News » Weekly Regulatory Update™
Our editors conduct ongoing search for major regulatory pronouncements from the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency, National Credit Union Administration, and Office of Thrift Supervision. We provide a brief summary of the new releases and links to the original source each week.
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February 12, 2010
NCUA Approves Low-Income CU Interim Capital Rule
The Board of the National Credit Union Administration (NCUA) unanimously approved an interim final rule regarding use of secondary capital by low-income designated credit unions (LICUs). The move by NCUA comes less than a week after the Treasury Department announced details of the new Community Development Capital (CDC) Program, an initiative aimed at expanding financial institution lending in low-income areas, and will enable LICUs to participate in the Program. The interim rule changes NCUA rules concerning redemption of secondary capital by LICUs.
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February 12, 2010
Economics Working Paper: Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?
This paper focuses on potential interaction between the mortgage underwriting and pricing decisions for fair lending analysis of mortgage pricing.
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February 9, 2010
Federal Reserve announces results of auction of $50 billion in 28-day credit through its Term Auction Facility
On February 8, 2010, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. The awarded loans will settle on February 11, 2010, and will mature on March 11, 2010. The stop-out rate 0.250 will apply to all awarded loans.
http://www.federalreserve.gov/newsevents/press/monetary/20100209a.htm
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February 5, 2010
Regulators Issue Statement on Lending to Creditworthy Small Businesses
The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement on prudent lending to creditworthy small business borrowers. The regulators recognize that small businesses play an important role in the economy and know that some are experiencing difficulty in obtaining or renewing credit.
http://www.federalreserve.gov/newsevents/press/bcreg/20100205a.htm
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February 5, 2010
Regulators Issue Statement on Lending to Creditworthy Small Businesses
The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement on prudent lending to creditworthy small business borrowers. The regulators recognize that small businesses play an important role in the economy and know that some are experiencing difficulty in obtaining or renewing credit.
http://www.federalreserve.gov/newsevents/press/bcreg/20100205a.htm
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February 4, 2010
Regulators Issue Statement on Lending to Creditworthy Small Businesses
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision published in the Federal Register on January 28, 2010, a final rule amending risk-based capital requirements relating to the Financial Accounting Standard Board’s (FASB) adoption of Statement No. 166, Accounting for Transfers of Financial Assets - an Amendment of FASB Statement No. 140 (FAS 166) and FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R) (FAS 167). This bulletin transmits and summarizes the interagency final rule.
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February 3, 2010
New Capital Program Open to Credit Unions
Credit unions will be eligible to participate in a new Treasury Department program aimed at expanding financial institution lending in low-income areas. Details of the TARP Initiative for Community Development Financial Institutions, which was first announced by President Barack Obama in October, were finalized today by the Treasury Department. Participation is open to financial institutions, including low-income credit unions that have been designated as Community Development Financial Institutions, and its funding will be available under the Troubled Assets Relief Program (TARP).
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February 3, 2010
NCUA Extends Comment Period on Community Chartering Proposal
The National Credit Union Administration (NCUA) Board has extended the comment period from March 1 to April 15 on proposed revisions to the NCUA Chartering and Field of Membership Manual. The Board’s intent is to enable stakeholders to focus attention on proposed revisions to the corporate credit union rule with the comment period closing March 9.
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February 3, 2010
Federal Reserve launches a new website for bank directors
Ben S. Bernanke was formally sworn in for a second four-year term as Chairman of the Board of Governors of the Federal Reserve System at a ceremony Wednesday afternoon in the atrium of the Board's main building in Washington.
http://www.federalreserve.gov/newsevents/press/other/20100203a.htm
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February 1, 2010
Ben S. Bernanke formally sworn in to second term as chairman of the Board of Governors of the Federal Reserve System
The Federal Reserve launched a website to help new bank directors learn how they can work to ensure the safety and soundness of their institutions. The website, BankDirectorsDesktop.org, also provides a refresher course for experienced board members.
