Search results for Bank Act
Crypto
Warren questions legality of OCC crypto charters including Coinbase and Ripple
U.S. Democratic Senator Elizabeth Warren, a leading advocate of stricter crypto regulation, challenged the Office of the Comptroller of the Currency\'s chartering process for crypto firms. She asked OCC head Jonathan Gould to justify the legality of nine national trust charters granted since December 2025, including entities linked to Coinbase and Ripple. Warren said the firms had not shown custody as their core business and warned the structure could enable regulatory arbitrage. She demanded related applications and internal communications by June 1.
Finance
South Korea FSC unveils savings bank development plan, allows mid-sized firm loans
South Korea\'s Financial Services Commission on Feb. 23 announced a plan aimed at the sound development of savings banks, allowing them to extend corporate lending beyond small and medium-sized companies to include mid-sized firms with assets of 500 billion won or more. The measures also include changes to loan-to-deposit ratio weights to favor lending outside the capital region, permitting certain large savings banks to handle debit cards and prepaid mobile coupons, and revising prudential and governance rules.
Finance
Banks barred from adding statutory costs to loan rates as Bank Act revision passes parliament
South Korea will in principle ban banks from adding statutory costs to loan interest rates after a revision to the Bank Act passed the National Assembly, the Financial Services Commission said. The ban covers reserve requirements, deposit insurance premiums, and contributions to guarantee funds, as well as contributions to the Korea Inclusive Finance Agency. An exception allows limited inclusion of some guarantee-fund contributions. Banks must conduct compliance checks at least twice a year, and violations can trigger sanctions.