Updates from Federal Reserve, NCUA, FDIC, OTS, CFPB and OCC
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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, Consumer Financial Protection Bureau, and Office of Thrift Supervision. We provide a brief summary of the new releases and links to the original source each week.

  • July 24, 2014

    CFPB Proposes HMDA Changes

    The CFPB announced on July 24, 2014 proposed changes to Regulation C (12 CFR Part 1003), that implements the Home Mortgage Disclosure Act. The proposal is intended to provide better information about residential mortgage credit by expanding the list of data that financial institutions are required to provide, including new information that could help identify potential discriminatory lending practices. It is also expected to provide additional information to help regulators monitor access to credit.

    http://www.consumerfinance.gov/newsroom/cfpb-proposes-rule-to-improve-information-about-access-to-credit-in-the-mortgage-market/

  • July 23, 2014

    New OFAC List And Designations

    OFAC released on July 23, 2014 additional file formats for the Sectoral Sanctions Identification (SSI) List. The SSI List will be available in the same file formats as the SDN and FSE Lists, and the layout of names on the SSI List will be identical to the layout of names on the SDN List. In addition, SSI List data files will follow existing SDN List data standards. Information regarding the SSI List has been added to the OFAC Frequently Asked Questions (FAQs).

    http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140723_33.aspx

  • July 23, 2014

    Agencies Take Action To Halt Mortgage Schemes

    On July 23, 2014 the FTC, the CFPB, and various state agencies announced actions taken against six mortgage relief operations, charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. The actions were part of Operation Mis-Modification, a joint federal and state enforcement sweep conducted with the CFPB. The defendants were charged with violating the Federal Trade Commission Act and the Mortgage Assistance Relief Services (MARS) Rule (CFPB Regulation O, 12 CFR Part 1015), which bans mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they deem acceptable. The CFPB also issued a Consumer Advisory about foreclosure relief scams or bogus legal help.

    http://www.ftc.gov/news-events/press-releases/2014/07/federal-state-agencies-stop-phony-mortgage-relief-schemes

  • July 21, 2014

    FDIC Updates Transferred Regulations

    On July 21, 2014 the FDIC published final rules to update or rescind regulations transferred to the FDIC following the dissolution of the former OTS as provided in the Dodd-Frank Act, as follows, a final rule [79 FR 42181] removing Part 390, supbart A (former OTS regulation at 12 CFR Part 507), and amend FDIC regulations at 12 CFR Part 336 (relating to post-employment activities of senior examiners). A final rule [79 FR 42183] removing Part 390, subpart H (former OTS regulation at 12 CFR Part 533), and amend FDIC regulations at 12 CFR part 346 (relating to disclosure and reporting of CRA-related agreements)

    https://www.federalregister.gov/articles/2014/07/21/2014-16973/transferred-ots-regulations-and-fdic-regulations-regarding-disclosure-and-reporting-of-cra-related

  • July 21, 2014

    CFPB Is Now Accepting Prepaid Card Complaints

    The CFPB announced on July 21, 2014 that it has added prepaid cards, such as gift cards, benefit cards and general-purpose reloadable cards, to the list of financial service services and products concerning which it accepts consumer complaints. The CFPB also opened its complaint database to consumer reports of dissatisfaction with debt settlement services, credit repair services, and pawn and title loans.

    http://www.consumerfinance.gov/newsroom/cfpb-begins-accepting-consumer-complaints-on-prepaid-cards-and-additional-nonbank-products/

  • July 16, 2014

    CFPB Proposes To Make Complaints Public

    On July 16, 2014 the CFPB announced a new proposal to allow consumers to select an option to share the narrative portion of their complaints in the agency's Consumer Complaint Database. A notice of proposed policy statement and request for public comment has been issued. Companies would be able to publish their own replies to the consumer narratives. Complaints are not entered into the public database until after the company responds or has had the complaint for 15 calendar days without responding. If a consumer has opted to have the complaint narrative published, both the narrative and any response that the company decides to submit would be listed simultaneously, and would be scrubbed to remove personal identifying information (company names would not be redacted).

    http://www.consumerfinance.gov/newsroom/cfpb-proposal-would-give-consumers-the-opportunity-to-publicly-voice-complaints-about-financial-companies/

  • July 16, 2014

    New OFAC List And Designations

    On July 16, 2014 the Treasury announced the introduction of the Sectoral Sanctions Identification (SSI) List to identify persons operating in sectors of the Russian economy identified by the Secretary of the Treasury pursuant to Executive Order 13662. A broad-based package of sanctions was imposed on entities in the financial services, energy, and arms or related materiel sectors of Russia, and on those undermining Ukraine's sovereignty or misappropriating Ukrainian property. Secretary Lew also issued a statement on the actions. An FAQ with more information on the SSI List was also released. Four entities were added to the new SSI List.

    http://www.treasury.gov/press-center/press-releases/Pages/jl2573.aspx

  • July 08, 2014

    CFPB Issues Ability-to-Repay Interpretive Rule

    On July 8, 2014 the CFPB announced a new interpretive rule to clarify that when a borrower dies, the name of the borrower's heir generally may be added to the mortgage without triggering the CFPB's Ability-to-Repay rule. The interpretive rule can also apply to other transfers, including transfers to living trusts, transfers during life from parents to children, transfers resulting from divorce or legal separation, and other family-related transfers. The interpretive rule does not require that the creditor or assignee of the loan accept the change of obligor(s); it facilitates such a change when the creditor or assignee is willing to accept it.

    http://www.consumerfinance.gov/newsroom/cfpb-clarifies-mortgage-lending-rules-to-assist-surviving-family-members/

  • July 07, 2014

    OFAC Issues Central African Republic Rules

    On July 7, 2014 OFAC published [79 FR 38248] regulations to implement Executive Order 13667 of May 12, 2014 ("Blocking Property of Certain Persons Contributing to the Conflict in the Central African Republic"). OFAC intends to supplement this part 553 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy.

    https://www.federalregister.gov/articles/2014/07/07/2014-15763/central-african-republic-sanctions-regulations

  • July 01, 2014

    Agencies Issue Guidance for Home Equity Lines of Credit Nearing Their End-of-Draw Periods

    Four federal financial institutions regulatory agencies and the Conference of State Bank Supervisors (CSBS) issued guidance to financial institutions regarding home equity lines of credit (HELOCs) nearing their "end-of-draw" periods, which occurs when the principal amount of the HELOC must begin to be repaid. The guidance encourages financial institutions to effectively communicate with borrowers about the pending reset and provides broad principles for managing risk as HELOCs reach their end-of-draw periods.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140701a.htm

  • June 30, 2014

    Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies

    The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced the availability of the 2014 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development."

    http://www.federalreserve.gov/newsevents/press/bcreg/20140630a.htm

  • June 23, 2014

    Call Report Changes Proposed

    On June 23, 2014 the FDIC, OCC, and FRB published [79 FR 35634] for public comment proposed revisions to the risk-weighted assets portion of Schedule RC-R, Regulatory Capital, and to line items related to securities lent and borrowed in Schedule RC-L, Derivatives and Off-Balance Sheet Items, in the Consolidated Reports of Condition and Income (Call Report or FFIEC 031 and FFIEC 041). The proposed revisions to the Call Report are consistent with the revised regulatory capital rules published by the agencies (revised regulatory capital rules), and would be effective with the March 31, 2015, report date.

    https://www.federalregister.gov/articles/2014/06/23/2014-14549/proposed-agency-information-collection-activities-comment-request

  • June 20, 2014

    NCUA Interest Rate Risk Resources

    The NCUA announced on June 20, 2014 the availability of a new web resource page and a new video. The resource page includes videos, charts showing trends that affect interest rate risk, and links to NCUA regulations and letters to credit unions, interagency guidance, and best practice resources. The video posted on the NCUA You Tube channel concerns interest rate risk and the questions credit unions should answer.

    http://www.ncua.gov/News/Pages/NW20140620NewResource.aspx

  • June 19, 2014

    NCUA Voluntary Liquidation Final Rule

    On June 19, 2014 the NCUA Board approved a final rule that would allow solvent federal credit unions that decide to liquidate voluntarily to have fewer administrative hurdles, and members will have better protection (Part 710).

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20140619.aspx

  • June 19, 2014

    NCUA Proposed Securitization Rule

    The NCUA Board finalized a proposal on June 19, 2014 that would allow qualified federal credit unions to securitize loans if they meet certain criteria (Parts 721 and 741). A credit union would be required to create a separate, special-purpose entity to hold the assets. It would also need to have independent risk-management controls and an annual independent audit performed. The proposed rule also would apply to federally insured, state-chartered credit unions that are permitted by state law to securitize their assets.

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20140619.aspx

  • June 19, 2014

    NCUA Safe Harbor for Securitizations Proposed Rule

    In conjunction with the proposed rule on securitization, the NCUA Board also approved on June 19, 2014 a proposed rule (Part 709) providing a safe harbor for assets transferred by a federally insured credit union in connection with a securitization or a participation.

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20140619.aspx

  • June 19, 2014

    NCUA Proposed Appraisal Rule

    On June 19, 2014 the NCUA Board approved a proposed rule (Parts 701 and 722) providing a measure of relief to both federally insured credit unions and homeowners who are underwater in their mortgages through no fault of their own. The proposed rule, part of the agency’s Regulatory Modernization Initiative, would encourage more federally insured credit unions to modify or refinance mortgages in markets where home prices have declined. The rule would allow a federally insured credit union to refinance or modify a real estate-related loan it holds without obtaining an appraisal if there is no advancement of new monies or with an advancement if there is adequate collateral protection.

