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Trump nominates CFTC, OCC, and CFPB heads
Nominated agency heads promise deregulation and rulemaking clarity.
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Rodney Hood named acting comptroller of the currency
Former Chairman of the National Credit Union Adminstration Board replaces Michael Hsu.
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BofA settles with OCC over AML, sanctions compliance concerns
The consent order was based on alleged BSA/AML violations, unsafe practices concerning those programs, and a failure to timely report suspicious activity and rectify CDD shortcomings identified earlier.
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USAA dinged for failing to fix AML, IT, third-party oversight shortcomings
According to the OCC, this order includes parts of prior orders issued in 2019 and 2022 with which USAA was not yet in compliance.
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GRIP Extra: Trump nominates Atkins for SEC chair, Musk tries to block OpenAI’s for-profit move
Other news includes a $123m penalty against McKinsey for bribery, and a Nomura wealth manager being charged with attempting to murder–yes, murder–customers.
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GRIP Extra: EU to slash green regulations, Canada targets Google for anticompetitive conduct
Other news includes a controversial Australian social media ban for under-16s, and an increase in US bank assessment rates for 2025.
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OCC revises guidelines on recovery planning standards for certain banks
OCC expands recovery planning guidelines’ applicability, incorporates testing standard for recovery plans, and clarifies role of nonfinancial risk.
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Axiom Bank ordered to revamp its compliance with BSA/AML rules
OCC cites lack of processes designed to detect suspicious activity.