Office of the Comptroller of the Currency

Rule Changes

Defendant in the lawsuit

A trade group for community banks sued the U.S. banking regulator on Oct. 2 over federal trust charters granted to crypto firms. The Independent Community Bankers of America (ICBA) says the Office of the Comptroller of the Currency (OCC) overstepped its authority by chartering entities that mainly deal in digital assets.

Updated 2 days ago

Money Moves

Fined City National $65 million in January 2024

City National Bank told California regulators on September 24 it plans to cut 19 jobs across two Los Angeles locations, effective November 23. The two notices are filings of intent under the federal WARN Act, which requires 60 days' advance warning of a mass layoff, not reports that the jobs have already ended.

Updated Sep 30

Rule Changes

Co-issued the final rule

For 60 years, the phrase 'unsafe or unsound practice' gave bank regulators enormous power and no formal definition. On August 27, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) finalized one for the first time since the standard was created in 1966.

Updated Aug 27

Rule Changes

Investigating debanking at largest national banks

Donald Trump banked with JPMorgan Chase for decades; after the January 6 Capitol attack, the bank gave him 60 days to move hundreds of millions of dollars. As sitting president, he's suing the bank and its CEO for $5 billion, alleging political discrimination.

Updated May 22

Rule Changes

Bank regulator rescinding leveraged-lending guidance

In March 2013, U.S. bank regulators issued joint supervisory guidance on leveraged lending to prevent a return of pre-2008-style underwriting excesses, with examiners informally anchoring scrutiny around a roughly six-times-EBITDA leverage benchmark. Over the next decade, banks' pullback shifted riskier deal finance toward private-credit funds, CLOs, and other nonbanks—expanding an opaque "shadow banking" ecosystem even as regulators maintained the guidance was supervisory, not a binding rule.

Updated May 9