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20140619.aspx

  • June 19, 2014

    FHA Issues Reverse Mortgage Guidance

    A HUD press release issued June 19, 2014 announced Federal Housing Agency (FHA) Mortgage Letter 2014-10, which reminds lenders participating in the agency's Home Equity Conversion Mortgage (HECM) Program to make certain senior borrowers are fully informed of all their options when applying for reverse mortgages. The advisory states that the FHA prohibits the utilization of misleading or deceptive advertising, and that the prohibition extends to misleading or deceptive descriptions of the HECM program.

    http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2014/HUDNo_14-078

  • June 17, 2014

    OFAC Notice Concerning Format

    OFAC issued a notice on June 17, 2014 regarding OFAC's human-readable PDF lists (sdnew14.pdf, sdnlist.pdf, t11sdn.pdf, fselist.pdf, fsenew14.pdf). Users will notice that OFAC has changed the font used in these lists. The new font combined with a slight change in character spacing has increased the length of the SDN list by approximately 300 pages. The length of the FSE list will also increase by about the same percentage. This change will appear in the PDF version of the FSE list the next time that list is updated.

    http://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20140617.aspx

  • June 16, 2014

    Expanded HOEPA Coverage Affects HMDA Reporting

    The FFIEC posted on June 16, 2014 a recent FRB notice concerning the impact on HMDA reporting requirements of the January 10, 2014, change to the HOEPA (High Cost Mortgage) Rule (Regulation Z, section 1026.32) that expanded HOEPA coverage. Revised HMDA edits are currently available on the FFIEC website, and a new version of the HMDA Data Entry Software that incorporates the HOEPA revisions will be made available in early August.

    http://www.ffiec.gov/hmda/pdf/FINAL_HOEPA_Revisions_effective_January_2014_%20061614_EW_v2_PCD_Edits.pdf

  • June 13, 2014

    Guidance On Income Tax Allocation Agreements Issued

    The federal banking regulators jointly issued on June 13, 2014 final supplemental guidance on income tax allocation agreements involving holding companies and insured depository institutions. The guidance supplements a policy statement issued in 1998 [63 FR 64757] by instructing insured depository institutions and their holding companies to review their tax allocation agreements to ensure the agreements expressly acknowledge that the holding company receives any tax refunds as an agent. In addition, all banking organizations are asked to insert specific language in their tax allocation agreements to further clarify tax refund ownership. The guidance also clarifies how sections 23A and 23B of the Federal Reserve Act, which establish certain restrictions on and requirements for transactions between depository institutions and their affiliates, apply to tax allocation agreements.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140613a.htm

  • June 12, 2014

    Volcker Rule Interim Exam Procedures

    On June 12, 2014 the OCC issued Bulletin 2014-27 to announce interim procedures for examiners to assess banks' progress in developing a framework to comply with requirements of section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule and the implementing regulations adopted by the OCC with the other rule-writing agencies.

    http://www.occ.gov/news-issuances/bulletins/2014/bulletin-2014-27.html

  • June 11, 2014

    CFPB Request For Information On Mobile Financial Services

    The CFPB published in the June 11, 2014 Federal Register a notice requesting information about how consumers are using mobile financial services to access products and services, manage finances and achieve their financial goals, with a focus on economically vulnerable consumers. With regard to mobile POS payments, the inquiry is restricted to mobile payment products targeted specifically for low-income and underserved customers, and whether such targeting could benefit or harm such customers.

    http://www.consumerfinance.gov/newsroom/cfpb-launches-inquiry-into-mobile-financial-services/

  • June 04, 2014

    Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden

    The Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) requires the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Board of Governors of the Federal Reserve System (agencies) to review regulations issued by the agencies at least every 10 years. It also requires the agencies to categorize the regulations, publish the regulations in each category for comment, report to Congress on any significant issues raised by the comments, and identify areas of regulations that are outdated, unnecessary or unduly burdensome.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140604a.htm

  • June 03, 2014

    Credit Union Expansion Continued during First Quarter

    America’s credit union system continued to grow during the first quarter of 2014, although higher interest rates during the first quarter that slowed mortgage originations and ongoing growth in long-term investments are still concerns, the National Credit Union Administration reported today.

    http://www.ncua.gov/News/Pages/NW20140603Expansion1stQtr.aspx

  • May 22, 2014

    FRB Repeals Regulations P and DD

    The FRB announced on May 22, 2014 rules finalizing the repeal of its Regulation DD (Truth in Savings, 12 CFR Part 230) and Regulation P (Privacy of Consumer Financial Information, 12 CFR Part 216). The repeal of these regulations resulted from the Dodd-Frank Act transfer of rulemaking authority for several consumer protection laws from the FRB to the CFPB

    http://www.federalreserve.gov/newsevents/press/bcreg/20140522a.htm

  • May 22, 2014

    FRB Issues Final Amendments to Regulation V

    The final amendments require financial institutions and creditors to implement identity theft prevention programs. The final rule reflects legislation that amended the Fair Credit Reporting Act (FCRA) to clarify that these provisions apply only to creditors that regularly extend credit or obtain consumer reports in the ordinary course of their business. The amendments to the FCRA were intended to narrow the scope of the law so that it would not be applied to professionals, such as doctors or lawyers, who sometimes allow consumers to delay payment.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140522a.htm

  • May 21, 2014

    OCC Licensing Rules Proposal Announced

    The OCC announced on May 21, 2014 with the release of OCC Bulletin 2014-22 a Notice of Proposed Rulemaking that would integrate OCC rules for national banks and federal savings associations relating to policies and procedures for corporate activities and transactions (licensing rules). The integration is intended to create filing parity for national banks and federal savings associations for all activities and transactions addressed in the OCC's licensing rules.

    http://www.occ.gov/news-issuances/bulletins/2014/bulletin-2014-22.html

  • May 16, 2014

    OCC Consolidates Rules

    The Office of the Comptroller of the Currency published in the May 16, 2014 Federal Register a final rule ombining certain rules originally issued jointly with the other Federal banking agencies by the OCC with respect to national banks and by the former Office of Thrift Supervision (OTS) with respect to savings associations. This rulemaking also makes technical amendments to the OCC's FCRA rule to conform to provisions of the Dodd-Frank Act.

    https://federalregister.gov/a/2014-11406

  • May 13, 2014

    Privacy notice proposal published

    The CFPB published in the May 13, 2014 Federal Register its proposal [79 FR 27214] to amend Regulation P (12 CFR Part 1016) to provide an alternative method under limited circumstances for fulfilling the annual notice requirement of the regulation.

    https://federalregister.gov/a/2014-10713

  • May 09, 2014

    VA ATR/QM Requirements - Interim Final Rule

    The Department of Veterans Affairs published an interim final rule on May 9, 2014 [79 FR 26620] to amend its Loan Guaranty regulations at 38 CFR Part 36 to implement provisions of the Dodd-Frank Act requiring that VA define the types of VA loans that are "qualified mortgages" (QMs) for the purposes of the new Ability to Repay provisions of the Truth in Lending Act. This rule establishes which VA-guaranteed loans are to be considered QMs and have either safe harbor protection or the presumption that the borrower is able to repay a loan. Almost all VA loans meeting current VA underwriting standards will have safe harbor protection; some of the VA's Interest Rate Reduction Refinance Loan program loans will be "rebuttable presumption" QMs.

    https://federalregister.gov/a/2014-10600

  • April 25, 2014

    NCUA Board Approves Final Stress Testing Rule for Largest Credit Unions

    The NCUA Board approved and announced on April 24, 2014 a final rule (Part 702) that requires federally insured credit unions with assets of $10 billion or more to develop and maintain a capital plan and providing for comprehensive, independent stress testing on all covered credit unions. Under the new rule, covered credit unions will submit an annual capital plan to NCUA for approval. NCUA will conduct the supervisory stress tests beginning this year, and the rule makes it possible for covered credit unions to conduct their own stress tests after three years if they meet certain benchmarks. Results will remain confidential during the first three years.

    http://www.ncua.gov/about/Documents/Agenda%20Items/AG20140424Item4b.pdf

  • April 24, 2014

    NCUA Proposed Rule on Associational Common Bond Qualifications

    On April 24, 2014 the NCUA Board announced a proposed rule (Part 701) to define more clearly which associational groups do and do not qualify for membership of a federal credit union. The proposed rule would provide automatic approval for associations that do qualify.

    http://www.ncua.gov/about/Documents/Agenda%20Items/AG20140424Item3b.pdf

  • April 21, 2014

    FDIC Proposes To Rescind Regulations

    On April 21, 2014 the FDIC published in the Federal Register a proposed rule that would rescind and remove transitional regulations at 12 CFR Part 390, subparts B, C, D, and E, which were transferred from the OTS effective July 21, 2011, in accordance with Title III of the Dodd-Frank Act. The proposal would amend FDIC regulations at 12 CFR Part 308, subparts A, B, C, K and N to extend their scope to include State savings associations.

    https://www.federalregister.gov/articles/2014/04/21/2014-08260/regulations-transferred-from-office-of-thrift-savings-and-rules-of-practice-and-procedure

  • April 18, 2014

    CFPB Releases Completion Guide For Integrated Disclosures

    On April 18, 2014 the CFPB posted a new guide, TILA-RESPA Integrated Disclosures: Guide to the Loan Estimate and Closing Disclosure Forms, which is a compilation of instructions for completing the two new integrated RILA-RESPA disclosures that will be required beginning August 1, 2015. The agency also revealed a new Regulatory Implementation page, with links to separate "landing pages" for Dodd-Frank Act Title XIV (MRAPLA) rules, the TILA-RESPA Integrated Disclosure rule, and the Remittance Transfer rule.

    http://files.consumerfinance.gov/f/201404_cfpb_tila-respa-integrated-disclosure-form.pdf

  • April 18, 2014

    FFIEC Large Institution CRA Exam Procedures Updated

    The FFIEC posted on April 18, 2014 an update for the large institution CRA examination procedures. The updates reflect the changes to the Interagency Q & A regarding community reinvestment published in November 2013. The OCC has published Bulletin 2014-16 and the Federal Reserve has released CA Letter 14-2 regarding the update

    http://www.occ.gov/news-issuances/bulletins/2014/bulletin-2014-16.html

  • April 15, 2014

    CFPB Proposes Relaxing Remittances Rule

    The CFPB announced on April 15, 2014 a proposal to amend subpart B of Regulation E to extend for an additional five years a temporary provision in § 1005.32(a) that permits insured institutions to estimate certain foreign remittance transfer pricing disclosures. The provision currently expires July 21, 2015.

    http://www.consumerfinance.gov/newsroom/cfpb-proposes-revision-to-rule-protecting-consumers-sending-money-internationally/

  • April 14, 2014

    CFPB Proposes New Info Gathering Plan

    On April 14, 2014 the CFPB published a Notice and Request for Comment [79 FR 20865] on a proposed new Generic Information Collection Plan, "CFPB Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings." Information from the CFPB's research will be used for developmental and informative purposes in order to increase the CFPB's understanding of consumer credit markets and household financial decision-making.

    https://www.federalregister.gov/articles/2014/04/14/2014-08266/agency-information-collection-activities-comment-reque

  • April 08, 2014

    Large Banks Leverage Ratio Final Rule

    On April 8, 2014 a joint press release was issued by the FRB, the FDIC, and the OCC announcing the adoption of a final rule to strengthen the leverage ratio standards for the largest, most interconnected U.S. banking organizations with more than $700 billion in consolidated total assets or more than $10 trillion in assets under custody and their insured depository institution (IDI) subsidiaries. The final rule currently applies to eight large U.S. banking organizations that meet the size thresholds and their IDI subsidiaries.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140408a.htm

  • April 08, 2014

    Regulatory Capital Rules: Regulatory Capital, Proposed Revisions to the Supplementary Leverage Ratio

    On April 8, 2014 a joint press release was issued by the FRB, the FDIC, and the OCC announcing a notice of proposed rulemaking that would modify the denominator calculation for the supplementary leverage ratio in a manner consistent with recent changes agreed to by the Basel Committee on Banking Supervision.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140408a.htm

  • April 07, 2014

    Fed Supports Same-Day ACH Settlement

    On April 7, 2014 the Retail Payments Office of the Federal Reserve issued a statement supporting the announcement by NACHA that it is taking steps toward same-day ACH settlement for ACH network transactions.