http://www.federalreserve.gov/newsevents/press/other/20100201a.htm
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January 25, 2010
Federal Reserve introduces online regulatory filing system
The Federal Reserve on announced the availability of Electronic Applications, or "E-Apps," a new Internet-based system for financial institutions to submit regulatory filings. E-Apps allows firms and their representatives to file applications online, eliminating the time and expense of printing, copying, and mailing the documents. Registered users can access the system at any time to upload additional documents or create new filings. There are no fees for using E-Apps.
http://www.federalreserve.gov/newsevents/press/bcreg/20100125a.htm
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January 22, 2010
OCC Approves First Use of “Shelf Charter” to Acquire Failed Bank
The Office of the Comptroller of the Currency announced it has approved the first use of a “shelf charter” for the acquisition of a failed bank, allowing Bond Street Bank, National Association, to acquire a Florida bank that was placed in receivership.
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January 21, 2010
Agencies Issue Final Rule for Regulatory Capital Standards Related to Statements of Financial Accounting Standards Nos. 166 and 167
The federal banking and thrift regulatory agencies announced the final risk-based capital rule related to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. These new accounting standards make substantive changes to how banking organizations account for many items, including securitized assets, that had been previously excluded from these organizations' balance sheets.
http://www.federalreserve.gov/newsevents/press/bcreg/20100121a.htm
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January 20, 2010
Federal Reserve Banks announce new studies to examine nation’s check and electronic payments usage
The Federal Reserve Banks announced plans to conduct another series of studies to determine the current volume and composition of check and electronic payments in the United States. These studies will build on information gained from similar studies conducted by the Reserve Banks in 2001, 2004 and 2007.
http://www.federalreserve.gov/newsevents/press/other/20100120a.htm
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January 20, 2010
OCC Bulletin: Reverse Mortgages: Proposed Guidance
The Office of the Comptroller of the Currency, along with the other members of the Federal Financial Institutions Examination Council (FFIEC), recently released proposed guidance on reverse mortgage products. The guidance is designed to help financial institutions ensure that their risk management and consumer protection practices adequately address the compliance and reputation risks raised by reverse mortgage lending.
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January 15, 2010
NCUA Issues Low Income and Community Development Credit Union Guidance
The National Credit Union Administration (NCUA) today issued Letter to Credit Unions 10-CU-01-- Supervising Low Income Credit Unions and Community Development Credit Unions. The Letter, which was provided to NCUA examination staff and shared with the boards of directors of all federally insured credit unions, provides guidance on the characteristics, benefits, and unique challenges of low income credit unions and community development credit unions.
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January 8, 2010
Interest Rate Risk: Interagency Advisory on Interest Rate Risk
This advisory reiterates the importance of effective corporate governance, policies and procedures, risk measuring and monitoring systems, stress testing, and internal controls related to the IRR exposures of depository institutions. It also clarifies various elements of existing guidance and describes selected IRR management techniques used by effective risk managers.
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January 8, 2010
Protecting Tenants at Foreclosure Act of 2009: New Examination Procedures
The Office of the Comptroller of the Currency (OCC) is issuing examination procedures for the Protecting Tenants at Foreclosure Act of 2009 (Tenants Protection Act). The Tenants Protection Act, which is part of the Helping Families Save Their Homes Act of 2009, was effective May 20, 2009, and will expire on December 31, 2012.
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January 8, 2010
Joint Forum Release of Review of the Differentiated Nature and Scope of Financial Regulation
"This paper takes a focused look at certain regulatory gaps that became apparent during the crisis,” Comptroller John C Dugan, and retiring Chair of the Joint Forum said. There are some key recommendations in this report that, once implemented, will reduce those gaps and strengthen regulation of the financial system. Consistency in regulation and similar supervision for similar activities are key principles for effective oversight of systemic risks. This report sets the stage for additional important work that will lead to greater convergence of the supervision of financial activities and firms.
