Posts Tagged ‘OCC’

This blog was co-authored by: Ashley Simmons In conversations with financial services executives, Perficient consultants consistently delve into the application and usage of artificial intelligence (AI) within the industry. A pivotal aspect of this conversation revolves around the regulatory perspective toward AI. To help shed light on this matter, Perficient’s Financial Services Risk and Regulatory Center […]

The Office of the Comptroller of the Currency (OCC) has released 11 Community Reinvestment Act (CRA) performance evaluations.  These evaluations are based upon on-site examinations performed by OCC-trained staff that are conducted every other year, and they assess an institution’s performance in helping to meet the specific credit needs of the communities they serve. This […]

So, you’re the CEO of a national banking corporation or a national savings bank. Therefore, your primary federal bank regulator is the Office of the Controller of the Currency (OCC). The OCC conducts frequent on-site examinations as they investigate, prepare, and then issue its reports of examination. Not only do you and your staff get […]

The Office of the Comptroller of the Currency (“OCC”) issued a letter (1179) that national banks and federal savings associations must demonstrate that they have adequate controls in place before they can engage in cryptocurrency, distributed ledger, and stablecoin activities. The OCC had issued multiple Interpretive Letters in 2020 and earlier this year related to […]

Recognizing that regulated and non-regulated financial institutions seek to engage in cryptocurrency and crypto asset activities, the three largest federal bank regulators, the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, recently issued a joint statement on crypto assets. The regulators broadly defined crypto assets as any […]

The Office of the Comptroller of the Currency (OCC) has released 16 Community Reinvestment Act (CRA) performance evaluations.  These evaluations are based on on-site examinations by OCC-trained staff. On-site examinations are done every other year.  The reviews, which can take weeks for small banks and months for large banks, assess an institution’s performance in helping […]

Perficient highlighted in a blog more than a month ago that the five federal financial institution agencies were seeking public comment to understand the public’s views on the use of AI by financial institutions in their provision of services to customers. Board of Governors of the Federal Reserve System (The Fed) Consumer Financial Protection Bureau […]

The Office of the Comptroller of the Currency (OCC) has released 15 Community Reinvestment Act (CRA) performance evaluations.  These evaluations are based on on-site examinations by OCC-trained staff. On-site examinations are done every other year. Reviews, which can take weeks, assess an institution’s performance in helping to meet the credit needs of communities, including those […]

Background: The five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI) and machine learning (ML). The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the Office of the […]

To misquote the great poet Alfred Lord Tennyson, “In the spring a young banker’s fancy lightly turns to thoughts of SNC Classifications.” SNC (pronounced like the candy bar but without the “ers”) stands for the Shared National Credit Program, which, since 1977, has assessed risk in the largest and most complex credits shared by multiple […]

Adjusting to the new regulatory environment Recent problems with bank employees opening unauthorized accounts for consumers have focused the regulatory spotlight on sales practices in the industry. The fallout from sales practices problems has been spectacular and well-publicized: Hundreds of millions of dollars in fines and legal costs Destruction of shareholder value Brand and reputational […]

The Office of the Comptroller of the Currency (OCC), whose mission is to ensure that national banks and federal savings associations conduct business in a safe manner, provide fair access to services, treat customers fairly, and comply with applicable laws and regulations, released its Fall 2016 Semiannual Risk Perspective, which draws on data gathered from […]