On December 3, 2024, the Office of the Comptroller of the Currency published an updated UDAAP section
The increases are primarily targeted at large banks
Recent bank law developments are causing fragmentation of the banking system, OCC says
Michael Hsu says occurrence and impact of disruptions is on the rise
Bank incurs penalty due to systemic deficiencies in its risk management and internal controls
The regulator also published guidance on ‘Buy Now, Pay Later’ lending
The deadline has been extended until January 16, 2024
CFPB and OCC step in after investigation finds “double-dipping” and unauthorized accounts practices
The penalty relates to a failure to fulfill fee waiver and discount promises for mortgages
The banking sector regulator wants to establish a regular survey to gauge consumer trust