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. […]
Tag: OCC
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 […]
AGENCIES INCREASE REGULATION M AND Z THRESHOLDS
On November 29, 2021 the Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Bureau of Consumer Financial Protection (Bureau) announced new coverage thresholds for: Consumer Leasing (Regulation M) – Based on the annual percentage increase in the CPI-W as of June 1, 2021, the exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022. Appraisal for Higher-Priced Mortgage Loans Exemption Threshold – […]
INTERAGENCY FINAL RULE ON COMPUTER-SECURITY INCIDENCE NOTIFICATION REQUIREMENTS
On November 17, 2021, the Office of the Comptroller of the Currency (OCC), Treasury; the Board of Governors of the Federal Reserve System (Board); and the Federal Deposit Insurance Corporation (FDIC) released a final rule that requires a banking organization to: Notify its primary federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that […]