    http://www.frbservices.org/files/communications/pdf/press/040714_sameday.pdf

  • April 03, 2014

    Homeowners Flood Insurance Affordability Act Memorandum Issued

    FEMA's Federal Insurance and Mitigation Administration issued on April 3, 2014 a memorandum providing an Overview of the Homeowner Flood Insurance Affordability Act of 2014 (start on page 3 of the PDF document linked below). Additional information regarding the new law and its impact on the National Flood Insurance Program (NFIP) will be posted on FEMA's Flood Insurance Reform webpage.

    http://www.nfipiservice.com/Stakeholder/pdf/bulletin/w-14011.pdf

  • March 31, 2014

    CFPB Reports Increased Complaint Volume

    The CFPB announced on March 31, 2014 the publication of the agency's 2013 Consumer Response Annual Report. The agency reported that the volume of consumer complaints filed with the agency in 2013 increased by 80% over 2012 volumes. That increase reflects both the CFPB's gradual additions to the types of complaints it accepts and the public's growing awareness of the new agency's role in accepting and following up on consumer complaints concerning financial services and products.

    http://www.consumerfinance.gov/newsroom/cfpb-report-shows-complaints-rose-80-percent-in-2013/

  • March 31, 2014

    CFPB TILA-RESPA Rule Compliance Guide Released

    On March 31, 2014 the CFPB released its Small Entity Compliance Guide for the TILA-RESPA Integrated Disclosure Rule. The guide highlights issues that financial institutions might find helpful to consider when implementing the rule. It may also be helpful to settlement service providers, software providers, secondary market participants, and other firms that serve as business partners to creditors. The Bureau also posted links to several other resources—including sample forms annotated with rule citations—designed to assist lenders and others in their compliance efforts.

    http://www.consumerfinance.gov/regulatory-implementation/tila-respa/?utm_source=newsletter&utm_medium=email&utm_campaign=20140331+regimp

  • March 25, 2014

    Agencies Propose Appraisal Management Company Requirements

    On March 25, 2014 the OCC, FRB, FDIC, CFPB, FHFA and NCUA jointly announced a proposed rule that would implement minimum requirements for state registration and supervision of appraisal management companies (AMCs). The minimum requirements in the proposed rule would apply to states that elect to establish an appraiser certifying and licensing agency with the authority to register and supervise AMCs. The proposed rule would not compel a state to establish an AMC registration and supervision program, and there is no penalty imposed on a state that does not establish such a program. However, an AMC would be barred by section 1124 of FIRREA (as amended by the Dodd-Frank Act) from providing appraisal management services for federally related transactions in a state that has not established such a regulatory structure.

    http://www.occ.gov/news-issuances/news-releases/2014/nr-ia-2014-42.html

  • March 20, 2014

    Federal Reserve releases summary results of bank stress tests

    According to the summary results of bank stress tests announced by the Federal Reserve on Thursday, the largest banking institutions in the United States are collectively better positioned to continue to lend to households and businesses and to meet their financial commitments in an extremely severe economic downturn than they were five years ago. This result reflects continued broad improvement in their capital positions since the financial crisis.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140320a.htm

  • March 19, 2014

    Federal Reserve issues FOMC statement

    Information received since the Federal Open Market Committee met in January indicates that growth in economic activity slowed during the winter months, in part reflecting adverse weather conditions. Labor market indicators were mixed but on balance showed further improvement. The unemployment rate, however, remains elevated. Household spending and business fixed investment continued to advance, while the recovery in the housing sector remained slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.

    http://www.federalreserve.gov/newsevents/press/monetary/20140319a.htm

  • March 14, 2014

    Interagency Examination Procedures for Consumer Compliance

    The Office of the Comptroller of the Currency (OCC), as a member of the Federal Financial Institutions Examination Council, has adopted the attached interagency examination procedures reflecting new mortgage rules requirements pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The OCC is in the process of incorporating these new procedures into the Comptroller’s Handbook “Consumer Compliance” series. Until the OCC issues updated Handbook booklets for the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), the approved interagency procedures are posted on the OCC Web site.

    http://www.occ.treas.gov/news-issuances/bulletins/2014/bulletin-2014-7.html

  • March 07, 2014

    Interim Final Rule: Basel III Conforming Amendments

    The Office of the Comptroller of the Currency (OCC) has issued an interim final rule with request for comments (final rule) that makes technical and conforming amendments to its regulations governing national banks and federal savings associations. The final rule, which is effective March 31, 2014, amends various regulations in order to make those regulations consistent with the recently adopted Basel III Capital Framework. The Basel III final rule revised the OCC's regulatory capital rules, adding a new common equity tier 1 requirement, revising the definitions of tier 1 and tier 2 capital, and integrating federal savings associations into 12 CFR part 3 and 12 CFR part 6 (Prompt Corrective Action). The final rule makes technical, clarifying, and conforming amendments to the OCC's rules, by providing cross-references to new capital rules, where necessary, and deleting obsolete references. The final rule also makes changes to subordinated debt rules to clarify the requirements subordinated debt must meet and the procedures required to issue and redeem subordinated debt.

    http://www.occ.treas.gov/news-issuances/bulletins/2014/bulletin-2014-6.html

  • March 05, 2014

    Agencies Issue Final Dodd-Frank Act Stress Test Guidance for Medium-Sized Firms

    Three federal bank regulatory agencies are issuing final guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50 billion.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140305a.htm

  • February 27, 2014

    Federal Reserve Board announces 30-day comment period extension for proposed rulemaking regarding physical commodity activities conducted by financial holding companies

    The public will have an additional 30 days to comment on an advance notice of proposed rulemaking regarding physical commodity activities conducted by financial holding companies, the Federal Reserve Board said Thursday. Comments are now due April 16, 2014.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140227a.htm

  • February 27, 2014

    CFPB Calls on Top Credit Card Companies to Make Credit Scores Available to Consumersthe Consumer Financial Protection Bureau (CFPB) called on the nation’s top credit card companies to make credit scores and related content freely available to their custom

    the Consumer Financial Protection Bureau (CFPB) called on the nation’s top credit card companies to make credit scores and related content freely available to their customers. A report released by the CFPB today found accuracy issues top the list of credit reporting complaints the Bureau received from consumers. The CFPB also warned companies that provide information to credit reporting agencies not to avoid investigating consumer disputes.

    http://www.consumerfinance.gov/newsroom/cfpb-calls-on-top-credit-card-companies-to-make-credit-scores-available-to-consumers/

  • February 24, 2014

    Federal Reserve Board to begin publishing semi-annual report with aggregate data and other information regarding banking applications

    The report will be released in the second half of 2014 and include statistics on the length of time taken to process applications and notices, the number of approvals, denials, and withdrawals, and the primary reasons for withdrawals.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140224a.htm

  • February 18, 2014

    Federal Reserve Board approves final rule strengthening supervision and regulation of large U.S. bank holding companies and foreign banking organizations

    The final rule establishes a number of enhanced prudential standards for large U.S. bank holding companies and foreign banking organizations to help increase the resiliency of their operations. These standards include liquidity, risk management, and capital. It also requires a foreign banking organization with a significant U.S. presence to establish an intermediate holding company over its U.S. subsidiaries, which will facilitate consistent supervision and regulation of the U.S. operations of the foreign bank. The final rule was required by section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140218a.htm

  • February 12, 2014

    Federal Reserve seeks comment on repealing its Regulations DD and P and amending Regulation V

    The Federal Reserve Board requested comment on proposals to repeal its Regulation DD (Truth in Savings) and Regulation P (Privacy of Consumer Financial Information) and to make amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting).

    http://www.federalreserve.gov/newsevents/press/bcreg/20140212a.htm

  • February 07, 2014

    CFPB Takes Steps to Improve Information About Access to Credit in the Mortgage Market

    Consumer Financial Protection Bureau (CFPB) is taking steps to improve information reported about the residential mortgage market to help better understand borrowers’ access to credit. As a first step in the rulemaking process, the CFPB is convening a panel of small businesses to provide feedback on potential changes to mortgage information reported under the Home Mortgage Disclosure Act (HMDA). Today the Bureau is also unveiling a new online tool that makes it easier to navigate the publicly available HMDA data.

    http://www.consumerfinance.gov/newsroom/cfpb-takes-steps-to-improve-information-about-access-to-credit-in-the-mortgage-market/

  • January 30, 2014

    CFPB Supervision Report Highlights Mortgage Servicing Problems In 2013

    The Consumer Financial Protection Bureau (CFPB) issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities at the banks and nonbanks the CFPB oversees.

    http://www.consumerfinance.gov/newsroom/cfpb-supervision-report-highlights-mortgage-servicing-problems-in-2013/

  • January 23, 2014

    NCUA approves final derivatives investment rule

    A proposal that will allow well-run federal credit unions to use simple derivatives to hedge against interest rate risks has just been approved at today's National Credit Union Administration board meeting.

    http://www.cuna.org/WebAssets/Pages/NewsNowArticle.aspx?id=67548&blogid=451&b=true

  • January 17, 2014

    Appeals court to closely examine lower court interchange ruling

    U.S. Court of Appeals for the District of Columbia Circuit Judges David Tatel, Harry Edwards, and Stephen Williams asked questions at oral arguments today that cast doubt that they will fall in line with a lower court ruling that sought to overturn the Federal Reserve's debit interchange fee cap regulations.

    http://www.cuna.org/WebAssets/Pages/newsnowarticle.aspx?id=67434&blogid=451

  • January 14, 2014

    Agencies Approve Interim Final Rule Authorizing Retention of Interests in and Sponsorship of Collateralized Debt Obligations Backed Primarily by Bank-Issued Trust Preferred Securities

    Five federal agencies on Tuesday approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker rule.

    http://www.federalreserve.gov/newsevents/press/bcreg/20140114b.htm

  • January 10, 2014

    Federal Reserve Board requests comment on proposed revisions to Regulation HH and Payment System Risk policy

    The Federal Reserve Board on Friday requested comment on proposed revisions to the Regulation HH risk-management standards for certain financial market utilities that have been designated as systemically important by the Financial Stability Oversight Council, including those for which the Board is the Supervisory Agency pursuant to Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Board also requested comment on related revisions to part I of the Federal Reserve Policy on Payment System Risk (PSR policy), which is applicable to financial market infrastructures (FMIs) more generally, including those operated by the Federal Reserve Banks.

    http://www.federalreserve.gov/newsevents/press/other/20140110b.htm

  • January 08, 2014

    New mortgage rules protect American dream

    Let me tell you a common story I hear. It starts with a woman in 2005 or 2006 who took out a mortgage to buy her first home. After two years, her teaser interest rate expired. Her monthly payments doubled so she could no longer afford them.

    http://www.consumerfinance.gov/newsroom/new-mortgage-rules-protect-american-dream/

  • January 07, 2014

    CFPB Releases New Mortgage Rule Resources for Consumers

    The Consumer Financial Protection Bureau (CFPB) released additional resources for consumers as part of its campaign to educate the public about the new protections provided by the Bureau’s mortgage rules. These new materials include sample letters that consumers can send to their mortgage servicers. The Bureau is publishing these educational materials in anticipation of the January 10, 2014 effective dates for its mortgage rules.

    http://www.consumerfinance.gov/newsroom/cfpb-releases-new-mortgage-rule-resources-for-consumers/

