Links in “OCC”
- OCC Q1 2014 CRA Schedule Released
For the CRA officers of 150+ banks, Q1 will be a bit more interesting. [12/2]
- Banking Group to OCC: Don’t Push Cash-Strapped Customers Outside Banking System
Consumer Bankers Association responds to OCC's guidance on deposit advance products, defending the "well-regulated and popular product," saying cash-strapped consumers will be pushed to unregulated lenders seeking "astronomical" gains. [11/22]
- OCC Promotes Outreach to Rural America
OCC promotes bank involvement and examples of banks helping rural businesses grow and finance projects that expand manufacturing and bring services, goods, and jobs to rural communities. [11/19]
- Compliance Issues Cited in 2 of 3 OCC C&Ds
Among other items in their cease-and-desist orders, an Arkansas bank was ordered to strengthen compliance with Bank Secrecy Act, and a Michigan bank was ordered to form a compliance committee. [11/19]
- OCC Speaks Out on BSA
Speech at the ABA conference presents a renewed emphasis for FIs to promote a culture of BSA compliance, utilize technology and focus on holistic approach to BSA compliance. [11/18]
- OCC Heralds CDFIs (and for Good Measure)
Comptroller's remarks speak to remarkable advantages (i.e., waiver on ability to repay rules) of Community Development Financial Institutions given by OCC in lending as well as rationale for support due to measured impact on low- and moderate-income areas. [11/14]
- OCC Publishes Standards for Independent Consultants
The OCC wants its banks to know that they remain the final say on their enforcement orders, not an independent consultant. Moreover, the new standards focus on enforcement orders and related scenarios where a consultant is required, due diligence in selection, guidelines for consultant work plans, contracts and oversight with respect to EOs. [11/13]
- Recipe for Disaster: Selecting Appraiser Based on Lowest Fee
OCC guidance cautions that appraiser selection based on lowest fee is a "recipe for disaster." Three critical factors are appraiser's knowledge of property type, knowledge of neighborhood, and record of performance. [11/12]
- First Impressions: OCC Pushing Responsibility for Third-Party Vendors Up to Banks’ Highest Levels
Attorney takes a first look at OCC's new guidance on third-party relationships and finds greater emphasis on board's and senior management's responsibilities. [11/4]
- OCC Doubles Down on Third-Party Relationships
OCC setting tone for best practices associated with third-party relationships. Lays out 8 points that mandate key needs such as a plan, due diligence, contracts, ongoing monitoring, transitioning, oversight, reporting and independent reviews. [10/31]
