Page 79 - Acting Comptroller News Today

Yellen, a former Fed chief, appointed Hsu to be first deputy comptroller of the currency and said he will become the acting comptroller upon taking office Monday. Hsu was previously the associate director of the Fed’s division of supervision, leading efforts to oversee major banks. “It is a tremendous honor to serve as Acting Comptroller of the Currency alongside those who ensure our federal banking system operates in a safe, sound, and fair manner,” Hsu said in a Friday statement releas...

Date 07/05/2021 U.S. Treasury Secretary Janet L. Yellen today announced her intention to appoint Michael J. Hsu as a Deputy Comptroller and designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). Mr. Hsu will serve as Acting Comptroller. “Today, I’m pleased to appoint Michael Hsu to the post of First Deputy Comptroller of the Office of the Comptroller of the Currency. When Mike takes office on Monday, he will assume the role of Acting Comptrol...

  Officers of the Katsina Command of the Nigeria Customs Service, (NCS) have intercepted 18 contrabands with a Duty Paid Value of 50 million, 378 thousand, 800 Naira in Katsina State. The success recorded as part of measures and strategies put in place by the command to suppressing smuggling activities to the barest minimum and generate more revenue for the country. In a press conference held at the headquarters of the Katsina Customs Area Command, the new Acting Comptroller in charge of the C...

As discussed in our earlier blog, the Senate Banking, Housing and Urban Affairs Committee held a hearing on April 28, 2021 entitled “The Reemergence of Rent-a-Bank?”. The hearing focused primarily on the final “True Lender” rule issued by the OCC on October 27, 2020, which was effective December 29, 2020. The True Lender rule clarifies when, under existing law, a national bank is the “true lender” that makes a loan in the context of an arrangement between the bank and a non-bank e...

Trump Holdovers Are Dragging Down the Biden Agenda In his first 100 days, the president still hasn’t cleared his predecessor’s cronies out of the executive branch, where they’re free to sabotage his presidency. Toni L. Sandys/Getty Images IRS Commissioner Charles Rettig is just one of many Trump-era executive branch holdovers who could hinder President Biden’s agenda. During his campaign, Joe Biden repeatedly held out the promise of an FDR-size presidency—the better to counter the m...

Federal Activities: On April 22, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General Letitia James filed a complaint in federal court to seize a $1.6 million home that alleged a fraudulent transfer by the operator of a debt-collection scheme. The complaint asks the court to declare the transfer void and order the seizure and sale of the property to partially repay the debt-collector’s outstanding debt to the federal and state governments. For more information, click ...

On Wednesday, April 28, the Senate Banking Committee will hold a hearing, “ In addition to Brian Brooks, the former Acting Comptroller of the Currency, the scheduled witnesses are Josh Stein, North Carolina Attorney General, Lisa Stifler, Director of State Policy, Center for Responsible Lending, Dr. Frederick D. Haynes, III, Senior Pastor, Friendship-West Baptist Church, Dallas, Texas, and Dr. Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School.  Dr...

Outrageous: Bank regulator lobbies for Trump-era rule, angering Democrats Consumer watchdogs have warned that it could unleash predatory loans by enabling "payday" lenders to evade state interest rate caps. Sen. Sherrod Brown, D-Ohio, speaks during a Senate Finance Committee hearing with pharmacy benefit managers on Capitol Hill in Washington, Tuesday, April 9, 2019, exploring the high cost of prescription drugs. (AP Photo/Susan Walsh) | Susan Walsh/AP Photo Updated: Link Copied A career feder...

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the Committee Memorandum, another topic that could receive attention at the hearing is the recently-introduced resolution under the Congressional Review Act to overturn the OCC’s “true lender” final rule.  The rule addresses when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. The scheduled witnesses include Brian Brooks, the former Acting Comptroller of the Currency.  The other scheduled witn...