Comptroller of the Currency

OCC Halts Publication of Fair Access Rule

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On January 28, the Office of the Comptroller of the Currency (OCC) announced that it would halt publication of its “fair access” rule, which would have prevented national banks from denying services to any individual customer unless justified by that customer’s documented failure to meet quantitative, impartial risk-based standards established by the bank. The rule, which was finalized by the OCC on January 14 and would have gone into effect on April 1, will be set aside for review by the next confirmed Comptroller of the Currency under the current administration. Release.

OCC to Move Forward With Considering Fintech Charter Applications

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On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (“OCC“) would move forward with considering applications from fintech companies that conduct at least one of three core banking activities (i.e., receiving deposits, paying checks or lending money) to become special purpose national banks. Fintech companies will have the option to seek a charter, and the OCC will evaluate applicants to ensure they have a reasonable chance of success, appropriate risk management, effective consumer protection and strong capital and liquidity.

The OCC simultaneously published a paper discussing the issues and conditions that the agency will consider in granting special purpose national bank charters. Comments to the paper may be submitted through January 15, 2017. For further discussion relating to the announcement, please see “National Bank Charters for Fintech Companies.” Orrick Alert. Release. White Paper.

Comptroller of the Currency Discusses Tailoring Supervisory Expectations to the Size and Complexity of Regulated Institutions

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On March 19, the Comptroller of the Currency, Thomas Curry, discussed the Office of the Comptroller of the Currency’s approach to tailoring regulatory and supervisory expectations to the size and complexity of supervised institutions.  His remarks were part of testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.  Release.  Written Testimony.

Statement of Comptroller Dugan on FDIC Rule on Securitizations

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On December 15, Comptroller of the Currency John Dugan issued a statement in support of the FDIC’s Advance Notice of Proposed Rulemaking regarding the regulation of securities backed by loans and leases. Dugan presented several concerns about the proposed rule but favors pushing the process forward to stimulate robust comment on the issues. OCC Release.