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resident Biden's administration has begun probing the nation's largest banks to assess their plans to mitigate climate risk with their loans and business. A recent "discovery review" led by the U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) looked into more than two dozen banks to determine how they are accounting for climate risk in their loans and investment strategies, in addition to investigating how they manage energy finance and greenhouse gas emissions, Reuters first reported. The purpose of this review is to supervise bank activities and support the effective management of climate-related financial risks among institutions...

Facing insurmountable odds against Office of the Comptroller of the Currency nominee Saule Omarova in the U.S. Senate, the Biden administration accepted the withdrawal letter from the embattled nominee on Tuesday.The President characterized the abandonment of the nomination as “… unfortunately, from the very beginning of her nomination, Saule was subjected to inappropriate personal attacks that were far beyond the pale.”But members of the Senate Banking Committee on both sides of the aisle had grown increasingly uncomfortable with Omarova’s past policy stances on how banks should be organized and regulated; including, supporting radical proposals that would “change banking as we...

President Biden’s pick to lead a top bank regulator withdrew her nomination Tuesday after blistering attacks from Republicans and concerns among moderate Democrats. Saule Omarova, who Biden nominated to lead the Office of the Comptroller of the Currency (OCC), pulled herself from consideration in a letter Biden released Tuesday, calling her nomination “untenable.” “As a strong advocate for consumers and a staunch defender of the safety and soundness of our financial system, Saule would have brought invaluable insight and perspective to our important work on behalf of the American people,” Biden said in a statement.

The top Democrat on the Senate Banking Committee blasted Republicans on Thursday for “vile attacks” on President Biden’s pick intended to make her a “Marxist boogeyman.” Sen. Sherrod Brown (D-Ohio), chairman of the Banking panel, ripped Republicans for efforts to “degrade” the confirmation process for Saule Omarova, who Biden nominated to lead the Office of the Comptroller of the Currency (OCC). Omarova, a law professor at Cornell University, was born and raised in the former Soviet republic of Kazakhstan before emigrating to the U.S. While she has been a U.S. citizen since 2005 and served in the George W. Bush...

A Cornell University law professor who advocated ending banking 'as we know it' and praised the Soviet Union's financial system over its lack of a gender pay gap has been tapped by the White House to lead the Office of the Comptroller of the Currency (OCC). Saule Omarova's nomination to head the regulatory agency overseeing the country's largest banks is a controversial choice that's alarmed banking groups. She's advocated for moving Americans' financial accounts from private banks to the Federal Reserve and for forcing banks to lose leverage on federal subsidies by becoming 'non-depository lenders.' It would diminish the stature...

The memorial services for John Altobelli, his wife Keri and their daughter Alyssa will be held at Angel Stadium on Monday, Feb. 10 at 4 p.m. The public is invited. John Altobelli was Orange Coast College’s baseball coach for 27 years. The Altobellis died Jan. 26 in the helicopter crash that killed six others, including Lakers legend Kobe Bryant and Bryant’s daughter Gianna.

http://www.msn.com/en-us/tv/news/american-chopper-star-paul-teutul-sr-files-for-bankruptcy/ar-BBJLnuK?li=BBmkt5R&ocid=ientp

Orange Coast College students and faculty stormed the administration building Monday to protest its “neutrality” on political issues which allowed the College Republicans (CRs) to release public records damaging to campus Liberals. The records released by the College Republicans originated from a public records request filed in March by Joshua Recalde-Martinez, former President of the OCC CRs, which exposed hostility toward conservative students.

Orange Coast College has given its top award for instructors this year to Olga Perez-Stable Cox, the professor caught on camera calling Donald Trump’s election “an act of terrorism” during her human sexuality course in December. Faculty at the college vote to give the award each year, and the recipient normally gives a speech at commencement. But according to the Orange Coast Register, Cox has accepted the honor but declined to speak; a spokesman from the faculty union said she made the decision because “she did not want to distract from students.” After the video went viral and was featured...

COSTA MESA – The community college instructor who called Trump’s election “an act of terrorism” during class was named faculty Colleague of the Year – but she turned down the honor. Orange Coast College’s Olga Perez Stable Cox, 66, wants to avoid the national attention that hounded her after videos of her lambasting the new administration went viral in December, school officials said Wednesday. “She didn’t want the same level of attention and scrutiny,” said Doug Bennett, Orange Coast’s executive director of college advancement.

