Latest news with #OCC
Yahoo
3 days ago
- Business
- Yahoo
Wells Fargo Approaches End of Asset Cap as OCC Lifts 2015 Consent Order
A significant 2015 consent order was lifted by the U.S. Office of the Comptroller of the Currency (OCC), which moved Wells Fargo & Company (NYSE:WFC) closer to removing its $1.95 trillion asset cap. A team of bankers in suits, discussing the success of the company's banking products. Significant regulatory progress has been made under CEO Charles Scharf, as evidenced by the closing of the seventh regulatory enforcement order in 2025 and the thirteenth since 2019. The Federal Reserve's 2018 consent order, which is linked to changes in governance and controls, is the last obstacle. Wells Fargo & Company (NYSE:WFC) has experienced regulatory attention since its 2016 fake accounts scandal, which resulted in billions of dollars in fines and an unprecedented asset cap imposed by the Federal Reserve in 2018. This week witnessed the lifting of the OCC order about its former financial subsidiaries. Scharf, who took office in 2019, has implemented measures that experts such as Stephen Biggar of Argus and Chris Marinac of Janney Montgomery Scott believe are significant. After limitations are lifted, the bank plans to expand its market operations and wholesale deposit base. While we acknowledge the potential of WFC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WFC and that has 100x upside potential, check out our report about this READ NEXT: and . Disclosure. None.
Yahoo
3 days ago
- Business
- Yahoo
US Financial Firms Mull Over Crypto Expansion, Seek Regulatory Clarity
As the Donald Trump administration began its second term in January, it opened the doors for many U.S. financial firms to venture into crypto asset-related activities, given the favorable stance of the administration towards despite strong endorsements from regulators, large financial firms like Bank of America BAC, Morgan Stanley MS, and Charles Schwab SCHW remain cautious regarding crypto expansion. Thus, initial steps are likely to be tentative with small pilot programs, collaborations and modest crypto trading. Earlier this month, Paul Atkins, chair of the Securities and Exchange Commission (SEC), stated his plans to overhaul cryptocurrency policies and establish guidelines for the distribution of crypto tokens that are securities, and consider whether additional exemptions are the US Office of the Comptroller of the Currency (OCC) allowed U.S. banks to manage crypto assets on behalf of their clients. The OCC confirmed that banks can buy, sell, and hold crypto in custody, alongside outsourcing certain services, such as custody and execution, to third April 2025, the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System withdrew two joint statements that required U.S. banks to issue an advance notification concerning any crypto or stablecoin March 2025, the FDIC clarified that FDIC-supervised institutions can engage in permissible crypto-related activities without receiving prior approval. Further, Donald Trump signed an executive order to establish a strategic crypto January 2025, the SEC rescinded an accounting rule that previously required banks to recognize a liability and corresponding asset for their obligation to safeguard crypto assets. Most firms are likely to enter into custody businesses by forming alliances with existing crypto firms. If a major firm expands without any hurdles, others will likely follow in terms of running small-scale projects and considering other business prospects. Rick Wurster, CEO of Charles Schwab, told Reuters earlier this month that the signals from financial regulators were quite favorable for large firms to expand in the crypto on the first-quarter 2025 earnings call, Wurster stated that Schwab will likely launch spot cryptocurrency trading services in the next 12 months. The company already allows its clients to trade spot Bitcoin ETFs after they started trading last year. Similarly, Morgan Stanley is also planning to build a crypto trading feature for E*Trade, with a target to launch spot trading next Bank of America is considering launching stablecoins, as stated by CEO Brian Moynihan earlier this year, if the regulations allow. Further, the company along with a few other large banks is exploring issuing a joint stablecoin, with the discussions being in earlier stages at the moment. Though these regulatory endorsements are welcoming, U.S. financial firms are seeking greater clarification from the administration on what they can do in crypto and surrounding anti-money laundering (AML) rules. The firms don't want to get caught up in the rapidly evolving regulatory landscape and, therefore, are seeking well-defined guidelines before entering into the crypto space. While custody businesses to store and manage digital assets seem promising, they offer thin margins relative to higher potential risks. This makes large firms apprehensive about pursuing a large-scale expansion into the crypto custody rules for traditional banking businesses are very well defined, and there is complete clarity over what a bank is allowed to do and what is outside its scope. Similar well-defined guidelines are required for digital assets as well to persuade large financial firms to expand more aggressively into the crypto domain. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Bank of America Corporation (BAC) : Free Stock Analysis Report Morgan Stanley (MS) : Free Stock Analysis Report The Charles Schwab Corporation (SCHW) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Wells Fargo Approaches End of Asset Cap as OCC Lifts 2015 Consent Order
A significant 2015 consent order was lifted by the U.S. Office of the Comptroller of the Currency (OCC), which moved Wells Fargo & Company (NYSE:WFC) closer to removing its $1.95 trillion asset cap. A team of bankers in suits, discussing the success of the company's banking products. Significant regulatory progress has been made under CEO Charles Scharf, as evidenced by the closing of the seventh regulatory enforcement order in 2025 and the thirteenth since 2019. The Federal Reserve's 2018 consent order, which is linked to changes in governance and controls, is the last obstacle. Wells Fargo & Company (NYSE:WFC) has experienced regulatory attention since its 2016 fake accounts scandal, which resulted in billions of dollars in fines and an unprecedented asset cap imposed by the Federal Reserve in 2018. This week witnessed the lifting of the OCC order about its former financial subsidiaries. Scharf, who took office in 2019, has implemented measures that experts such as Stephen Biggar of Argus and Chris Marinac of Janney Montgomery Scott believe are significant. After limitations are lifted, the bank plans to expand its market operations and wholesale deposit base. While we acknowledge the potential of WFC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WFC and that has 100x upside potential, check out our report about this READ NEXT: and . Disclosure. None.