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January 8, 2010
Board advises institutions of supervisory expectations for sound practices in managing interest rate risk
The Federal Reserve released an advisory reminding depository institutions of supervisory expectations for sound practices in managing interest rate risk. This advisory, adopted along with the other financial regulators, reiterates the importance of effective corporate governance, policies and procedures, risk measuring and monitoring systems, stress testing, and internal controls related to the interest rate risk exposures of depository institutions. It also clarifies elements of existing guidance and describes interest rate risk-management techniques used by effective risk managers.
http://www.federalreserve.gov/newsevents/press/bcreg/20100107a.htm
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December 22, 2009
Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
The federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank," and "intermediate small savings association" under the Community Reinvestment Act (CRA) regulations. The annual adjustments for banks are required by the 2005 CRA regulatory amendments and for savings associations by the OTS 2007 CRA regulatory amendments.
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December 21, 2009
OCC and OTS Release Mortgage Metrics Report for Third Quarter 2009
National bank and thrift servicers implemented more than 680,000 home loan modifications and payment plans in the third quarter of 2009 to avoid preventable foreclosures, according to a report released by the Office of the Comptroller of the Currency and the Office of Thrift Supervision.
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December 18, 2009
OCC Annual Report, Fiscal Year 2009
The OCC's 2009 Annual Report highlights the agency's role in the government-wide effort to restore safety and soundness to the financial system. Other sections of the Report focus on the OCC's finances, management, and consumer protection activities
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December 17, 2009
Bank Secrecy Act/Anti-Money Laundering: Cover Payments Guidance
Guidance references Basel Committee paper that discusses risks inherent in cover payment arrangements in which banks do not send full information to intermediary banks.
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December 17, 2009
NCUA Proposes Streamlined Community Charter Rule
The National Credit Union Administration Board approved a proposed rule to revise and the Agency’s community chartering policies and clearly define what constitutes a community charter. The proposal recommends objective, quantifiable criteria to determine a local community and defines the term “rural district.” The proposal also clarifies NCUA’s marketing plan requirements for credit unions converting to or expanding community charters, and defines the term “in danger of insolvency” for emergency merger purposes.
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December 4, 2009
Federal Reserve adopts final rule establishing a process to determine the eligibility of credit rating agencies for the Term Asset-Backed Securities Loan Facility (TALF)
The rule establishes criteria for determining the eligibility of agencies to issue credit ratings on asset-backed securities (ABS), other than those backed by commercial real estate, to be accepted as collateral for the TALF. The criteria include registration as a nationally recognized statistical rating organization (NRSRO) with the Securities and Exchange Commission and experience issuing credit ratings specific to the types of assets accepted as collateral in the TALF. The final rule is substantively the same as the proposed rule announced on October 5, 2009.
http://www.federalreserve.gov/newsevents/press/monetary/20091204a.htm
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December 2, 2009
OCC 2009-35, Risk-Based Capital-Mortgage Modifications
The program provides a framework for mortgage lenders and servicers to restructure certain one-to-four family mortgages to make them more affordable. Under the OCC’s general risk-based capital rules, mortgages modified pursuant to the program would be considered “restructured” and thus no longer eligible for a 50 percent risk weight; such mortgages would receive a 100 percent risk weight. The final rule changes the general risk-based capital rules so that a mortgage loan modified under the program will retain the risk weight assigned prior to the modification, so long as the loan continues to meet other prudential criteria. The final rule clarifies that mortgage loans that have program modifications in the trial period, and not yet permanent, qualify for the risk-based capital treatment contained in the rule. However, a modified loan that was receiving a 100 percent risk weight because it was 90 days or more past due or on non-accrual would be eligible to return to the 50 percent risk weight category only after demonstration of a sustained period of repayment performance consistent with current OCC practice, generally expected to be a minimum of six months.
