Title III

More than seven years after fining Wells Fargo $100 million for illegal sales practices, the Office of the Comptroller of the Currency terminated the consent order it issued against the bank in September 2016. More than 3 million unauthorized customer accounts were discovered by federal investigators, including several uncovered long after the initial order. Read on »

The Securities and Exchange Commission signaled a shift in its stance on crypto assets by approving an application for spot bitcoin exchange-traded product shares. The decision could open the door for similar applications previously denied by the agency. Read on »

At least two federal banking agencies are close to finalizing an overhaul of Community Reinvestment Act (CRA) requirements.

Comptroller Joseph Otting confirmed in a statement obtained by Dodd Frank Update that he believes the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. will have a joint proposal for banks to review by the end of the year.

Learn more details about the likelihood of Otting’s prediction coming to fruition.

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The Securities and Exchange Commission (SEC) has requested public feedback on the agency’s asset-level disclosure requirements for residential mortgage-backed securities (RMBS).

The Treasury Department’s housing reform plan recommends that the SEC undertake such a review to determine potential improvements. 

Find out more details about the goal of such a review.

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The fact that financial institutions increasingly are engaging in transactions involving digital assets has spurred federal agencies to speak up regarding additional compliance obligations that come with the territory.

The agencies detailed those obligations and the circumstances that trigger their applicability in a recent joint statement.

Find out more details about the new guidance on digital assets.

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In one of its first settlements between federal regulators and a Blockchain provider, the Securities and Exchange Commission (SEC) recently reached a $24 million settlement with Block.one over allegations that the company conducted an unregistered initial coin offering (ICO), which raised the equivalent of several billion dollars in digital assets in about a year. 

The settlement shines a light on the question as to whether digital assets should be treated as securities, rather than currency.

Learn more about the nuances involved in this matter.

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Wells Fargo’s search for a new CEO ended with the announcement that Charles Scharf has been hired to succeed Tim Sloan in the role. Per settlements with federal regulators, Wells Fargo was required to receive approval from the Office of the Comptroller of the Currency (OCC) before its new CEO hiring could become official.

Scharf said that one of his top priorities as CEO is to “make sure we get the regulatory issues behind us,” and that he is grateful for the opportunity to lead the company as it continues to transform.

Find out more details about his appointment.

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For the second time in the span of a year, a federal court has ruled that the Conference of State Bank Supervisors lacked standing in its legal challenge of the Office of the Comptroller of the Currency’s (OCC) authority to accept charter applications from non-bank entities.

The organization’s decision to re-file the case in the same court was driven by its hope for a different outcome given that the OCC since has come under new leadership and released policy guidance on fintech charters.

Find out more details about the ruling.

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The Office of the Comptroller of the Currency (OCC) has announced plans to amend its rules for assessing partial refunds owed to national banks, federal thrifts and federal branches of foreign banks that leave OCC jurisdiction before the end of the six-month assessment period.

The American Bankers Association said the rule would improve fairness in the refund policy.

Find out more details about the amendments.

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The Office of the Comptroller of the Currency (OCC) recently issued a bulletin rescinding its guidance created to support banking institutions’ efforts to better serve low- and moderate-income communities through lending activities related to high loan-to-value (LTV) ratio loans.

The agency noted that it continues to support the use of lending strategies many banks employ to help underserved communities, many of which qualify for Community Reinvestment Act credit.

Learn more about the bulletin that has been rescinded.

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