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On July 14, the OCC, Federal Reserve, and FDIC announced the release of a joint statement clarifying how existing laws and regulations apply to crypto-asset safekeeping services offered by banking organizations. The statement does not impose new supervisory expectations but reinforces how banking organizations must apply established fiduciary duties, risk management standards, and third-party oversight frameworks when holding crypto-assets on behalf of customers.Continue Reading Federal Banking Regulators Issue Joint Guidance on Crypto-Asset Safekeeping

On May 14, the OCC entered into a formal agreement with a New York-based bank after determining that the institution is in “troubled condition.” In its findings, the OCC cited alleged unsafe or unsound practices tied to the bank’s strategic planning and earnings performance.Continue Reading OCC Enters Consent Orders Against New York-based Bank

On May 7, the OCC issued Interpretive Letter 1184, reaffirming that national banks and federal savings associations may provide cryptocurrency custody and execution services, including through sub-custodians. The OCC confirmed that these activities are permissible under existing banking authority so long as banks comply with applicable law and engage in safe and sound practices.Continue Reading OCC Confirms Banks’ Authority to Offer Crypto Custody and Execution Services

On April 29, Acting Comptroller of the Currency Rodney Hood delivered pre-recorded remarks at the National Fair Housing Alliance’s Responsible AI Symposium.  In his speech, Hood reiterated the OCC’s commitment to deploying AI responsibly within the banking sector and highlighted the agency’s broader initiatives to promote financial inclusion. Continue Reading OCC’s Hood Emphasized AI Oversight and Inclusion in Financial Services

On March 28, the Federal Reserve, FDIC, and OCC jointly announced plans to rescind 2023 revisions to the Community Reinvestment Act (CRA) regulations. The agencies stated they would return to the previous regulatory framework existing before the 2023 revisions (See our prior discussion here).Continue Reading Federal Regulators Signal Reversal on 2023 CRA Modernization Rule

On March 20, the OCC announced that it will no longer treat reputation risk as a standalone category in its supervision of national banks and federal savings associations. The decision marks a dramatic shift in the agency’s risk-based examination framework.Continue Reading OCC Eliminates “Reputational Risk” Category from Bank Supervision Criteria 

On March 18, Acting Comptroller of the Currency Rodney Hood reiterated the OCC’s commitment to ensuring fair access to banking services, including for cryptocurrency firms. Speaking at a retail banking industry conference, Hood stated that the OCC would not tolerate so-called “debanking” without individualized risk assessments. He emphasized that banks must evaluate businesses—including those in the crypto sector—based on objective criteria rather than categorical exclusions. Continue Reading OCC Signals Shift on Crypto and Debanking Under Acting Comptroller Hood 

On March 7, the OCC issued Interpretive Letter 1183 and an accompanying statement affirming prior guidance regarding whether national banks and federal savings associations may engage in cryptocurrency-related activities, including (i) providing custody services for depositors’ crypto assets, (ii) holding stablecoin “reserves,” (iii) facilitating stablecoin payments, and (iv) performing payment verification activities on blockchain networks. Importantly, the letter also rescinded the OCC’s Interpretive Letter 1179, which required banks to obtain written supervisory non-objection before engaging in these cryptocurrency activities.Continue Reading OCC Clarifies Banks’ Role in Cryptocurrency Activities