  • December 30, 2013

    CFPB Announces Increase in Home Mortgage Disclosure Act Asset-Size Exemption Threshold

    The Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

    http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-announces-increase-in-home-mortgage-disclosure-act-asset-size-exemption-threshold-2/

  • December 30, 2013

    CFPB Announces Increase in Higher-Priced Mortgage Loans Escrow Account Asset-Size Threshold

    The Consumer Financial Protection Bureau (CFPB) issued a final rule adjusting the asset-size threshold for certain creditors to qualify for an exemption from the requirement to establish an escrow account for a higher-priced mortgage loan under Regulation Z, which implements the Truth in Lending Act (TILA).

    http://www.consumerfinance.gov/newsroom/consumer-financial-protection-bureau-announces-increase-in-higher-priced-mortgage-loans-escrow-account-asset-size-threshold/

  • December 27, 2013

    Agencies Reviewing Treatment of Collateralized Debt Obligations Backed by Trust Preferred Securities under Final Rules Implementing the "Volcker rule"

    The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission said they are reviewing whether it would be appropriate and consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act not to subject collateralized debt obligations backed by trust preferred securities to the investment prohibitions of section 619 of Dodd-Frank, otherwise known as the "Volcker rule."

    http://www.federalreserve.gov/newsevents/press/bcreg/20131227a.htm

  • December 19, 2013

    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.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131219c.htm

  • December 17, 2013

    CONSUMER FINANCIAL PROTECTION BUREAU CALLS ON CFPB Calls on Financial Institutions to Publicly Disclose Campus Financial Agreements

    The Consumer Financial Protection Bureau (CFPB) called on financial institutions to publicly disclose agreements with colleges and universities to market debit, prepaid, and other products to students. Currently, institutions only make these disclosures about college credit cards. The CFPB also released its annual report on college credit card agreements, which showed a decline of 23 percent in college agreements from 2011 to 2012.

    http://www.consumerfinance.gov/newsroom/cfpb-calls-on-financial-institutions-to-publicly-disclose-campus-financial-agreements/

  • December 12, 2013

    Agencies Issue Final Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements

    Six federal financial regulatory agencies issued a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound.

    http://www.consumerfinance.gov/newsroom/agencies-issue-final-rule-to-exempt-subset-of-higher-priced-mortgage-loans-from-appraisal-requirements/

  • December 06, 2013

    Federal Reserve Board issues final rule aligning market risk capital rule with Basel III

    The Federal Reserve Board on Friday issued a final rule that makes technical changes to the Board's market risk capital rule to align it with the Basel III revised capital framework adopted by the Board earlier this year.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131206a.htm

  • December 05, 2013

    Federal Reserve Board releases guidance reminding financial institutions to exercise appropriate risk management and oversight when using service providers

    The guidance describes factors financial institutions should consider when choosing a service provider and how service providers should be overseen. A service provider is defined as any organization or entity--such as a consultant--that enters into a contractual relationship with a financial institution to provide business functions or activities, such as accounting, auditing, loan review, compliance, and risk management.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131205a.htm

  • December 05, 2013

    Federal Reserve Board announces final rule regarding Federal Reserve Bank accounts and services for financial market utilities designated as systemically important

    The Federal Reserve Board issued a final rule that amends Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131205b.htm

  • December 03, 2013

    CFPB to Oversee Nonbank Student Loan Servicers

    The Consumer Financial Protection Bureau (CFPB) issued a rule that allows the Bureau to supervise certain nonbank student loan servicers for the first time. The rule brings new oversight to the nation’s second largest consumer debt market – student loans – which have seen a rise in borrower delinquency in recent years.

    http://www.consumerfinance.gov/newsroom/cfpb-to-oversee-nonbank-student-loan-servicers/

  • December 03, 2013

    FinCEN, Federal Reserve Finalize Rule Amending Definitions in the Bank Secrecy Act

    The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board on Tuesday announced a final rule amending the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act. The final rule adopts the amendments as proposed in November 2012.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131203a.htm

  • November 27, 2013

    Federal Reserve requests comment on proposed changes to Policy on Payment System Risk

    The Federal Reserve Board requested public comment on proposed changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) that are designed to enhance the efficiency of the payment system. The proposed changes are largely related to the posting rules for automated clearing house (ACH) and commercial check transactions.

    http://www.federalreserve.gov/newsevents/press/other/20131127a.htm

  • November 21, 2013

    NCUA Board Anticipates No Corporate Stabilization Fund Assessment in 2014

    The National Credit Union Administration Board convened its tenth scheduled open meeting of 2013 at the agency’s headquarters. The Board announced that it anticipates that federally insured credit unions will pay no Corporate Stabilization Fund assessment in 2014. The Board also unanimously approved four items:

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20131121.aspx

  • November 21, 2013

    Director Cordray Remarks At The Clearing House Annual Conference

    Thank you so much for having me here today. I very much enjoy coming to visit The Clearing House, which has long played a central role in our financial markets. Or, as your own slogan captures the same point, “At the Center of Banking Since 1853”! Today, I would like to share some thoughts with you about how your venerable organization may be able to work effectively and productively with our brand-new Consumer Financial Protection Bureau. Our particular roles and histories are very different, but I believe we do not have to go far to find some important objectives that we have in common.

    http://www.consumerfinance.gov/newsroom/director-cordray-remarks-at-the-clearing-house-annual-conference/

  • November 20, 2013

    CFPB Finalizes “Know Before You Owe” Mortgage Forms

    The Consumer Financial Protection Bureau (CFPB) is issuing a rule requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer. The new “Know Before You Owe” mortgage forms will replace the existing federal disclosures and help consumers understand their options, choose the deal that’s best for them, and avoid costly surprises at the closing table.

    http://www.consumerfinance.gov/newsroom/cfpb-finalizes-know-before-you-owe-mortgage-forms/

  • November 20, 2013

    Agencies Announce Increases in Dollar Thresholds in Regulations Z and M for Exempt Consumer Credit and Lease Transactions

    The Federal Reserve Board and the Consumer Financial Protection Bureau (CFPB) today announced they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. Transactions at or below the thresholds are subject to the protections of the regulations.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131120a.htm

  • November 20, 2013

    Director Cordray Remarks at the “Know Before You Owe” Mortgage Field Hearing

    The dream of having a place of one’s own has long been part of our American way of life. For many people today, even after all the heartache we have experienced in the past five years since the financial crisis and the collapse of the housing market, owning a home still means something special. It means a solid and certain foundation of stability and even a kind of permanence. It means the prospect and the tangible opportunity to climb the economic ladder. It means putting a stake down on a better life. As T.S. Eliot said, “Home is where one starts from.”

    http://www.consumerfinance.gov/newsroom/director-cordray-remarks-at-the-know-before-you-owe-mortgage-field-hearing/

  • November 18, 2013

    The CFPB Finds Financial Education Programs are Significantly Outspent by Financial Marketing

    The Consumer Financial Protection Bureau published a report analyzing the amount of money spent on providing financial education to consumers and the amount spent trying to influence consumers’ decisions about financial products. The report found that for every dollar put towards financial education, $25 is spent on financial marketing, which can make it difficult for consumers to find objective information.

    http://www.consumerfinance.gov/newsroom/the-cfpb-finds-financial-education-programs-are-significantly-outspent-by-financial-marketing/

  • November 15, 2013

    Agencies Release Final Revisions to Interagency Questions and Answers Regarding Community Reinvestment

    The federal bank regulatory agencies with responsibility for Community Reinvestment Act (CRA) rulemaking today published final revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies' CRA regulations

    http://www.federalreserve.gov/newsevents/press/bcreg/20131115a.htm

  • November 12, 2013

    Use and Review of Independent Consultants in Enforcement

    This bulletin provides guidance and establishes standards that the Office of the Comptroller of the Currency (OCC) uses when it requires national banks, federal savings associations, or federal branches or agencies (collectively, banks) to employ independent consultants as part of an enforcement action to address significant violations of law, fraud, or harm to consumers.

    http://www.occ.treas.gov/news-issuances/bulletins/2013/bulletin-2013-33.html

  • November 06, 2013

    CFPB Considers Debt Collection RulesThe Consumer Financial Protection Bureau (CFPB) today took the first step toward considering consumer protection rules for the debt collection market. Through its Advance Notice of Proposed Rulemaking (ANPR), the Bureau

    The Consumer Financial Protection Bureau (CFPB) today took the first step toward considering consumer protection rules for the debt collection market. Through its Advance Notice of Proposed Rulemaking (ANPR), the Bureau is collecting information on a wide array of issues, including the accuracy of information used by debt collectors, how to ensure consumers know their rights, and the communication tactics collectors employ to recover debts. The Bureau also announced today that it will begin adding consumer complaints about debt collections to its public Consumer Complaint Database.

    http://www.consumerfinance.gov/newsroom/cfpb-considers-debt-collection-rules/

  • November 06, 2013

    Director Cordray Remarks at the Debt Collection Advance Notice of Proposed Rulemaking Press Call

    Today, the Consumer Financial Protection Bureau is taking an important step to better protect consumers from harmful debt collection practices. We are publishing an Advance Notice of Proposed Rulemaking asking consumers for feedback about their experiences with debt collections and asking the industry for information about their practices. We want to hear how we can better protect consumers and bring greater accountability to this multi-billion-dollar industry without hamstringing legitimate debt collection activities.

    http://www.consumerfinance.gov/newsroom/director-cordray-remarks-at-the-debt-collection-advance-notice-of-proposed-rulemaking-press-call/

  • November 05, 2013

    Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2014

    The Federal Reserve Board announced the annual indexing of the amounts used in determining reserve requirements of depository institutions and deposit reporting panels effective in 2014.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131105a.htm

  • November 01, 2013

    Federal Reserve Board releases supervisory scenarios and instructions for 2014 capital planning and stress testing

    The Federal Reserve Board on Friday issued the supervisory scenarios that will be used in the 2014 capital planning and stress testing program, as well as instructions to firms with timelines for submissions. The program includes the Comprehensive Capital Analysis and Review (CCAR) of 30 bank holding companies with $50 billion or more of total consolidated assets.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131101a.htm

  • October 30, 2013

    NCUA Releases New Economic Analysis

    In the latest installment in the agency’s Economic Update series, NCUA’s Chief Economist John Worth provides commentary on the effects of the recent partial federal government shutdown and mid-October budget agreement on labor markets, consumer confidence and the interest rate environment.

    http://www.ncua.gov/News/Pages/NW20131029EconomicUpdate.aspx

  • October 29, 2013

    CFPB Releases Guides For Managing Someone Else’s Money

    The Consumer Financial Protection Bureau (CFPB) published four guides to help financial caregivers, particularly those who handle the finances of older Americans, carry out their duties and responsibilities in managing someone else’s money.

    http://www.consumerfinance.gov/newsroom/cfpb-releases-guides-for-managing-someone-elses-money/

  • October 28, 2013

    CFPB Launches Education Campaign About New International Money Transfer Protections

