On February 22, 2022, the Comptroller of the Currency (OCC) issued OCC Bulletin 2022-4 that provides responses to frequently asked questions (FAQ) about the December 2021 final rule to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020 (June 2020 CRA rule). The December 2021 CRA final rule, effective January 1, 2022, replaced the June 2020 CRA rule with provisions largely based on the rules adopted jointly by the OCC, the Board of […]
Category: OCC
INTERAGENCY STATEMENT ON SPECIAL PURPOSE CREDIT PROGRAMS
On February 22, 2022, The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Consumer Financial Protection Bureau (CFPB or Bureau), the Department of Housing and Urban Development (HUD), the Department of Justice (DOJ), and the Federal Housing Finance Agency (hereafter, the agencies) issued an interagency statement to remind creditors of the ability […]
OCC POSITION ON CRYPTO
On January 13, 2022, Acting Comptroller Michael J. Hsu Remarks shared remarks regarding Crypto with the British-American Business Transatlantic Finance Forum Executive Roundtable. Crypto has rapidly gone mainstream. Five years ago, the total market capitalization of all cryptocurrencies was around $100 billion. Today it is over $2 trillion. Anyone with an internet connection can invest in over 12,000 different cryptocurrencies, purchase digital art and collectibles through non-fungible tokens (NFTs), and buy “property” in the metaverse. […]
INTERAGENCY STATEMENT ON STORM DAMAGE
On December 15, 2021, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the currency, the National Credit Union Administration, and the Conference of State Bank Supervisors (the Agencies) issued an interagency statement that states that the agencies recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage […]
SUGGESTIONS FOR HANDLING OVERDRAFTS
On December 8, 2021, Acting Comptroller of the Currency Michael J. Hsu shared his thoughts regarding overdraft practices at the Consumer Federation of America’s 34th Annual Financial Services Conference. Mr. Hsu stated, “As we all know, it is expensive to be poor. And a significant part of that expense comes from the products and services offered by banks themselves. As the Brookings Institution has noted recently, ‘The existing system is regressive (reverse Robin Hood), creating […]