As someone who conducts audits and training for collections organizations, I am always on the lookout for ideas that can help improve operations. Usually, these improvements revolve around three areas: technology, procedures, and people. I never imagined that a trip to obtain a Real ID would provide such valuable lessons on running an efficient operation.
The Office of the Comptroller of the Currency (OCC) has issued an interim final rule to rescind its 2024 final rule 1 related to its regulations for business combinations involving national banks and federal savings associations in 12 CFR 5.33. The agency also rescinded a policy statement issued at the same time as the 2024 final rule titled “Policy Statement Regarding Statutory Factors Under the Bank Merger Act” contained in an appendix to 12 CFR 5 subpart C.
On May 2, Virginia Governor Glenn Youngkin signed Senate Bill 1212 (SB 1212) into law, introducing new requirements and prohibitions under the Virginia Consumer Protection Act. Specifically, SB 1212 targets the disclosure of mandatory fees and surcharges in consumer transactions.
Citing cutbacks at the federal level, Pennsylvania Governor Josh Shapiro has launched a new centralized consumer protection hotline, website and email address to make it easier for state residents to report allegations of scams and resolve financial and insurance issues.
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.
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