An Orange Coast College teacher who told her students that Donald Trump’s election was an “act of terrorism” has received threats and has temporarily left the state. News of the threats against Olga Perez Stable Cox came to light Monday, as hundreds of people turned out at the college to protest for and against her.

https://www.youtube.com/watch?v=db8oL3sRzgo COSTA MESA (CBSLA.com) — A political discussion in a college class touched off a firestorm. A college professor went off on president-elect Donald Trump in her Orange Coast College class. There are now threats of expulsion and threats of legal action. CBS2’s Stacey Butler listened to the controversial rant. The human sexuality teacher — Olga Perez Stable Cox — called Trump’s election “an act of terrorism.” “Our nation is divided. We have been assaulted. It is an act of terrorism,” she told the students. .... “I felt censored and bullied if I did not agree with her opinions,” the...

A coming change in accounting standards could do irreversible damage to community banks, U.S. Rep. Scott Tipton, R-Colo., said in a letter to the Financial Accounting Standards Board. An accounting-standards update due to be issued by the board would change the way all lenders set aside reserve funds in anticipation of possible losses. The board, wrote Tipton and Rep. Patrick Murphy, D-Fla., should take "utmost caution" in proceeding because it has the potential to "irreversibly damage community banks' and credit unions' ability to continue to adequately serve their customers/members and communities and sustain the economic recovery." ... Tipton, a member...

financial reform increases staffing costs. Small banks are struggling to comply with the Dodd-Frank Act, which was passed to regulate the financial industry in the wake of the 2008 financial crisis, said Rep. Scott Tipton. The Republican from Cortez received some national attention this week for challenging Federal Reserve Chairwoman Janet Yellen to support his plan to ease the burden of Dodd-Frank on small banks. ... Mike Burns, president of Alpine Bank for the Southwest region, said in a phone interview that Dodd-Frank is creating head winds. “We really want to focus our time and energy in supporting the communities...

The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation. The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets. The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4. The survival kits must come in a fanny-pack or backpack that can fit all of...

Earlier today, Standard & Poor’s rating agency lowered the long-term rating of the U.S. government and federal agencies from AAA to AA+. With regard to this action, the federal banking agencies are providing the following guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies (collectively, banking organizations). For risk-based capital purposes, the risk weights for Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored entities will not change. The treatment of Treasury securities and other securities issued or guaranteed by the U.S. government, government agencies, and government-sponsored...

As foreclosures began to mount across the country three years ago, a group of state bank regulators suspected that some borrowers might be losing their homes unnecessarily. So the state officials asked the biggest national banks for details about their foreclosure operations. When two banks - J.P. Morgan Chase and Wells Fargo - declined to cooperate, the state officials asked the banks' federal regulator for help, according to a letter they sent. But the Office of the Comptroller of the Currency, which oversees national banks, denied the states' request, saying the firms should answer only to inquiries from federal officials....

The first Samaritan’s Purse cargo plane arrived in Haiti Wednesday with emergency relief supplies for victims of the massive earthquake that rocked the country on Tuesday. The initial shipment included shelter material, hygiene kits, and water purification kits, as well as members of our disaster response team. Our team is comprised of veterans of many disaster responses, but even they were shocked by what they encountered when they arrived. “The streets are full of people that have no home to go back to,” said Dr. David Gettle, medical advisor. “They’re running out of food, fuel, and water. The situation is...

Muslim civil rights group calls for meeting to clear up 'misconceptions' WASHINGTON, Dec. 11 /PRNewswire-USNewswire/ -- A prominent national Muslim civil rights and advocacy organization today requested a meeting with Christian evangelist Franklin Graham to discuss his latest remarks attacking Islam. The Council on American-Islamic Relations (CAIR) said it has received a number of complaints from concerned Muslims who watched an interview last night on CNN during which Graham stated in part: "...we have many Muslims that live in this country. But true Islam cannot be practiced in this country. You can't beat your wife. You cannot murder your children...

Recently, I joined the attorneys general of all the states in asking President Obama to reexamine actions by a federal agency permanently blocking states from enforcing their consumer protection laws with regard to certain financial institutions. I am also joining a brief asking the United States Supreme Court to hear a case that permitted this agency to block state enforcement of a state law against a national bank that was violating the state law. The Office of the Comptroller of the Currency (OCC) is the federal agency responsible for oversight of national banks. The OCC's unprecedented seizure of regulatory authority...