Yahoo
4 days ago
- Business
- Yahoo
Watchdog links Florida Dem to more potential House rules violations
A congressional watchdog office has found reason to believe that Rep. Sheila Cherfilus-McCormick requested community project funding, also known as earmarks, on behalf of a for-profit entity — a potential violation of House rules. The findings of a new report made public Thursday by the Office of Congressional Conduct — which reviews outside ethics complaints against House members and recommends further action to the House Ethics Committee — builds on the allegations the Florida Democrat has been facing since 2023. In addition to investigating a litany of campaign finance allegations against the lawmaker, the OCC has now revealed that Cherfilus-McCormick may also have accepted campaign contributions linked to an official action and failed to report in-kind payments. The OCC board also said in the report released Thursday it voted unanimously to recommend the Ethics panel take further official action. Cherfilus-McCormick said in a statement she "fully respect[ed] the process and remain[ed] committed to cooperating with the Committee as it works to bring this inquiry to a close." "The Committee on Ethics has not yet concluded its review of the allegations, and no decision has been made at this time," she continued, adding, "the referral for further review does not imply that any violation has occurred." The OCC did not release details about the community project for which Cherfilus-McCormick might have improperly sought funding, though for fiscal year 2023 Cherfilus-McCormick had requested funding forthe Salvation Army; Catholic Charities of the Archdiocese of Miami; a first-time homebuyers program for the City of Tamarac; and MorseLife Health System of West Palm Beach, among other projects. The report the Ethics Committee released in the previous Congress, which also originated in the OCC, found 'substantial reason to believe that Rep. Cherfilus-McCormick made payments to a state political action committee in connection with her campaign and failed to report these payments as contributions to her campaign.' The watchdog also found reason at that time to believe that someone not employed by Cherfilus-McCormick's official office conducted official work on her behalf; that her campaign did not report contributions it received that were greater than the federal limits; and that her campaign did not report transactions between the campaign account and the congresswoman's business accounts. This investigation is still under the review of an investigative subcommittee convened to probe the existing allegations against Cherfilus-McCormick, but the OCC board announced Thursday it had voted to dismiss allegations that Cherfilus-McCormick granted favors in exchange for receiving earmark funding or misreported the source of certain campaign contributions.
Politico
4 days ago
- Politics
- Politico
Watchdog links Florida Dem to more potential House rules violations
A congressional watchdog office has found reason to believe that Rep. Sheila Cherfilus-McCormick requested community project funding, also known as earmarks, on behalf of a for-profit entity — a potential violation of House rules. The findings of a new report made public Thursday by the Office of Congressional Conduct — which reviews outside ethics complaints against House members and recommends further action to the House Ethics Committee — builds on the allegations the Florida Democrat has been facing since 2023. In addition to investigating a litany of campaign finance allegations against the lawmaker, the OCC has now revealed that Cherfilus-McCormick may also have accepted campaign contributions linked to an official action and failed to report in-kind payments. The OCC board also said in the report released Thursday it voted unanimously to recommend the Ethics panel take further official action. Cherfilus-McCormick said in a statement she 'fully respect[ed] the process and remain[ed] committed to cooperating with the Committee as it works to bring this inquiry to a close.' 'The Committee on Ethics has not yet concluded its review of the allegations, and no decision has been made at this time,' she continued, adding, 'the referral for further review does not imply that any violation has occurred.' The OCC did not release details about the community project for which Cherfilus-McCormick might have improperly sought funding, though for fiscal year 2023 Cherfilus-McCormick had requested funding for the Salvation Army; Catholic Charities of the Archdiocese of Miami; a first-time homebuyers program for the City of Tamarac; and MorseLife Health System of West Palm Beach, among other projects. The report the Ethics Committee released in the previous Congress, which also originated in the OCC, found 'substantial reason to believe that Rep. Cherfilus-McCormick made payments to a state political action committee in connection with her campaign and failed to report these payments as contributions to her campaign.' The watchdog also found reason at that time to believe that someone not employed by Cherfilus-McCormick's official office conducted official work on her behalf; that her campaign did not report contributions it received that were greater than the federal limits; and that her campaign did not report transactions between the campaign account and the congresswoman's business accounts. This investigation is still under the review of an investigative subcommittee convened to probe the existing allegations against Cherfilus-McCormick, but the OCC board announced Thursday it had voted to dismiss allegations that Cherfilus-McCormick granted favors in exchange for receiving earmark funding or misreported the source of certain campaign contributions.
