Office of the Comptroller of the Currency

Wells Fargo Sees Brighter Days for US Consumer Spending
Wells Fargo Sees Brighter Days for US Consumer Spending
April 12, 2024  |  Earnings

The opening week of first-quarter earnings season was billed as a referendum on the state of the U.S. economy, specifically consumer spending. While Wells Fargo didn’t post...

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Report: Morgan Stanley Facing Probes of Anti-Money Laundering Practices
Report: Morgan Stanley Facing Probes of Anti-Money Laundering Practices
April 11, 2024  |  Security & Fraud

Morgan Stanley is reportedly facing investigations by several agencies into how its wealth management division vets and monitors clients who may pose money-laundering risks. The Securities and...

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Investigation Into Morgan Stanley’s Wealth Arm Underscores Scrutiny of AML and Onboarding Efforts 
Investigation Into Morgan Stanley’s Wealth Arm Underscores Scrutiny of AML and Onboarding Efforts 
April 11, 2024  |  Security & Fraud

Anti-money laundering (AML) defenses might begin at the point of onboarding. The needs are for all manner of firms — and especially banks and investment...

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OCC’s Hsu Encourages FIs to Help Immigrants Gain Access to Credit   
OCC’s Hsu Encourages FIs to Help Immigrants Gain Access to Credit   
April 11, 2024  |  Financial Inclusion

This week, Michael Hsu, acting comptroller of the currency at the Office of the Comptroller of the Currency (OCC) called on U.S. financial institutions (FIs) to take...

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OCC Asks FIs to Offer Customers ‘High-Quality Financial Literacy Education’
OCC Asks FIs to Offer Customers ‘High-Quality Financial Literacy Education’
April 03, 2024  |  Consumer Finance

This week, the Office of the Comptroller of the Currency (OCC) asked U.S. financial institutions (FIs) for their help in “improving the financial capability and financial health...

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Treasury Prime’s Bank-Direct Approach Points to Regulators’ Chilling Effect on FinTech
Treasury Prime’s Bank-Direct Approach Points to Regulators’ Chilling Effect on FinTech
March 03, 2024  |  Partnerships

The digitization of financial services — and the rise of open banking — has given rise to a shifting landscape of partnerships. And the pursuit...

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OCC Head Concerned About Bank-FinTech Collaboration
OCC Head Concerned About Bank-FinTech Collaboration
February 26, 2024  |  Banking

Michael Hsu, CEO and acting comptroller of the currency for the Office of the Comptroller of the Currency (OCC), recently reiterated his agency’s commitment to...

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Acting Comptroller Michael Hsu Says Bank-FinTech Partnerships Complicate Risk Monitoring
Acting Comptroller Michael Hsu Says Bank-FinTech Partnerships Complicate Risk Monitoring
February 21, 2024  |  Partnerships

Michael Hsu, the acting comptroller of the currency, emphasized the importance of banks actively managing risks associated with their relationships with FinTech companies.  During a...

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OCC Closes Sales Practices Consent Order Against Wells Fargo
OCC Closes Sales Practices Consent Order Against Wells Fargo
February 15, 2024  |  Regulation

The Office of the Comptroller of the Currency terminated a 2016 consent order against Wells Fargo. The consent order concerned deficiencies and unsafe or unsound...

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