US Bank Agency cuts ‘reputation risk’ from exams after the crypto sector quotes problems

US national banks have been told by the Currency Currency Office that they no longer have to respond to how controversial customers can hurt their reputation – a point that had been criticized by cryptic companies and insiders that argued that it helped them be down.

OCC removes this factor from its supervisory manual, the agency said in a Thursday statement.

“OCC’s investigation process has always been rooted in ensuring appropriate risk management processes for banking activities and not giving judgment on how a particular activity can cope with public opinion,” said functioning controller of the currency Rodney Hood.

Federal Reserve -President Jerome Powell had committed to a similar obligation in a congressional hearing last month that Fed would cut this category of control from his internal supervisory guides.

OCC has made movements to facilitate the compliance path for banks participating in cryptic business. It recently deleted previous guidance that had called for banks to get advance approval in writing from the Agency if they wanted to handle business lines for digital assets.

The bank regulator may soon have his regular boss, with President Donald Trump’s nominees, Jonathan Gould, will face a Senate confirmation hearing next week. The leader of the OCC tends to be able to act faster and resolutely than other financial regulators because the person acts as the only authority without commission or board to seek approval from.

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top