Podcasts about currency occ

In this episode of The Cybersecurity Defenders Podcast, we discuss some cutting-edge intel coming out of LimaCharlie's community.The U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) has confirmed that emails belonging to its executives and staff were compromised in a cyber incident first detected in February.A critical zero-day vulnerability, tracked as CVE-2025-30406, has been actively exploited since March in CentreStack, a file-sharing platform developed by Gladinet and widely used by managed services providers (MSPs).UNC5174, a state-backed Chinese threat actor, has been observed using stealthy tactics and open source tooling in recent campaigns targeting Western and Asia-Pacific organizations.Oracle is facing sustained criticism over its handling of a recent cybersecurity incident in which a hacker claimed to have breached its systems and obtained records linked to over 140,000 tenants.

www.marktreichel.comhttps://www.linkedin.com/in/mark-treichel/Press ReleasesSecretary Bessent Announces Intention to Appoint First Deputy Comptroller of the Office of the Comptroller of the CurrencyFebruary 7, 2025WASHINGTON – Secretary of the Treasury Scott Bessent today announced his intention to appoint Rodney E. Hood as a Deputy Comptroller and to designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). In this role, Mr. Hood will also serve as Acting Comptroller of the Currency.“The strong leadership and career experience of Rodney Hood will strengthen the OCC's efforts to ensure the safety and soundness of the banking system while also enhancing economic growth," said Secretary Bessent.“I remain steadfastly committed to serving the American people and the banking system by creating a regulatory structure that fulfills our obligations, fosters innovation, and promotes financial inclusion, including those Americans who have been debanked and underserved,” said Mr. Hood.The OCC is a bureau within the Department of the Treasury, and the Comptroller of the Currency is appointed by the President with the advice and consent of the Senate. By statute (12 U.S.C. § 4), the Treasury Secretary is responsible for appointing up to four Deputy Comptrollers of the Currency and designating one as the First Deputy Comptroller. During a vacancy in the position of Comptroller, the First Deputy Comptroller possesses the powers and performs the duties of the office of Comptroller.Mr. Hood was previously confirmed by the U.S. Senate in 2005 and again in 2019 to serve on the National Credit Union Administration Board. In 2019, President Donald J. Trump designated him as Chairman of the NCUA Board.  Before entering public service, Mr. Hood held senior roles in retail finance, commercial banking, affordable housing, and community development at JPMorgan Chase, GE Capital, Bank of America, Wells Fargo, and North Carolina Mutual Life Insurance Company.A North Carolina native, Mr. Hood holds a bachelor's degree from the University of North Carolina at Chapel Hill.

In the latest episode of the Risk Intel Podcast, Phil Goldfeder, CEO of the American Fintech Council (AFC) joined host Ed Vincent to delve into the evolving relationship between banks and fintech firms. Ed and Phil connect on the latest comment letter the AFC submitted in response to the joint Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses (RFI) by the Board of Governors of the Federal Reserve (FRB or Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) collectively referred to as the “Joint Agencies”.Listen to the full episode, as Phil and Ed discuss the best practices and key takeaways from this RFI by the Joint Agencies. Follow us to stay in the know!

Best week in a long time - markets popping! Cats and Dogs - all anyone can talk about these days - DogCat Bounce anyone? More back to work directives .... Apple disappointing again. PLUS we are now on Spotify and Amazon Music/Podcasts! Click HERE for Show Notes and Links DHUnplugged is now streaming live - with listener chat. Click on link on the right sidebar. Love the Show? Then how about a Donation? Follow John C. Dvorak on Twitter Follow Andrew Horowitz on Twitter DONATIONS ? Warm Up - Best week in a long time - markets popping! - Cats and Dogs - all anyone can talk about these days - DogCat Bounce anyone? - More back to work directives .... - Apple disappointing again - All of a sudden - Now the Biden-Harris administration Market Update - BIG week of central bank rate decisions - Rotation - still a big item keeping markets in check - Rates LOW - bond traders overconfident? - Oil comes back after miserable 2 weeks - TrumpCoin? Central Banks - The Federal Reserve's highly anticipated two-day meeting, which gets underway Tuesday, is poised to take center stage. - Elsewhere, Brazil's central bank is scheduled to hold its next policy meeting on Wednesday. - The Bank of England, Norway's Norges Bank and South Africa's Reserve Bank will all follow on Thursday. - Bank of Japan will provide its rate decision Friday --- Markets getting a bit more volatile ahead of this Fed rate decision BACK TO WORK! - Amazon is instructing corporate staffers to spend five days a week in the office, CEO Andy Jassy wrote in a memo on Monday. - The decision marks a significant shift from Amazon's earlier return-to-work stance, which required corporate workers to be in the office at least three days a week. Now, the company is giving employees until Jan. 2 to start adhering to the new policy. One Day Later - Oracle provide some really nice earnings and guidance that the market loved... (Discussed last week) - A day later: --- Oracle now sees at least $66 billion in fiscal 2026 revenue, around $1.5 billion more than analysts had expected. ---- Capital spending also will increase. ------The company plans for over $104 billion in revenue in the 2029 fiscal year. - Odd that  this was the next day - Stock up 55% - 2nd best of tech companies just behind Nvdia - Larry is now 2d richest person in the world behind Elon Musk Economics - August Retail Sales 0.1% vs -0.2% Briefing.com Consensus; prior revised to 1.1% from 1.0% - August Retail Sales ex-auto 0.1% vs 0.2% Briefing.com Consensus; prior unrevised at 0.4% - August Industrial Production 0.8% vs 0.1% Briefing.com Consensus; prior revised to -0.9% from -0.6% - August Capacity Utilization 78.0% vs 77.9% Briefing.com Consensus; prior revised to 77.4% from 77.8% --- Generally economy is speeding up again and looks like signs that manufacturing may be picking up More Issues - This is a bad apple - The Office of the Comptroller of the Currency (OCC), a top banking regulator in the United States, said on Thursday it has issued an enforcement action against Wells Fargo due to deficiencies in its risk management practices. - There will be no penalties - but company is still in the penalty box due to past issues China Apple - Online retailers in China have slashed the prices of Apple's new iPhone 16 series ahead of its official release, as consumers in the world's largest smartphone market hold out for the release of the US company's first on-device artificial intelligence (AI) software. - They are blaming this on the delay of any significant AI features Intel Gets $$$ - The Biden-Harris Administration announced today that Intel Corporation has been awarded up to $3 bln in direct funding under the CHIPS and Science Act for the Secure Enclave program. The program is designed to expand the trusted manufacturing of leading-edge semiconductors for the U.S. government.

In this episode, we sit down with Sean McIntyre, the Deputy CIO of Supervision and Platform Services at the OCC. Sean delves into the mission of the Office of the Comptroller of the Currency (OCC) and shares his wisdom on transforming organizational mindsets. Learn how fostering a collective approach can enhance teamwork and drive success in any institution. Tune in for a compelling conversation that will inspire you to rethink how you approach organizational dynamics and mission-driven work!

This Day in Legal History: Free Exercise Clause Applies to StatesOn this day, May 20, in 1940, the United States Supreme Court made a landmark decision in the case of Cantwell v. Connecticut, significantly shaping the landscape of religious freedom in America. The Court held that the Free Exercise Clause of the First Amendment, which guarantees individuals the right to practice their religion freely, applied to state governments. This decision was pivotal as it extended the protections of the Bill of Rights to state actions, not just federal, through the incorporation doctrine.The incorporation doctrine is a constitutional principle that ensures the fundamental rights and freedoms outlined in the Bill of Rights are protected against infringement by state governments. This doctrine relies on the Due Process Clause of the Fourteenth Amendment, which has been interpreted to incorporate most of the protections guaranteed in the Bill of Rights. The Cantwell case was a critical moment in the application of this doctrine, marking the first time the Supreme Court applied the Free Exercise Clause to the states.In Cantwell v. Connecticut, the case involved Jehovah's Witnesses who were arrested for soliciting without a permit and for inciting a breach of the peace. The Supreme Court ruled in favor of the Cantwells, stating that their arrests violated their First Amendment rights. This decision underscored the importance of protecting religious expression from state interference and set a precedent for future cases involving the incorporation of other Bill of Rights protections.This ruling reinforced the principle that religious freedom is a fundamental right that must be respected by all levels of government, ensuring that individuals could practice their faith without undue state interference. It paved the way for broader interpretations of the First Amendment and fortified the legal framework that guards against religious discrimination and promotes religious liberty in the United States.Donald Trump, currently on trial in New York for falsifying business records, may testify in his defense this week, although his decision remains uncertain. While Trump initially indicated he would testify, his lawyer Todd Blanche has since expressed uncertainty. Trump faces 34 counts related to hush money payments to Stormy Daniels, aimed at silencing her allegations of an affair before the 2016 election, which Trump denies. Outside the courtroom, Trump has labeled the trial a politically motivated effort to undermine his 2024 presidential campaign. Inside, he has listened to testimony, including lurid details from Daniels and accounts of efforts to suppress negative stories. Prosecutors are expected to conclude their case after testimony from Michael Cohen, Trump's former fixer who made the payment to Daniels.Trump's legal team will soon present their defense, potentially calling witnesses, including Trump himself. If Trump chooses to testify, he could challenge the allegations directly but would also face rigorous cross-examination, posing risks of perjury and damaging his credibility. The outcome of this trial, one of four criminal cases Trump faces, could impact his political future.Trump has the chance to testify at hush money trial - if he so chooses | ReutersColorado is set to become the first U.S. state to enact a comprehensive law regulating the use of artificial intelligence (AI) in employment and other critical areas with Senate Bill 24-205 (SB205). Passed on May 8 and awaiting Governor Jared Polis' signature, the law aims to prevent algorithmic discrimination and will take effect in 2026. It targets high-risk AI systems influencing decisions in employment, education, finance, government services, healthcare, housing, insurance, and legal services.SB205 imposes significant compliance obligations on both developers and users of high-risk AI systems. Developers must provide detailed information about their AI systems, publish risk management strategies, and disclose known discrimination risks to the attorney general. Deployers are required to implement risk management policies, conduct annual impact assessments, and notify consumers about the use of AI systems in decision-making.The law also mandates that businesses inform consumers about the purpose and nature of AI systems, their influence on decisions, and the right to opt out of profiling. The Colorado attorney general will enforce the law, treating violations as unfair and deceptive trade practices, though there is no private right of action. Businesses can defend themselves by showing they discovered and corrected violations through feedback or internal reviews.This groundbreaking legislation is expected to influence broader AI regulation across the U.S., as other states consider similar measures, prompting employers nationwide to prepare for stricter AI compliance requirements.Colorado Passes Groundbreaking AI Discrimination Law Impacting EmployersThe U.S. Supreme Court upheld the Consumer Financial Protection Bureau's (CFPB) funding mechanism, which allows it to draw funds from the Federal Reserve rather than through annual congressional appropriations. This 7-2 decision, issued on May 16, has broader implications for other financial regulators such as the Federal Reserve, Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC), which also rely on independent funding mechanisms. Justice Elena Kagan, in a concurring opinion joined by Justices Sonia Sotomayor, Amy Coney Barrett, and Brett Kavanaugh, emphasized that Congress has historically used various funding mechanisms for federal agencies, underscoring the constitutionality of such arrangements. This decision signals to potential litigants that challenges against the funding of financial regulators are unlikely to succeed.The ruling reassures that the established funding methods for these agencies, which include assessing fees on the banks they supervise, are constitutionally sound. The decision also highlighted that the independent funding of U.S. regulatory agencies has long been accepted due to its prevalence and practical necessity.Dissenting Justices Samuel Alito and Neil Gorsuch, while disagreeing with the majority on the CFPB, did not find the funding methods of other regulators constitutionally problematic. They pointed out that the Federal Reserve, FDIC, and OCC operate on specific charges for services, contrasting with the CFPB's unique funding ability.Legal experts see this ruling as a robust defense of the current financial regulatory framework, suggesting that any future claims against the funding structures of these agencies will likely face significant hurdles. The case referenced is CFPB v. Community Financial Services Association of America, U.S., No. 22-448.Banking Regulators See Relief From Funding Fights in CFPB RulingStates poised to receive portions of $7 billion for bringing solar power to low-income communities face a significant skilled labor shortage in the construction industry. The Environmental Protection Agency (EPA) has selected 60 applicants, including many state energy departments, to implement the Solar for All program, aimed at providing residential solar to disadvantaged populations as part of the Greenhouse Gas Reduction Fund.The program faces a shortage of 500,000 skilled construction workers, exacerbated by early retirements and recruitment challenges, according to Ben Brubeck of the Associated Builders and Contractors. The Department of Energy's 2023 US Energy and Employment Report noted that 97% of construction employers find it difficult to hire qualified solar workers.The Solar for All funding encourages project labor agreements, which may deter non-union contractors. Currently, only about 11% of solar energy workers are unionized. This shortage raises concerns about maintaining high-quality and safe infrastructure.Labor union representatives argue that the issue is more about wages than worker availability. Higher wages, as mandated by the program, might attract more skilled workers. However, the absence of solar-specific apprenticeship programs, unlike those in other construction sectors, contributes to the labor gap.States like Michigan, Colorado, Washington, and New York are planning to address these workforce challenges during their planning periods. Michigan is considering partnerships with community colleges and labor organizations to meet the expected demand surge. Colorado aims to balance labor distribution between rural and urban areas, while Washington plans to require an apprentice for each solar installation project. New York will leverage federal funding to enhance its existing clean energy jobs and workforce development programs. The EPA emphasizes that workforce development is crucial for the success of Solar for All, with many applications proposing partnerships to build a robust clean energy workforce.States Set for Solar Cash Infusion Aim to Build Worker PipelineNew federal staffing requirements for nursing homes, introduced by the Centers for Medicare & Medicaid Services (CMS) in April, aim to enhance care quality but face significant hurdles due to waivers and exemptions. These regulations, set to take full effect in 2026, mandate specific staffing levels for registered nurses (RNs) and nurse aides. However, federal laws and the Social Security Act allow states and the Health and Human Services (HHS) secretary to grant waivers, potentially delaying compliance for many facilities.Thousands of nursing homes may qualify for exemptions from these staffing requirements, which worries advocates like Sam Brooks from the Consumer Voice for Quality Long-Term Care. These exemptions could disproportionately benefit poorly performing homes, undermining the rule's intent. Enforcement is further complicated by a shortage of state nursing home inspectors, affecting timely compliance verification.The rule stipulates that facilities must provide 3.48 hours of care per resident per day (HPRD), with specific hours allocated to RNs and nurse aides. Significant staffing gaps exist, with an estimated need for 12,000 RNs and 77,000 nurse aides to meet the new standards. Facilities in nonrural areas have three years to comply, while rural ones have five.Exemptions are not guaranteed; facilities must document efforts to hire staff and meet transparency requirements. Critics argue the exemption process is cumbersome and may lead to facility downsizing or closures, limiting seniors' access to care. CMS aims to encourage compliance through these transparency and documentation mandates, but industry representatives are concerned about the feasibility and impact of these rules. The ongoing labor shortage in the nursing home sector and the high cost of compliance, estimated at $43 billion over 10 years, present additional challenges to the successful implementation of these staffing requirements.Nursing Home Watchers Wary of Staffing Rule Waivers, Exemptions Get full access to Minimum Competence - Daily Legal News Podcast at www.minimumcomp.com/subscribe

