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"As California grapples with a rising cost of living, many residents remain locked out of basic financial services. To address this, the state legislature is considering a proposal to establish state-run bank accounts, giving Californians a way to save money without incurring fees or maintaining a minimum balance.
The CalAccount program would establish voluntary, zero-fee, zero-penalty, federally-insured transaction accounts that could help people who currently have limited access to banking options."
"The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved the merger of Discover Bank, Greenwood, Delaware, into Capital One, National Association, McLean, Virginia.
The OCC conducted a fulsome review of the application submitted March 21, 2024, to ensure all statutory and regulatory requirements have been met. The approval also follows consideration of numerous public comments submitted in writing and expressed during a public meeting held with the Board of Governors of the Federal Reserve System conducted on July 19, 2024. Today's announcement reflects the OCC's careful analysis of the effect of the merger on communities, the banking industry, and the U.S. financial system."
"Acting Comptroller of the Currency Rodney E. Hood today discussed strategic areas of focus for the Office of the Comptroller of the Currency (OCC) in remarks at the Exchequer Club.
In his remarks, Acting Comptroller Hood detailed the OCC's efforts to reduce regulatory burden; promote financial inclusion; embrace bank-fintech partnerships; and expand responsible bank activities involving digital assets. He also affirmed the OCC's commitment to modernizing the federal banking system and maintaining its safety and integrity."
"A federal judge on Wednesday indefinitely blocked the Environmental Protection Agency (EPA) from clawing back billions of dollars in Biden-era climate grants.
U.S. District Judge Tanya Chutkan said the EPA may not suspend or terminate the green grant awards nor limit access to those funds while a lawsuit challenging the effort to recoup the money moves forward."
"The Office of the Comptroller of the Currency (OCC) today announced changes to its organizational structure to ensure its approach to supervision evolves to better address today's challenges, align similar functions within the agency, and leverage opportunities for efficiencies.
The OCC will combine the Midsize and Community Bank Supervision and Large Bank Supervision functions to create the Bank Supervision and Examination line of business. Blending the large, midsize and community bank supervision activities will allow for the seamless sharing of expertise and resources to address bank-specific issues or novel needs and provides opportunities for career development and progression for the agency's entire examination workforce."