The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA) recently jointly issued guidance reminding supervised financial institutions of their existing credit risk management obligations to borrowers who are not legally authorized to work in the United States (non-work-authorized borrowers). The guidance follows a recent White House executive order directing financial regulators to address risks “posed …
Agencies Propose Customer Identification Program Requirements for Stablecoin Issuers
On June 22, the Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA), published a joint notice of proposed rulemaking (NPRM) to implement customer identification program (CIP) requirements for permitted payment stablecoin issuers (PPSIs) under the Guiding …
Key Fair Lending Updates From the Fed’s 2025 Interagency Webinar
On December 16, the Federal Reserve (Fed) hosted its annual Fair Lending Interagency Webinar, during which it, the National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) offered insight into their fair lending programs. The Fed highlighted its risk-focused approach to fair lending supervision, emphasizing the importance of tailored risk assessments, recurring training and robust monitoring of discretionary lending practices. Examiners continue …