This Day in Legal History: National Banking Act On this day in legal history, February 26 marks a significant national moment with President Abraham Lincoln's signing of the National Banking Act into law in 1863. This significant legislation established the framework for the American banking charter system, introducing a standardized currency and founding the Office of the Comptroller of Currency (OCC) within the Treasury Department. Aimed at consolidating the nation's financial resources to support the Union's efforts during the Civil War, the Act encouraged banks to invest in federal rather than state bonds. Despite its noble intentions to unify the banking system and raise funds for the war, the Act fell short of its financial goals, leading to its refinement and eventual replacement by the National Banking Act of 1864. This initial attempt at banking reform, however, laid the groundwork for the modern American financial infrastructure and represents a foundational moment in U.S. legal and financial history.The Supreme Court's deliberation on the copyright damages case, Warner Chappell Music Inc. v. Nealy, brings into focus the application of the "discovery rule" in copyright law, a principle allowing for the pause of a statute of limitations when a violation cannot be timely discovered. This principle was scrutinized during the oral arguments on February 21, with the court reevaluating its presence in copyright legislation amid Justice Antonin Scalia's historical skepticism, likening it to "bad wine of a recent vintage." The justices, particularly Samuel Alito and Neil Gorsuch, hinted at the possibility of deferring the decision pending the resolution of another related case, Hearst Newspapers LLC v. Martinelli, to first determine the fundamental applicability of the discovery rule to copyright law.Despite the circuit courts' unanimous agreement on some form of the copyright discovery rule, its application remains inconsistent and unclear, fueling ongoing debate among copyright lawyers. The Supreme Court's current review could redefine the rule's existence and application, influenced by a contemporary inclination towards a more textual interpretation of laws and less reliance on circuit court consensus.The controversy stems from Nealy's lawsuit against Warner, alleging unauthorized use of his music rights acquired in 2008, which he discovered only in 2016 due to personal circumstances. The Eleventh Circuit's stance, recognizing the discovery rule, allowed for a broader scope of damages, challenging Warner's appeal and the Supreme Court's previous rulings that rejected other discovery rules.The timing of the court's consideration of Warner's case, juxtaposed with the pending Hearst petition, raises speculation about the justices' strategic approach to resolving the underlying legal question of the discovery rule's relevance to copyright law. The Supreme Court's decision could potentially consolidate or hold off on Warner's case in anticipation of addressing the broader issue in Martinelli, indicating a strategic pause to ensure a comprehensive examination of the discovery rule's place in copyright jurisprudence.This case highlights a pivotal moment in copyright law, where the Supreme Court's verdict could either affirm the circuit courts' stance on the discovery rule or upend prevailing interpretations, significantly impacting copyright plaintiffs' ability to claim damages for late-discovered infringements. The outcome could redefine legal strategies and principles surrounding copyright claims, emphasizing the court's evolving stance on statutory interpretation and legal precedence.Copyright Damages Case Turns on High Court's Taste for DiscoveryThe Supreme Court is poised to examine two significant cases that originate from Florida and Texas, both challenging state laws designed to regulate social media companies and their content moderation practices. These laws, advocated by Republicans as measures against the perceived censorship of conservative viewpoints by tech giants, have stirred a broad coalition of opponents from across the political spectrum. Advocacy groups, ranging from the libertarian Goldwater Institute to the progressive Lawyers' Committee for Civil Rights Under Law, alongside national security officials from various administrations, have submitted amicus briefs. These briefs collectively caution against these laws, arguing they threaten free speech and could hinder efforts to manage harmful content online.The contested laws prohibit major social media platforms from censoring content based on viewpoints, demanding transparency in content moderation processes. However, appellate courts have delivered divergent opinions on their legality, highlighting a deep rift over how these regulations intersect with the First Amendment and the rights of private companies versus the public interest.The US Supreme Court's intervention in Moody v. NetChoice and NetChoice v. Paxton seeks to address this legal discord, with implications far beyond the ideological battle lines initially drawn. Proponents of striking down or cautiously reviewing the laws argue they could restrict the ability of social media firms to curb hate speech and harassment, disproportionately affecting minorities and potentially compromising public safety through the unchecked spread of dangerous content.The wide array of organizations opposing the laws underscores the complexity of balancing free speech rights with the need for responsible content moderation on digital platforms. Despite their political origins, the cases challenge the Court to make a nuanced judgment that transcends partisan divisions, focusing instead on the broader implications for individual rights and societal welfare.Top Court Social Media Cases Unite Odd Bedfellows on Free SpeechUS Supreme Court to weigh Florida, Texas laws constraining social media companies | ReutersIn response to a sluggish initial public offering (IPO) market, companies are increasingly leveraging cornerstone investors to mitigate the risks associated with going public. These investors commit to purchasing shares early on, often at a more favorable value, and are highlighted in the IPO prospectus, providing a level of confidence and stability to the offering. Notably, cornerstone investors played a significant role in nearly all large IPOs in 2023, a trend expected to continue as the market regains momentum. Despite a significant drop in IPO activity last year, with the total value of IPOs hitting a decade low, lawyers remain optimistic about a revival in offerings across various sectors, including consumer retail, tax, energy, and infrastructure by 2025.Reddit Inc.'s recent filing for an IPO and successful listings by BrightSpring Health Services Inc. and CG Oncology Inc. signal a potential uptick in market activity. Legal practices are poised to benefit from an increase in IPO-related work, especially after relying on litigation and bankruptcy practices to sustain demand amid last year's downturn. Cornerstone investing, gaining prominence since regulatory changes in 2019, has become a strategic tool for de-risking IPOs in a challenging market environment.Companies like Arm Holdings Plc have successfully utilized cornerstone investments to attract significant attention to their IPOs, securing major clients like Apple Inc., Nvidia Corp., and Alphabet Inc. as investors. While the broader market conditions remain challenging, with many companies postponing public offerings due to low valuations and high borrowing costs, the strategic use of cornerstone investors offers a pathway to liquidity and public market entry, particularly for firms in the biotech, health, and energy sectors that require substantial capital for growth and development.IPO Lawyers See Cornerstone Investors Boost Deals in Slow MarketHenry Barbour, a Mississippi committeeman for the Republican National Committee (RNC), has proposed resolutions aimed at halting the party's financial support for Donald Trump's legal battles as he faces numerous criminal trials and civil case judgments. These resolutions also seek to enforce the RNC's neutrality in the presidential race until a candidate secures the necessary delegates for the nomination. Barbour's initiative reflects a desire to redirect the party's focus towards winning elections rather than financing legal fees for its leading candidate, emphasizing that Trump should independently manage his legal challenges.To advance these resolutions to a vote among the RNC's 168 committee members, Barbour must secure two cosponsors from at least 10 states by a specified deadline. Despite predicting their likely defeat if brought to a vote, this move underscores a broader debate within the party regarding its support for Trump, who remains a dominant figure seeking to consolidate his influence, evidenced by his campaign's significant legal expenses and his efforts to position allies, including Lara Trump, in key RNC roles.The discussion around the RNC's financial involvement in Trump's legal issues comes as the former president continues to assert his innocence amidst accumulating legal and financial pressures. This internal party challenge coincides with Trump's campaign to reinforce his status as the Republican presidential nominee against potential contenders like Nikki Haley, highlighting the intricate balance between party loyalty, legal entanglements, and the broader electoral strategy against Democrats.Republican seeks to bar party from paying Trump's legal bills | Reuters Get full access to Minimum Competence - Daily Legal News Podcast at www.minimumcomp.com/subscribe

In this podcast episode, Dean and Len discuss the implications of the new Section 1071 rule, which extends beyond the banking community. Len highlights that the number of reporters under Section 1071 is estimated to be four times greater than under the Community Reinvestment Act (CRA). They focus on the impact of Section 1071 on CRA reporting. Len mentions that the Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), and Federal Deposit Insurance Corporation (FDIC) announced their intention to replace the reporting of small business and small farm loans under CRA with Section 1071 reporting. Additionally, the definition of a small business loan will change, and the Section 1071 definition will replace the CRA definition. Len emphasizes that this change allows for unlimited loan sizes based on the size of the business, not the loan. This has significant implications for CRA. Furthermore, Len discusses how Section 1071 may affect community development lending under CRA and raises questions about how the regulators will treat loans reported under both Section 1071 and CRA. Len also mentions some aspects of Section 1071, such as protected demographic information and reporting the course of action for small business loans, that will not impact CRA. Brought to you by GeoDataVision and M&M Consulting  

Bank of America joins the infamous club of consumer abusers in the banking industry, despite the alarm bells set off by the notorious Wells Fargo case. On this week's episode of Corruption, Crime and Compliance, host Michael Volkov explores the shocking details of Bank of America's recent $250 million settlement for account fraud and abuse with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). This episode shines a light on corporate complacency, the inherent risk of ill-conceived sales incentives, and the importance of internal risk assessment in the wake of industry scandals.You'll hear Michael discuss:The fraudulent practices perpetrated by Bank of America, compared to the infamous Wells Fargo scandal. He examines the similarities in the unethical practices and failure to adhere to consumer protection laws, and the recurring patterns in the banking industry's consumer abuse cases.The pitfalls of sales incentives structures, particularly when they lack appropriate checks and balances. Mike elaborates on how ill-considered incentives can encourage misconduct among salespeople.The enforcement actions brought by the CFPB and OCC against Bank of America: fines amounted to $250 million—$190 million for consumer harms and penalties to the CFPB and $60 million in penalties to the OCC.Unscrupulous methods adopted by Bank of America employees to reach their sales targets included illegally applying for and opening credit card accounts and charging customers multiple overdraft fees for the same transactions, significantly hurting consumers financially.Michael dissects the bank's promotional tactics, particularly the false advertising of special offers and the denial of sign-up bonuses due to inherent failures in their business systems. He discusses the negative impact of these practices on customers and the bank's reputation.Highlighting the current stringent regulatory environment, Michael stresses the need for organizations, especially banks, to maintain stringent internal audits and compliance measures. Based on the recent enforcement actions, Michael makes informed predictions about potential regulatory actions against Bank of America and discusses the bank's responsibilities moving forward.KEY QUOTES:"You would think that Wells Fargo's case would have sent alarm bells throughout Bank of America to take a look at their own sales practices to make sure they don't suffer from the same type of abuse of conduct. And what's clear is Bank of America just kept its head down, blinders on, and then developed their own problem." - Michael Volkov"Bank of America employees illegally applied for and then enrolled customers in credit card accounts in order to reach sales incentive goals." - Michael Volkov"This is a tough regulatory environment, and you would think Bank of America would try to address that through some kind of mitigation and sort of risk analysis and conducting audits to make sure that they don't run into future abuses and practices like this." - Michael VolkovResources:Michael Volkov on LinkedIn | TwitterThe Volkov Law Group