    The Consumer Financial Protection Bureau (CFPB) is launching a nationwide multimedia campaign to inform consumers who send money internationally about new protections that go into effect today. The protections are contained in a rule that was finalized earlier this year.

    http://www.consumerfinance.gov/newsroom/cfpb-launches-education-campaign-about-new-international-money-transfer-protections/

  • October 24, 2013

    Federal Reserve Board proposes rule to strengthen liquidity positions of large financial institutions

    The proposal would for the first time create a standardized minimum liquidity requirement for large and internationally active banking organizations and systemically important, non-bank financial companies designated by the Financial Stability Oversight Council. These institutions would be required to hold minimum amounts of high-quality, liquid assets such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash. Each institution would be required to hold liquidity in an amount equal to or greater than its projected cash outflows minus its projected cash inflows during a short-term stress period. The ratio of the firm's liquid assets to its projected net cash outflow is its "liquidity coverage ratio," or LCR.

    http://www.federalreserve.gov/newsevents/press/bcreg/20131024a.htm

  • October 24, 2013

    NCUA Board Finalizes Liquidity Rule

    Final Electronic Filing Rule and Proposed Stress Testing Rule Also Adopted; No Share Insurance Fund Premium for 2013

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20131024.aspx

  • October 23, 2013

    Federal Financial Regulators Proposing Joint Standards for Assessing Diversity Policies and Practices of Regulated Entities Pursuant to Section 342 of the Dodd-Frank Act

    Six federal financial regulatory agencies are proposing joint standards for assessing the diversity policies and practices of the institutions they regulate.

    http://www.consumerfinance.gov/newsroom/federal-financial-regulators-proposing-joint-standards-for-assessing-diversity-policies-and-practices-of-regulated-entities-pursuant-to-section-342-of-the-dodd-frank-act/

  • October 22, 2013

    Federal Regulators Provide Guidance on Qualified Mortgage Fair Lending Risks

    Five federal regulatory agencies issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Creditors have asked for clarity regarding whether the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allows them to originate only Qualified Mortgages. For the reasons described in the statement, the five agencies do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.

    http://www.consumerfinance.gov/newsroom/federal-regulators-provide-guidance-on-qualified-mortgage-fair-lending-risks/

  • October 15, 2013

    CFPB Provides Guidance on Mortgage Servicing Rules

    The Consumer Financial Protection Bureau (CFPB) is releasing a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014. The clarifications address communications with family members after a borrower dies, contact with delinquent borrowers, and treatment of consumers who have filed for bankruptcy or invoked certain protections under the Fair Debt Collection Practices Act.

    http://www.consumerfinance.gov/newsroom/cfpb-provides-guidance-on-mortgage-servicing-rules/

  • October 11, 2013

    Agencies Request Comment on Proposed Flood Insurance Rule

    Five federal regulatory agencies are issuing a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas. The proposed rule would implement certain provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters) with respect to private flood insurance, the escrow of flood insurance payments, and the forced-placement of flood insurance. Separate from the agencies' joint proposal, Biggert-Waters also mandated other changes to the National Flood Insurance Program.

    http://fdic.gov/news/news/press/2013/pr13090.html

  • October 10, 2013

    Credit Risk in the Shared National Credit Portfolio Unchanged

    The credit quality of large loan commitments owned by U.S. banking organizations, foreign banking organizations (FBOs), and nonbanks was relatively unchanged in 2013 from the prior year, federal banking agencies said Thursday.

    http://fdic.gov/news/news/press/2013/pr13089.html

  • October 09, 2013

    Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown

    Board of Governors of the Federal Reserve System Consumer Financial Protection Bureau Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency Washington, DC – Five federal regulatory agencies encourage financial institutions to work with customers affected by the federal government shutdown.

    http://www.consumerfinance.gov/newsroom/regulators-encourage-institutions-to-work-with-borrowers-affected-by-government-shutdown/

  • October 09, 2013

    CFPB Takes Action Against Nonbank and Bank for Inaccurate Mortgage Loan Reporting

    Consumer Financial Protection Bureau (CFPB) ordered Mortgage Master, Inc. and Washington Federal to pay civil penalties for violating the Home Mortgage Disclosure Act (HMDA), which requires certain mortgage lenders to accurately collect and report data about home mortgage loans. Mortgage Master will pay $425,000 and Washington Federal will pay $34,000 in civil penalties. The CFPB is also releasing a bulletin today that puts mortgage lenders on notice about the importance of submitting correct mortgage loan information under HMDA.

    http://www.consumerfinance.gov/newsroom/cfpb-takes-action-against-nonbank-and-bank-for-inaccurate-mortgage-loan-reporting/

  • October 02, 2013

    CFPB Finds Card Act Reduced Penalty Fees And Made Credit Card Costs Clearer

    The Consumer Financial Protection Bureau (CFPB) released a report detailing how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) reduced penalty fees and made the cost of credit cards clearer to consumers. The report found that total cost of credit declined by two percentage points between 2008 and 2012 but that there are still areas of concern in the credit card market.

    http://www.consumerfinance.gov/newsroom/

  • October 01, 2013

    IRS Operations During The Lapse In Appropriations

    Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal.

    Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as they are required to do so by law. The IRS will accept and process all tax returns with payments, but will be unable to issue refunds during this time. Taxpayers are urged to file electronically, because most of these returns will be processed automatically.

    http://www.irs.gov/uac/Newsroom/IRS-Operations-During-The-Lapse-In-Appropriations

  • September 30, 2013

    NCUA Reminds Credit Unions about Cybersecurity Awareness Month

    On the eve of Cybersecurity Awareness Month, National Credit Union Administration Board Chairman Debbie Matz reminded credit unions about the importance of fighting cybercrime and protecting online the personal and financial information of their members.

    http://www.ncua.gov/News/Pages/NW20130930Cybersecurity.aspx

  • September 24, 2013

    Federal Regulators Issue Guidance on Reporting Financial Abuse of Older Adults

    Seven federal regulatory agencies issued guidance to clarify that the privacy provisions of the Gramm-Leach-Bliley Act generally permit financial institutions to report suspected elder financial abuse to appropriate authorities.

    http://www.consumerfinance.gov/newsroom/federal-regulators-issue-guidance-on-reporting-financial-abuse-of-older-adults/

  • September 24, 2013

    NCUA Letter: Credit Unions Can and Should Report Financial Abuse of Seniors

    The National Credit Union Administration reminded federally insured credit unions they can alert authorities if they suspect an older member is the victim of financial abuse or exploitation without violating the member’s privacy.

    http://www.ncua.gov/News/Pages/NW20130924LetterCU.aspx

  • September 24, 2013

    Federal Reserve Board issues interim final rules clarifying how companies should incorporate Basel III reforms into capital and business projections

    Rules to implement the Basel III capital reforms in the United States were finalized in July, and will be phased-in beginning in 2014 or 2015, depending on the size of the banking organization. The planning horizon for the next capital planning and stress testing cycle runs from the fourth quarter of 2013 through the fourth quarter of 2015. Thus, the next capital planning and stress testing cycle, which begins October 1, overlaps with the implementation of the Basel III capital reforms.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130924b.htm

  • September 13, 2013

    CFPB Finalizes Modifications to Mortgage Rules

    The Consumer Financial Protection Bureau (CFPB) finalized amendments and clarifications to its January 2013 mortgage rules in order to help industry comply and to better protect consumers. The changes made today answer questions that have been identified during the implementation process.

    http://www.consumerfinance.gov/pressreleases/cfpb-finalizes-modifications-to-mortgage-rules/

  • September 10, 2013

    FDIC Approves Final Rule on the Definition of Deposit at Foreign Branches of U.S. Banks to Clarify That These Deposits are Not Insured by the FDIC

    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a final rule clarifying that deposits in foreign branches of U.S. banks are not FDIC-insured, even though they can be deposits for purposes of the national depositor preference statute enacted in 1993.

    http://fdic.gov/news/news/press/2013/pr13081.html

  • September 09, 2013

    FDIC Consumer Newsletter Features Financial Tips for Seniors

    Consumers face financial issues in their retirement years ranging from how to maintain their lifestyle and pay for medical expenses on a fixed income to avoiding scams that target the elderly. To help older adults make informed decisions and protect their assets, the Summer 2013 issue of FDIC Consumer News features a collection of articles entitled "Financial Tips for Seniors." Other timely topics include avoiding wire transfer scams, new protections for sending money abroad, things to keep in mind when considering adjustable-rate mortgages, basic points about Health Savings Accounts, and help for student loan borrowers having payment problems. Here's an overview:

    http://fdic.gov/news/news/press/2013/pr13080.html

  • September 04, 2013

    CFPB Puts Companies on Notice About Duty to Investigate Consumer Credit Report Disputes

    The Consumer Financial Protection Bureau (CFPB) put on notice companies that supply information to consumer reporting companies. The CFPB released a bulletin stressing that, under the law, these companies, called furnishers, are responsible for investigating consumer disputes forwarded by the consumer reporting companies. Furnishers are also responsible for reviewing all relevant information provided with the disputes, including documents submitted by consumers.

    http://www.consumerfinance.gov/pressreleases/cfpb-puts-companies-on-notice-about-duty-to-investigate-consumer-credit-report-disputes/

  • September 03, 2013

    Agencies Provide Model Template for Submission of Tailored Resolution Plans

    The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) released an optional model template for tailored resolution plans that certain firms will be submitting for the first time later this year.

    http://fdic.gov/news/news/press/2013/pr13078.html

  • August 28, 2013

    Agencies Request Comment on Proposed Risk Retention Rule

    Six federal agencies issued a notice revising a proposed rule requiring sponsors of securitization transactions to retain risk in those transactions. The new proposal revises a proposed rule the agencies issued in 2011 to implement the risk retention requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

    http://www.occ.treas.gov/news-issuances/news-releases/2013/nr-ia-2013-128.html

  • August 15, 2013

    CFPB Releases Second Update of Exam Procedures for Mortgage Rules

    The Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as the rules become effective.

    http://www.consumerfinance.gov/pressreleases/41199/

  • August 07, 2013

    NCUA’s Low-Income Credit Union Initiative Boosts Growth, Community Investment

    One year after the National Credit Union Administration announced its low-income credit union initiative, the number of designated credit unions has grown significantly, creating the potential for greater community investment and access to financial services in underserved communities, Board Chairman Debbie Matz announced today.

    http://www.ncua.gov/News/Pages/NW20130807LowIncome.aspx

  • July 30, 2013

    Agencies Seek Comment on Dodd-Frank Act Stress Test Guidance for Medium-Sized Firms

    Three federal bank regulatory agencies are seeking comment on proposed guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50 billion.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130730a.htm

  • July 18, 2013

    Consumer Financial Protection Bureau Unveils Approach To Financial Education

    The Consumer Financial Protection Bureau unveiled its financial education strategy in its first annual Financial Literacy Report to Congress. The report details the Bureau’s three-pronged approach to improving financial literacy opportunities for consumers: education initiatives, evidence-based research, and outreach to consumers and financial education stakeholders.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-unveils-approach-to-financial-education/

