All in Regulatory Update

OCC Releases Report on Large Banks’ Debanking Activities

Adam Witmer
Regulatory Update

On October 14, 2026, the OCC released a report of its findings from its supervisory review of debanking activities at the nine largest national banks it supervises, including JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The review examined whether these banks’ policies or practices influenced them to deny or limit financial services to Americans based on their political or religious beliefs or lawful business activities.

OCC Fines American Express $350M for BSA/AML Deficiencies

Adam Witmer
BSA, Regulatory Update

On October 8, 2026, the OCC announced a cease-and-desist order and a $350 million civil money penalty against American Express National Bank, Sandy, Utah, for deficiencies in the bank’s BSA and AML compliance program. The OCC found that the bank failed to establish and maintain a BSA/AML compliance program reasonably designed to assure and monitor compliance with the BSA and its implementing regulations.

Coinme to Shut Down Crypto Kiosks in Multiple States Under $25 Million Settlement

Adam Witmer
Regulatory Update

On October 8, 2026, the ABA Banking Journal reported that Coinme, a cryptocurrency exchange,  has agreed to close down its virtual currency kiosk operations in multiple states as part of a settlement with 34 state financial regulatory authorities over alleged BSA and anti-money laundering violations. According to the article, Coinme currently collaborates with coin-counting kiosk operator Coinstar to provide approximately 6,000 Bitcoin ATMs in the U.S. 

Comptroller Gould Introduces Initiatives to Fight Financial Fraud in Minnesota

Adam Witmer
Regulatory Update

On October 7, 2026, Comptroller of the Currency Jonathan V. Gould convened a panel of community bankers in Minneapolis, Minnesota, October 6 to discuss ongoing efforts to combat financial fraud. During the gathering with local community bankers, the Comptroller addressed ongoing efforts to prevent financial fraud within Minnesota, emphasizing financial institutions' pivotal responsibility in detecting fraudulent schemes, and the OCC’s commitment to support banks in their efforts.

FinCEN Withdraws Proposed Digital Asset Related Rules

Adam Witmer
BSA, Regulatory Update

On October 5, 2026, FinCEN announced that it is withdrawing two proposed rules that would have imposed certain regulatory requirements on financial institutions related to certain digital assets, specifically convertible virtual currencies. This action is part of ongoing efforts to ensure digital asset regulations are fit-for-purpose and in accordance with Trump Administration’s deregulatory agenda.

FinCEN Issues Alert on the A7 Network

Adam Witmer
BSA, Regulatory Update

On October 1, 2026, FinCEN issued an Alert to urge financial institutions to be vigilant in detecting, identifying, and reporting suspicious activity, involving the A7 Network. The A7 Network is a global wholesale sanctions evasion and money laundering service with ties to Russia, leveraged by a wide range of illicit actors, including Iran and its terrorist proxies.

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