To print this article, all you need is to be registered or login on Mondaq.com.
Last month, the US Office of the Comptroller of the Currency
( OCC ) finalized extensive revisions (the Revisions ) to its rules governing the activities and
operations of national banks, federal savings associations and
federally licensed branches of non-US banks ( Federal
Institutions ).
1 While many of the changes are
procedural or cosmetic, a number codify or clarify substantive
authorities and will affect the day-to-day operations of Federal
Institutions. The Revisions are effective on April 1, 2021.
As the chartering authority for Federal Institutions, the OCC
establishes rules that govern activities and transactions. These
Reading Time: 2 minutes
by
Evan Ezquer
on
December 17, 2020 Bitcoin
Quontic Bank becomes a pioneer FDIC-insured financial institution to launch a Bitcoin rewards checking program, as announced yesterday in a press release by PR Newswire.
Earn Bitcoins While Shopping
According to the announcement, users of this reward system would have access to surcharge-free ATMs, ApplePay, GooglePay, SamsungPay, and Zelle peer-to-peer payments at no cost. In addition, customers would also be able to earn at least 1.5% back in Bitcoins on any eligible purchases they make with their Quontic debit cards.
The bank is working with NYDIG, a Bitcoin specialist firm that would act as the custodian of the crypto asset. The bank would also be working with FIS to build a mobile app that would keep track of such Bitcoin rewards. It is expected that the app would be launched by the second quarter of 2021.
December 16, 2020
In March of 2018, Citigroup announced that it would restrict business with certain firearms companies. The same year, Bank of America said it would cease lending to companies that designed military-style guns. Goldman Sachs and TD Bank recently announced steps to curtail ties with the fossil fuel industry.
Likewise, Morgan Stanley and JP Morgan both announced earlier this year that each institution would terminate any financing of Arctic drilling. Further, Goldman put forth a new ultimatum at Davos this past January, saying that they would no longer take a company public in the U.S. or Europe if it lacks a female or diverse director.
3 Min Read
FILE PHOTO: Anthony Noto, then-chief financial officer of Twitter, holds his phone during the first day of the annual Allen and Co. media conference in Sun Valley, Idaho July 8, 2015. REUTERS/Mike Blake/File Photo
(Reuters) - Online lending startup Social Finance Inc (SoFi) has held discussions with blank-check acquisition companies about a deal that would allow it to debut in the stock market, people familiar with the matter said on Monday.
The discussions show that going public is solidly in the sights of SoFi’s CEO, Anthony Noto. A former Goldman Sachs Group Inc investment banker and Twitter Inc’s ex-chief operating officer, Noto succeeded SoFi co-founder Mike Cagney, who stepped down in 2018. Noto said last year that going public was in the company’s long-term plans, but had cautioned it was not a priority.
New York’s Quontic Becomes First US Bank to Offer a Bitcoin Rewards Debit Card
New York-based Quontic Bank has become the first FDIC-insured financial institution to launch a bitcoin rewards checking program.
Announced Tuesday, the program includes a bitcoin (BTC, +2.29%) rewards debit card (1.5% back), mobile app, access to ATMs, and mobile payments options like Google Pay and Apple Pay.
The bank had to receive approval from the U.S. Office of the Comptroller of the Currency (OCC). In July, the OCC issued a letter enabling nationally chartered banks in the U.S. to provide custody services for cryptocurrencies. Acting Comptroller Brian Brooks has hinted at more “good” actions on crypto by the end of Trump’s term.