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December 1, 2009
OCC 2009-34, Notice of Comptroller of the Currency Fees for Year 2010: Fee Structure
The purpose of this issuance is to inform all national banks and federal branches and agencies of fees charged by the Office of the Comptroller of the Currency (OCC) for year 2010. Changes are effective January 1, 2010.
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November 27, 2009
Agencies Extend Compliance Date for Final Rule to Implement Unlawful Internet Gambling Enforcement Act
The Department of the Treasury and the Federal Reserve Board announced the release of a joint final rule to extend the compliance date for their joint regulation implementing certain provisions of the Unlawful Internet Gambling Enforcement Act by six months to June 1, 2010.
http://www.federalreserve.gov/newsevents/press/bcreg/20091127a.htm
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November 20, 2009
OCC 2009-33, Model Privacy Notice: Final Rule
The Office of the Comptroller of the Currency (OCC) and other federal regulators of financial services providers – including the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, the Federal Trade Commission, and the Securities and Exchange Commission – have issued uniform final rules amending their regulations to include a model privacy notice that institutions can use at their option to provide initial and annual privacy notices to their customers, as required by the Gramm–Leach–Bliley Act (GLBA). The model notice, which is the product of extensive consumer testing, is designed to be easy for consumers to read and use.
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November 17, 2009
Federal Regulators Issue Final Model Privacy Notice Form
Eight federal regulatory agencies released a final model privacy notice form that will make it easier for consumers to understand how financial institutions collect and share information about consumers. Under the Gramm-Leach-Bliley Act (GLB Act), institutions must notify consumers of their information-sharing practices and inform consumers of their right to opt out of certain sharing practices. The model form issued today can be used by financial institutions to comply with these requirements.
http://www.federalreserve.gov/newsevents/press/bcreg/20091117a.htm
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November 16, 2009
Federal Reserve approves interim final rule requiring notice be given to consumers when their mortgage loan is sold or transferred
The Federal Reserve Board on Monday approved an interim final rule to implement a recent statutory amendment requiring that notice be given to consumers when their mortgage loan has been sold or transferred. The new disclosure requirement became effective immediately upon enactment of the Helping Families Save Their Homes Act in May, 2009. Under that Act, a purchaser or assignee that acquires a mortgage loan must provide the required disclosures in writing within 30 days.
http://www.federalreserve.gov/newsevents/press/bcreg/20091116b.htm
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November 16, 2009
Federal Reserve proposes rules to restrict fees and expiration dates on gift cards
The Federal Reserve Board announced proposed rules that would restrict the fees and expiration dates that may apply to gift cards. The rules would protect consumers from certain unexpected costs and would require that gift card terms and conditions be clearly stated.
http://www.federalreserve.gov/newsevents/press/bcreg/20091116a.htm
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November 13, 2009
Agencies Issue Final Rule for Mortgage Loans Modified Under the Home Affordable Mortgage Program
The federal bank and thrift regulatory agencies today issued a final rule providing that mortgage loans modified under the U.S. Department of the Treasury’s Home Affordable Mortgage Program (HAMP) will generally retain the risk weight appropriate to the mortgage loan prior to modification.
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November 12, 2009
Federal Regulators Reopen Comment Period for Correspondent Concentration Risks Guidance
The federal bank and thrift regulatory agencies announced they are reopening the comment period on proposed guidance on correspondent concentration risks, originally published on September 25. The comment period will be open until November 27, 2009, an additional 30 days after the original comment period closed.
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November 5, 2009
The U.S. Financial System in 2011: How Will Sufficient Credit Be Provided?” by Susan Hickok and Daniel Nolle
Uses Flow of Funds data to construct a bird’s-eye view of what the credit-provision landscape might look like, particularly for banks, once the current financial system turmoil subsides.
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November 5, 2009
OCC Chief of Staff Delivers Remarks at the National Community Investment Fund’s Annual Development Banking Conference
The Office of the Comptroller of the Currency's Chief of Staff and Public Affairs John G. Walsh delivered remarks before attendees of the National Community Investment Fund's Annual Development Banking Conference in Chicago.