  • July 10, 2013

    The CFPB Puts Companies on Notice About Harmful Debt Collection Practices

    The Consumer Financial Protection Bureau (CFPB) put companies on notice through bulletins advising that all companies under Bureau jurisdiction will be held accountable for unlawful conduct in collecting a consumer’s debts. The CFPB also announced that it is now accepting debt collection complaints and is publishing action letters for consumers to consider using in corresponding with debt collectors.

    http://www.consumerfinance.gov/pressreleases/the-cfpb-puts-companies-on-notice-about-harmful-debt-collection-practices/

  • July 10, 2013

    Agencies Issue Proposed Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements

    Six federal financial regulatory agencies issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors. The appraisal requirements for higher-priced mortgages were imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by a consumer’s home and have interest rates above a certain threshold.

    http://www.consumerfinance.gov/pressreleases/agencies-issue-proposed-rule-to-exempt-subset-of-higher-priced-mortgage-loans-from-appraisal-requirements/

  • July 10, 2013

    CFPB Finalizes April Clarifications to Mortgage Rules

    The Consumer Financial Protection Bureau (CFPB) finalized corrections, clarifications, and amendments to its Ability-to-Repay and mortgage servicing rules. Today’s clarifications were first proposed in April 2013 and reflect the Bureau’s commitment to facilitating implementation in order to better protect consumers.

    http://www.consumerfinance.gov/pressreleases/cfpb-finalizes-april-clarifications-to-mortgage-rules/

  • June 25, 2013

    Federal Reserve Board proposes new data collection requirements related to money market instruments

    The Federal Reserve Board proposed new data collection requirements related to selected money market instruments. To assist the Federal Reserve in monitoring money market conditions, the proposal would require insured depository institutions with total assets of $26 billion or more, and U.S. branches and agencies of foreign banks with third party assets of $900 million or more, to report daily to the Federal Reserve on their federal funds transactions, Eurodollar transactions, and certificates of deposit.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130625a.htm

  • June 24, 2013

    CFPB issues proposed modifications to mortgage rules

    The Consumer Financial Protection Bureau (CFPB) proposed clarifications and some narrow revisions to its January 2013 mortgage rules. The proposal issued today would resolve questions that have been identified during the implementation process and would help the rules deliver their intended value for consumers.

    http://www.consumerfinance.gov/pressreleases/cfpb-issues-proposed-modifications-to-mortgage-rules/

  • June 12, 2013

    FDIC and CFPB Collaborate to Develop a Tool for Older Adults to Prevent Financial Exploitation

    The Federal Deposit Insurance Corporation (FDIC) and Consumer Financial Protection Bureau (CFPB) launched a new financial resource tool, Money Smart for Older Adults, to help older adults and their caregivers prevent elder financial exploitation across the country. The newest addition to the FDIC’s Money Smart financial curriculum family, this stand-alone training module developed by both agencies provides information to raise awareness among older adults (age 62 and older) and their caregivers on how to prevent, identify and respond to elder financial exploitation, plan for a secure financial future, and make informed financial decisions. The instructor-led module offers practical information that can be implemented immediately. Money Smart for Older Adults is designed to be delivered to older adults and their caregivers by representative of financial institutions, adult protective service agencies, senior advocacy organizations, law enforcement, and others that serve this population.

    http://www.consumerfinance.gov/pressreleases/fdic-and-cfpb-collaborate-to-develop-a-tool-for-older-adults-to-prevent-financial-exploitation/

  • June 11, 2013

    CFPB report raises concerns about impact of overdraft practices on consumers

    The Consumer Financial Protection Bureau (CFPB) released a report on bank and credit union overdraft practices that raises concerns about whether the overdraft costs on consumer checking accounts can be anticipated and avoided. The report shows big differences across financial institutions when it comes to overdraft coverage on debit card transactions and ATM withdrawals, drawing into question how banks sell this account feature. The report also finds that consumers who opt in for overdraft coverage end up with more costs and more involuntary account closures.

    http://www.consumerfinance.gov/pressreleases/cfpb-report-raises-concerns-about-impact-of-overdraft-practices-on-consumers/

  • June 05, 2013

    Federal Reserve Board approves interim final rule on treatment of uninsured U.S. branches and agencies of foreign banks under section 716 of Dodd-Frank

    The Federal Reserve Board on Wednesday approved an interim final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under the so-called swaps push-out provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130605a.htm

  • June 04, 2013

    CFPB releases exam procedures for new mortgage rules

    The Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new regulations include those on appraisals, escrow accounts, and compensation and qualifications for loan originators.

    http://www.consumerfinance.gov/pressreleases/the-cfpb-releases-exam-procedures-for-new-mortgage-rules/

  • May 31, 2013

    Consumer Financial Protection Bureau complaint data now searchable by state

    The Consumer Financial Protection Bureau (CFPB) expanded its Consumer Complaint Database to include state-by-state information. The CFPB also added complaints about money transfers and credit reporting to the database.

    http://www.consumerfinance.gov/pressreleases/cfpb-complaint-data-now-searchable-by-state/

  • May 30, 2013

    Credit Union Delinquencies, Charge-offs Fall

    Federally insured credit unions experienced a decline in delinquencies and charge-offs in the first quarter of 2013, while loans grew faster than in any first quarter since 2008, the National Credit Union Administration reported today. The data reflect continuing overall improvement in the credit union industry’s performance.

    http://www.ncua.gov/News/Pages/NW20130530PACAFacts.aspx

  • May 30, 2013

    Credit Union Delinquencies, Charge-offs Fall

    Federally insured credit unions experienced a decline in delinquencies and charge-offs in the first quarter of 2013, while loans grew faster than in any first quarter since 2008, the National Credit Union Administration reported today. The data reflect continuing overall improvement in the credit union industry’s performance.

    http://www.ncua.gov/News/Pages/NW20130530PACAFacts.aspx

  • May 29, 2013

    CFPB finalizes amendments to ability-to-repay rule

    The Consumer Financial Protection Bureau (CFPB) finalized rules to facilitate access to credit by creating specific exemptions and modifications to the CFPB’s Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The amendments also revised rules on how to calculate loan origination compensation for certain purposes. Today’s final rule amends the CFPB’s Ability-to-Repay rule, which was finalized in January of this year.

    http://www.consumerfinance.gov/pressreleases/cfpb-finalizes-amendments-to-ability-to-repay-rule/

  • May 23, 2013

    Exemption for small debit card issuers from interchange fee standards working as intended

    The exemption designed to protect small debit card issuers from interchange fee standards applied to large issuers is working as intended, a Federal Reserve Board report released Thursday showed.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130523a.htm

  • May 21, 2013

    The CFPB establishes framework to better coordinate with state regulators

    The Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS), acting on behalf of state financial regulatory authorities, announced a framework which establishes a process for coordination on supervision and enforcement matters. The framework will apply in situations where the CFPB and state regulators share concurrent supervisory jurisdiction.

    http://www.consumerfinance.gov/pressreleases/the-cfpb-establishes-framework-to-better-coordinate-with-state-regulators/

  • May 13, 2013

    Federal Reserve Board announces that results of company-run, midyear stress tests are due on July 5

    Eighteen large U.S. bank holding companies are required to submit the results of their company-run, midyear stress tests to the Federal Reserve on July 5, the Federal Reserve said in instructions to those firms Monday.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130513a.htm

  • May 08, 2013

    CFPB report highlights student debt as a roadblock to opportunity for consumers

    The Consumer Financial Protection Bureau (CFPB) published a report highlighting the ways in which student loan debt can be a roadblock to a full financial life for consumers. The report discusses options based on public input for policymakers and market participants to consider in order to help borrowers manage their private student loan debt.

    http://www.consumerfinance.gov/pressreleases/report-highlights-student-debt-as-a-roadblock-to-opportunity-for-consumers/

  • April 30, 2013

    CFPB revises rule protecting consumers sending money internationally

    The Consumer Financial Protection Bureau (CFPB) revised its rule that creates certain protections for consumers who transfer money internationally. The revisions are intended to preserve the new consumer protections provided under the rule while facilitating industry’s compliance with the rule. The rule will take effect on October 28, 2013.

    http://www.consumerfinance.gov/pressreleases/cfpb-revises-rule-protecting-consumers-sending-money-internationally/

  • April 18, 2013

    CFPB report highlights problems older Americans have with confusing financial advising industry

    The Consumer Financial Protection Bureau (CFPB) published a report highlighting problems with so-called “senior designation” credentials that many financial advisers use to market their services to older Americans. The Bureau found that there are more than 50 different senior designations that financial advisers use to indicate that they have advanced training or expertise in the financial needs of older consumers. These designations can confuse older consumers, who are already at risk for deception and fraud.

    http://www.consumerfinance.gov/pressreleases/cfpb-report-highlights-problems-older-americans-have-with-confusing-financial-advising-industry/

  • April 18, 2013

    Share Insurance and Stabilization Funds Remain Strong as Credit Unions Recover

    The National Credit Union Administration (NCUA) Board convened its fourth scheduled open meeting of 2013 at the agency’s headquarters here today. The Board received updates on the performance of the National Credit Union Share Insurance Fund (Share Insurance Fund) and Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) for the first quarter of 2013.

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20130418.aspx

  • April 04, 2013

    The CFPB takes action against mortgage insurers to end kickbacks to lenders

    The Consumer Financial Protection Bureau (CFPB) today announced four enforcement actions to end what the Bureau believes to be improper kickbacks paid by mortgage insurers to mortgage lenders in exchange for business. The CFPB filed complaints and proposed consent orders against four national mortgage insurance companies in order to stop these practices, which have been prevalent for more than 10 years. The proposed orders require the four mortgage insurers to pay more than $15 million in penalties to the CFPB.

    http://www.consumerfinance.gov/pressreleases/the-cfpb-takes-action-against-mortgage-insurers-to-end-kickbacks-to-lenders/

  • April 04, 2013

    Federal Reserve Board finalizes standards for Fed-regulated banks engaged in certain types of foreign exchange transactions with retail customers

    The Federal Reserve Board announced the finalization of standards for banking organizations regulated by the Federal Reserve that engage in certain types of foreign exchange transactions with retail customers.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130404a.htm

  • March 22, 2013

    Consumer Financial Protection Bureau finalizes Credit CARD Act Rule

    The Consumer Financial Protection Bureau (CFPB) finalized a revision to a 2011 rule that the Federal Reserve Board (Board) had issued on credit card fees. The final rule is in response to a federal court ruling last year that had granted a preliminary injunction to block a part of the Board’s 2011 rule from taking effect.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-finalizes-credit-card-act-rule/

  • March 21, 2013

    Agencies Issue Updated Leveraged Lending Guidance

    Federal bank regulatory agencies released updated supervisory guidance on leveraged lending, which has been increasing since 2009 after declining during the financial crisis.
    The guidance from the Federal Reserve Board, the Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (the agencies) covers transactions characterized by a borrower with a degree of financial leverage that significantly exceeds industry norms. The guidance replaces guidance issued in April 2001.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130321a.htm

  • March 18, 2013

    Agencies Release Proposed Revisions to Interagency Questions and Answers Regarding Community Reinvestment

