Posts filtered by tags: Office of the Comptroller[x]


 

Centrist Dems Sink Biden's Nominee for Top Bank Regulator

Five Democratic senators have told the White House they won't support Saule Omarova to head the Office of the Comptroller of the Currency, effectively killing her nomination for the powerful bank-regulator position. Axios: The defiant opposition from a broad coalition of senators reflects the real policy concerns they had with Omarova, a Cornell University law professor who's attracted controversy for her academic writings about hemming in big banks. Their opposition also hints at a willingness ...
Tags: White House, Tech, Biden, Cornell University, Senate Banking Committee, Sen Sherrod Brown D Ohio, Office of the Comptroller, Kyrsten Sinema D Ariz, Saule Omarova, Omarova, Nominee for Top Bank Regulator, Sens Jon Tester D Mont Mark Warner D Va, Sens John Hickenlooper D Colo, Mark Kelly D Ariz Read


Top banking regulator compares crypto to tools that sparked the financial crisis while lobbyists decry 'overly conservative' approach

Bitcoin crypto currency physical banknote and coin imitations. OZAN KOSE/AFP via Getty Images On Tuesday, Michael Hsu, who heads the Office of the Comptroller of the Currency, compared crypto's trajectory to that of credit default swaps. Hsu's critical remarks came just days after the Financial Times reported on a letter sent by top crypto lobbyists to the Basel Committee. The stringency of regulation is emerging as the top issue for the crypto industry. Sign up here for our daily...
Tags: Trends, Markets, Regulation, Crypto, Financial Times, OCC, Michael Hsu, Hsu, Office of the Comptroller of the Currency, Brian Brooks, Basel Committee, Office of the Comptroller, OZAN KOSE AFP, MI Exclusive, Ethan Wu, Bloomberg Crypto DeFi


Federal investigators probe misleading business-card sales tactics at American Express

American Express. Reuters Reuters Federal Investigators are probing business-card sales tactics at American Express, the Wall Street Journal reported. American Express said in a statement that it has been cooperating with a regulatory review since the spring of 2020, and added that "We have robust compliance policies and controls in place, and do not tolerate misconduct." American Express stock dropped as much as 4% Thursday before paring its losses to 1%. Visit Business Insider's homepage...
Tags: Finance, Trends, American Express, Federal Reserve, Wall Street Journal, Journal, Treasury Department, FDIC, OCC, Federal Reserve FDIC, Office of the Comptroller, Amex Mastercard PayPal Square, Natasha Dailey, American Express the Wall Street Journal, Treasury Department Federal Deposit Insurance Corp


United States: Cryptocurrency Developments: Comptroller Of The Currency Affirms That National Banks May Hold Stablecoin Reserves - Gibson, Dunn & Crutcher

On September 21, 2020, the Office of the Comptroller of the Currency, the U.S. regulator of national banks, issued an interpretive letter that concluded that national banks may hold deposits...
Tags: News, United States, Gibson Dunn, Office of the Comptroller


Feds To Fine Wells Fargo $1 Billion For Abuse Tied To Auto-Lending, Mortgages

NEW YORK (AP) — Federal regulators plan to fine Wells Fargo as much as $1 billion as early as Friday for abuses tied to its auto-lending and mortgage businesses, The New York Times and other news outlets reported, citing unnamed sources. The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency, the bank’s main national regulator, and the Consumer Financial Protection Bureau, the federal watchdog bureau set up after the Great Recession. The fine...
Tags: New York, News, San Francisco, Ap, New York Times, Wells Fargo, Trump, CFPB, Wells Fargo Bank, Mick Mulvaney, Office of the Comptroller, Nicole Lafond, Donald Trump Wells Fargo


Money Laundering, Drug Trafficking & Whistleblower Awards…

The title of this post “Money Laundering, Drug Trafficking & Whistleblower Awards” sounds like a John le Carre´ novel. When we mention the story involves Mexican drug cartels, one can also easily see a James Bond movie adaptation. It is a real-life story, however, and involves the U.S. subsidiary of Rabobank pleading guilty to criminal conspiracy and paying a $368 million fine. Under a 1989 law, bank insiders who report money laundering violations such as those involved in this case are eligible...
Tags: Taxes, Justice, California, North Korea, Mexico, America, United States, Hsbc, Netherlands, Treasury, James Bond, John Le Carre, Justice Department, Bsa, Sar, Ctr


Trump's Bank Regulators: More Swamp Creatures

Following his appointment of Steven Mnuchin as Treasury Secretary, the President has nominated Joseph Otting, former CEO of OneWest Bank, to be the chief federal bank regulator as head of the Office of the Comptroller of the Currency. The OCC is the bank cop for the nation's largest banks. The OCC determines whether banks are taking too many risks with depositor and taxpayer money, and is charged with preventing failures of banks that are too big too fail, in other words, with preventing the nex...
Tags: California, Finance, Senate, Bloomberg, Treasury, FDIC, OCC, OneWest Bank, CIT, Financial Institutions, IndyMac, Corporate Bankruptcy, Alan White, California Reinvestment Coalition, Mnuchin, Steven Mnuchin


First NBC Bank Closed by Regulators – Important Info for Customers & Whistleblowers

Two big banks were closed by regulators in recent days. Yesterday saw Guaranty Bank (BestBank in some states) shut down by the federal Office of the Comptroller of the Currency. Just days before that, however, an even bigger bank was shut down, First NBC Bank. Based in New Orleans, the bank had $5 billion in assets on its books. Because our firm sues banks as well as brings whistleblower actions on behalf of the government, we have unique insights into the world of collapsed banks. Sometimes ban...
Tags: Taxes, Mississippi, America, Customers, New Orleans, Ira, Louisiana, Deepwater Horizon, Whitney, Irs, Gulf, FDIC, First NBC ' Bank, Fraud Recovery, Brian Mahany, FIRREA