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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January 25, 2012
Federal Reserve issues FOMC statement of longer-run goals and policy strategy
Following careful deliberations at its recent meetings, the Federal Open Market Committee (FOMC) has reached broad agreement on the following principles regarding its longer-run goals and monetary policy strategy. The Committee intends to reaffirm these principles and to make adjustments as appropriate at its annual organizational meeting each January.
http://www.federalreserve.gov/newsevents/press/monetary/20120125c.htm
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January 24, 2012
OCC Seeks Comment on Proposed Rule Regarding Annual Stress Tests
The Office of the Comptroller of the Currency (OCC) today announced it is seeking comment on a notice of proposed rulemaking implementing section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act").
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-10.html
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January 24, 2012
Acting Comptroller Talks About Securitization and Derivatives at the American Securitization Forum
Acting Comptroller of the Currency John Walsh spoke to attendees of the annual American Securitization Forum conference about the role of securitization in the economy and efforts to better understand and manage the risks associated with derivatives.
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-11.html
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January 20, 2012
Federal Reserve releases templates for reporting FOMC participants' projections of the appropriate target federal funds rate
The Federal Reserve on Friday released blank templates showing the format of the two charts it will use on January 25 to report Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate. It also released a draft of an explanatory note that will accompany the projections.
http://www.federalreserve.gov/newsevents/press/monetary/20120120a.htm
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January 18, 2012
Acting Comptroller of the Currency Testifies on Volcker Rule
Acting Comptroller of the Currency John Walsh testified today before a joint hearing of two House Financial Services subcommittees on Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule. The Volcker Rule requires regulators to implement certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The comment period for the proposed rule closes February 13, 2012.
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-5.html
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January 10, 2012
Reserve Bank income and expense data and transfers to the Treasury for 2011
The Federal Reserve Board released the minutes of its discount rate meetings for November 21 and December 12, 2011.
http://www.federalreserve.gov/newsevents/press/monetary/20120110a.htm
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January 10, 2012
Prohibitions and Restrictions on Proprietary Trading (the Volcker Rule): Notice of Proposed Rulemaking
On November 7, 2011, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission (the agencies) published in the Federal Register a proposed rule to implement section 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd–Frank Act), which contains certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading and to have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed rule stated that the public comment period would close on January 13, 2012.
http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-4.html
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January 04, 2012
OCC Releases Public Service Ads About the Independent Foreclosure Review
The Office of the Comptroller of the Currency today released print and radio public service advertisements to increase awareness of the Independent Foreclosure Review, announced in November 2011.
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-1.html
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December 23, 2011
Agencies Extend Comment Period on Volcker Rule Proposal
Four federal agencies on Friday extended until February 13, 2012, the comment period on a proposal to implement the so-called Volcker Rule of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Act requires regulators to implement certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The comment period was extended as part of a coordinated interagency effort to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by January 13, 2012.http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-ia-2011-155.html
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December 20, 2011
Federal Reserve Board proposes steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms
The Federal Reserve Board on Tuesday proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. The proposal, which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing, risk management, and early remediation requirements, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://www.federalreserve.gov/newsevents/press/bcreg/20111220a.htm
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December 19, 2011
Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
The federal bank regulatory agencies today 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 are required by the CRA rules. Financial institutions are evaluated under different CRA examinations procedures based upon their asset-size classification. Those meeting the small and intermediate small asset-size threshold are not subjected to the reporting requirements applicable to large banks.
