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ARTICLE · 14 AUGUST 2015

Financial Regulatory Developments Focus - August 11, 2015

A&O Shearman
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On August 4, 2015, the Office of the Comptroller of the Currency issued guidance outlining safety and reliability measures that national banks and federal savings associations offering tax refund-related products should follow.

United StatesFinance and Banking
A&O Shearman
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In this week’s newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.

Bank Prudential Regulation & Regulatory Capital

US Office of the Comptroller of the Currency Issues Risk Management Guidance

On August 4, 2015, the Office of the Comptroller of the Currency issued guidance outlining safety and reliability measures that national banks and federal savings associations offering tax refund-related products should follow. The term "tax refund-related products" includes credit products, deposit products, and settlement services to transmit tax-related funds. According to the OCC, tax refund-related products present particular safety and compliance risk because of: (i) their unique repayment and cost structures; and (ii) banks' reliance on third-party tax return preparers who interact with

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