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Digital Currency Financial Institutions Office of the Comptroller of the Currency

Orrick, Herrington & Sutcliffe LLP

OCC interpretive letter permits cryptocurrency activities for banks

On March 7, the OCC issued its Interpretive Letter 1183, affirming that national banks and federal savings associations can engage in various cryptocurrency activities, including crypto-asset custody, certain stablecoin...more

White & Case LLP

A New “Operation Choke Point”? The Quickly Changing Rules on Crypto Activities for Member Banks

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In an effort to align the permissibility of crypto activities for all member banks of the Federal Reserve System (the "FRS", which includes all national banks and state member banks), the Board of Governors of the Federal...more

McGlinchey Stafford

OCC Advises “Careful and Cautious” Approach to FinTech-Bank Partnerships

McGlinchey Stafford on

On Wednesday, September 7, 2022, acting Comptroller of the Currency Michael J. Hsu gave remarks in New York City at the Clearing House + Bank Policy Institute Annual Conference. Hsu’s remarks, “Safeguarding Trust in Banking:...more

A&O Shearman

OCC Issues Consent Order Against A Digital Bank

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On April 21, 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order against Anchorage Digital Bank, a digital asset bank based in South Dakota. Notably, Anchorage had previously become the first...more

Nutter McClennen & Fish LLP

Nutter Bank Report: February 2022

Federal Court Rejects Challenges to FDIC’s and OCC’s “Valid When Made” Rules A federal court in two separate but related cases has rejected challenges to the FDIC’s and the OCC’s respective regulations that codified the...more

White & Case LLP

UnSound: OCC IL 1179 and Its Backwards Creation of New Law

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On November 23, 2021, the Chief Counsel and Senior Deputy Comptroller Benjamin W. McDonough of the Office of the Comptroller of the Currency (the "OCC") issued OCC Interpretive Letter 1179 (dated November 18, 2021) ("IL...more

Nelson Mullins Riley & Scarborough LLP

Talking Custody of Digital Assets

I had the pleasure of presenting at Bank Director Magazine's Inspired By Acquire or Be Acquired: What Officers and Directors Need to Know Now virtual conference, along with Rick Levin, earlier this month. Our...more

Polsinelli

Better Than Under the Mattress - OCC Opens the Door to Cryptocurrency Custody

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The Office of the Comptroller of the Currency (OCC) recently published a letter clarifying the authority of national banks and federal savings associations to provide cryptocurrency custody services for customers.  ...more

BakerHostetler

Financial Services 2018 Year-End Report

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Welcome to the 2018 Year-End Report from BakerHostetler’s Financial Services Industry Team . We are pleased to share our analysis of some of the key developments in the financial services industry in 2018 and our expectations...more

White & Case LLP

Review of Anti-Money Laundering and Sanctions Policy and Enforcement

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TABLE OF CONTENTS: Executive Summary - Developments and Trends in Policy and Enforcement - US Department of the Treasury - The Office of Foreign Assets Control - Treasury's Financial Crimes Enforcement Network -...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Depository Trust & Clearing Corporation—the company that “serves as the back end for much Wall Street trading”—has announced a big step forward in the embrace of blockchain technology to track and report transactions. IBM...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The IRS isn’t waiting around for virtual currency to gain wider acceptance. No, it’s more than happy to go after Bitcoin users who have sought to use the virtual currency as a means of evading taxes....more

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