New OCC chief vows focus on climate change, disproportionate impact of pandemic
Acting Comptroller Michael Hsu also said he would review key regulatory standards but did not mention any by name, and warned that complacency about risk-taking is a growing supervisory concern. Published May 11, 2021 Permission granted by Office of the Comptroller of the Currency
On his first day as acting comptroller of the currency, Michael Hsu vowed to focus on solving urgent problems and addressing pressing issues until the 32nd Comptroller is confirmed, according to a statement the Office of the Comptroller of the Currency (OCC) posted on its website Monday.
Fed guidelines would corral fintechs (before they run wild)
Fed guidelines would corral fintechs (before they run wild)
The banking industry s concerns over newcomers access to Federal Reserve district banks and to the Fed payment network spurs the central bank to issue a potential framework to impose bank-like risk controls and more on them
The small but growing population of banks with specialized charters, coming against the backdrop of the increasing banking ambitions of fintechs and big techs, has led the Federal Reserve to propose uniform guidelines for requests to establish accounts and obtain services at the 12 district banks of the Federal Reserve System.
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The inauguration of US President Joe Biden on January 20, 2021, marked the beginning of what will surely be a major transition across the US legislative and regulatory landscape including the laws and regulations governing financial services firms in the United States. Some of those changes have already been felt, while others including the appointment and Senate confirmation of key regulators will unfold over the coming weeks, months, and years. In this piece, we identify several of the most pressing financial regulatory issues facing the new administration from controversial rulemakings to new legislative priorities and policy initiatives to the management of the ongoing COVID-19 pandemic and provide our thoughts on what financial services firms and other stakeholders might expect going forward.
Bank Type: The OCC uses the bank type classifications to determine the performance standards and examination procedures to evaluate a bank’s CRA performance. The OCC classifies banks as a small bank, intermediate bank, wholesale bank, limited purpose bank or a bank subject to the June 2020 rule’s general performance standards. The categorization is generally based on the bank’s asset size, except wholesale and limited purpose banks are classified based on business model. A small bank has assets of $600 million or less. An intermediate bank has $600 million to $2.5 billion in assets. A GPS bank has assets greater than $2.5 billion.
On January 20, President Biden’s Chief of Staff Ronald Klain
issued a memorandum to the heads of executive departments and agencies setting forth the terms of a regulatory freeze.
The memorandum requires the following subject to limited exceptions:
No rules can be issued or proposed until a department or agency head appointed by President Biden has reviewed and approved the rule.
A rule that has been sent to the
Federal Register but not yet published must be immediately withdrawn from the Office of the
Federal Register and approved by a department or agency head appointed by President Biden.
For a rule that has been issued or published in the