http://www.federalreserve.gov/newsevents/press/bcreg/20111219a.htm
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December 14, 2011
Foreclosed Properties: Guidance on Potential Issues With Foreclosed Residential Properties
In the current economic environment, national banks and federal savings associations (collectively, banks) are facing challenges resulting from unprecedented numbers of troubled residential mortgage loans. Foreclosures on residential properties also are occurring in unprecedented numbers and are projected to continue this trend in the near term. Among the many consequences of high levels of foreclosures are growing inventories of foreclosed residential and commercial properties. The Office of the Comptroller of the Currency (OCC) is providing guidance to banks on obligations and risks related to foreclosed property. This guidance highlights legal, safety and soundness, and community impact considerations.1 It primarily focuses on residential foreclosed properties, but many of the same principles apply to commercial properties.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-49.html
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December 13, 2011
Credit Policy: Concentrations of Credit: Revised Booklet
The Office of the Comptroller of the Currency (OCC) recently revised the electronic version of the “Concentrations of Credit” booklet of the Comptroller’s Handbook, which replaces a similarly titled booklet issued in March 1990. Concurrently, OCC Bulletin 95-7 (February 9, 1995), “Concentrations of Credit,” is rescinded. That bulletin directs that all reports of examination (ROE) include a page detailing all concentrations of credit. Guidance contained in this booklet directs examiners to include a page in each ROE that lists concentrations posing a challenge to management or presenting unusual or significant risk to banks or federal savings associations (collectively, banks).
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-48.html
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December 12, 2011
December Issue of The NCUA Report is now available.
The NCUA Report is NCUA’s flagship publication that highlights important NCUA Board actions and key issues that credit union volunteers and management need to know. It is a one-stop resource to learn not just the “what” but also the “why” behind NCUA’s actions.
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December 08, 2011
OTS Integration: Supervisory Policy Integration Process
This bulletin outlines the process that the Office of the Comptroller of the Currency (OCC) intends to follow to fully integrate the Office of Thrift Supervision (OTS) policy guidance documents (guidance) into a common set of supervisory policies that applies to both national banks and federal savings associations.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-47.html
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December 07, 2011
Agencies Seek Comment on Additional Revisions to the Market Risk Capital Rules
The federal bank regulatory agencies today announced they are seeking comment on a notice of proposed rulemaking (NPR) that would amend an earlier NPR announced in December 2010. The initial NPR proposed modifications to the agencies' market risk capital rules for banking organizations with significant trading activities.
http://www.federalreserve.gov/newsevents/press/bcreg/20111207a.htm
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November 30, 2011
Coordinated central bank action to address pressures in global money markets
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing coordinated actions to enhance their capacity to provide liquidity support to the global financial system. The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity.
http://www.federalreserve.gov/newsevents/press/monetary/20111130a.htm
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November 17, 2011
Agencies Issue Statement to Clarify Supervisory and Enforcement Responsibilities For Federal Consumer Financial Laws
A statement that explains how the total assets of an insured bank, thrift or credit union will be measured for purposes of determining supervisory and enforcement responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act was issued today by five federal financial supervisory agencies.
http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-ia-2011-136.html
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November 14, 2011
Notice of Proposed Rulemaking: Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity Funds (the Volcker Rule)
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission (the agencies) are requesting comment on a proposed rule that would implement section 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd–Frank Act), which contains certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading and to have certain interests in, or relationships with, a hedge fund or private equity fund (a covered fund).
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-45.html
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November 01, 2011
Federal Reserve Board announces that borrowers from four mortgage servicers can request an independent review and potentially receive compensation
The Federal Reserve Board on Tuesday announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by four institutions in 2009 and 2010 can now request an independent review and potentially receive compensation.
http://www.federalreserve.gov/newsevents/press/enforcement/20111101a.htm
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November 01, 2011
Guidance for Bankers: Bank Appeals Process
Pursuant to section 316 of the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Office of the Comptroller of the Currency (OCC) is revising the OCC’s procedures for national banks to appeal agency decisions and actions to include federal savings associations. This issuance also replaces Banking Bulletin 2002-9, dated February 25, 2002,1 and repeals Office of Thrift Supervision (OTS) Thrift Bulletin 68b, dated July 10, 2008. By revising the appeals procedure to include federal savings associations, a uniform appeals process will apply to national banks, federal branches and agencies, and federal savings associations (collectively referred to as “banks” for the purpose of this issuance).
