The OCC, the Federal Reserve Board and the FDIC proposed long-term debt requirements for large banking entities, holding companies, foreign banking organizations and large insured depository institutions to facilitate resolvability in the event of failure and to reduce the risk of contagion within the financial system.
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The National Credit Union Administration proposed amendments to its chartering and field of membership rules with the goal of expanding financial services made available to low- and moderate-income communities.
In a new report, the Congressional Research Service reviewed the federal and state bank charter process and analyzed risks associated with potential charters for FinTech firms and certain issuers of cryptocurrency.
On January 18, 2022, the OCC conditionally approved Social Finance, Inc. applications to charter a full-service national bank.
In an Interpretive Letter, the Office of the Comptroller of the Currency clarified the authority of (i) banks to engage in cryptocurrency activities and (ii) the OCC to charter national trust banks.