We have another Andrew Johnson-related “this day in legal history” for today – on May 26 in 1868, the impeachment trial of President Andrew Johnson concluded without conviction. In 1868, President Johnson faced impeachment, and his fate rested on a single vote in the Senate trial. Johnson had become president after Abraham Lincoln's assassination and had a strained relationship with Republican leaders, particularly the Radical Republicans. The House of Representatives impeached Johnson on charges of violating the Tenure of Office Act by removing Secretary of War Edwin Stanton without approval. The Senate trial required a two-thirds majority to convict Johnson.Senator Edmund Ross of Kansas, a Republican, cast the deciding vote. It was expected that Ross would vote against Johnson, but to the surprise of many, he voted "Not guilty." The Radical Republicans requested an adjournment, and the trial concluded on May 26 with failed votes on two more articles.The controversy surrounding Ross's vote centers on why he changed his mind. Some speculate that he may have been influenced by a $150,000 slush fund set up by Johnson's supporters. However, there is evidence that Ross's vote may not have been crucial, as at least four other senators were prepared to oppose conviction if necessary.Skadden, one of the largest law firms in the US, has announced a new policy requiring lawyers to work in the office four days a week. Previously, attorneys were required to be in the office only on Tuesdays through Thursdays. The firm stated that the modified hybrid work model aims to leverage the benefits of remote work while fostering innovation and professional development through increased in-person collaboration. Other prestigious law firms like Davis Polk & Wardwell, Milbank, and Simpson Thacher have already implemented similar office attendance policies. Some firms, such as Simpson Thacher and Sidley Austin, have even threatened to withhold bonus money from associates who do not comply with the office attendance requirements. The shift in policies reflects a power shift in the legal industry, with employers holding more sway due to economic conditions and cost-cutting measures. Younger lawyers, in particular, prefer flexible work arrangements, and a significant number would consider leaving their current jobs for opportunities with greater remote work options. Hybrid work arrangements have become prevalent across industries, with companies like Starbucks, Amazon, and Walt Disney implementing similar policies. However, JPMorgan Chase CEO Jamie Dimon has expressed skepticism about remote work, stating that it doesn't work well for younger staff and management roles.Skadden Forces Lawyers Back to Offices Four Days Per Week (1)Stewart Rhodes, the founder and leader of the Oath Keepers, has been sentenced to 18 years in prison for his involvement in a plot to keep former President Donald Trump in power after losing the 2020 election. Another member of the Oath Keepers, Kelly Meggs, the leader of the Florida contingent, received a 12-year prison sentence. These are the first sentences for seditious conspiracy in over a decade. The judge emphasized that Rhodes' actions posed a threat to democracy and the fabric of the country, and he expressed concerns about future election-related violence. Rhodes was convicted of seditious conspiracy by a Washington, DC, jury in November, and the judge ruled that his actions amounted to domestic terrorism. Prosecutors had requested a 25-year prison sentence for Rhodes, while Meggs showed contrition and received a lesser sentence due to his lesser role in the conspiracy. Rhodes, before his sentencing, claimed to be a political prisoner and repeated false allegations about the 2020 election. The sentencing is seen as having a chilling effect on extremist groups, and Capitol Police officer Harry Dunn stated that he hopes former President Trump will be held accountable next.Stewart Rhodes: Oath Keepers leader sentenced to 18 years in prison for plot to keep Trump in power | CNN PoliticsThe Office of the Comptroller of the Currency (OCC) has announced plans to restrict the growth of large banks and potentially force them to sell assets if they fail to address ongoing issues. The decision follows concerns raised by acting Comptroller Michael Hsu that certain banks are becoming "too big to manage." The OCC intends to use various measures against banks that receive poor management grades, fail to address problems identified in enforcement actions, or face multiple enforcement actions over three years. These measures could include increasing capital and liquidity levels, limiting expansion plans, or canceling dividend payments. In severe cases, the OCC may consider mandating banks to reduce their asset size, divest subsidiaries or business lines, or exit certain markets. The policy aims to ensure that deficiencies are identified and that banks are given opportunities to rectify them. The new enforcement policy comes at a time when U.S. regulators are sending mixed signals regarding allowing further consolidation in the banking industry. Some regulators, such as Consumer Financial Protection Bureau Director Rohit Chopra, argue for dismantling large banks that pose risks to the economy, while others, including Treasury Secretary Janet Yellen, suggest that increased merger activity may be necessary to strengthen the financial system.Big Banks With ‘Persistent Weaknesses' Targeted for BreakupHouse Republicans are preparing to introduce a tax package that reveals divisions within the caucus and provides insights into the policy approach of the new Ways and Means Committee chairman. The economic package, set to be unveiled in early June, is expected to include measures such as research and development tax breaks, full bonus depreciation, and interest expense deductions. Lawmakers are vying to ensure their priorities are included in the package, with potential measures including lifting the state and local tax deduction cap and changes to the Child Tax Credit. Ways and Means Committee Chairman Jason Smith has shown interest in the Child Tax Credit, and the bill will provide an indication of his stance on various tax issues. The package will need to garner enough votes from the caucus to pass the House. Republican lawmakers have been discussing potential provisions, including individual tax relief and increasing the 1099-K tax reporting threshold. There is also support for a version of the Child Tax Credit to be included, as it expired in 2021. The inclusion of some Child Tax Credit provisions would signal willingness to collaborate with Democrats. Additionally, Republican lawmakers from high-tax states are meeting with Smith to address the cap on state and local tax deductions. The caucus has not decided on its position if the package does not address the SALT cap, but it remains an important issue for them.SALT Cap Tweak, Child Tax Credit in the Mix for GOP Tax Package Get full access to Minimum Competence - Daily Legal News Podcast at www.minimumcomp.com/subscribe

Maryann Kennedy speaks with the Senior Deputy Comptroller for Bank Supervision Policy at the Office of the Comptroller of the Currency, Grovetta Gardineer, about the regulatory priorities in current economic environment. Grovetta Gardineer is the Senior Deputy Comptroller for Bank Supervision Policy at the Office of the Comptroller of the Currency (OCC). In this role, Ms. Gardineer directs the formulation of policies and procedures for the supervision and examination of national banks and federal savings associations, chairs the agency's Committee on Bank Supervision, and serves on the OCC's Executive Committee. She oversees the units for policy related to credit risk, market risk, operational risk, and compliance risk, as well as the units responsible for international banking and capital policy, accounting policy, and community affairs. Maryann Kennedy joined Protiviti from the Office of the Comptroller of the Currency (OCC), where she was most recently the Senior Deputy Comptroller for Large Bank Supervision.  Show Notes 02:50 Career Journey  06:20 Key responsibilities of a senior deputy comptroller 18:50 Do US and Europe have the same root cause of the financial crisis? 21:55 What are examiners doing on the ground as a result? 24:22 How do you and your staff think about the next risks? 27:33 Talent across the industry 31:33 How to employ different mentoring strategies

OUTLINE of today's show with TIMECODESNDAA has good and bad news about the vaccine mandate for the military2:05Did the 8,000 discharged from the military disobey a lawful order?14:02The worst ideas and crony protection never die. They get sneaked into unrelated bills by people like Amy Klobuchar19:59New Zealand refuses to let unvaccinated volunteers donate blood to a baby that needs heart surgery. Court gives legal guardianship to surgeon who refuses to accommodate the parents request21:15Medicine has become completely and criminally politicized28:12Duke refuses transplant to child suffering from genetic disease unless she gets Trump's GCI (Genetic Code Injection)33:09Now mainstream media changes and tells us China faces a winter wave of deaths if Xi backs down to protesters and eases up on "lifesaving lockdowns"43:47Mixed signals from Virginia GOP — they say pandemic fines are going to be removed, but they're still raiding businesses50:27What's happening with driverless cars in Vegas.55:36Apple's Titan program in limbo as executives reconcile the vision with the fact that current technology simply isn't advanced enough to pull it1:03:15The fatal error for self-driving, electric vehicles1:06:54INTERVIEW Engineer Lays Out the Tech Created for YOUR SlaveryAman Jabbi, a career spanning over 25 years at the forefront of video and camera tech in Silicon Valley and entrepreneur co-founding 2 camera startups. Aman warns the slave technology is already in place, but we can still organize and fight at the local level1:09:41How did Gates & other globalist impose the AADhaar system in India.1:10:06What will life be like in their planned "Smart Cities"1:20:19How do you fight these things at the local level?1:25:03The imprisonment1:29:45The Public/Private Partnership and federal infrastructure funding1:35:50Would a state bank help to defend against CBDC? A look at the only state bank — BND, Bank of North Dakota1:41:29The Federal Reserve's CLIMATE proposal is similar to one from FDIC, and one from the Department of Treasury and Office of the Comptroller of the Currency (OCC).1:47:31Central banks buying more gold at the highest level since 1974.1:54:56Cryptocurrency and SBF's FTX fraud as a psychological rollout.1:58:23How the State Bank of North Dakota works.2:06:35Rats on a stick in New York.2:12:34NBC pushes a conspiracy theory and blames opponents of Drag Queen performance for NC power outage 2:20:11Kirk Cameron banned reading his Christian book to children in ALL 50 libraries he asked.2:26:06Graduate talks about how an elite college brainwashed her and her mother had to hire a "cult de-programmer" to undo the "college education"2:36:41“I can't quiet my mind.” Grandfather of child abducted and killed talks of his struggle with hate and forgiveness2:49:19Why are we not shocked about Elon Musk's monkey experiments?2:54:50If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughZelle: @DavidKnightShow@protonmail.comCash App at:  $davidknightshowBTC to:  bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Mail: David Knight POB 994 Kodak, TN 37764Money is only what YOU hold: Go to DavidKnight.gold for great deals on physical gold/silver

OUTLINE of today's show with TIMECODESNDAA has good and bad news about the vaccine mandate for the military2:05Did the 8,000 discharged from the military disobey a lawful order?14:02The worst ideas and crony protection never die. They get sneaked into unrelated bills by people like Amy Klobuchar19:59New Zealand refuses to let unvaccinated volunteers donate blood to a baby that needs heart surgery. Court gives legal guardianship to surgeon who refuses to accommodate the parents request21:15Medicine has become completely and criminally politicized28:12Duke refuses transplant to child suffering from genetic disease unless she gets Trump's GCI (Genetic Code Injection)33:09Now mainstream media changes and tells us China faces a winter wave of deaths if Xi backs down to protesters and eases up on "lifesaving lockdowns"43:47Mixed signals from Virginia GOP — they say pandemic fines are going to be removed, but they're still raiding businesses50:27What's happening with driverless cars in Vegas.55:36Apple's Titan program in limbo as executives reconcile the vision with the fact that current technology simply isn't advanced enough to pull it1:03:15The fatal error for self-driving, electric vehicles1:06:54INTERVIEW Engineer Lays Out the Tech Created for YOUR SlaveryAman Jabbi, a career spanning over 25 years at the forefront of video and camera tech in Silicon Valley and entrepreneur co-founding 2 camera startups. Aman warns the slave technology is already in place, but we can still organize and fight at the local level1:09:41How did Gates & other globalist impose the AADhaar system in India.1:10:06What will life be like in their planned "Smart Cities"1:20:19How do you fight these things at the local level?1:25:03The imprisonment1:29:45The Public/Private Partnership and federal infrastructure funding1:35:50Would a state bank help to defend against CBDC? A look at the only state bank — BND, Bank of North Dakota1:41:29The Federal Reserve's CLIMATE proposal is similar to one from FDIC, and one from the Department of Treasury and Office of the Comptroller of the Currency (OCC).1:47:31Central banks buying more gold at the highest level since 1974.1:54:56Cryptocurrency and SBF's FTX fraud as a psychological rollout.1:58:23How the State Bank of North Dakota works.2:06:35Rats on a stick in New York.2:12:34NBC pushes a conspiracy theory and blames opponents of Drag Queen performance for NC power outage 2:20:11Kirk Cameron banned reading his Christian book to children in ALL 50 libraries he asked.2:26:06Graduate talks about how an elite college brainwashed her and her mother had to hire a "cult de-programmer" to undo the "college education"2:36:41“I can't quiet my mind.” Grandfather of child abducted and killed talks of his struggle with hate and forgiveness2:49:19Why are we not shocked about Elon Musk's monkey experiments?2:54:50If you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-show Or you can send a donation throughZelle: @DavidKnightShow@protonmail.comCash App at:  $davidknightshowBTC to:  bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Mail: David Knight POB 994 Kodak, TN 37764Money is only what YOU hold: Go to DavidKnight.gold for great deals on physical gold/silver

On the heels of the United States' Office of the Comptroller of the Currency (OCC) publicly admitting at the end of the first quarter of 2022, that the major US precious metals trading markets are derivatives-dominated by only a few highly leveraged commercial bank players. To be more precise, only about four counterparty-risk laden commercial banks often really run the price discovery show. The largest being JPMorgan Chase, then Citibank, Bank of America, and finally Goldman Sachs. At the end of March 2022, they were then counterparty to +97.5% of all US derivative bets involving silver prices, platinum prices, palladium prices, and gold prices within complex derivatives like swaps, options, and futures contracts. The latter COMEX & NYMEX futures contracts hold huge sway over the prices quoted for precious metals around the world (gold, silver, platinum, palladium).

Sign up for my Daily Fintech or Daily Digital Banking Newsletters here. Check out my latest podcast episode below: Welcome to another episode of our Daily Fintech Podcast. This podcast episode is sponsored by MoneyLion. MoneyLion provides an all-in-one mobile banking experience. You choose the tools you need when you need them — and they complement the financial accounts you already have. They'll help you decide what's right for you, but the choice is always yours. THE NEWS HIGHLIGHT OF THE DAY IS A group of non-fungible token (or NFT) creators and collectors will soon be able to display their tokens on Instagram. Meta CEO Mark Zuckerberg confirmed in a post yesterday that the company is testing NFTs on the platform, with “similar functionality” coming soon to Facebook. JUST IN: Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode. That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000. In the last month alone, 15.5% of all bitcoin wallets fell into an unrealized loss, as the world's most popular cryptocurrency plunged to the $31,000 level, tracking tech stocks lower. Bitcoin's close correlation to the Nasdaq challenges the argument that the cryptocurrency functions as an inflation hedge. ALSO: El Salvador just bought the wild Bitcoin dip yesterday with a 500 BTC purchase, at an average price of $30,744, according to a tweet from President Nayib Bukele. FURTHERMORE, Banks in the US will now have just 36 hours to report a cybersecurity incident to a federal regulator amongst the heightened potential for Russian-led cyber attacks. Although receiving final approval back in November 2021, the bill, imposed by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), came into full effect officially on 1 May. WHAT ARE THE LATEST INSIGHTS? Australian B2B buy now, pay later (BNPL) firm BizPay has cut 30% of its workforce due to volatility in the tech sector and a “challenging market” for fintechs. The firm aims to solve cash flow issues associated with paying business invoices, enabling businesses to split bills into four monthly installments.

On Tuesday, February 8, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) received favorable court rulings in cases challenging their so-called “valid when made” rules. The plaintiffs in each case were the attorneys general of California, Illinois and New York. The plaintiffs claimed that each rulemaking (1) exceeded their authority, (2) were arbitrary and capricious, and (3) violated federal rulemaking standards. In this episode of Securitization Insight, Jen Earyes, head of policy at the Structured Finance Association, joins Patrick Dolan to discuss the details of the OCC and FDIC rules at the center of this litigation, and how the court ruled on the plaintiffs' claims in the cases against the OCC and the FDIC. They also discuss what these rulings mean for other “valid when made” litigation and for the securitization industry, and more.

