Tag Archives: occ

Morgan Stanley Settles with OCC for $60 Million

Morgan Stanley has settled claims by the Office of the Comptroller of the Currency (OCC) that it failed to properly decommission data centers that housed client data of its wealth-management operations two times—once in 2016 and once in 2019 for $60 million. According to the OCC, Morgan Stanley “failed to effectively assess or address risks … Continue Reading

ILCs, the OCC, and the Future of Fintech Banking

Industrial Loan Companies (ILCs) are a different kind of financial institution. The ILC is a state-chartered FDIC-insured depository financial institution with certain advantages common to banks but without all of the corresponding regulatory overlay. This is one reason why aspiring fintech companies may consider foregoing the pursuit of a federal OCC “fintech” charter in favor … Continue Reading
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