Comptroller, Fed supervision leader recommended for confirmation

September 7, 2017 OCC, The Fed 0

Nominations for Comptroller of the Currency and Federal Reserve vice chairman for supervision were recommended for confirmation to the full Senate Thursday by the Senate Banking Committee on split votes. The committee recommended, 13-10, that Joseph Otting be confirmed as comptroller; one Democrat, Sen. Heidi Heitkamp (N.D.) joined all Republicans in voting for the recommendation. The vote for Randal Quarles to be Fed supervision vice chairman was 17-6, with several Democrats joining all Republicans. No date has been set for full Senate consideration of the nominations. Otting, if confirmed, would replace Acting Comptroller Keith Noreika, who has been in office since May. Quarles would be the first to fill the post of supervision vice chairman if confirmed.

Three of nation’s largest banks sued for allowing ‘fraud to fester’ on Zelle payment network

December 20, 2024 0

Claiming three of the largest banks in the country allowed “fraud to fester” on an online payment provider, resulting in more than $870 million lost by customers over seven years, the federal consumer financial protection agency Friday filed suit against [...]
WARM holiday greetings: Agency issues quarterly update to tool for calculating CECL

December 20, 2024 0

The latest life-of-loan – or Weighted Average Remaining Maturity (WARM) – factors are included in the updated simplified tool for credit unions released Friday to measure credit losses, their federal regulator said. The National Credit Union Administration (NCUA) said for [...]
FinCEN provides financial institutions ‘red flags’ of potential frauds using FinCEN’s name

December 20, 2024 0

An alert about fraud schemes abusing the name, insignia, and authorities of Treasury’s financial crimes enforcement unit for financial gain was issued this week to warn corporations, money services businesses and financial institutions and urge that suspected incidents be reported. [...]
OCC annual report notes sound banking system, but urges banks to guard against complacency

December 20, 2024 0

The federal banking system is sound, but banks were urged to guard against complacency and remain vigilant according to the national bank regulator’s 2024 annual report, issued Friday. The Office of the Comptroller of the Currency (OCC) said the report [...]

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