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-44.html
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October 26, 2011
Annual adjustments for reserve calculations and deposit reporting, Regulation D
The Federal Reserve Board on Wednesday announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2012. 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 2012.
http://www.federalreserve.gov/newsevents/press/bcreg/20111026a.htm
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October 21, 2011
Electronic Fund Transfer Act-Regulation E: Revised Examination Procedures
The Office of the Comptroller of the Currency (OCC) is issuing a new booklet entitled "Electronic Fund Transfer Act–Regulation E" in the Comptroller's Handbook. This booklet updates examination procedures and incorporates recent changes the Board of Governors of the Federal Reserve made to Regulation E regarding overdraft services, gift cards, and electronic signatures.
The overdraft services rule (12 CFR 205.17) limits the ability of a financial institution to assess overdraft fees for paying automated teller machine and one-time debit card transactions that overdraw a consumer’s account unless the consumer affirmatively consents, or opts in, to the institution’s payment of overdrafts for those transactions. This rule became effective July 1, 2010, for new account holders and August 15, 2010, for existing account holders.http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-43.html
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October 21, 2011
Electronic Fund Transfer Act-Regulation E: Revised Examination Procedures
The Office of the Comptroller of the Currency (OCC) is issuing a new booklet entitled "Electronic Fund Transfer Act–Regulation E" in the Comptroller's Handbook. This booklet updates examination procedures and incorporates recent changes the Board of Governors of the Federal Reserve made to Regulation E regarding overdraft services, gift cards, and electronic signatures.
The overdraft services rule (12 CFR 205.17) limits the ability of a financial institution to assess overdraft fees for paying automated teller machine and one-time debit card transactions that overdraw a consumer’s account unless the consumer affirmatively consents, or opts in, to the institution’s payment of overdrafts for those transactions. This rule became effective July 1, 2010, for new account holders and August 15, 2010, for existing account holders.http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-43.html
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October 20, 2011
NCUA Issues Letter to Credit Unions No. 11-CU-17, NCUA Office of Consumer Protection
Our intent with this letter is to provide helpful information regarding NCUA’s new Office of Consumer Protection (OCP) and its two divisions: Consumer Compliance and Outreach, and Consumer Access. Understanding each division’s responsibilities will assist federally insured credit unions in submitting requests and questions to the appropriate division. And in an effort to work cooperatively with federal credit unions’ supervisory committees, this letter also addresses NCUA’s member complaint resolution process.
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October 17, 2011
Federal Reserve Board approves final rule implementing the resolution plan requirement of the Dodd-Frank Act
The Federal Reserve Board on Monday announced the approval of a final rule to implement the resolution plan requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The final rule requires bank holding companies with assets of $50 billion or more and nonbank financial firms designated by the Financial Stability Oversight Council for supervision by the Board to annually submit resolution plans to the Board and the Federal Deposit Insurance Corporation.http://www.federalreserve.gov/newsevents/press/bcreg/20111017a.htm
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October 14, 2011
Agencies Release Guidance and Proposed Revisions to Interagency Questions and Answers Regarding Flood Insurance
The federal agencies that supervise banks, thrifts, and credit unions, and the Farm Credit System, today published guidance that updates the Interagency Questions and Answers Regarding Flood Insurance that were most recently published on July 21, 2009 at 74 FR 35914-35947.
The guidance finalizes two questions and answers that had been previously proposed. The first relates to insurable value. The second relates to force placement of flood insurance. The agencies withdrew another question regarding insurable value.http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-ia-2011-130.html
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October 14, 2011
Community Reinvestment Act Notices, Fair Housing Act Posters, Equal Credit Opportunity Act Notices
This bulletin advises institutions supervised by the Office of the Comptroller of the Currency (OCC) of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act (ECOA) and posters required by the Fair Housing Act (FHA).
