On June 16, 2023, Michael J. Hsu, Acting Comptroller of the Currency delivered remarks to the American Bankers Association Risk and Compliance Conference in San Antonio, Texas. In his remarks, Hsu discussed both the benefits and risks of artificial intelligence (“AI”) and tokenization. The core of Hsu’s remarks is that, given the rapid innovation of AI and tokenization in banking, banks should closely work with regulators to manage technological risks.… Continue Reading
Acting Comptroller Hsu calls for new rules and enforcement to address bank overdraft practices and recommends changes to overdraft programs
By Glen P. Trudel & Ballard CFS Group on
Posted in OCC, Overdrafts
In remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and wealth inequality through overdraft programs by earning $15.5 billion in overdraft fees in 2019 that “are being paid by those customers who are the most financially vulnerable.” … Continue Reading
Acting Comptroller of the Currency Hsu testifies about OCC activity on overdrafts, CRA, bank partnerships, alternative data
By Ronald K. Vaske on
This past Tuesday, Acting Comptroller of the Currency Michael Hsu appeared as a witness at the Senate Banking Committee’s hearing, “Oversight of Regulators: Does our Financial System Work for Everyone?”
In his written and oral testimony, Mr. Hsu stressed as an overall theme the need for the OCC to prohibit “predatory and discriminatory practices while promoting financial inclusion.” … Continue Reading
Michael Hsu designated Acting Comptroller of the Currency
By Ballard CFS Group on
Posted in OCC, Regulatory and Enforcement
Today, Michael Hsu began serving as the Acting Comptroller of the Currency. This past Friday, the Treasury Department announced that Mr. Hsu had been designated Acting Comptroller by Secretary of the Treasury Yellen.
Mr. Hsu replaces Blake Paulson, who served as Acting Comptroller of the Currency since January 14, 2021. Mr.… Continue Reading