Technology is a double edged sword. On the one hand it gives compliance professionals better tools to catch the bad actors, but it also empowers criminals to perpetrate their actions successfully.  Today we are joined by Dan Stipano, Partner at Davis Polk & Wardwell, who has extensive regulatory and enforcement experience including more than 30 years at the Office of the Comptroller of the Currency (OCC).  Dan helped us understand how our anti-money laundering frameworks have been struggling mightily to keep up with developments and we reflect on the challenges to improve in our fight against financial crime. Topics discussed in this episode: The dual effect technology has over financial crime  Why information sharing is critical to combat financial crime How regulatory expectations are much higher today How anti money laundering frameworks are outdated on a global scale How sanctions can shape AML compliance programs How sanctions are not political agnostic The real obstacles for information sharing and what we can do to overcome them 3 Pieces of practical advice for compliance officers looking to combat financial crime

Welcome to this week's edition of Digital Bytes which includes the following: DeFi Yield Protocol: the massive boost yield farmers and the DeFi space need - over the years, there has been a steady growth of the blockchain space and, most notably, decentralized finance. Although DeFi isn't new, the growth has been more aggressive since 2020 than it previously was. The introduction of yield farming protocols and distribution of COMP governance has, indeed, inspired a lot of conversations and hoisted DeFi's stance in the blockchain industry. Being a boost to yield farming and DeFi space as a whole, it is important to look at the uniqueness of DYP. The era of digital crime: can financial institutions combat the increased risks? - in today's ‘digital-first' world, financial institutions are transforming existing processes and adopting new technologies to remain competitive. However, ‘going digital' presents many new challenges - primarily in security and compliance. The ever-increasing amount of digital crime will require legacy and new institutions alike to adjust their mindsets and embrace new technologies. While it's difficult to find a ‘one-stop shop', with the right assortment of cloud-based solutions, financial institutions can develop robust risk management processes fit for this era of digital crime. Will Russia, UK and USA embrace crypto or try to kill it off with regulation? - Matt Hancock (ex-cabinet member in the UK government) believes the UK can be a dominate crypto jurisdiction, but the latest rules from HMRC are making it less so. Meanwhile, expect to see further guidance shortly out of America from the Officer of the Comptroller of the Currency (OCC) around regarding cryptocurrencies. Is the erosion in trust in our institutions a sign of terminal decline? Or can they adapt to a changing context? - Part 2 of a 3-Part Essay: “After two years of the COVID-19 pandemic, and two decades of economic, political and social crisis, is crypto the ‘shot in the arm' the West needs?” In part one of this essay, we discussed how the increasing digitality of society has coincided with a relative decline in US and Western hegemony. In part two, we try to understand why the tools and institutions that made liberal democracies successful in the 20th century are now failing them in this increasing digital landscape. Please keep sending your suggestions for future topics for us to cover. --- Send in a voice message: https://anchor.fm/jtylee/message

#Bitcoin #ElonMusk #PresidentBidenI'd like to welcome everyone to my new PODCASTDave's Daily Crypto TakeIn this channel I will be providing you with news on a daily basis about cryptocurrency, bitcoin, blockchain, FIAT. My main purpose is to share UNBIASED news and updates. Ultimately I learn and hopefully you learn while I go on this journey.ARTICLES used in today's video:https://cointelegraph.com/news/russian-tech-and-political-executives-denounce-crypto-ban-proposalRussian tech and political executives denounce crypto ban proposalRussia's recent ban on crypto has drawn criticism from a number of big names, including Alexei Navalny's chief of staff Leonid Volkov, and Telegram founder Pavel Durov.On Jan. 20, Russia's Central Bank published a report proposing a blanket ban on domestic crypto trading and mining. The report stated that the risks of crypto are “much higher for emerging markets, including Russia.”However, it appears that this proposed ban isn't universally accepted in the former Soviet Union. A Jan. 22 post by the Telegram founder, Pavel Durov stated that the proposed ban on crypto would “destroy a number of sectors of the high-tech economy.”https://www.inc.com/jason-aten/elon-musks-3-word-tweet-sums-up-what-everyone-is-already-thinking-about-web3.htmlElon Musk's 3-Word Tweet Sums Up What Everyone Is Already Thinking About Web3NFTs are getting a lot of attention. Maybe too much attention.On Thursday, Twitter announced that people who pay for Twitter Blue, a $3 per month subscription, would be able to change their profile picture to a non-fungible token (NFT). Doing so would change the shape of your photo from a circle to a hexagon to identify that you had in fact linked an NFT wallet, and didn't just upload some random pixelated photo of a monkey.In response, Elon Musk--who is never shy about saying what he's thinking--tweeted three words that I think sum up what almost everyone is already thinking about Web3.0: "This is annoying."https://ambcrypto.com/chinese-investors-ryan-selkis-seem-to-agree-its-best-to-buy-bitcoin-at-this-price/Chinese investors, Ryan Selkis seem to agree it's best to buy Bitcoin at this priceAs Bitcoin dove into a pool of red yet again – taking many investors' sentiments with it – El Salvador's President Nayib Bukele happily announced that he hadn't missed the dip after all. On the contrary, the head of state reported that El Salvador had bought another 410 Bitcoin for $15 million.However, is this truly the best time to buy the dip? According to journalist Colin Wu's survey of Chinese investors, a significant majority planned to buy Bitcoin over Ethereum during the dip.https://www.euronews.com/next/2022/01/23/crypto-crash-bitcoin-losses-half-its-value-and-extends-losses-as-market-fails-to-rally?utm_source=flipboard.com&utm_campaign=feeds_money&utm_medium=referralCrypto crash: Bitcoin losses nearly half its value and extends losses as market fails to rallyBitcoin continued to plunge on Saturday following Friday's cryptocurrency market crash, dropping 5.6 per cent to sit below the $35,000 (€30,851) threshold for the first time since August.The world's biggest and best-known cryptocurrency slipped to $34,448.94 (€30,365.53) at 7.10 PM CET on Saturday, losing $1,878.27 (€1,655.63) from its previous close.Cryptocurrencies across the board continued to slide in value, with indexes a sea of red still on Sunday.The price of Bitcoin was, however, up 1.8 per cent from the year's low of $34,000 (€29,970). It's also plummeted over 40 per cent since its historic high in November when its value reached $68,992 (€60,895.79).https://www.coindesk.com/policy/2022/01/24/biden-administration-to-release-executive-order-on-crypto-as-early-as-february-report/Biden Administration to Release Executive Order on Crypto as Early as February: ReportThe directive would place the White House in a central role overseeing efforts to set policies and regulate digital assets, Bloomberg reported.Federal agencies have already been studying or providing regulatory guidance around the digital asset sector for years.The Office of the Comptroller of the Currency (OCC), SEC and CFTC have issued guidance letters, informal statements and public rulemaking efforts to direct how different aspects of the crypto industry should comply with federal law. But these efforts have not been coordinated in a single document or by one agency.Biden Administration senior officials have met multiple times to discuss the directive, which will be presented to the president in the next few weeks, according to Bloomberg.https://alternative.me/crypto/fear-and-greed-index/https://coinmarketcap.com/Please subscribe, like, and share so that more and more people can view this content.DISCLAIMER: I will never give any financial advice. And my channel is not considered official Financial Advice. Please do your research before purchasing any cryptocurrency.Thank you very much DaveSupport this podcast at — https://redcircle.com/daves-daily-crypto-take/donations

Last month, the US Office of the Comptroller of the Currency (OCC) issued the second part of its initiative to address the effects of climate change—draft principles for managing exposure to climate-related financial risks. Those principles and the OCC's earlier call to action to bank boards portend that the rapid implementation of climate risk management practices could occupy a significant amount of management and board time this year. And while targeted at OCC-regulated banks with over $100 billion in total assets, the draft principles may be of interest to banking organizations of all sizes and charters. Mayer Brown partners Paul Forrester and Matthew Bisanz and associate Kerri Webb discuss how to understand these new OCC principles.

Daniel Spuller is the Head of Industry Affairs for the Blockchain Association in Washington, DC. He was appointed Co-Chair of the North Carolina Blockchain Initiative by the Office of the Lieutenant Governor in 2019. Since 2012, Spuller has been an advocate of decentralized digital assets, bitcoin, and blockchain-based technologies. From 2016-2020, Spuller led membership and growth at the Washington-based Chamber of Digital Commerce growing it from 38 to over 200 members at its peak. He previously worked for North Carolina's Department of Commerce and was instrumental in facilitating negotiations between the Commissioner of Banks and industry, successfully driving a multi-stakeholder campaign leading to the legislative passage of America's first comprehensive blockchain-related legislation through the North Carolina Money Transmitters Act of 2016. In 2013 Spuller co-founded the Cryptolina Bitcoin Expo, and has since driven blockchain thought leadership as a heavily sought after resource sharing insights with corporate and governmental agencies, lawmakers on Capitol Hill and regulators at the Office of the Comptroller of the Currency (OCC), U.S. Department of Commerce, U.S. Department of the Treasury, U.S. Department of State, the National Institute of Standards and Technology (NIST), George Washington University, and Johns Hopkins University, among others. The crypto ecosystem continues to revolutionize many of the most important and regulated functions of our society. Naturally, no other industry of comparable size and age has so quickly captured the focus of policy makers and regulators. This attention creates unique challenges and significant opportunities. Join us as we explore industry trends, discuss job growth and investment, and where things may be headed.

Rebeca Romero Rainey, President and CEO of ICBA, talks with host Charles Potts, Chief Innovation Officer, about how and why ICBA made the decision to stand alone in public opposition to the nomination of Prof. Saule Omarova to the Office of the Comptroller of Currency (OCC). This episode is sponsored by ICBA LIVE. 

Last month, the US Office of the Comptroller of the Currency (OCC) issued a call to action on climate change to the boards of directors of large OCC-regulated banks. Based on that call to action, all bank boards should consider asking their institutions about enhancing climate change-related risk management practices. While this will be a long-term effort that will include further guidance from the agency, it is clear that the OCC expects banks to begin work now and refine their practices over the next year. Please join Mayer Brown partner Paul Forrester and senior associate Matt Bisanz to better understand the OCC's new expectations for larger banks and how they may be relevant to all US banks. 

Air Date 11/24/2021 Today we take a look at the state of the ever-increasingly authoritarian Republican Party as they hack the media by being too terrible to hold to account, hack the democratic process through gerrymandering and endlessly rebrand because in their core they stand for nothing. Be part of the show! Leave us a message at 202-999-3991 or email Jay@BestOfTheLeft.com  Transcript BestOfTheLeft.com/Support (Get AD FREE Shows & Bonus Content) VISIT TENTREE.COM And use the code [BEST] get 15% off your first order BestOfTheLeft.com/Advertise Sponsor the show! SHOW NOTES Ch. 1: Lauren Boebert Condemned For ‘Cruel, False And Bigoted' Politics By Colorado TV Anchor - The Majority Report - Air Date 11-19-21 A Denver journalist is taking on the incredibly low standards the media has set for GOP Rep. Lauren Boebert (R-CO), focusing on the “the cruel, false, and bigoted things she says for attention and fundraising.” Ch. 2: General Stanley McChrystal Sees Parallels Between Jan. 6 and Nazi Germany - Amanpour and Company - Air Date 10-13-21 As the world grapples with the humanitarian fallout in Afghanistan, former four-star U.S. General Stanley McChrystal is watching it unfold knowing all too well what's on the line. Ch. 3: The Unmistakable Drumbeat of Authoritarianism - The BradCast - Air Date 11-16-21 The drumbeat of rising authoritarianism in the U.S. is getting ever louder. Republican-controlled state legislatures employ extreme partisan gerrymandering in Ohio and Georgia, robbing minority voters of representation and positioning the GOP to take over Ch. 4: The GOP's "Rightwing Populism" Rebrand (Part II) - Messaging Wars in 'White America' - Citations Needed - Air Date 11-10-21 “The elites are out to get you and your hard-earned pay.” “We're spending too much on protecting foreign nations and not enough defending our own borders against immigrant invaders.” “China is taking your job and will soon take over your phone.” Ch. 5: Bannon Puts Out The Signal For Potential Violence - The Muckrake Political Podcast - Air Date 11-16-21 Co-hosts Jared Yates Sexton & Nick Hauselman discuss Steven Bennon turning himself in to the FBI briefly before holding a press conference to threaten Democratic leadership. Ch. 6: What Rising Tide Of Gosar Level Threats Says About Health Of Democracy - All In w/ Chris Hayes - Air Date 11-17-21 “We should be concerned about what it means in terms of the safety of members of Congress and the nature of the modern Republican Party. But what it means for the very health of our American democracy,” says Chris Hayes in the wake of Rep. Gosar's censure MEMBERS-ONLY BONUS CLIP(S) Ch. 7: “Red Flags Everywhere:” Why Did the FBI Dismiss Jan. 6 Warnings? - Amanpour and Company - Air Date 11-10-21 "Presidents are not kings, and the plaintiff is not president." These were the words of a U.S. Federal judge rejecting former President Donald Trump's request to withhold records about the January 6th insurrection. Ch. 8: Sen. Kennedy's "Comrade" Stunt Proves Republicans Are HUGE Liars - The Rational National - Air Date 11-19-21 Republican Senator John Kennedy made a complete fool of himself while attempting to hammer Saule Omarova, Joe Biden's pick to head the Office of the Comptroller of the Currency (OCC), which regulates banks. VOICEMAILS Ch. 9: Aging and Conservatism - Quai from North Carolina FINAL COMMENTS Ch. 10: Final comments on toughness philosophy vs the ever-raising baseline MUSIC (Blue Dot Sessions): Opening Theme: Loving Acoustic Instrumental by John Douglas Orr  Voicemail Music: Low Key Lost Feeling Electro by Alex Stinnent Activism Music: This Fickle World by Theo Bard (https://theobard.bandcamp.com/track/this-fickle-world) Closing Music: Upbeat Laid Back Indie Rock by Alex Stinnent   Produced by Jay! Tomlinson Visit us at BestOfTheLeft.com Listen Anywhere! BestOfTheLeft.com/Listen Listen Anywhere! Follow at Twitter.com/BestOfTheLeft Like at Facebook.com/BestOfTheLeft Contact me directly at Jay@BestOfTheLeft.com

Is your money really safe in the bank? Many people believe it is, but Michael breaks down some industry secrets and analyzes the nature of the FDIC, Saule Omarova -the current nominee to head the Office of the Comptroller of the Currency (OCC), and strategies for evaluating your finances to help you feel empowered in your financial security. 