On July 21, 2011, the transfer of former Office of Thrift Supervision (OTS) functions to the OCC, including the supervision of all federal savings associations, was completed. In addition, enforcement authority for compliance with ECOA for OCC-supervised institutions with assets greater than $10 billion was transferred to the Consumer Financial Protection Bureau (CFPB). Altogether, these activities necessitate changes to CRA public notices, FHA posters, and ECOA notices. OCC-supervised institutions should make the appropriate changes to their notices and posters, if necessary, within 90 days of this notification.http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-41.html
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September 22, 2011
Fair Credit Reporting and Equal Credit Opportunity Acts–Risk-Based Pricing Notices
On July 15, 2011, the Federal Trade Commission and the Board of Governors of the Federal Reserve System (Board) published final rules1 amending their respective risk-based pricing rules. The rules require disclosing credit scores and information relating to credit scores in risk-based pricing notices if a credit score is used in setting the material terms of credit or in taking adverse action. The rules reflect the new requirements in section 615(h) of the Fair Credit Reporting Act (FCRA) that were added by section 1100F of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010. The rules became effective August 15, 2011. Additional details related to each provision are discussed in the following paragraphs
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-39.html
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September 20, 2011
Federal Reserve Board issues final rule under Regulation B regarding data collection compliance requirements for motor vehicle dealers
The Federal Reserve Board issued a final rule amending Regulation B to provide that motor vehicle dealers are not required to comply with new data collection requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) until the Board issues final regulations to implement the statutory requirements.
http://www.federalreserve.gov/newsevents/press/bcreg/20110920a.htm
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September 09, 2011
Truth in Lending Act: Annual Dollar Trigger for Certain Home Mortgage Loans
The Board of Governors of the Federal Reserve System published in the June 20, 2011, Federal Register its annual amendment to its Regulation Z Commentary related to the dollar amount that triggers requirements for certain home mortgage loans subject to 12 CFR 226.32. The Home Ownership and Equity Protection Act of 1994 established rules for home-secured loans in which the total points and fees payable by the consumer at or before loan closing exceed the greater of $400 or 8 percent of the total loan amount. The dollar amount is adjusted annually based on the percentage change in the Consumer Price Index that becomes effective on June 1.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-36.html
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August 22, 2011
Federal Reserve Board Proposes Phase-in Period for Most Savings and Loan Holding Companies to File Regulatory Reports
The Federal Reserve Board is proposing a two-year phase-in period for most savings and loan holding companies (SLHCs) to file Federal Reserve regulatory reports with the Board and an exemption for some SLHCs from initially filing Federal Reserve regulatory reports.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rulemaking authority for SLHCs and their nondepository subsidiaries transferred from the Office of Thrift Supervision (OTS) to the Board on July 21, 2011. On February 3, 2011, the Federal Reserve Board sought comment on its notice of intent to require SLHCs to submit the same reports as bank holding companies, beginning with the March 31, 2012, reporting period.http://www.federalreserve.gov/newsevents/press/bcreg/20110822a.htm
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August 12, 2011
Board Issues Interim Final Rule Establishing Regulations for Savings and Loan Holding Companies
The Federal Reserve Board issued an interim final rule establishing regulations for savings and loan holding companies (SLHCs). The rule will take effect once it is published in the Federal Register, which is expected soon.
http://www.federalreserve.gov/newsevents/press/bcreg/20110812a.htm
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August 05, 2011
Agencies Issue Guidance on Federal Debt
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 provided guidance to banks, savings associations, credit unions, and bank and savings and loan holding companies. Please refer to the link below for complete details:
http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-ia-2011-104.html
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August 02, 2011
NCUA Announces Voluntary Prepayment of Stabilization Fund Assessments Results
NCUA did not receive sufficient pledges from credit unions to meet the minimum threshold for triggering the Voluntary Prepayment of Corporate Stabilization Fund Assessment. This program will therefore not launch in 2011.
http://www.ncua.gov/news/press_releases/2011/MR11-0802PrepaymentThreshold(3).pdf
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August 01, 2011
Final Rule: Dodd-Frank Act Implementation: OTS Integration
The Office of the Comptroller of the Currency (OCC) published in the Federal Register (76 FR 43549) a final rule on July 21, 2011, implementing several provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, P.L. 111–203 (Dodd–Frank), including the transfer of certain functions from the Office of Thrift Supervision (OTS) and changes to national bank preemption and visitorial powers. This rule was effective on July 21.
