Office of the Comptroller of the Currency News

Wells Fargo Will Pay $65M Penalty to New York Over Cross-Selling Practices

Wells Fargo & Co. will pay a $65 million penalty to New York state related to its cross-selling practices. The bank failed to disclose to investors that the success of its cross-selling – the pitching of additional financial products to …

Regulators Reject Wells Fargo’s Plan to Repay Insurance Customers: Reuters

U.S. regulators have rejected Wells Fargo & Co.’s plan to repay customers who were pushed into unnecessary auto insurance, telling the bank it must do more to ensure it has found and compensated every affected driver, three sources familiar with …

Judge Nixes Bid to Halt Federal Charters for Fintech Firms as Premature

A Manhattan federal judge on Tuesday dismissed a lawsuit brought by New York’s banking regulator against the U.S. Comptroller of the Currency (OCC) over its proposal to offer charters that would let online lenders and other so-called “fintech” companies do …

It’s Time to Rethink Wall Between Banking, Other Businesses: U.S. Comptroller

U.S. regulations that bar companies such as Wal-Mart Stores Inc. from providing banking services need to be reviewed as they reduce competition thereby concentrating more risk among a smaller number of banks, a U.S. banking regulator said on Wednesday. At …

Rule Addresses Lenders’ Flood Insurance Escrowing, Mandate Exemptions

Five federal regulatory agencies are seeking comment on a proposed rule pertaining to loans secured by property located in special flood hazard areas. The rule, part of a broader proposal first offeerd last October, would implement provisions of the Homeowner …

U.S. Regulators Urge Flexibility in Basel III Rules for Banks, Insurers

U.S. lawmakers and state financial regulators on Thursday called on federal officials to revamp proposed rules that would force financial firms to hold much more capital, asking them to consider the impact on small banks and insurance companies. U.S. bank …