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The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. [2]
Secretary of the Treasury Janet Yellen designated Hsu as First Deputy Comptroller on May 10, 2021, making him the Acting Comptroller of the Currency. [1] On November 23, 2021, he announced that banks would not be allowed to provide certain cryptocurrency services unless they met several regulations.
The Biden-appointed acting comptroller of the currency, Michael Hsu, who oversees national bank regulation, fought diligently to ensure federal bank regulations supersede state regulations.
The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. [2]
Pages in category "United States comptrollers of the currency" The following 37 pages are in this category, out of 37 total. This list may not reflect recent changes .
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The Federal Reserve's present-day dual mandate monetary policy objectives to keep prices stable and unemployment low has replaced past practices under a gold standard where the main concern was the gold equivalent of the local currency, or under a gold exchange standard where the concern is fixing the exchange rate versus another gold ...
The federal government only requires that whatever rates, fees, or terms are set by issuers be disclosed to the consumer in accordance with the Truth in Lending Act. Additionally, from the 1860s until the program was retired in 1935, national banks could issue National Bank Notes , currency backed by bonds deposited with the Treasury.