The final rule amends existing OCC rules regarding internal agency functions and operations to incorporate the transfer of certain functions of the OTS to the OCC pursuant to title III of Dodd–Frank, and to implement other provisions of the act. As a result of title III, the OCC assumes responsibility for the ongoing examination, supervision, and regulation of federal savings associations on the transfer date of July 21. The act also transfers to the OCC the OTS rulemaking authority for all savings associations.http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-35.html
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July 28, 2011
Federal Reserve seeks comment on proposal setting standards for banking organizations engaging in certain types of foreign exchange transactions
The Federal Reserve Board is seeking comment on a proposal that sets standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.
The proposal, issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, outlines requirements for disclosure, recordkeeping, business conduct, and documentation for retail foreign exchange transactions. Institutions engaging in such transactions will be required to identify themselves to their regulator and to be well capitalized. They will also be required to collect margin for retail foreign exchange transactions.http://www.federalreserve.gov/newsevents/press/bcreg/20110728a.htm
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July 28, 2011
Final Rule: Retail Foreign Exchange Transactions
The Office of the Comptroller of the Currency (OCC) has adopted a final rule authorizing national banks, Federal branches and agencies of foreign banks, and their operating subsidiaries (collectively, national banks) to engage in certain off-exchange transactions in foreign currency with retail customers. The rule establishes various requirements with which national banks must comply to conduct such transactions.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-34.html
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July 28, 2011
Interim Final Rule: OTS Integration Pursuant to the Dodd–Frank Wall Street Reform and Consumer Protection Act
The Office of the Comptroller of the Currency (OCC) has issued an interim final rule and request for comments that republishes those Office of Thrift Supervision (OTS) regulations that the OCC has authority to promulgate and enforce as of July 21, 2011. Under the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, P.L. 111–203 (Dodd–Frank Act), the OCC assumed responsibility from the OTS on July 21 for the ongoing examination, supervision, and regulation of federal savings associations and rulemaking for all savings associations, state and federal. This interim final rule was effective on July 21 and will be published in the Federal Register on August 9. The comment period will close on October 11.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-33.html
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July 27, 2011
Matz Discusses Need for Capital Reform and Balanced Consolidation Policies
Representing the United States at the World Credit Union Conference, National Credit Union Administration (NCUA) Board Chairman Debbie Matz today addressed 1,700 attendees at the closing general session. The speech reaffirmed her support for supplemental capital reform and balanced consolidation policies, and encouraged credit unions worldwide to reach the next generations of members.
http://www.ncua.gov/news/press_releases/2011/MR11-0727MatzWorldCUConf.pdf
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July 21, 2011
Federal Reserve seeks comment on notice outlining regulations previously issued by the Office of Thrift Supervision
The Federal Reserve Board is seeking comment on a notice that outlines the regulations previously issued by the Office of Thrift Supervision (OTS) that the Federal Reserve will continue to enforce after assuming supervisory responsibility for savings and loan holding companies (SLHCs).
http://www.federalreserve.gov/newsevents/press/bcreg/20110721a.htm
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July 20, 2011
OCC Issues Final Rule to Implement Provisions of the Dodd-Frank Act
The Office of the Comptroller of the Currency today issued a final rule implementing several provisions of the Dodd-Frank Act, including changes to facilitate the transfer of functions from the Office of Thrift Supervision and revisions to the OCC’s rules on preemption and visitorial powers. The OCC issued a notice of proposed rulemaking for this final rule on May 26, 2011.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the OCC assumes responsibility for the ongoing examination, supervision, and regulation of federal savings associations on July 21.