Joann Needleman leads the firm's financial services regulatory and compliance practice and advises banks, financial institutions, and financial services entities on regulatory compliance matters.Joann prepares and represents these same financial institutions during state and federal supervisory examinations and regulatory investigations before agencies such as the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC) and the Office of the Comptroller of Currency (OCC) as well as state financial services regulators and attorneys general.A former member of the Consumer Financial Protection Bureau's (CFPB) Consumer Advisory Board, Joann provides her clients with useful strategies and common-sense solutions in order to prepare for areas of regulatory scrutiny.Joann is the host of the podcast “Credit Ecosystem to Go: Curbside Thought Leadership for Financial Services.” Listen to recent episodes here. What you'll learn about in this episode: The Consumer Financial Protection Bureau issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors can communicate with them regarding their debts.The rule is the result of a deliberative, thoughtful process spanning more than seven years and reflects engagement with consumer advocates, debt collectors, and other stakeholders. In developing the final rule, the Bureau considered the more than 14,000 comments received during the public comment and rulemaking process.   Our guest today Joann Needleman has played an important part in this process throughout the 7 year journey. In this episode Joann tells the inside story of the process to update  the final rule.  We talk about the potential risks and new opportunities in the rule including consumer preference, and using Email and SMS Text to open preferred digital communication channels.  FInally we speculate what the landscape will look like  as the new rule take effect November 30th and beyond.Resources:    Websites: clarkhill.com  martindale.com/Joann-Needleman/4298575-lawyer.htm  martindale.com/Maurice-Needleman-PC/4812612-law-firm-office.htm      Company LinkedIn:  https://www.linkedin.com/company/clark-hill-law/ LinkedIn: Personal: linkedin.com/in/joannneedlemanTwitter jneedlemanAdditional Resources:Demystifying the debt collection rule Credit Eco To GoCFPB Debt Collection Rule Small Entity Guide 

Hour 3 -  Nick Reed is live at Scramblers Diner. Here's what he covers: Robert Gates, the secretary of defense under former President Barack Obama, said that President Joe Biden's disastrous pullout from Afghanistan made him physically sick to watch because it did not have to be as bad as it was. Former Obama Economic Advisor Larry Summers is warning that thanks to a "woke" federal reserve, inflation is about to be driven into out-of-control territory. Saule Omarova, President Joe Biden's nominee to head the Office of the Comptroller of the Currency (OCC), is refusing to hand over to the Senate Banking Committee her university thesis on Marxism written during her time in the Soviet Union. ALSO -  Betty Doke with Protect the Harvest joins Nick for a quick chat: Protect the Harvest was founded in 2010 after Prop B. Protect The Harvest was created to defend and preserve American freedoms and to support farmers, ranchers, outdoor enthusiasts, and animal owners. They work for the freedom and the right to own animals, go to rodeos, circuses, and zoos, and to hunt/fish.

Joining Vikram on the show today is Elizabeth Salomon, Chief Financial Officer at Xactly Corp. Having chosen finance as her career early on, Elizabeth worked with Ernst and Young, was nominated for the post of Accounting Fellow at the Office of the Comptroller of the Currency (OCC), and went on to hold finance leadership roles in the technology industry. Elizabeth has been a CFO at software companies for the past 12 years, and has led multiple merger and acquisition turnarounds, launched multi-unit auditing programs, and driven performance improvement initiatives.In today's episode, Elizabeth discusses navigating through a crisis and stresses the importance of maintaining the fine line between cutting down on expenses and making new investments. She also discusses how data can be used to obtain new insights, taking risks, writing down scenarios, as well as making assumptions, and testing whether the assumptions were correct. Elizabeth ends by discussing how a CFO's role may intertwine with other roles in the future. A true leader in her field, Elizabeth Salomon has a great deal of experience, knowledge, and wisdom to share with listeners here today.

Today's guest: Sultan Meghji, the first ever Chief Innovation Officer for the FDIC. Sultan knows the challenges of innovation in banking first as co-founder of Neocova, a fintech providing secure, cloud-native, artificial intelligence-based software for community banks. In addition, he worked on an aid mission to help implement digital banking in Kenya, Tanzania, and Uganda, and worked with fintechs and central banks to create peer-to-peer banking solutions for hundreds of thousands of people in underserved areas of Africa and Central Asia. Sultan served as an advisor to the U.S. Treasury, the Group of Seven (G7), the Office of the Comptroller of the Currency (OCC), and the Federal Bureau of Investigation (FBI) in the areas of cybersecurity, quantum computing, and artificial intelligence.We discuss the tension between innovation and safety, the challenges of regulation and how the FDIC is responding to the changing nature of finance. https://www.youtube.com/watch?v=ggJrUc3Xzrg

Mr. Dougherty recently authored an article calling for the OCC's abolishment and merger into the Federal Deposit Insurance Corp.  After reviewing the history of the creation of the OCC and Federal Reserve Banks, we examine and debate Mr. Dougherty's arguments in support of his position.  We also discuss and respond to Mr. Dougherty's criticism of the OCC's “true lender,” Community Reinvestment Act, and fair access rules.

PlanB provided an updated chart showing the recent Bitcoin correction is healthy and on track with the 2013 and 2017 bull runs. Governing body of Louisiana gives Bitcoin its nod of approval. Bitfarms partners with Foundry to expand Bitcoin Mining fleet and join Foundry USA Pool, instantly boost s hashrate by 15%. Major American cryptocurrency exchange Gemini now lets its users purchase cryptocurrencies like Bitcoin (BTC) with Apple Pay and Google Pay. The New York Stock Exchange (NYSE) has filed a 19B-4 Form on behalf of Valkyrie Digital Assets for its bitcoin exchange-traded fund (ETF) late on Friday. The U.S. Securities and Exchange Commission (SEC) has begun its formal review of Kryptoin’s bitcoin exchange-traded fund application, starting the countdown clock for a decision on the proposal. Stablecoin issuer and blockchain startup Paxos has become the third crypto-native company to score a federal trust charter through the U.S. Office of the Comptroller of the Currency (OCC).

Venmo, the peer-to-peer payment service owned by PayPal Holdings Inc, said on Tuesday it has started allowing users to buy, hold and sell cryptocurrencies on its app, a step that could inspire more mainstream adoption of the asset class. Brian Brooks, the former Coinbase executive who helmed the Office of the Comptroller of the Currency (OCC) under U.S. President Donald Trump, will become CEO of Binance.US. Former CFTC chair Giancarlo joins BlockFi's board. Galaxy Digital, the cryptocurrency-focused financial services firm run by Michael Novogratz, is in advanced discussions to buy BitGo, the U.S.-regulated crypto custody specialist, according to four people familiar with the situation.Chris Giancarlo Interview - https://youtu.be/7PwSx78SWqk

Small construction businesses are no exception to the risks of fraud common in small businesses. On this week's episode, Leah talks with Nicole Landau to discuss different types of fraud in construction businesses and how businesses can maintain their internal controls to avoid these situations. Nicole Landau, CFE, Owner of Landau Consulting Solutions, is a business owner, Certified Fraud Examiner, and virtual CFO who hosts her own construction podcast with the theme of construction risk management, presents as a guest on leading construction podcasts, and speaks at association events.She obtained her CFE in 2011 and has been investigating fraud ever since. She has performed investigations in banking, oil and gas, restaurants and construction industries. She has worked with the Office of the Comptroller of Currency (OCC) and Federal Bureau of Investigation (FBI) on large cases of internal theft. She has a heart for small businesses as she has seen too many businesses fail due to their ambition to follow their dreams while forgetting to protect their business. As owner of Landau Consulting Solutions, Nicole oversees outsourced accounting and CFO services for construction companies. She also performs fraud investigations and fraud prevention and detection trainings. Landau Consulting Solutions specializes in the construction industry while bringing in an internal control and fraud prevention framework to their clients. Due to their unique perspective, their clients are better equipped to protect against fraud. Ms. Landau also provides fraud prevention training courses to clients as a tool to equip employees and owners to detect and prevent fraud. Nicole inspires business owners to step up, take action and implement fraud prevention measures.Connect with Nicole: Linkedin: https://www.linkedin.com/in/nicolelandau1/Subscribe to Workman Forensics: http://bit.ly/2Qrna20 LIKE us on Facebook: http://bit.ly/2K73yiN FOLLOW us on Twitter: http://bit.ly/2WoRQ9N FOLLOW us on Instagram: http://bit.ly/2W9rf0Z FOLLOW us on LinkedIn: http://bit.ly/2I3iH1X

Join us for episode #2 of Reimagining Cyber, where we hear from Jim Routh, Head of Enterprise Cybersecurity at MassMutual. As a leader in the Cyber Security space for over two decades, Jim has experienced it all, from facing the Office of the Comptroller of the Currency (OCC) on his second day in his first CISO role to shifting executive mentality around risk profiles and cyber-attacksThis podcast is brought to you by Micro Focus where our mission is to deliver cyber resilience by engaging people, process and technology to protect, detect and evolve.

In May of this year, Brian Brooks took office as Acting Comptroller of the Currency (OCC). During his short tenure, Brooks has already made statements regarding the role of banking organizations in supporting communities, approved the first national charter to a fintech organization and suggested a federal payments charter. He has even asked for public input on how banks store and manage crypto. It is clear that Brooks has a significantly updated perspective on the role of the OCC than his predecessors or the leaders of other regulatory bodies. It is still to be seen how broad the changes in regulations will be going forward. We are fortunate to be granted an exclusive interview with Brian Brooks, the Acting Comptroller of the Currency (OCC). Brooks’ background includes roles at OneWest Bank, the board at Fannie Mae and as chief legal officer at Coinbase. In today’s episode, we discuss the speed of how regulations are changing and the expected impact on legacy banking.

Did you know that now, Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets? Do you even know what this means? Well, we can tell you that The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers. According to their press release, "National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and electronic assets. The OCC has specifically recognized the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. " So the OCC concluded that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. They further stated, "From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today," Join Aviva Õunap, host of Crypto and Blockchain Talk, and Jonathan Dunsmoor, Founder, and Principal of Dunsmoor Law, as we explain the significance of this announcement while giving definitions and insights. Tune in to CryptoAndBlockchainTalk.com, the podcast that makes you smarter about the worlds of blockchain and cryptocurrency, and everything in between. It is our mission to interview the brightest stars in this space, bringing them straight to your ears for your listening pleasure, and best of all, for free! In addition, all interviews are streamed on Crypto24Radio.com, bringing you the latest news on all things blockchain and crypto-related all day, every day - plus music! So stay tuned and enjoy. We LOVE having you as our listener, and friend! SUBSCRIBE to our social channels and never miss an episode: SPOTIFY   iTunes   Stitcher   Soundcloud   Google Play Music   Tunein   Castbox   Podchaser   Pocket Casts   Overcast   iHeartRadio   PlayerFM   YouTube   Acast   Podnews   Castbox   Poddtoppen   Feedspot   Kimcoin   PodBean   Chartable  LISTEN NOTES  PodParadise  Bullhorn amazon music ___________________________ Do you want us to talk about your project or company? Email us: education@saviidigital.com

Highlights of the show included Jonathan Keim, communications director of CryptoCurrencyWire, who shared an intriguing trio of bulletins in his Weekly News Update. First off was the headline: Blockchange and Gemini Partner in Industry First to Bring Digital Assets to Registered Investment Advisors (http://ccw.fm/lCpXt). This news brief highlighted the collaboration between these two pioneers that makes it possible for registered investment advisers (“RIAs”) to offer their clients exposure to digital assets, which provides two immediate advantages: Clients' portfolios can benefit from the continuing upturn in those assets, and clients enjoy a further measure of diversification to their holdings, thus reducing overall risk. Blockchange is a digital asset investing platform for professional wealth managers. Gemini is a cryptocurrency exchange and custodian that allows customers to transact in more than 20 cryptocurrencies, including Bitcoin, Bitcoin cash, ether, litecoin and Zcash. Next in line was the report that TRON and Waves are partnering on Inter-chain DeFi with Gravity (http://ccw.fm/tdyMj). This partnership between TRON and Waves means that the smart-contract languages of the two platforms will be integrated, which, among other things, will counter fragmentation in the digital asset space. Waves is a blockchain platform on which users can create their own new custom tokens for use in loyalty programs, as in-app currencies and for initial coin offerings (“ICOs”). TRON is a widely used blockchain platform that is particularly well suited to the development of decentralized applications (“DApps”). Keim's updates ended with a reassuring news headline for crypto skeptics: The Crypto Phenomenon Cannot Be Ignored, Says US Banking Regulator (http://ccw.fm/mMmoA). Brian Brooks, acting Comptroller of the Currency (“OCC”), is seeing crypto moving further into the mainstream. His take on the crypto scene comes as no surprise. About a month ago, a directive from Brooks made it possible for banks to offer cryptocurrency custody services. The OCC is an arm of the Treasury Department, which charters, regulates, and supervises national banks, federal savings associations and agencies of foreign banks. “The crypto phenomenon cannot be ignored, especially in a world where 50 million American citizens hold cryptocurrencies and many more millions outside the U.S,” said Brooks. “Lot of people have this stuff, and they have it for good reasons. And we need to make sure it's accessible to them in the same safe and sound way that they can get the check in their account.” To view the most recent episode of the Wild West Crypto Show, now on TV in 45 cities across the nation, including its ongoing segment from CryptoCurrencyWire featuring the latest news from around the world, visit http://ccw.fm/gZnPc.