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November 5, 2009
NCUA Opens Community Development Revolving Loan Fund
The National Credit Union Administration (NCUA) opened the Community Development Revolving Loan Fund (CDRLF) program to provide 2009 funding. The application period begins November 4, 2009, and ends December 30, 2009.
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October 30, 2009
Commercial Real Estate (CRE) Loans: Guidance on Prudent CRE Loan Workouts
The Federal Financial Institutions Examination Council (FFIEC) released a policy statement, adopted by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the National Credit Union Administration, and the FFIEC State Liaison Committee, on prudent commercial real estate loan workouts. This policy statement replaces the Interagency Policy Statement on the Review and Classification of Commercial Real Estate Loans, reprinted in Appendix A of the Commercial Real Estate and Construction Lending booklet of the Comptroller’s Handbook, November 1995.
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October 30, 2009
Financial Regulators Adopt Guidance on Prudent Commercial Real Estate Loan Workouts
The Federal Financial Institutions Examination Council (FFIEC) released a policy statement supporting prudent commercial real estate (CRE) loan workouts. This policy statement, adopted by each of the financial regulators, provides guidance for examiners, and for financial institutions that are working with CRE borrowers who are experiencing diminished operating cash flows, depreciated collateral values, or prolonged delays in selling or renting commercial properties. The financial regulators recognize that prudent loan workouts are often in the best interest of both financial institutions and borrowers, particularly during difficult economic conditions. This policy statement details risk-management practices for loan workouts that support prudent and pragmatic credit and business decision making within the framework of financial accuracy, transparency, and timely loss recognition.
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October 22, 2009
Federal Reserve issues proposed guidance on incentive compensation
The Federal Reserve Board issued a proposal designed to ensure that the incentive compensation policies of banking organizations do not undermine the safety and soundness of their organizations.
http://www.federalreserve.gov/newsevents/press/bcreg/20091022a.htm
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October 20, 2009
Federal Reserve announces new director of Banking Supervision and Regulation Division
The Federal Reserve Board announced the appointment of Patrick M. Parkinson as director of the Division of Banking Supervision and Regulation, effective immediately.
http://www.federalreserve.gov/newsevents/press/other/20091020a.htm
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October 14, 2009
Comptroller Dugan Tells Senate Panel National Banks Have Capacity to Withstand Declining Asset Quality
Comptroller of the Currency John C. Dugan told a Senate subcommittee that while credit quality is continuing to worsen, the vast majority of national banks are strong and have the financial capacity to withstand declining asset quality.
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October 14, 2009
Matz Tells Senators of NCUA’s Efforts to Protect Credit Union Members, Mitigate Risks
National Credit Union Administration Chairman Debbie Matz told the Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions that stress in the financial sector has translated into challenging times, but she is confident that the credit union industry will weather the storm.
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October 9, 2009
Annual adjustments for reserve calculations and deposit reporting, Regulation D
The Federal Reserve Board announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2010. These amounts are used in the calculation of reserve requirements of depository institutions. The Board also announced the annual indexing of the nonexempt deposit cutoff level and the reduced reporting limit that will be used to determine deposit reporting panels effective 2010.
http://federalreserve.gov/newsevents/press/bcreg/20091009a.htm
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October 8, 2009
Restructuring of check processing operations in the Fourth, Eleventh, and Twelfth districts, Regulation CC
The Federal Reserve Board on Monday announced two changes to the procedures for evaluating asset-backed securities (ABS) pledged to the Term Asset-Backed Securities Loan Facility (TALF). The TALF, which was authorized by the Board on November 24, 2008, helps market participants meet the credit needs of households and businesses by lending to investors in highly rated ABS and commercial mortgage-backed securities (CMBS).