This final rule contains changes to the OCC’s regulations necessary to implement certain revisions to the banking laws that took effect on the enactment of the Dodd-Frank Act. These changes include amendments to OCC rules pertaining to preemption and visitorial powers.http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-occ-2011-95.html
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July 14, 2011
Federal Reserve issues final rule to repeal Regulation Q, which prohibited the payment of interest on demand deposits
The Federal Reserve Board announced the approval of a final rule to repeal its Regulation Q, which prohibits the payment of interest on demand deposits by institutions that are member banks of the Federal Reserve System.
http://www.federalreserve.gov/newsevents/press/bcreg/20110714a.htm
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July 12, 2011
Federal Reserve releases lists of institutions subject to, and exempt from, the debit card interchange fee standards
The Federal Reserve Board on Tuesday published lists of institutions that are subject to, and exempt from, the debit card interchange fee standards in Regulation II, which implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These lists, available at www.federalreserve.gov/paymentsystems/debitfees.htm, are intended to help payment card networks and others determine which issuers qualify for the statutory exemption from interchange fee standards. The statute exempts any debit card issuer that, together with its affiliates, has assets of less than $10 billion.
http://www.federalreserve.gov/newsevents/press/bcreg/20110712a.htm
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July 08, 2011
Prohibition Against Interstate Deposit Production - Annual Loan-to-Deposit Ratios
The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation recently issued updated host state loan-to-deposit ratios that the banking agencies will use to determine compliance with section 109 of the Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994 (Interstate Act). These ratios, which update data released in June 2010, are attached.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-31.html
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July 08, 2011
Permanent Floor for the Advanced Approaches Risk-Based Capital Rule: Final Rule
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the federal banking agencies) have published a final rule to establish a permanent floor for the advanced approaches risk-based capital rules (applicable to the largest internationally active banking organizations), which is consistent with section 171(b)(2) of the Dodd–Frank Act.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-32.html
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July 06, 2011
Federal Reserve and FTC issue final rules to implement the credit score disclosure requirements of the Dodd-Frank Act
The Federal Reserve Board (Board) and the Federal Trade Commission (FTC) issued final rules to implement the credit score disclosure requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If a credit score is used in setting material terms of credit or in taking adverse action, the statute requires creditors to disclose credit scores and related information to consumers in notices under the Fair Credit Reporting Act (FCRA).
http://www.federalreserve.gov/newsevents/press/bcreg/20110706a.htm
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July 05, 2011
Agencies Issue Guidance on Counterparty Credit Risk Management
The federal bank regulatory agencies today issued guidance to help ensure banking organizations practice effective counterparty credit risk (CCR) management. The guidance, issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, builds on existing supervisory guidance and outlines effective industry practices for CCR management.
http://www.federalreserve.gov/newsevents/press/bcreg/20110705a.htm
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June 29, 2011
Federal Reserve and other central banks announce an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012
The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank today announced an extension of the existing temporary U.S. dollar liquidity swap arrangements through August 1, 2012. The Bank of Japan will consider the extension at its next Monetary Policy Meeting. The swap arrangements, established in May 2010, had been authorized through August 1, 2011.
http://www.federalreserve.gov/newsevents/press/monetary/20110629a.htm
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June 29, 2011
Federal Reserve issues a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions
The Federal Reserve Board issued a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions. This rule, Regulation II (Debit Card Interchange Fees and Routing), is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://www.federalreserve.gov/newsevents/press/bcreg/20110629a.htm
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June 24, 2011
Description: Dodd–Frank Wall Street Reform and Consumer Protection Act–Regulations CC and Q
This bulletin advises national banks of two provisions included in the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd–Frank Act) of 2010 that become effective July 21, 2011. The first is section 1086 of the Dodd–Frank Act, which amends the Expedited Funds Availability Act implemented by Regulation CC. The second is section 627 of the Dodd–Frank Act, which repeals section 19(i) of the Federal Reserve Act and amends section 5(b)(1)(B) of the Home Owners’ Loan Act. The Board of Governors of the Federal Reserve System (Board) is in the process of drafting regulations addressing these provisions; however, they may not be finalized by the effective date. The statutory changes take effect on July 21, 2011, even in the absence of final regulations. Therefore, national banks should make the appropriate changes to their practices, policies, and/or disclosures as necessary to comply with these provisions.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-25.html
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June 23, 2011
Agencies extend comment period on swap margin and capital proposed rulemaking
Five federal agencies have approved and will submit a Federal Register notice that extends the comment period on a proposed rule to establish margin and capital requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period was extended to July 11, 2011, to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by June 24, 2011.