Until recently, fintech firms have usually partnered with traditional banks to provide banking services as opposed to going through the lengthy and costly process of getting their own bank charters. Breaking away from that model, Varo Money became the first challenger bank to receive a national bank charter. The national charter from the Office of the Comptroller of the Currency (OCC) was the first ever granted to a fintech company, allowing Varo to offer credit cards, make loans and generate insured deposits nationally. We caught up with Colin Walsh, founder and CEO of Varo Money, Inc., Varo, which began offering mobile-only banking services in 2015. Walsh discusses why Varo pursued a national charter, the benefits of being a mobile-only bank, and how to gain scale in an industry that already has too many players.

Will BItcoin remain bullish? Is the Compound token COMP as valuable as it seems? Will Curve's CRV token introduce a new era of DeFi? Most importantly, when will we find a Corona virus vaccine. These topics and much more are covered in episode #9 of The Alpha Wave Podcast. Featured in this episode of The Alpha Wave podcast Webmaster's Market News brief is a new World Economic Forum paper by Derek O'Halloran and Francisco D'Souza highlights innovations to advance and refine a new paradigm for the business of data. The following is that paper entitled, “Data is the new gold. This is how it can benefit everyone – while harming no one.” Also featured in this episode The Office of the Comptroller of the Currency (OCC) is letting all nationally chartered banks in the U.S. provide custody services for cryptocurrencies. Senate Hearing Sees Digital Dollar as a Tool for Economic Supremacy. Elon Must does not want Tesla to be, in his words, “super-profitable.” If you want to purchase the Alpha Fund AVA token visit this link on Uniswap https://app.uniswap.org/#/swap?outputCurrency=0xa16001DD47f505B7B7c5639c710A52209E4e8904 or you can paste this address 0xa16001DD47f505B7B7c5639c710A52209E4e8904 into uniswap when search for a token. If you would like to visit the portal for the Alpha Fund AVA Project portal on AragonOS and take part in submitting proposals or voting, go here: https://mainnet.aragon.org/#/venturelabs. If you would like to see all of the projects the Alpha Fund AVA token is backed by go here https://uniswap.info/token/0xa16001DD47f505B7B7c5639c710A52209E4e8904 If you would like to have more direct involvement in The Alpha Fund AVA project email your inquiries to TheAlphaWavePodcast@gmail.com, or contact us on Telegram https://t.me/joinchat/G3_u5Eb3hoj6T3ukER4Kzg, or you can follow us on Twitter here https://twitter.com/AlphaWaveFM. Finally, the best way you can support the project is by becoming one of our traders on ByBit. All tradings fees go to the liquidity pool of Alpha Fund AVA. Here is the link: https://www.bybit.com/en-US?affiliate_id=4085&group_id=2019&group_type=1 To read the full World Economic forum article Data is the New Gold go here https://www.weforum.org/agenda/2020/07/new-paradigm-business-data-digital-economy-benefits-privacy-digitalization/

How are target-date funds performing in the pandemic-driven market crisis? What's the biggest surprise and/or validation revealed about the product, and how are retirement plan participants reacting in the current volatility?There is a lot happening, and thankfully Omar Aguilar and Jake Gilliam are here to help sort it all out. Both are senior executives and target-date fund experts with Charles Schwab Investment Management, and have been through several economic and market cycles with the product.They shed light on what to expect in the weeks and months ahead, and what participants should watch for with glide paths, risk, and other critical components within the retirement portfolio.Investors in mutual funds should consider carefully information contained in the prospectus or, if available, the summary prospectus, including investment objectives, risks, charges, and expenses. You can request a prospectus by calling Schwab at 1-800-435-4000. Please read it carefully before investing.Schwab’s target date products include the Schwab Target Funds and Schwab Target Index Funds, mutual funds managed by Charles Schwab Investment Management , Inc. and the Schwab Managed Retirement Trust Funds™ (SMRT) and Schwab Indexed Retirement Trust Funds® (SIRT) (each a “Trust”, collectively the “Trusts” or “Collective Investment Trusts (CITs)”), collective trust funds maintained by Charles Schwab Trust Bank as trustee.The Schwab Trust Bank CITs are available for investment only by eligible retirement plans and entities. Charles Schwab Trust Bank’s Collective Investment Trusts are not insured by FDIC or any other type of deposit insurance; are not deposits or other obligations of, and are not guaranteed by CSTB or any of its affiliates; and involve investment risks, including possible loss of principal invested. The Trusts are not mutual funds and are exempt from registration and regulation under the Investment Company Act of 1940 (the “1940 Act”), and their units are not registered under the Securities Act of 1933, or applicable securities laws of any state or other jurisdiction. Unit holders of the Trusts are not entitled to the protections of the 1940 Act. The decision to invest in the Trusts should be carefully considered. The Trusts’ unit values will fluctuate and may be worth more or less when redeemed, so unit holders may lose money. The Trusts are not sold by prospectus and are not available for investment by the public. The Trusts’ prices are not quoted in newspapers.SMRT, composed of underlying non-proprietary active and passive sub-advised strategies, has expenses that vary by unit class and currently range from 33 bps to 89 bps. SIRT, composed of underlying non-proprietary passive sub-advised strategies, currently has one unit class with expenses of 7 bps. SMRT Unit Class V requires a $100M initial investment or plan asserts of $400M or more. SMRT Unit Class VI requires a $1 Billion initial investment. SIRT and other SMRT unit classes do no currently have investment minimums.Collective investment trusts are regulated by the Office of the Controller of the Currency (OCC) or applicable state banking regulator.Please go to schwabfunds.com/welcome-retirement for details.(0720-0ZKN)

Welcome to Finance and Fury, the Furious Friday edition. In the last two Furious Friday episodes, I’ve talked about the regulation and de-regulations on the monetary and fiscal sides. Covered the Banking Act of 1933 and the Glass-Stegall section of this – then the financial de-regulations that occurred in 1986 and 1999 – some interesting events have played out since then What I didn’t cover is that there was a step taken back after GFC – to help undo some of the de-regulation a rule in the US that was designed to prevent banks that receive federal and taxpayer backing in the form of deposit insurance and other support from engaging in risky trading activities – called the Volcker rule but recently got watered down 3 weeks ago – might have something to do with loan products that banks are now offering due to business shut downs – interesting timing and connections which we will run through today   The Volcker Rule is a federal regulation that aimed to prohibit banks from conducting certain investment activities with their own accounts – also aimed to limit their involvement with hedge funds and private equity funds - called covered funds The Volcker Rule aims to protect bank customers by preventing banks from making certain types of speculative investments that contributed to the 2008 financial crisis Named after former Fed Chairman Paul Volcker, the Volcker Rule is a section of the Dodd-Frank Wall Street Reform and Consumer Protection Act The Volcker Rule prohibits banks from using their own accounts for short-term proprietary trading – Proprietary trading occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the firm's own money, aka the nostro account, contrary to depositors' money, in order to make a profit for itself – so using the banks own assets to trade was barred also bars banks, or insured depository institutions, from acquiring or retaining ownership interests in hedge funds or private equity funds beyond a cap of 3% the rule aims to discourage banks from taking too much risk by barring them from using their own funds to make these types of investments to increase profits The Volcker Rule relies on the premise that these speculative trading activities do not benefit banks’ customers Still allows banks to continue normal activities - market-making, underwriting, hedging, trading government securities, engaging in insurance company activities, offering hedge funds and private equity funds, and acting as agents, brokers or custodians – all of this is allowed to generate profits But banks aren’t meant to engage in these activities if doing so would create a material conflict of interest, expose the institution to high-risk assets or trading strategies, or generate instability within the bank or within the overall U.S. financial system For instance = securitising their own lending and betting on this – or using their own funds to take too much risk on – as the banks own funds are meant to be protected with the TBTF legislation – take all the risk but bear none of the responsibility if it goes wrong Depending on their size, banks must meet varying levels of reporting requirements to disclose details of their covered trading activities to the government. Larger institutions must implement a program to ensure compliance with the new rules, and their programs are subject to independent testing and analysis. Smaller institutions are subject to lesser compliance and reporting requirements. Think of it as a Glass-Stegall lite version – limits some activity but not all – there are always loopholes – Doesn’t say anything about using depositors’ funds – which are on ‘loan’ to the banks – so technically not their own money which wouldn’t be considered proprietary trading Also - where those who were proprietary traders or derivative traders left to set up their own shop – still had access to banks capital on loan – was still ongoing with the regulation’s implementation – kept having delays 2017 - the IMFs top risk official said that regulations to prevent speculative bets are hard to enforce due to the ways around the regulations   Background to this rule and what has occurred over the past few years up until the end of June this year Origins date back to 2009 - Volcker proposed a piece of regulation in response to the ongoing financial crisis - due to the largest banks having accumulated large losses from their proprietary trading arms that could have sunk the rest of the bank if not bailed out Proposal aimed to prohibit banks from speculating in the markets using capital reserves and own assets December 2013 - five federal agencies approved the final regulations that make up the Volcker Rule—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC) went into effect on April 1, 2014 - banks needed full compliance by July 21, 2015 Since then – the Fed has set procedures for banks to request extended time to transition into full compliance for certain activities and investments. Skip forward to June 2017 - the Treasury – the Office of the Comptroller of the Currency - after conducting a review - said it recommends significant changes to the Volcker Rule said that it does not support its repeal and "supports the rule in principle" – i.e. the rule's limitations on proprietary trading - but recommended exempting banks from the Volcker Rule banks with less than $10 billion in assets Treasury also cited regulatory compliance burdens created by the rule and suggested simplifying and refining the definitions of proprietary trading and covered funds on top of softening the regulation to allow banks to more easily hedge their risks. Federal Reserve's Finance and Economics Discussion Series (FEDS) made a similar argument, saying that the Volcker Rule will reduce liquidity due to a reduction in banks' market-making activities Then - on May 30, 2018 - the Federal Reserve Board voted unanimously to push forward a proposal to loosen the restrictions around the Volcker Rule further – the goal according to Powell, is "...to replace overly complex and inefficient requirements with a more streamlined set of requirements” In August of 2019, the Office of the Comptroller of the Currency voted to amend the Volcker Rule in an attempt to clarify what securities trading was and was not allowed by banks – wanted to redefine some terms The change would require the five regulatory agencies to sign off before going into effect, but is generally seen as a relaxation of the rule's previous restriction on banks using their own funds to trade securities – allowing proprietary trading for some activities The proposal would eliminate a 3% cap on ownership of a venture capital fund. It would also allow banks to invest in debt-based funds among other changes. So it has been watered down for years and wasn’t fully in force anyway – but now final nail in coffin as of June 25, 2020 the federal reserve relaxed part of the rules involving banks investing in venture capital and for derivative trading Federal Deposit Insurance Commission (FDIC) - loosened restrictions in the Volcker rule on bank capital requirements and the levels of investments that banks can make in private equity and similar funds the banks will not have to set aside as much cash for derivatives trades between different units of the same firm- remember that this requirement had been put in place in the original rule to make sure that if speculative derivative bets went wrong, banks wouldn't get wiped out. The loosening of those requirements could free up billions of dollars in capital for the industry to start betting again So after the past few years - the Fed, FDIC, OCC and other agencies eased the aspect of Volcker that restricts lenders from engaging in proprietary trading -- the practice of making market bets for themselves instead of on behalf of clients Under the existing rule, banks could make indirect investments into venture capital funds but faced restrictions on directly owning a fund - The rule change would also give banks more leeway to invest or sponsor credit funds that make loans, invest in debt securities, or extend credit. One implication of this rule change would be greater bank activity in the market for collateralized loan obligations (CLOs) - where banks were previously barred from involving themselves with CLO funds that included a debt component due to this being considered their own funds (or an asset) Federal Reserve Chairman Jerome Powell called the proposed change "a simpler, clearer approach to implementing the rule [which] makes it easier for both banks and regulators to carry out the intent of the rule". Federal Reserve Governor Lael Brainard voted against the proposal, arguing that "several of the proposed changes will weaken core protections in the Volcker rule and enable banking firms again to engage in high-risk activities related to covered funds”   Why do this now? Only my speculation – no proof that this is occurring – but it lines up with billions being given out by banks that are government guaranteed as part of the US stimulus efforts. Look at the GFC – with Synthetic CDOs – take thousands of loans – put them in a security – then take that security and others – and put it in other securities – then write contracts on them – betting about price movements - bets on bets analogy – Those loans back in GFC had government guarantees – from Fannnie Mae and Freddie Mac – gov lending So if banks wanted to bet on bad loans – with Volker it was hard – but what is happening in the economy right now in the US? The Paycheck Protection Program – part of the CARES act - designed to provide forgivable loans to businesses hurt by the coronavirus The Act authorizes the Treasury, working in large part through the Federal Reserve, to make loans and loan guarantees available to eligible businesses. Title I - $350 billion for small business loans. Title IV - appropriates another $500 billion to aid mid-sized and large businesses $850bn in total - creating another winner in banks – as banks are the ones who are lending these funds Quick side note - Banks that made the government-guaranteed PPP loans to small businesses are set to collect billions of dollars in fees directly from the Small Business Administration Through the end of June, more than $521 billion in PPP loans had been approved, according to the latest data from the SBA Not out of the kindness of banks hearts - The top 10 lenders will receive an estimated total of more than $3.8 billion in fees S&P Global Market Intelligence- JPMorgan Chase, which is the largest PPP lender after extending nearly $29 billion worth of the loans, is on track to make some $864 million in fees. Bank of America, the next biggest, will rake in an estimated $755 million in fees on its PPP loans Under Treasury Department rules, PPP lenders can charge processing fees between 1% and 5%, depending on the amount of the loan - 5% on loans of $350,000 or less - 1% on loans of $2 million and above Lenders are barred from collecting the fees from the small businesses applying for PPP loans; instead, the SBA will cover the costs But banks can't count the fees as revenue immediately—they have to wait until the loans are either forgiven or paid back by the company, which could take years – unless the company goes out of business While the revenue from PPP fees is a small portion of the overall revenue of big banks, the program does create new assets for them to securitise – again I don’t know that this is going on – but if profits can be made – and the legislation is now removed that limited banks doing this – why wouldn’t they? why not profit off these loans - through getting back into securitising and betting on these? PPP loans – banks are providing these – but know that a chunk of these are likely bad loans – and can be gambled on if securitized Estimates that 20% of small businesses in the US will cease to operate due to their lockdowns Know that the funds are guaranteed - Could be a large amount of companies that fail – but banks bets are covered What can go wrong? Involves similar hubris to the 2008 crash – as banks thought that mortgages are safe – nobody ever defaults on a mortgage and if they do, then it is only 1-2% - so the rest are safe So all of this could be nothing – but I wouldn’t be surprised if this creates another form of bubble over the next few years as these loans mature Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/

