OCC) released an interagency statement on July 20, 2021 that all three agencies will act together to revise their regulations implementing the Community Reinvestment Act (CRA).  The OCC also…

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CFPB Issues New Final Rule Regarding Supervisory Guidance

On January 19, 2021, the Consumer Financial Protection Bureau (CFPB) issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA).  According the CFPB’s press release, the purpose of the new final rule is to “clarif[y] the differences between regulations and supervisory guidance.”  Specifically, “supervisory guidance does not…

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OCC Proposes Rule to Ensure Banks Offer Fair Access to Financial Services

On November 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a proposed rule with the objective of ensuring banks offer fair access to financial services. Certain banks have received significant political pressure from various for-profit and not-for-profit organizations to deny financial services to customers in certain…

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Five Federal Financial Agencies Propose Rule to Clarify Role of Supervisory Guidance

On November 5, 2020, the Federal Register published five federal financial regulatory agencies’ invitation for comment on a notice of proposed rulemaking (NPR) that would codify the agencies’ Interagency Statement Clarifying the Role of Supervisory Guidance, as amended, which was issued on September 11, 2018 (2018 Statement).  The 2018 Statement…

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Bank Regulators Issue New Interim Final Rule Addressing COVID-19-Created Stressors

On May 15, 2020, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, Regulators), proposed a new final interim rule “that temporarily revises the supplementary leverage ratio calculation for depository institutions,” in order to “strengthen…

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CFPB and OCC Settle with National Bank for $1 Billion Over Auto and Mortgage Lending Practices

On April 20, 2018, the Consumer Financial Protection Bureau (CFPB)​ and Office of the Comptroller of the Currency (OCC) each announced settlements totaling $1 billion with a national bank resulting from a coordinated action between the two agencies. The OCC found that deficiencies in the bank’s enterprise-wide compliance risk management program…

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