OCC

The Office of the Comptroller of the Currency issued an interpretive letter clarifying the authority of banks to engage in certain cryptocurrency activities and the agency’s authority to charter a national trust bank.

“Today’s letter reaffirms the primacy of safety and soundness,” acting Comptroller Michael Hsu said. “Providing this clarity will help ensure that these cryptocurrency, distributed ledger, and stablecoin activities will be conducted by national banks and federal savings associations in a safe and sound manner.”

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Saule Omarova, President Joe Biden’s nominee to lead the Office of the Comptroller of the Currency, faced a challenging hearing before the Senate Committee on Banking, Housing, and Urban Affairs.

Community banks’ opposition to her nomination took center stage during Omarova’s testimony and questions, according to the Independent Community Bankers of America (ICBA). Its joint letter of opposition, along with 60 others, was entered into the record.

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Acting Comptroller of the Currency Michael Hsu addressed modernizing the financial regulatory perimeter during remarks he delivered at the Federal Reserve Bank of Philadelphia’s fifth annual fintech conference.

Hsu said changes to the regulatory perimeter, normally driven by crises and failures, should instead be proactive to keep up with the pace of innovation.

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In a joint statement, the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators announced they will resume supervision and enforcement actions under Regulation X mortgage servicing rules.

This statement replaces the one made in April 2020, where the same agencies suspended actions against mortgage servicers for failing to meet certain timing requirements.

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Michael Hsu, Office of the Comptroller of Currency’s (OCC) acting comptroller, addressed the risk climate change poses to banks.

During his remarks at OCC headquarters, Hsu announced the OCC will be issuing high level framework guidance for large banks on climate risk management by the end of this year.

“These words are extremely important. Bank action is even more so,” Hsu said.

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The President’s Working Group on Financial Markets, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a report on stablecoins, related activities, and the risk posed to the economy and consumers.

The report concluded with recommendations for Congress to preserve market integrity, investor protection, and avoid illicit finance concerns.

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The Office of the Comptroller of the Currency (OCC) has released its bank supervision operating plan for 2022.

Next year’s strategies focus on credit risk management, allowances for loan and lease losses, and allowances for credit losses; cybersecurity and operational resilience; oversight of third parties and related concentrations; and more.

To learn what other topics the OCC will address in the coming year, read on.

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The Consumer Financial Protection Bureau (CFPB), U.S. Department of Justice (DOJ), and the Office of the Comptroller of the Currency have filed an action against Trustmark National Bank for alleged discrimination against Black and Hispanic families.

The CFPB and DOJ allege the bank discriminated by deliberately not marketing, offering, or originating home loans to consumers in majority-Black and Hispanic neighborhoods in the Memphis metropolitan area.

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The Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp., the Federal Reserve System, the Office of the Comptroller of the Currency, and the National Credit Union Administration issued a joint statement related to the upcoming discontinuation of the London Interbank Offered Rate (LIBOR).

The statement highlights the risks posed by a lack of preparation for this transition and asks those in the industry who have relied on LIBOR to continue efforts in using alternative reference rates.

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Acting Comptroller Michael Hsu addressed the Women in Housing and Finance public policy luncheon in Washington, D.C.

During his remarks, Hsu spoke on making “real, meaningful, and lasting change” to promote diversity and inclusion in the financial services sector. He spoke about personal experiences, statistics, and what his agency is doing to address the issue.

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