In a matter of months, Brian Brooks made the move from Coinbase to head of the U.S. Office of the Comptroller of the Currency (OCC).  Brooks left his job as the exchange's top lawyer in March, after his former OneWest Bank colleague and current Treasury Secretary Steve Mnuchin tapped him to become the COO and first deputy comptroller at the OCC. Just two months later, then Comptroller of the Currency Joseph Otting announced his departure, making Brooks acting Comptroller. On this week's episode of The Scoop, Frank Chaparro sat down with Brooks to talk about what it means to have a crypto veteran in the Comptroller's chair. Brooks will run the OCC for at least the next nine months, and maybe longer depending on the political machine. Regardless, he said he's confident he can get a lot done in the time he has, and he's got an eye towards shaping guidance that will help modernize the banking system. "I think when you look at a lot of the protests that have been going on over the last week or so and a lot of the economic pain that's been felt over the last few months, what that tells me is that the system that's worked very well for some of us for a long time has not worked well for all of us," he said. "And so I think there's a direct connection between modernizing the banking system and creating more access for diverse communities than was historically the case." He broke down some of the topics he's been thinking about in relation to the OCC, including: Beefing up the agency's Office of Innovation to better evaluate trends and provide written guidance How blockchain technology can shrink wealth disparity by providing another route to establish credit How federal regulation can help to level the playing field between banks and fintech firms Why the digital dollar should come from the private sector, while the government handles the guidelines  Listen to this week's episode on Apple, Spotify, GooglePlay, Stitcher or wherever you listen to podcasts.

This podcast interviews Ken Thomas, Ph.D., one of our pioneers of the Community Reinvestment Act (CRA) to share a high-level overview of CRA Reform now that the Office of the Comptroller of the Currency (OCC) released its final rule. This episode highlights CRA modernization, interagency positions, politics and coronavirus recovery efforts.Key Topics and Interests: CRA Modernization, CRA Reform, OCC, FRB, FDIC, Community Reinvestment Act, CRA, Community Development, COVID19, Coronavirus recovery, SBA PPP, Ken Thomas, Community Development Partners, CRA TodayAs so many of us are working with our banks to support our local communities recover and re-open yet CRA Reform is now at the forefront, especially for the OCC regulated entities. This episode is focused on 4 key elements, starting with a little politics, and then shifting to solutions and impact: CRA Reform-Timing and Political Considerations OCC’s Final Rule Framework FDIC FRB OCC Interagency Future ConsiderationsCommunity Development Impact and COVID Recovery Thoughts Here are a few links to take a deeper dive into key concepts and resources: Office of the Comptroller of the Currency Press Release, Comptroller of the Currency Joseph M. Otting Resignation Announcement https://www.occ.treas.gov/news-issuances/news-releases/2020/nr-occ-2020-66.htmlOffice of the Comptroller of the Currency, Community Reinvestment Act Final Rule 12 CFR Parts 25 and 195https://www.occ.gov/news-issuances/federal-register/2020/nr-occ-2020-63a.pdfCommunity Development Fund Advisors https://communitydevelopmentfund.com/Ken Thomas Ph.D. LinkedIn https://barefootbeachcafe.com/menu/CRA Today https://www.cratoday.com/Linda Ezuka LinkedIn https://www.linkedin.com/in/linda-ezuka-cra-today/Click here to access a free download "30 Creative Ways Beyond Forbearance and Forgiveness Programs to Support COVID Recovery"

CoinDesk's annual conference on the future of the global financial system is happening this week. Consensus: Distributed features hundreds of hours of programming with more than 150 speakers over five days, from May 11th-15th. HighlightsYves Mersch on Central Bank Digital CurrenciesMember of the Executive Board, Vice-Chair of the Supervisory Board • European Central BankYves Mersch was appointed to the Executive Board of the ECB in 2012 when serving his third term as Governor of the Banque centrale du Luxembourg, a position he had held since 1998. In 2019 he was appointed Vice-Chair of the ECB's Supervisory Board.Before setting up his country's central bank, he represented his country in the International Monetary Fund, World Bank, European Investment Bank and other multilateral organisations, as well as in private companies where he has been globally active in both financial and industrial areas.Mr Mersch holds postgraduate degrees in political science from Paris Sorbonne, and law from Paris Panthéon University. He is the longest-serving member on the ECB's Governing Council. Former Treasury Secretary Lawrence Summers & fintech author and futurist Dave Birch  Former Treasury Secretary Lawrence H. Summers is one of America's leading economists. In addition to serving as 71st Secretary of the Treasury in the Clinton Administration, Dr. Summers served as Director of the White House National Economic Council in the Obama Administration, as President of Harvard University, and as the Chief Economist of the World Bank.Dr. Summers' tenure at the U.S. Treasury coincided with the longest period of sustained economic growth in U.S. history. He is the only Treasury Secretary in the last half century to have left office with the national budget in surplus. Dr. Summers has played a key role in addressing every major financial crisis for the last two decades. David G.W. Birch is an author, advisor and commentator on digital financial services. He is Global Ambassador for Consult Hyperion (the secure electronic transactions consultancy that he helped to found), Technology Fellow at the Centre for the Study of Financial Innovation (the London-based think tank) and a Visiting Professor at the University of Surrey Business School. Chris Giancarlo and the Digital Dollar Project & Dante Disparte of Libra AssociationThe Honorable J. Christopher (“Chris”) Giancarlo is an American attorney and former business executive who served as 13th Chairman of the United States Commodity Futures Trading Commission (CFTC). Dante Disparte is the vice chairman and Head of Policy and Communications for the Libra Association, a newly-formed organization that has brought together social impact organizations and a diverse group of leading businesses from around the world to create a low-friction, high-trust payment system that empowers billions of people. Gavin Wood on Chain Mergers and AcquisitionsGavin Wood, an original co-founder of Ethereum, took a few good swipes at the second-largest cryptocurrency he helped create, calling out its lack of “agency” when upgrading to its next version, Ethereum 2.0.Plan B discussion: Saifedean Ammous, Erik VoorheesSaifedean Ammous is the author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, the first academic study of the economics of bitcoin. He also runs saifedean.com, a platform for online courses in economics. Erik Voorhees is among the top-recognized serial Bitcoin advocates and entrepreneurs, understanding Bitcoin as one of the most important inventions ever created by humanity. US Banking Regulator Suggests Federal Licensing Framework for Crypto Firms - Brian Brooks, chief operating officer of the U.S. Office of the Comptroller of the Currency (OCC), the nation's national bank overseer, said Monday he believes crypto companies could fall under a federal licensing regime – if they provide what can be described as payment services. Speaking at CoinDesk's Consensus: Distributed virtual conference, the former Coinbase chief legal officer said many crypto companies are payments companies, and it therefore might make sense to treat these startups – and other fintech firms like Stripe – the same way as banks are treated federally. "Crypto is one of those areas where we have to ask ourselves, does it make more sense to think of crypto projects as local projects or global projects. If they're global, then the rational for a single national license makes more sense," he said. "Increasingly, it looks a lot like crypto is banking for the 21st century."This would give these startups an alternative to the state-level money transmitter licenses when building operations.The European Central Bank (ECB) is looking into what a retail central bank digital currency (CBDC) form of the euro might look like - The ECB set up a task force earlier this year to look into what its potential CBDC could look like, and the group expects to publish a preliminary report in the coming weeks, said Mersch, an executive board member at the ECB. "A wholesale CBDC, restricted to a limited group of financial counter-parties, would be largely business as usual," Mersch said. "However, a retail CBDC, accessible to all, would be a game changer, so a retail CBDC is now our main focus." A retail CBDC could be based on a digital token circulated "in a decentralized manner," without a central ledger, Mersch said, though he stopped short of saying the words "blockchain" or "distributed ledger." He acknowledged that the traceability of digital transactions would raise privacy concerns among a population used to paying for some things with paper notes.Cold Currency War is brewing - Every sector is competing in a type of arms race to be a leader in the digital currency race.Vitalik Buterin said the Ethereum 2.0 protocol upgrade in July - Eth2 will change the consensus mechanism to proof-of-stake (PoS), is well on its way to launching sometime in July.Zcash Alliance Aims to Bring Privacy Tech to Bitcoin, Cosmos and Ethereum -A handful of big names in crypto want in on the privacy features offered by Zcash. The Electric Coin Company (ECC) announced Monday the launch of the Zcash Developers Alliance (ZDA), an invite-only working group that includes the Lightning Network startup Bolt Labs, the cross-chain technology startup Thesis, the Ethereum conglomerate ConsenSys and two leading startups working on the Cosmos project, Agoric and Iqlusion, just to name a few. “The ZDA is an attempt to introduce a way to collaborate with the ECC, and the Zcash ecosystem, which focuses around other people's priorities,” Iqlusion founder Zaki Manian said. “Product-market fit is other people [beyond fans and founders] actually caring about it.” Manian said the “Zcash anonymity set” is a “valuable public good,” describing how the privacy coin allows shielded transactions and the construct that allows individual transactions to get lost in the metaphorical crowd. References: CoinDesk

This edition of The Nonconformist is free for everyone. We send this email to our free subscribers weekly. If you enjoy our research and want to support us, please share with someone who might be interested in listening!In today's episode we discuss the following topics:Coinbase Chief Legal Officer joins to U.S. Government to oversee the banking industry.Pension funds buying negative yielding debt.COVID-19 was the pin to the larger bubble / Why really caused the market crash.Why your online privacy is important.EARN it act and how it strips you of your online freedoms.Recommended Reads:The Rise and Falls of the Great Powers (Paul Kennedy): https://amzn.to/2WoLIOtThe Internet of Money (Andreas Antonopolous): https://amzn.to/2Wh02IxThe Untold History of the United States (Oliver Stone): https://amzn.to/39X0kbtSome snippets from today's episode:Brian Brooks was the Chief Legal Officer at Coinbase. Coinbase is one of the largest cryptocurrency exchanges in the United States. Just last week, Mr. Brooks left Coinbase to become the second in command at the U.S. Office of the Comptroller of the Currency (OCC). This is significant because of the situation the U.S. is currently in with regards to the economy, and a larger currency crisis. The USD is facing mounting inflationary pressure with the Fed printing more than $7T for aid packages in just one week. Last fall, Mr. Brooks wrote about how he feels a digital dollar is inevitable and it is only a matter of time before central banks begin to issue them. We think the current economic and monetary situation now logically call for the issuance of a central bank digital currency by the U.S……if not, the reserve of Bitcoin in an effort to compete with the rest of the world. The second most important topic we discuss today is the importance of online privacy. Right now in the background of the COVID-19 chaos, congress is attempting to pass the EARN IT act which will strip all encryption of online messages. I sometimes here people say something along the lines of “If i'm not doing anything wrong I don't care who sees”. As people, we need to start taking online privacy more serious. You wouldn't expose yourself naked to the world would you? The internet is going to be the last bit of freedom people have in the world and we need to do everything we can to keep it private and secure. Tune in for a nonconformist's view!The newsletter the nonconformist, operating under Nonconformist, LLC, is a participant in the Amazon Services LLC Associates Program. As an Amazon Associate, we earn from qualifying purchases.Authors: Joseph Rapisarda & Michael Figueroa Get on the email list at thenonconformist.substack.com

In a comprehensive enforcement action, the Office of the Comptroller of Currency (OCC) announced a $17.5 million settlement with former Wells Fargo Bank CEO John Stumpf for his  role in the sales practices misconduct scandal. In addition, the OCC announced settlements with two other Wells Fargo executives: (1) Hope Hardison, former Chief Administrative Officer and Director of Human Resources, Cease and Desist Order and $2.25 million civil money penalty; and (2) Michael Loughlin, Chief Risk Officer, Cease and Desist Order and $1.25 million civil money order. In addition to the specific settlements, the OCC initiated penalty notices against five former Wells Fargo officials, including: (1) Carrie Tolstedt, Head of the Community Bank, Prohibition Order and $25 million civil money penalty; (2) Claudia Russ Anderson, Community Bank Group Risk Officer, Prohibition Order and $5 million civil money penalty; (3) James Strother, General Counsel, Personal Cease and Desist Order and $5 million civil money penalty; (4) David Julian, Chief Auditor, PC&D Order and $2 million civil money penalty; and (5) Paul McLinko, Executive Audit Director, PC&D Order and $500,000 civil money penalty. The facts outlined by the OCC in the enforcement actions paint a damning picture of misconduct.   In this Episode, Michael Volkov takes a deep dive into the scandal and the OCC's enforcement action.  

The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) are proposing to make major changes to their decades-old Community Reinvestment Act (CRA) regulations, which could have significant consequences for many US banks. Mayer Brown partners Jeff Taft and Stephanie Robinson discuss.

