A banking entity settled charges with the OCC and the CFPB for assessing multiple overdraft fees on customers’ accounts. The banking entity also settled charges with the CFPB for withholding credit card rewards from consumers and opening accounts without consumers' consent.
News & Insights
The OCC, Federal Reserve Board, FDIC and National Credit Union Administration finalized a policy statement for financial institutions on commercial real estate loan accommodations for borrowers during periods of financial stress.
The Office of the Comptroller of the Currency provided guidance on how the OCC's supervisory approach and processes are applied to the asset management activities of national banks.
The banking agencies set a comment deadline of August 21, 2023 for a proposed to require mortgage originators and secondary market issuers to ensure that "automated valuation models used in certain credit decisions or covered securitization determinations adhere to quality control standards."
Acting Comptroller of the Currency Michael J. Hsu called for a “responsible” approach to innovation in tokenization and artificial intelligence that progresses in “tightly controlled stages” to manage identified risks.