Tag Archives: OCC

In a move reminiscent of 2008’s increased popularity of subprime loans, the Office of the Comptroller of the Currency issued a bulletin Monday to national banks and federal associations that outlines practices to help manage programs that originate loans with a loan-to-value ratio over 100 percent. But is this responsible lending, or the same mistake from nearly a decade ago?

Since 2008, industry mandated best practices have been put in place for consumers’ protection, but what happens when there’s oversight, and what can banks do to make it right?

On Tuesday, the Office of the Comptroller of the Currency announced the stepping down of Comptroller Thomas Curry on May 5. That day, U.S. Treasury Secretary Steven Mnuchin announced his intention to appoint Keith Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). Noreika will become Acting Comptroller of the Currency on May 5 and is currently a partner at Simpson Thacher & Bartlett LLP and was a partner at Covington & Burling, specializing in banking regulation.

Wells Fargo received its Community Reinvestment Act Rating (CRA), in which it received high scores, despite an overall score of "needs improvement." On the same day, the ban announced an agreement in principal to settle a class action lawsuit regarding claims that Wells Fargo opened accounts without the consent of its customers.

The Office of the Comptroller of the Currency’s announcement in early December that it would grant a special purpose national bank charter to non-bank financial technology companies is causing no small amount of concern in the industry.

A representative from the National Association of Federally-Insured Credit Unions has petitioned the Office of the Comptroller of the Currency to regulate and supervise FinTechs in the same manner as other financial institutions.

The Office of the Comptroller of the Currency's Semiannual Risk Perspective for Fall 2016 analyzes the issues that banks need to address in order to be successful.

Net current credit exposure, the metric the OCC uses to evaluate credit risk in bank derivative activities, is currently only a fraction of what it was at the start of the crisis.

Why have banks and federal savings associations began relaxing their underwriting standards, according to a survey from the Office of the Comptroller of the Currency?

Comptroller of the Currency Thomas J. Curry said that recent modifications made by the OCC will shape the future of the financial world.