    The federal bank regulatory agencies today requested comment on proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment." The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies' Community Reinvestment Act (CRA) regulations.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130318a.htm

  • March 14, 2013

    Consumer Financial Protection Bureau proposes rule to oversee nonbank student loan servicers

    The Consumer Financial Protection Bureau (CFPB) proposed a rule that would allow it to federally supervise certain nonbank student loan servicers for the first time. The rule would bring new oversight to a rapidly growing market that has seen a rise in borrower delinquency in recent years.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-rule-to-oversee-nonbank-student-loan-servicers/

  • February 12, 2013

    FDIC Approves Proposed Rule on the Definition of Insured Deposit at Foreign Branches of U.S. Banks

    The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a notice of proposed rulemaking to clarify that while deposits in foreign branches of U.S. banks can be deposits for purposes of the national depositor preference statute enacted in 1993, they are not FDIC-insured. Currently, under the Federal Deposit Insurance Act, money deposited in foreign branches of U.S. banks are not considered deposits, unless the funds are payable in the U.S. A recent proposal by the United Kingdom's Financial Services Authority (FSA) relating to the effect of national depositor preference laws makes it likely that large U.S. banks will change their deposit agreements to make their U.K. branch deposits payable in both the U.K. and U.S.

    http://fdic.gov/news/news/press/2013/pr13009.html

  • February 11, 2013

    Consumer Financial Protection Bureau warns mortgage servicers about illegal protections for consumers when transferring loans

    The Consumer Financial Protection Bureau (CFPB) issued a bulletin advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. When handing over the processing of loans, mortgage servicers should not lose paperwork, lose track of a homeowner’s loss mitigation plans, or hinder a consumer’s chances of saving their home from unnecessary foreclosure. The CFPB has a heightened concern about these practices given the large number and size of recent servicing transfers.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-reminds-mortgage-servicers-of-legal-protections-for-consumers-when-transferring-loans/

  • February 04, 2013

    FDIC Issues List of Banks Examined for CRA Compliance

    The Federal Deposit Insurance Corporation (FDIC) issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in November 2012. The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations. As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.

    http://fdic.gov/news/news/press/2013/pr13008.html

  • January 31, 2013

    Consumer Financial Protection Bureau launches inquiry on campus financial products

    The Consumer Financial Protection Bureau (CFPB) announced that it is launching an inquiry into the impact of financial products marketed to students through colleges and universities. The CFPB intends to use the information gathered to determine whether these arrangements are in the best interest of students.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-launches-inquiry-on-campus-financial-products/

  • January 28, 2013

    Federal Reserve Board announces release dates for results from supervisory stress tests and from the Comprehensive Capital Analysis and Review (CCAR)

    The Federal Reserve Board on Monday announced that results from the supervisory stress tests conducted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be released on Thursday, March 7, and the related results from the Comprehensive Capital Analysis and Review, or CCAR, will be released on Thursday, March 14. Results will be released for both exercises at 4:30 p.m. Eastern Time. http://www.federalreserve.gov/newsevents/press/bcreg/20130128a.htm

    http://www.federalreserve.gov/newsevents/press/bcreg/20130128a.htm

  • January 22, 2013

    Financial Regulators Propose Guidance on Social Media

    The Federal Financial Institutions Examination Council (FFIEC) http://www.ncua.gov/News/Pages/NW20130122SocialMedia.aspxreleased proposed guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau and state regulators

    http://www.ncua.gov/News/Pages/NW20130122SocialMedia.aspx

  • January 18, 2013

    Agencies Issue Final Rule on Appraisals for Higher-Priced Mortgage Loans

    Six federal financial regulatory agencies issued the final rule that establishes new appraisal requirements for "higher-priced mortgage loans." The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are higher-priced if they are secured by a consumer's home and have interest rates above certain thresholds.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130118a.htm

  • January 18, 2013

    Consumer Financial Protection Bureau issuing rules to prevent loan originators from steering consumers into risky mortgages

    The Consumer Financial Protection Bureau (CFPB) is issuing rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. The rules ban certain incentives that loan originators had to sell unsafe loans to consumers in the run-up to the financial crisis.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-rules-to-prevent-loan-originators-from-steering-consumers-into-risky-mortgages/

  • January 17, 2013

    Federal Reserve Banks Announce New Study to Examine Nation’s Payments Usage

    The Federal Reserve's Retail Payments Office (RPO), located at the Federal Reserve Bank in Atlanta, announced plans to conduct a new study to determine the current volume and composition of electronic and check payments in the United States. This triennial study continues the research conducted by the Federal Reserve in 2001, 2004, 2007, and 2010.

    http://www.federalreserve.gov/newsevents/press/other/20130117a.htm

  • January 17, 2013

    Consumer Financial Protection Bureau rules establish strong protections for homeowners facing foreclosure

    The Consumer Financial Protection Bureau (CFPB) issued rules to establish new, strong protections for struggling homeowners facing foreclosure. The rules also protect mortgage borrowers from costly surprises and runarounds by their servicers.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-rules-establish-strong-protections-for-homeowners-facing-foreclosure/

  • January 07, 2013

    Independent Foreclosure Review to Provide $3.3 Billion in Payments, $5.2 Billion in Mortgage Assistance

    Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers.

    http://www.federalreserve.gov/newsevents/press/bcreg/20130107a.htm

  • December 28, 2012

    Consumer Financial Protection Bureau announces increase in Home Mortgage Disclosure Act Asset-Size Exemption Threshold

    The Consumer Financial Protection Bureau (CFPB) today issued a final rule adjusting the asset-size exemption threshold for banks, savings associations, and credit unions under Regulation C, which implements the Home Mortgage Disclosure Act (HMDA).

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-announces-increase-in-home-mortgage-disclosure-act-asset-size-exemption-threshold/

  • December 19, 2012

    Agencies Release Annual CRA Asset-Size Threshold Adjustments forSmall 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 are required by the CRA rules. Financial institutions are evaluated under different CRA examination procedures based upon their asset-size classification. Those meeting the small and intermediate small asset-size threshold are not subject to the reporting requirements applicable to large banks.

    http://www.federalreserve.gov/newsevents/press/bcreg/20121219a.htm

  • December 19, 2012

    Consumer Financial Protection Bureau launches public inquiry on the impact of the CARD Act

    The Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) has impacted consumers and the credit card market. The CFPB wants to know how the CARD Act has affected the daily lives of consumers and the behavior of industry.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-launches-public-inquiry-on-the-impact-of-the-card-act/

  • December 17, 2012

    Consumer Financial Protection Bureau releases exam procedures for student loans

    The Consumer Financial Protection Bureau (CFPB) published the procedures it will use in examining student lenders. The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field guide by CFPB examiners to ensure that private student lenders comply with federal consumer financial laws.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-releases-exam-procedures-for-student-loans/

  • December 17, 2012

    Federal Reserve Board issues supervision and regulation letter summarizing changes made to its program for consolidated supervision of large financial institutions

    The Federal Reserve Board issued a Supervision and Regulation letter summarizing changes made in recent years to its program for consolidated supervision of large financial institutions. The updated approach incorporates a stronger focus on the stability of the financial system and broader economy as a whole, while making improvements to the Federal Reserve's program to promote resiliency of individual firms. The letter is intended to provide greater clarity about supervisory objectives and expectations so that institutions and the general public can better understand the Federal Reserve's focus in supervising these large firms.

    http://www.federalreserve.gov/newsevents/press/bcreg/20121217a.htm

  • December 14, 2012

    Federal Reserve Board releases proposed rules to strengthen the oversight of U.S. operations of foreign banks

    The Federal Reserve Board proposed rules to strengthen the oversight of U.S. operations of foreign banks.

    The proposal would require foreign banking organizations with a significant U.S. presence to create an intermediate holding company over their U.S. subsidiaries, which would help facilitate consistent and enhanced supervision and regulation of the U.S. operations of these foreign banks. Foreign banks would also be required to maintain stronger capital and liquidity positions in the United States, helping to increase the resiliency of their U.S. operations.

    http://www.federalreserve.gov/newsevents/press/bcreg/20121214a.htm

  • December 13, 2012

    Consumer Financial Protection Bureau proposes to allow companies to run trial disclosure programs

    The Consumer Financial Protection Bureau (CFPB) announced its proposed policy to allow companies to test new consumer disclosures on a case-by-case basis. As part of its Project Catalyst initiative, and in line with its statutory authority, the Bureau’s goal is to encourage banks, credit unions, and other financial services companies to propose and conduct trial disclosure programs.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-to-allow-companies-to-run-trial-disclosure-programs/

  • November 29, 2012

    FinCEN, Federal Reserve Seek Comments on Bank Secrecy Act Definitions

    The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board are seeking comments on a proposal to amend the definitions of "funds transfer" and "transmittal of funds" under the regulations implementing the Bank Secrecy Act. The proposed amendments are necessary to maintain the current scope of funds transfers and transmittals subject to the Bank Secrecy Act in light of amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    http://www.federalreserve.gov/newsevents/press/bcreg/20121129a.htm

  • November 20, 2012

    Agencies announce increases in dollar thresholds in Regulation Z and M for exempt consumer credit and lease transactions

    The Federal Reserve Board (Board) and the Consumer Financial Protection Bureau (CFPB) today announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. These increases are consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Transactions at or below the thresholds are subject to the protections of the regulations.

    http://www.consumerfinance.gov/pressreleases/agencies-announce-increases-in-dollar-thresholds-in-regulation-z-and-m-for-exempt-consumer-credit-and-lease-transactions/

  • November 16, 2012

    Consumer Financial Protection Bureau extends effective date for new mortgage disclosures

    The Consumer Financial Protection Bureau (CFPB) announced that it will give industry extra time to provide certain new disclosures required under the Dodd-Frank Wall Street Reform and Consumer Protection Act in order to allow a more seamless integration with other mortgage disclosures that have been proposed by the Bureau. Per today’s announcement, industry will not be required to provide those disclosures until after the Bureau’s previously proposed mortgage disclosure rules are finalized.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-extends-effective-date-for-new-mortgage-disclosures/

  • November 15, 2012

    November 2012 Board Meeting: NCUA Projects Strong Share Insurance, Stabilization Fund Performance in 2013

    The National Credit Union Administration (NCUA) Board convened its seventh open meeting of 2012 at the agency’s headquarters here today. Board members received updates on the performance of the National Credit Union Share Insurance Fund (NCUSIF) and Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund), revealed 2013 premium and assessment ranges, and unanimously approved three items.

