“The public rebuke marks a major escalation of regulators’ efforts to get Citigroup to fix its risk systems."
The company said the approval was “a significant step in [its] application process for a national bank charter.”
A regulator also fined John Stumpf $17.5 million for failures of leadership that contributed to the bank's fake-accounts scandal.
Tech startups trying to become banks can no longer expedite the process with a fintech charter.
The Department of Financial Services is challenging the Trump administration's move to allow fintech firms to apply for national bank charters.
The payments firm wants to offer a one-stop shop for financial needs by operating Square Financial Services under an industrial loan company charter.
“This is the OCC saying, ‘We don’t trust you to run your business,’” a former bank examiner says.
A draft proposal by three agencies seeks to boost cyber defenses and reduce the impact on the financial system of an attack.
The benefits in bank conversion are clear, but the path to getting approval from regulators that tend to distrust innovation is challenging.
Bank's credit underwriting standards loosened considerably in 2014, especially among commercial loan products, says the OCC.
Large U.S. banks may be heeding the warnings of regulators and staying away from highly leveraged deals.
Regulators had planned to review the proprietary trading activities of JPMorgan's chief investment office as early as 2008.