http://www.federalreserve.gov/newsevents/press/bcreg/20110623a.htm
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June 20, 2011
Federal Reserve proposes rules under Regulation B to clarify data collection compliance requirements for motor vehicle dealers
The Federal Reserve Board issued a proposed rule under Regulation B to clarify that motor vehicle dealers temporarily are not required to comply with certain data collection requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) until the Board issues final regulations to implement the statutory requirements. The Board believes that implementing rules are needed to ensure data are collected and reported in a consistent and standardized way.
http://www.federalreserve.gov/newsevents/press/bcreg/20110620a.htm
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June 16, 2011
NCUA Asks Congress to Lift Cap on Member Business Lending
National Credit Union Administration (NCUA) Board Chairman Debbie Matz testified before the Senate Committee on Banking, Housing and Urban Affairs regarding credit union member business lending (MBL).
http://www.ncua.gov/news/press_releases/2011/MR11-0616CHMatzWrittenTestimony.pdf
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June 15, 2011
Request for Comment on Proposed Interagency Stress Testing Guidance
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (agencies) are seeking comment on the attached Proposed Guidance on Stress Testing for Banking Organizations with More than $10 Billion in Total Consolidated Assets. This joint interagency guidance outlines high-level principles for stress-testing practices, applicable to all OCC-supervised, Federal Reserve-supervised, and FDIC-supervised banking organizations with more than $10 billion in total consolidated assets.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-24.html
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June 14, 2011
NCUA Announces 2011 Technical Assistance Grant Program
The National Credit Union Administration announced the availability of funding in 2011 for low-income credit unions through the Community Development Revolving Loan Fund (CDRLF) Technical Assistance Grant (TAG).
http://www.ncua.gov/news/press_releases/2011/MR11-0614TechAssistGrants.pdf
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June 14, 2011
Agencies Adopt a Final Rule to Establish a Risk-Based Capital Floor
Three federal banking regulatory agencies adopted a final rule that establishes a floor for the risk-based capital requirements applicable to the largest, internationally active banking organizations. The rule, finalized by the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, is consistent with the requirements of Section 171 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://www.federalreserve.gov/newsevents/press/bcreg/20110614a.htm
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June 13, 2011
Federal Reserve Announces Adoption of Interim Final Rule Pertaining to Small Bank Holding Companies
The Federal Reserve Board announced the adoption of an interim final rule that allows small bank holding companies that are S-Corps or that are organized in mutual form to exclude subordinated debt issued to Treasury under the Small Business Lending Fund (SBLF) from treatment as "debt" for purposes of the debt-to-equity standard under the Board's Small Bank Holding Company Policy Statement.
http://www.federalreserve.gov/newsevents/press/bcreg/20110613a.htm
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June 13, 2011
Annual Adjustment of Fee-based Trigger for Additional Mortgage Loan Disclosures
The Federal Reserve Board published its annual adjustment to the amount of fees that triggers additional disclosure requirements under the Truth in Lending Act and the Home Ownership and Equity Protection Act of 1994 for home mortgage loans that bear rates or fees above a certain amount.
http://www.federalreserve.gov/newsevents/press/bcreg/20110613c.htm
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June 13, 2011
Annual Adjustment of Dollar Threshold for Exempt Consumer Credit and Lease Transactions
The Federal Reserve Board adjusted Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) by increasing the dollar threshold for exempt consumer credit and lease transactions. Transactions at or below the threshold are subject to the protections of the regulations. These adjustments reflect the annual percentage increase in the consumer price index that was in effect as of June 1, 2011. These annual adjustments are required by statute and will take effect on January 1, 2012.
http://www.federalreserve.gov/newsevents/press/bcreg/20110613b.htm