by run75411 Update: Besides not prosecuting particulars who promulgated much of 2008, what makes this settlement bad is letting banks off the hook: “In the settlement announced Monday between the Federal Reserve, the Comptroller of the Currency and ten of the largest banks and other mortgage providers, the government gives up the right to prosecute banks […]

The Washington Post carried a story on a Senate hearing on money laundering, one example being HSBC. The criticism was aimed at the OCC regulators who failed to pursue the issue.  Also notice the fuss is over a foreign bank. The U.S. affiliate of global banking giant HSBC was for years a haven for foreign […]

reads Ezra Klein and Matt Yglesias (between the two of them they have more years than I do). Klein thinks the FDIC works well. Yglesias notes that it keeps eating banks every Friday and has doubts about the quality of its prudential regulation. I will argue that the FDIC has more of an incentive to […]

rdan Seeking Alpha’s Matthew Goldstein notes that the OCC is continuing the last decade of regulatory non-action. The OCC, in its quarterly derivatives report, routinely notes that the Big Four “have the resources needed to be able to operate this business in a safe and sound manner.” In other words, the biggest banks are best […]

by divorced one like Bush The OCC is: Office of the Comptroller of the Currency The OCC was established in 1863 as a bureau of the U.S. Department of the Treasury. The OCC is headed by the Comptroller , who is appointed by the President, with the advice and consent of the Senate, for a […]

FIRE reports: “The securities industry is an economic powerhouse that continues to strengthen the U.S. economy,” said Securities Industry Association President Marc Lackritz. “SIA data shows that last year alone, we raised a record $3.2 trillion of capital for American business and nearly $14 trillion over the past five, underscoring our substantial contribution to overall […]

Comptroller Dugan Underscores Bank Responsibility for Model Validation WASHINGTON Feb. 3, 2006 – Comptroller of the Currency John C. Dugan said today that responsibility for validating the models banks use to manage credit risk and other critical activities lies first and foremost with the institution itself. “Just as good management requires this kind of attention […]

The Office of Currency Control has a website to explore. National bank subsidiaries monitored by OCC tend to be mortgage companies. The link is to the long list of matching trade names to the correct national bank, and in which state the subsidiary operates. The Securities Exchange Commission has a listing of proposed rule changes […]

This site dedicated to OCC watching offers a little background for us in the changes being made with banking rules. In January, 2004 the OCC issued two related and sweeping rules, one preempting nearly all state and local consumer laws (the “preemption rule”) [69 Fed. Reg. 1904 (2004)] and the other restricting nearly all enforcement […]

OCC press release WASHINGTON Feb. 14, 2008 — Comptroller of the Currency John C. Dugan issued the following statement today, responding to comments from New York Governor Eliot Spitzer:Almost everyone who has paid attention to the subprime lending crisis has concluded that OCC-regulated national banks were not the problem. Instead, the worst abuses came from […]