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September 2016, The Review of Banking & Financial Services
December 5, 2016, Covington Alert
On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (“OCC”) would move forward with issuing special purpose national bank charters to financial technology (“fintech”) companies. The OCC released a whitepaper1 outlining its authority to issue charters to fintech companies, its approach to ...
October 31, 2016, Cov Financial Services
On October 25, 2016, OCC Comptroller of the Currency Thomas J. Curry delivered remarks to a group of bank regulators at the tenth annual FDIC Accounting and Auditing Conference. The remarks, addressing the importance of interagency collaboration, provide insight into how Comptroller Curry views the OCC’s relations with the other banking agencies. In his ...
May 10, 2016, Covington Alert
On May 5, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its long-awaited final rule on beneficial ownership with respect to customer due diligence requirements. The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account ...