http://federalreserve.gov/newsevents/press/bcreg/20091008a.htm
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October 5, 2009
Federal Reserve announces changes to procedures for evaluating asset-backed securities pledged to the Term Asset-Backed Securities Loan Facility (TALF)
The Federal Reserve Board approved amendments to Appendix A of Regulation CC that reflect the restructuring of the Federal Reserve Banks' check-processing operations, and provided notice relating to future changes to the regulation.
http://federalreserve.gov/newsevents/press/monetary/20091005b.htm
September 29, 2009
Federal Reserve Proposes Amending Reg. Z to Protect Credit Card Users
The Federal Reserve Board on Tuesday proposed rules amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of potentially costly practices.
Among other things, the proposed rule would:
Protect consumers from unexpected increases in credit card interest rates by generally prohibiting increases in a rate during the first year after an account is opened and increases in a rate that applies to an existing credit card balance.
Prohibit creditors from issuing a credit card to a consumer who is under the age of 21 unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so.
Require creditors to obtain a consumer's consent before charging fees for transactions that exceed the credit limit.
Limit the high fees associated with subprime credit cards.
Ban creditors from using the "two-cycle" billing method to impose interest charges.
Prohibit creditors from allocating payments in ways that maximize interest charges.http://www.federalreserve.gov/newsevents/press/bcreg/20090929a.htm
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September 29, 2009
FDIC Proposes Prepayment of Assessments
The Board of Directors of the Federal Deposit Insurance Corporation adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012. The FDIC estimates that the total prepaid assessments collected would be approximately $45 billion. The FDIC Board also voted to adopt a uniform three-basis point increase in assessment rates effective on January 1, 2011, and extend the restoration period from seven to eight years.
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September 28, 2009
Federal Reserve; FDIC; OCC; OTS Seek Comment on Interagency Guidance on Correspondent Concentration Risks
The proposed guidance outlines the agencies’ expectations for identifying, monitoring, and managing correspondent concentration risks among financial institutions.
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September 28, 2009
NCUA Issues Supervisory Letter on Loan Modifications
The Supervisory Letter discusses the objectives of a loan modification program and provides NCUA field staff with guidance for evaluating whether management has made a realistic assessment of risk and exercised the proper due diligence in developing, implementing, and monitoring these inherently higher risk programs.
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September 25, 2009
OCC Releases Consumer Advisory: “Reverse Mortgages: Are They for You?”
The Office of the Comptroller of the Currency (OCC) issued a consumer advisory to help consumers better understand reverse mortgages. Reverse mortgages generally are available to consumers who are 62 or older, and can be used to supplement retirement income or meet health care or other financial needs.
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September 25, 2009
Matz Encourages CDFI Fund Applications
Noting the announcement of the Fiscal Year 2010 Community Development Financial Institution (CDFI) Program funding round, National Credit Union Administration (NCUA) Chairman Debbie Matz today encouraged broader credit union participation in the program as a way to expand service to low-income consumers. The application period commenced yesterday and closes November 18, 2009.
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September 24, 2009
Board issues revision to Regulation S regarding costs incurred by financial institutions in producing customer financial records
The Federal Reserve Board issued a revision to Regulation S, which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act.
http://www.federalreserve.gov/newsevents/press/bcreg/20090924b.htm
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September 18, 2009
Notice of Proposed Rulemaking: Regulatory Capital – FAS 166/167 and ABCP Conduits
Proposed rule to address the effect on regulatory capital resulting from implementation of FASB's changes to standards regarding transfer of financial assets and consolidation of variable interest entities.