Joseph M. Otting was sworn in as the 31st Comptroller of the Currency on November 27, 2017.  The Comptroller of the Currency is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC). The OCC supervises more than 1,200 national banks, federal savings associations, and federal branches and agencies of foreign banks operating in the United States. The mission of the OCC is to ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.  We covered a great deal of other ground. He shares his thinking on how the OCC needs to use technology; on how technology is transforming banks; on top emerging risks, especially in cyber; on the need for banks to use AI in compliance and risk management; and on equipping community banks to compete in today’s high-tech market.  He talks about the increasing level of interagency coordination underway today. The US has five federal agencies that directly supervise depository institutions, which makes coordination complex and sometimes slow. I was pleased to hear that just before we recorded this show, he had been at a recurring lunch meeting he has with two other agency heads. The Comptroller also talks about the OCC’s innovation initiative, which was one of the first set up by a US regulator. In a prior episode we talked about that program with former Comptroller Tom Curry, who established that unit.

Amy Friend, Senior Advisor at FS Vector, has had a storied career in Washington.  Starting as a junior House staffer she went on to become Chief Counsel for the Senate Banking Committee during the financial crisis, overseeing the crafting, negotiation, and passage of the Dodd Frank Act. Later, she would become Senior Deputy Comptroller and Chief Counsel at the Office of the Comptroller of the Currency (OCC) where she led the agency’s innovation work, including the creation of the Special Purpose National Bank charter for fintech companies. This week she speaks with FS Vector Partner John Collins about her second run at the OCC.  We talk in depth about the Fintech charter, why it’s important and what sort of companies should be considering it.  We also discuss what Amy’s been up to since leaving the OCC, what she’ll be working on here at FS Vector, and what the techiest thing about her is. This episode is part 2 of 2.  

Amy Friend, Senior Advisor at FS Vector, has had a storied career in Washington.  Starting as a junior House staffer she went on to become Chief Counsel for the Senate Banking Committee during the financial crisis, overseeing the crafting, negotiation, and passage of the Dodd Frank Act. Later, she would become Senior Deputy Comptroller and Chief Counsel at the Office of the Comptroller of the Currency (OCC) where she led the agency’s innovation work, including the creation of the Special Purpose National Bank charter for fintech companies. This week she speaks with FS Vector Partner John Collins about  her time on the Hill and during her first run at the OCC, and explore some behind the scenes stories of the financial crisis and the work to bring us back from the brink.  This episode is part 1 of 2.  We will release the second part of the conversation, next week.

Dan Moore joined Home Bank in 1978. He is a graduate of Indiana State University and holds a Master of Science in Management from Indiana Wesleyan University. Dan is also a graduate of the School of Executive Development and has served as an Adjunct Instructor in the Business School at the University of Indianapolis. Moore is a vice chairman of the Federal Home Loan Bank of Indianapolis. Moore also is on the Board of IU Health Southern Region. On a national level, he is a director of the Confessing Movement of the United Methodist Church and serves on the Mutual Advisory Board of the office of the Comptroller of the Currency (OCC).  

Our hosts, Simon Taylor and Leda Glyptis are joined by three great guests: Max Rofagha, CEO and Founder at Finimize, Husayn Kassai, CEO at Onfido and Lisa Jacobs, CSO at Funding Circle. First up, Banking services for the unbanked! Singapore-based Grab started as a taxi-booking app but is expanding into areas like parcel and food delivery and financial services. Grab's partnered with Mastercard to issue virtual and physical prepaid cards tailored to Southeast Asian consumers, with the aim of expanding use of Grab's digital wallet and helping its unbanked users transact online. The companies hope to leverage Grab's 110 million app users and Mastercard's network of 3 million merchant outlets. Customers can top up their cards using cash through agents, drivers and merchants on the GrabPay platform. Most banks will be made irrelevant by 2030-Gartner. Within 12 years time, 80% of “heritage financial firms” will either go out of business or be rendered irrelevant by new competition, changing customer behaviour and advancements in technology, according to forecasts by Gartner. They will be replaced by global digital platforms, fintech companies and other nontraditional players. U.S. state banking regulators sue government to stop “fintech charters”. A body of U.S. state banking regulators on Thursday sued the Office of the Comptroller of the Currency (OCC) over its plan, to issue bank charters to online lenders and payment companies. The body, the Conference of State Bank Supervisors (CSBS), said the so-called fintech charter was unconstitutional and puts consumers and taxpayers at risk. Follows a similar suit filed by the New York Department of Financial Services (NYDFS) last month. Initiative Q: Scam, pyramid scheme or next PayPal? No one seems to have any idea if it’s a scam or not. Only detailed has come from David Gerard, author of Attack of the 50ft Blockchain. “It’s not impossible they’ll get something up … but pure ideas are near-worthless. The hard part is always execution.” Trendy challenger bank Monzo is Britain’s latest unicorn startup. Monzo secured a £85 million funding round, giving it a valuation of £1 billion, investors include Stripe, Accel Ventures, and General Catalyst. Most notably, the company has also relied on equity crowdfunding in the past and reportedly plans to raise a further £20 million from ordinary retail investors later this year. And finally, a special 50p coin will mark Brexit. A commemorative 50p coin will be issued to mark the UK's departure from the European Union (EU) next year. The coin would be made available in spring 2019 but it’s not yet known exactly what the new Brexit coins will look like. All this and so much more on today's episode of Fintech Insider! Subscribe so you never miss an episode, leave a review on iTunes and every other podcast app. Spread the fintech love by sharing or tweeting this podcast. Let us know your thoughts @FintechInsiders and join the discussion by signing up at www.fintechinsidernews.com This week's episode was produced by Laura Watkins and Petrit Berisha. Edited by Michael Bailey and written by Dhanum Nursigadoo. Special Guests: Husayn Kassai, Leda Glyptis, Lisa Jacobs, and Max Rofagha.

I am especially thrilled about today’s guest -- California DBO Commissioner Jan Owen -- because this episode has been years in the making. I’ve known Jan for a long time, and as anyone who knows her will attest, she’s a breath of fresh air in the regulatory world. She’s candid, she’s outspoken, she’s thought provoking, and she's fearless in tackling thorny issues. We’ve been looking for a good chance to sit down and talk, and we finally found one this summer. As it happens, it turned out to be one of Barefoot Innovation’s most fun settings ever (and we’ve had some great ones, including beachside in Fiji at the AFI conference). Jan and I were both in Santa Fe in July for a conference and we decided to record our talk on an outdoor balcony, as a thunder storm approached. It was extremely windy, and we could smell the ozone and coming rain, and you’ll be able to hear the thunder booming, sometimes startlingly well-timed to punctuate Jan’s more pointed comments. We took our chances with the weather, staying outside as the sky darkened and dozens of lightning strikes forked down out of the clouds onto the mountains behind Jan -- I wish I’d gotten a photo of that.  In the end, we had to run for it as the rain began, first with big drops spattering the deck and then, ten seconds later, deluge! So the episode ends a little abruptly! Jan Lynn Owen is one of the most important financial regulators in the US because she heads the California Department of Business Oversight (DBO). Since California arguably leads the world in financial innovation, the DBO is at the forefront in addressing emerging regulatory issues around fintech. Importantly, state regulators, unlike most of the federal ones, oversee both banks and nonbanks. The US federal regulators dominate financial policy, but they don't directly supervise nonbank startups. That means they’re not in close touch with the cutting edge of innovation, which is not in the banks -- it’s in the nonbank startups. So having a regulator like Jan who understands both banking and fintech is invaluable. In our conversation, she shares her diverse background, including having been a banker and regulator. She describes the scope of the DBO, which is breathtaking -- 368,000 licensees, over 4,000 small business and small dollar lenders, over 300 payday lenders, over 400 nondepository mortgage companies - you get the picture. As you would expect, we had a lively discussion about the proposal by the US Office of the Comptroller of the Currency (OCC) to create a fintech charter. Jan is famously opposed to it and I have been an outspoken advocate for it - we’ll link in the show notes to my debate on that topic with John Ryan, CEO of the Conference of State Bank Supervisors (CSBS). Jan is of course a leader in CSBS and in our talk, she describes their efforts to modernize and streamline the state regulatory systems and licensing system in ways that she believes can meet the needs of the fintech sector without the OCC establishing a new type of federal charter. (Note that my discussion with Jan was recorded in mid-July, and so predated the OCC’s July 31 announcement that it is going ahead with the new fintech charter.) Jan points out that the fintech world has transitioned from seeking to avoid regulation to embracing it, in the realization that it helps their business model. She says this shift is putting healthy pressure on government to figure out how to regulate these novel companies, and she’s candid in saying that many of our financial laws and rules are old and out of date. In our talk, she invites input from anyone and everyone on how to fix them. The OCC fintech charter was not the only issue on which Jan and I disagree. If you read the news, you probably already know that she’s been outspoken in her skepticism about regulatory sandboxes -- and our regular listeners know that I think regulators really need them. Much of the issue comes down to how they’re designed, and we had a good conversation about the dos and don'ts of sandboxes, reglabs, and innovation hubs. The key is to give regulators a safe space to do easy experimentation, mainly to accelerate their own learning, while still assuring full consumer protection. (Since Jan and I spoke, the Bureau of Consumer Financial Protection also announced that it will launch a regulatory sandbox.) Before we fled the rainstorm, I asked Jan to talk about a speech she’s been giving titled “Sex, Drugs, and Skinny Jeans” (a perfect example of her style). The “sex” topic is the #MeToo movement, including Jan’s personal experience with workplace sexual misconduct. The “drugs” issue is, of course, how to regulate the financial issues raised by legal marijuana in states like California, since federal law still bars banks from opening accounts for these cash-rich businesses. And “skinny jeans” is about the culture clash between traditional, suit-and-tie finance and the jeans-and-tee-shirt worldview of Silicon Valley. We’re going to have to bridge that divide, if we want to optimize the technology change coming to the financial world. Enjoy this thunderous episode with Jan Lynn Owen. Links LINK TO FULL TRANSCRIPTION Podcast with John Ryan - Conference of State Bank Bank Supervisors President Recent Speech at Lendit More on Jan Lynn Owen Jan Lynn Owen was appointed the first-ever Commissioner of the California Department of Business Oversight by Governor Edmund G. Brown Jr. on July 1, 2013, following a merger of the departments of Corporations and Financial Institutions. Previously, Ms. Owen served as Commissioner of Corporations. Prior to becoming Commissioner, Ms. Owen was the principal at The Jan Owen Group; a strategic initiatives manager at Apple Inc.; vice president of government affairs at JP Morgan Chase; state director of government and industry affairs at Washington Mutual Inc.; and executive director of the California Mortgage Bankers Association. From 1999 to 2000, Ms. Owen was acting commissioner of the Department of Financial Institutions, following on her role as deputy commissioner from 1996 to 1999. She also served for several years as a consultant to the state Senate Banking Committee. Ms. Owen is an alumna of California State University, Fresno, where she earned her degree in Economics. More for our listeners We have great podcasts in the queue. We have a series focused on global developments in fintech and regtech, including Harish Natarajan of the World Bank and Anju Padwardhan of CreditEase and Stanford University, who talks about fintech developments in China. From London, we’ll have a talk with P.J. DiGiamarino of JWG and the Regtech Council. We’ll also have a really thought-provoking show with Peter Renton, who leads LendAcademy and the LendIt conference series. We have a regtech firm coming up, Alloy, which has high-tech solutions for meeting the Know-Your-Customer rules in AML. And we’ll have a show with the co-founders of Earnup. So, lots to look forward to! The fall conference circuit is exciting. Some of the places I’ll be speaking are: Finovate Fall, September 26, 2018, New York, NY NFCC Connect, October 2, 2018, Dallas, TX Online Lending Policy Institute, October 9, Washington, DC P20 Conference, October 10, Atlanta, GA American Banker RegTech, October 15-16, New York, NY Money 2020, October 21-24, Las Vegas, NV Singapore Fintech Festival, November 12-16, Singapore LendIt Europe, November 19-20, 2018 in London ABA/ABA Financial Crimes Conference, December 2-4, Washington, DC Regtech Rising, December 3-5, London I’ll also be speaking at several events hosted by US regulators this fall. It’s great to see so many of them really digging into the issues surrounding fintech and regtech. Also, watch for upcoming information on my collaboration with Brett King on his new book on the future of finance -- we’ll have a show and events on that as well. If you listen to Barefoot Innovation on iTunes, please leave a five star rating and also remember to send in your “buck a show” to keep it going. Come to jsbarefoot.com for today’s show notes and to join our email list, so you’ll get the newest podcast, newsletter, and blog posts. As always, please follow me on Twitter, LinkedIn, and Facebook. Support our podcast Subscribe Sign up with your email address to receive news and updates. Email Address Sign Up We respect your privacy. Thank you!

Congress is attempting small reforms to Dodd‑Frank. Once the dust settles on the Crapo bill, it's going to be awhile before we hear from them again on the matter. The future of financial regulator policy now lies with the agencies. So what should be on the agenda? Highlights: A new idea for CFPB reform. The table agrees the Consumer Financial Protection Bureau is the place to watch. And J.W. Verret gives us a sneak peek of his best idea for reforming it: regulatory contracts. A better way forward for fintech regulation. Brian Knight note that financial regulators should carefully consider the risks associated with regulating via broad discretionary powers rather than via traditional rulemaking, and discussed a federal charter and state regulatory sandboxes as potential policy reform options for emerging fintech firms. What's Project Catalyst all about? No one knows.   The conversation also covered the Office of the Comptroller of the Currency (OCC) and the Volcker Rule. Today's guests: Mercatus scholar, Brian Knight  Former senior affiliated Mercatus scholar, J.W. Verret American Banker reporter, Rachel Witkowski   Follow Chad on Twitter @ChadMReese.

In this segment of AML Now, John J. Byrne, ACAMS executive vice president, spoke with Bob Pasley to discuss his upcoming book Anatomy of a Banking Scandal and his career at the Office of the Comptroller of the Currency (OCC). Pasley’s book explores the failure of the First National Bank of Keystone in the late 90s and the corruption found at the local level in West Virginia.