The Office of the Comptroller of the Currency (OCC) today clarified permissible bank activities related to crypto-asset custody and execution services.
The OCC published Interpretive Letter 1184 to confirm that national banks and federal savings associations may buy and sell assets held in custody at the customer’s direction and are permitted to outsource to third parties bank-permissible crypto-asset activities, including custody and execution services, subject to appropriate third-party risk management practices. This authority was also addressed in OCC Interpretive Letters 1170 and 1183.
The CFPB says it wants to scrap a Biden Administration rule that prohibits credit reporting agencies from including medical debts on credit reports, one of many Biden era rules that the Trump Administration has sought to nullify.
Inflation is changing the ways in which we eat, whether buying food at the grocery store or dining out.
The PYMNTS Intelligence Paycheck-to-Paycheck report titled “Navigating the Shifting Sands of Consumer Spending Amid Rising Prices and New Tariffs” found that, with the responses of 2,280 U.S. consumers in hand, and extrapolating the data to the larger population, more than 50 million consumers would shift their spending, and in some cases would freeze spending on certain categories outright, should price tags rise by 10% or more.
Last year, the Federal Trade Commission (FTC) filed suit in the U.S. District Court for the Northern District of Georgia, alleging Global Circulation, Inc. (GCI) and its owner, Kenneth Redon III, violated the FTC Act, Fair Debt Collection Practices Act and its associated Regulation F, § 521 of the Gramm-Leach-Bliley Act, and the FTC’s Trade Regulation Rule on Impersonation of Government and Businesses. On May 1, the FTC announced the parties entered into a stipulated permanent injunction and money order, prohibiting GCI and Redon from any further debt collection activities.
Today, Commissioner KC Mohseni of the Department of Financial Protection and Innovation (DFPI) and leaders from eleven states are pressing the federal Consumer Financial Protection Bureau (CFPB) to issue long-delayed restitution to victims of a predatory tech sales program.
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