Does anyone know what the outcome was after the OCC quarterly visit last month? It seems to be a hush hush situation in tech. Probably more regulatory fines popping up soon or something.
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@ef+1jr6h1wxk you must be new
I am down with occ yeah you know me!!
Citi has been paying fines for years. In the past, the fines were way less than the amount of money it took to be compliant. Now they’ve had to pay hundreds of millions of dollars with OCC threats of being downgraded. Incompetent Lame Jane and her executive management does not understand 100% what it takes to be compliant and leaves the driving to lower management who try to call the shots as best they can. The Enterprise who is supposed to be the driving force behind the guidance to fix all OCC related matters, is completely absent from it all. They’ve tried to remedy the situation by bringing in more incompetent staff who by all accounts do more damage to the situation. But none of this affects the incompetent leader Lame Jane nor her chosen bunch of m0rons, therefore she’s not the least bit concerned about it. But her time is nearing and karma will take care of her. Good riddance.
@d9+1jr6h1wxk Thanks HR/Troll. You're funny. So we as a company won't know until it comes out in the media again. Guess we'll have to wait until that happens or 100 more RC people are laid off. Thanks for the unhelpful comment
It's hush hush because it's confidential. Unless you are in the meetings you won't have access to that information.
Cuz i am a mother lovin OG!!
Hi @a5+1jr6h1wxk -Do you mean ever org @ our company or every organization meets with OCC regularly. If you mean the latter, maybe you should fact check your information or check AI. See AI's explanation below. Look it could be information from Tech or the 5 core businesses. They do major quarterly meetings too which can define headcount reduction if things still su-k which they do (per higher ups in town halls)
"No, not every organization meets with the Office of the Comptroller of the Currency (OCC) regularly; the OCC primarily charters, regulates, and supervises national banks and federal savings associations, as well as federal branches and agencies of foreign banks.
Here's a more detailed explanation:
OCC's Role:
The OCC is an independent bureau of the U.S. Department of the Treasury that focuses on the financial industry.
Target Organizations:
The OCC's primary focus is on national banks, federal savings associations, and federal branches/agencies of foreign banks.
Supervision and Regulation:
The OCC conducts regular examinations of these institutions to ensure they operate safely and soundly, comply with laws, and provide fair access to financial services.
Examinations:
These examinations focus on the competence of bank management, the quality of bank assets (especially loans), and compliance with federal banking regulations.
Not all organizations:
The OCC does not supervise or regulate all organizations, but only those within the financial sector it is responsible for.
Other Regulators:
Other organizations, like the National Credit Union Administration (NCUA), have different responsibilities in overseeing other types of financial institutions."
Every organization meets with the OCC regularly. Are you asking specifically about Technology or one of the 5 core businesses?