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September 15, 2009
Federal Reserve to implement consumer compliance supervision program of nonbank subsidiaries of bank holding companies and foreign banking organizations
The Federal Reserve, under a policy announced, will implement a consumer compliance supervision program in nonbank subsidiaries of bank holding companies (BHCs) and foreign banking organizations (FBOs) with activities covered by the consumer protection laws and regulations the Federal Reserve has the authority to enforce. The policy, which will take effect immediately, also provides for the investigation of consumer complaints against these nonbank entities.
http://www.federalreserve.gov/newsevents/press/bcreg/20090915a.htm
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September 10, 2009
Hyland Addresses Questions on Proposed Changes to Corporate Rule
Speaking at First Carolina Corporate Credit Union’s Financial Conference in Charlotte, North Carolina, Board Member Gigi Hyland indicated her belief that proposed revisions to NCUA’s corporate regulation, Part 704, would be issued by year-end.
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August 28, 2009
Federal Reserve announces amounts of Term Auction Facility (TAF) credit offered at September auctions will be reduced to $75 billion
The Federal Reserve announced that the amounts of Term Auction Facility (TAF) credit offered at each of the two auctions in September will be reduced to $75 billion from $100 billion in August. Specifically, the Federal Reserve will offer $75 billion of 84-day credit on Tuesday, September 8, and $75 billion of 28-day credit on Monday, September 21.
http://www.federalreserve.gov/newsevents/press/monetary/20090828a.htm
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August 28, 2009
NCUA Chairman Matz Addresses Credit Union Concerns On Credit CARD Act ComplianceNCUA Chairman Matz Addresses Credit Union Concerns On Credit CARD Act Compliance
In response to credit union concerns about compliance with new requirements under the Credit Card, Accountability, Responsibility, and Disclosure Act of 2009 (Credit CARD Act), NCUA Chairman Debbie Matz underscored the NCUA’s commitment to consumer protection and ensuring credit union compliance, while recognizing some credit unions may have technical difficulties and the need for examiners to work with credit unions on a case-by-case basis.
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August 26, 2009
Agencies Seek Comment on Proposed Regulatory Capital Standards Related to Adoption of FASB Statements of Financial Accounting Standards Nos. 166 and 167
The federal banking and thrift regulatory agencies are seeking comment on a proposed regulatory capital rule related to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. Beginning in 2010, these accounting standards will make substantive changes to how banking organizations account for many items, including securitized assets, that are currently excluded from these organizations’ balance sheets.
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August 26, 2009
OCC Issues Additional Guidance on Credit Card Account Rate Increases
The Office of the Comptroller of the Currency (OCC) issued a bulletin on provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act). The bulletin describes an interim final rule issued by the Federal Reserve Board that requires banks to notify customers 45 days in advance of any rate increase or significant changes in credit card account terms. The rules also require lenders to disclose that their customers have the right to reject those changes.
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August 26, 2009
Truth in Lending: Interim Final Rules
The bulletin describes recent Federal Reserve rules affecting notices of changes to credit card account terms, and it directs national banks to provide an additional disclosure to better inform consumers.
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August 20, 2009
Hyland Urges Continued Collaboration Between State and Federal Regulators; Discusses Key Issues
Speaking to participants at the National Association of State Credit Union Supervisors (NASCUS) State System Summit, Board Member Hyland noted, “Over the past four years, NCUA and state supervisors have built a strong, collaborative working relationship. The dialogue and communication must continue as we work through these difficult economic circumstances.”
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August 19, 2009
NCUA Regulatory Alert Addresses Impending Disclosure Deadline
The National Credit Union Administration (NCUA) issued Regulatory Alert 09-RA-07 to all federally insured credit unions concerning Regulation Z amendments implementing provisions of the Credit Card Accountability Act designed to establish fair and transparent practices for open-end consumer credit plans, including credit cards.
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August 17, 2009
Federal Reserve and Treasury Department announce extension to Term Asset-Backed Securities Loan Facility (TALF)
The Federal Reserve Board and the Treasury Department on Monday that they approved an extension to the Term Asset-Backed Securities Loan Facility (TALF) and that, at this time, they do not anticipate any further additions to the types of collateral that are eligible for the facility.
http://www.federalreserve.gov/newsevents/press/monetary/20090817a.htm