The Fed, FDIC, NCUA, OCC, CFPB) and state banking regulators issued an interagency statement for financial institutions working with borrowers affected by the coronavirus. FASB concurs with the approach.
The Office of the Comptroller of the Currency will begin accepting applications for national bank charters from non-depository fintech companies engaged in the business of banking.
In its Semiannual Risk Perspective for Spring 2018, the OCC noted that competition for quality loans is strong, as examiners saw evidence of eased underwriting.
The Office of the Comptroller of the Currency is now urging U.S. banks to provide more “short-term, small-dollar loans,” Reutersreported.
The Wall Street Journal reported that Wells Fargo plans to appeal to the OCC for an extension of a deadline required to meet an enforcement action related to the lender’s anti-money-laundering controls.
The Consumer Financial Protection Bureau fined Wells Fargo $100 million for the illegal practice of secretly opening unauthorized accounts.
The OCC assessed $950 million in fines against three national banks for unsafe or unsound practices related to their foreign exchange trading businesses.
Inez Markovich gives readers an overview on the OCC’s recently issued handbook on asset-based lending. She notes that financial institutions pursuing ABL transactions need to keep abreast of the current examination principles and, if necessary, strengthen internal procedures designed to improve the risk management of their ABL portfolios.
Reuters reported that some major U.S. banks are privately complaining that they are getting the short end of the regulatory stick when it comes to lending to heavily indebted companies.