Revolut Abandons Plan to Buy a US Bank, Focuses on Independent OCC Charter
Revolut Shifts US Strategy Again Revolut is revising its strategy in the United States once more. The UK-based fintech has abandoned its plans to acquire a US bank and is now aiming to secure an independent banking license in the country. This move could pave the way for enhanced lending and more comprehensive banking services […]
Crypto.com aims for OCC federal charter, alongside Coinbase, Ripple, and others
Crypto.com Pursues National Trust Bank Charter On Friday, Crypto.com, a cryptocurrency exchange based in Singapore, announced its intention to apply for a national trust bank charter with the Office of the Comptroller of the Currency (OCC). This move aligns with similar efforts by other established crypto companies. The company aims to obtain a license that […]
OCC Leader Gould States That Banks Can Legally Engage in Crypto Activities
Currency Secretary Discusses Crypto Banking At a recent Coindesk event in Washington, Jonathan Gould, the Secretary of Currency, addressed the role of banks in legally permitted cryptocurrency activities. He indicated that many banks are eager to participate, emphasizing that these engagements should not be dismissed outright. Gould pointed out that the technologies and processes inherent […]
OCC to Review Banks’ Debanking Practices in Licensing and CRA Evaluations
The Office of the Secretary of the Currency (OCC) shared significant news on Monday, September 8, that aims to “depoliticize banks” and tackle “illegal de-pasting” within the federal banking system. One key update focused on licensing, stating that the OCC is reviewing how banks consider licensing decisions and their evaluations under the Community Reinvestment Act […]
US Senate Approves Former Bitfury Executive to Head OCC Banking Regulator
Gould Confirmed as Head of U.S. OCC Office Jonathan Gould, who formerly held the position of Chief Legal Officer at Bitfury, has officially been appointed to lead the U.S. Office of the Comptroller of the Currency (OCC), following a vote in the Senate. The Senate voted in favor with a majority of 50-45 on Thursday. […]
US Banks Allowed to Provide Crypto Custody and Execution Services, OCC Confirms
The U.S. Secretary of the Currency Office has announced that both the National Bank and the Federal Savings Association can engage in buying and selling cryptocurrency on behalf of clients. This update, shared on Wednesday, builds on prior guidance and eliminates some earlier supervisory obstacles. It highlights a broader acceptance of cryptocurrency activities within the […]
Ex-NCUA Chair Rodney Hood tapped to lead OCC – American Banker
Chief of acting at Currency Rodney HoodAnna Money Maker/Bloomberg Treasury Secretary Scott Bessent announced on Friday that he has selected former National Credit Union Government Chairman Rodney Hood to lead the office of the Secretary of Money. “I continue to be adamant about serving Americans and the banking system by creating regulatory structures that will […]
OCC Announces 3 Enforcement Actions Against Wells Fargo Leaders – PYMNTS.com
of Office of the Comptroller of the Currency (OCC) has completed enforcement actions against 11 former individuals. wells fargo senior bank executives. The three enforcement actions announced Tuesday (January 14) stem from administrative litigation initiated by the OCC. Notice regarding fees The lawsuit was filed in January 2020 and was the last of 11 such […]
Wells Fargo Pledges to Fix AML Program After OCC Agreement – PYMNTS.com
Trouble with federal regulators continues Wells Fargo. of Office of the Comptroller of the Currency (OCC) on Thursday (Sept. 12), Formal Agreement Work with banks to remediate deficiencies in their anti-money laundering (AML) and financial crime risk management practices. “The formal agreement identifies deficiencies related to the bank's financial crimes risk management practices and anti-money […]
OCC issues enforcement action against Wells Fargo – Yahoo Finance
(Reuters) – The Office of the Comptroller of the Currency (OCC), the main U.S. banking regulator, said on Thursday it had filed enforcement actions against Wells Fargo & Co. citing poor risk management practices. The bank's shares fell 5% in afternoon trading after regulators said they had identified deficiencies in the bank's financial crime risk […]