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20121115.aspx

  • November 15, 2012

    Comptroller of the Currency Discusses Actions to Prevent the Next Fiscal Crisis

    Comptroller of the Currency Thomas J. Curry discussed steps being taken to prevent the next fiscal crisis during a speech before The Clearing House.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-165.html

  • November 15, 2012

    OCC Releases Guidance on Large Bank Stress Testing Scenarios

    The Office of the Comptroller of the Currency released interim guidance that describes how the OCC will develop and distribute scenarios for use in annual stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-166.html

  • November 02, 2012

    NCUA Releases National Supervision Policy Manual to the Public

    The National Credit Union Administration (NCUA) released a public version of its new National Supervision Policy Manual (NSPM). The document describes the agency’s internal operations and procedures for supervisory staff.

    http://www.ncua.gov/News/Pages/NW20121102SuperPolManual.aspx

  • October 31, 2012

    Financial Regulators Release Guidance for the Supervision of Technology Service Providers

    The TSP Booklet contains guidance for examiners and financial institutions on the supervision of technology service providers. It addresses the agencies’ statutory authority to supervise third-party servicers that enter into contractual arrangements with regulated financial institutions. Additionally, the TSP Booklet outlines the agencies’ Risk Based -Examination Priority Ranking Program and includes an appendix describing the Uniform Rating System for Information Technology (URSIT), which the agencies use for financial institutions and their technology service providers.

    http://www.ncua.gov/News/Pages/20121031FFIECTech.aspx

  • October 25, 2012

    Federal Reserve Board announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2013

    The Federal Reserve Board announced the annual indexing of the reserve requirement exemption amount and of the low reserve tranche for 2013. 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 2013.

    http://www.federalreserve.gov/newsevents/press/bcreg/20121025a.htm

  • October 22, 2012

    Comment Deadline Extended to Nov. 26 for Proposed Small Credit Union Definition Rule

    e National Credit Union Administration (NCUA) Board has approved by notation vote a one-month extension of the comment period for the proposed rule updating the definition of a “small entity.” The proposed rule would grant additional regulatory relief to more than 1,600 credit unions.

    http://www.ncua.gov/News/Pages/NW20121022Comments.aspx

  • October 22, 2012

    NCUA’s October Economic Update for Credit Unions Now Available Online

    The National Credit Union Administration (NCUA) released the latest video in the agency’s free “YouTube” economic update series. NCUA Chief Economist John Worth’s October analysis examines recent economic developments and covers possible risks, including a discussion of the potential effect of the “fiscal cliff” on credit union performance.

    http://www.ncua.gov/News/Pages/NW20121022EconVideo.aspx

  • October 10, 2012

    Final Rule: Short-Term Investment Funds

    The Office of the Comptroller of the Currency (OCC) published a final rule in the Federal Register on October 9, 2012, that revises the requirements imposed on U.S. banks and federal branches of foreign banks pursuant to 12 CFR 9.18(b)(4)(ii)(B), the short-term investment fund (STIF) rule.

    A STIF is a type of collective investment fund (CIF) that operates pursuant to a plan that governs a bank’s management and administration of the fund. For admissions to and withdrawals from the fund, a bank may value STIF assets on an amortized cost basis, provided that the STIF plan includes certain requirements, rather than marking the assets to market, which is the valuation method required for other CIFs. Currently, a STIF plan must require the bank to: (1) maintain a dollar-weighted average portfolio maturity of 90 days or less, (2) accrue on a straight-line basis the difference between the cost and the anticipated principal receipt on maturity, and (3) hold the fund’s assets until maturity under usual circumstances.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-31.html

  • October 09, 2012

    Federal Reserve Board publishes two final rules with stress testing requirements for certain bank holding companies, state member banks, and savings and loan holding companies

    The Federal Reserve Board on Tuesday published two final rules with stress testing requirements for certain bank holding companies, state member banks, and savings and loan holding companies. The final rules implement sections 165(i)(1) and (i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act that require supervisory and company-run stress tests. Nonbank financial companies designated by the Financial Stability Oversight Council will also be subject to certain stress testing requirements contained in the rules.

    http://www.federalreserve.gov/newsevents/press/bcreg/20121009a.htm

  • September 28, 2012

    Consideration of Findings in Uniform Rating and Risk Assessment Systems

    This bulletin summarizes refinements that the Office of the Comptroller of the Currency (OCC) has made to its guidance with respect to how examiners consider Bank Secrecy Act/Anti-Money Laundering (BSA/AML) examination findings in the Federal Financial Institutions Examination Council’s (FFIEC) Uniform Rating Systems and the OCC’s risk assessment system (RAS) for national banks and federal savings associations (collectively, banks), and the ROCA ratings1 and RAS for federal branches and agencies of foreign banking organizations.

    These refinements reflect the OCC’s longstanding policy that weaknesses in a bank’s BSA/AML program are serious safety and soundness concerns that require management’s prompt attention.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-30.html

  • September 26, 2012

    Agencies Reopen Comment Period on Swap Margin and Capital Proposed Rulemaking

    Five federal agencies reopened 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 for which one of the agencies is the prudential regulator, as required by sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The comment period--which originally ended July 11, 2011--was reopened to November 26, 2012, to allow interested persons more time to analyze the issues and prepare their comments in light of the consultative document on margin requirements for noncentrally-cleared derivatives recently published for comment by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120926a.htm

  • September 24, 2012

    Agencies Release a Regulatory Capital Estimation Tool to Assist in Assessing the Potential Effects of Recently Proposed Regulatory Capital Rules

    The federal banking regulatory agencies on Monday announced the availability of a regulatory capital estimation tool to help community banking organizations and other interested parties evaluate recently published regulatory capital proposals. The tool will assist these organizations in estimating the potential effects on their capital ratios of the agencies' Basel III Notice of Proposed Rulemaking (NPR) and Standardized Approach NPR.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120924a.htm

  • September 18, 2012

    Federal Financial Institutions Examination Council Announces Availability of 2011 Data on Mortgage Lending

    The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 7,632 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2011 lending activity — applications, originations, purchases and sales of loans, denials, and other actions related to applications.

    http://www.consumerfinance.gov/pressreleases/federal-financial-institutions-examination-council-announces-availability-of-2011-data-on-mortgage-lending/

  • September 05, 2012

    Consumer Financial Protection Bureau releases exam procedures for consumer reporting market

    The Consumer Financial Protection Bureau (CFPB) took another step in implementing its nonbank supervision program by releasing the procedures it will use in examining credit bureaus and other consumer reporting companies. These procedures are a field guide for CFPB examiners looking to check that these companies are following the law.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-releases-exam-procedures-for-consumer-reporting-market/

  • August 30, 2012

    Revisions to Market Risk Capital Rule: Final Rulemaking

    The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) on August 30, 2012, published in the Federal Register a final rule that amends their respective market risk capital rules, which generally apply to banking organizations that engage in substantial trading activity. The revisions broaden the scope of these rules to better capture the risks inherent in trading positions. Specifically, the final rule improves the sensitivity to risks that were not adequately captured under the current regulatory measurement methodologies, such as the default and migration risks associated with less liquid products. The agencies’ analysis indicates that, for those banking organizations subject to the market risk capital rules, these revisions will significantly increase the risk-based capital allocated to market risk. The effective date of the rule is January 1, 2013.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-25.html

  • August 27, 2012

    Federal Reserve Board considering changes to the implementation timeline for the Dodd-Frank company-run stress test requirements

    The Federal Reserve Board is considering changes to the implementation timeline for the annual company-run stress test requirements required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The changes under consideration would delay implementation until September 2013 for bank holding companies, state member banks, and savings and loan holding companies with between $10 billion and $50 billion in total consolidated assets.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120827b.htm

  • August 17, 2012

    Consumer Financial Protection Bureau proposes rules to bring greater accountability to mortgage market

    Consumer Financial Protection Bureau (CFPB) proposed rules that would bring greater accountability to the mortgage loan origination market. These rules, which the CFPB is seeking comment on and will finalize by January 2013, would make it easier for consumers to understand mortgage costs and compare loans so they can choose the best deal.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-rules-to-bring-greater-accountability-to-mortgage-market/

  • August 16, 2012

    OCC Proposes Annual Stress Test Reporting Requirements for Covered Institutions with Consolidated Assets of $50 Billion or More

    The Office of the Comptroller of the Currency (OCC) today published a notice of a proposed information collection for comment in the Federal Register regarding annual stress test reporting.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-121.html

  • August 15, 2012

    Agencies Issue Proposed Rule on Appraisals for Higher-Risk Mortgages

    Six federal financial regulatory agencies issued a proposed rule to establish new appraisal requirements for "higher-risk mortgage loans." The proposed rule would implement amendments to the Truth in Lending Act enacted by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, mortgage loans are higher-risk if they are secured by a consumer's home and have interest rates above a certain threshold.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120815a.htm

  • August 15, 2012

    Consumer Financial Protection Bureau proposes rule to improve consumer access to appraisal reports

    The Consumer Financial Protection Bureau (CFPB) released a proposed rule that would require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with the application. The rule would ensure that consumers receive information prior to closing about how the property’s value was determined.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-rule-to-improve-consumer-access-to-appraisal-reports/

  • August 10, 2012

    Consumer Financial Protection Bureau Proposes Rules to Protect Mortgage Borrowers

    The Consumer Financial Protection Bureau (CFPB) proposed two notices containing rules to protect homeowners from surprises and costly mistakes by their mortgage servicers.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-rules-to-protect-mortgage-borrowers/

  • July 26, 2012

    NCUA: New Office of National Examinations and Supervision Coming in 2013

    The National Credit Union Administration (NCUA) will change with an evolving credit union industry by creating an Office of National Examinations and Supervision, said NCUA Board Chairman Debbie Matz. Matz announced the reorganization at the National Association of Federal Credit Unions’ 45th Annual Conference and Exposition.

    http://www.ncua.gov/News/Pages/NW20120726MatzNAFCU.aspx

  • July 19, 2012

    Federal Reserve Board reaffirms long-standing policy of applying relevant international risk-management standards to Fedwire funds and Fedwire securities services

    The Federal Reserve Board reaffirmed its long-standing policy of applying relevant international risk-management standards to the Federal Reserve Banks' Fedwire funds and Fedwire securities services. These services play a critical role in the financial system and in facilitating the safe and efficient settlement of private-sector financial market utilities.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120719a.htm

  • July 19, 2012

    Consumer Financial Protection Bureau and U.S. Department of Education Joint Report Finds a Cycle of Boom and Bust in Private Student Loan Market

    The Consumer Financial Protection Bureau and the U.S. Department of Education released a report that describes the risky practices and debt that stemmed from the boom and bust of the private student loan market in the past ten years. According to the CFPB’s estimates, outstanding student loan debt in the United States topped $1 trillion in 2011 — $864 billion of federal student debt and approximately $150 billion of private student loan debt.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-and-u-s-department-of-education-joint-report-finds-a-cycle-of-boom-and-bust-in-private-student-loan-market/

  • July 12, 2012

    Federal Reserve Board issues supervisory guidance for new optional pre-filing process for an applicant to request a response on a potential bank acquisition or other proposal

    The Federal Reserve issued supervisory guidance describing a new optional process for an applicant to request a response on a potential bank acquisition or other proposal before the submission of a formal application or notice.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120712a.htm

  • July 10, 2012

    Federal Financial Regulators Release Statement on Outsourced Cloud Computing

    The Federal Financial Institutions Examination Council (FFIEC) today issued a statement on outsourced cloud computing activities.

    The statement discusses key risk considerations associated with outsourced cloud computing activities and identifies applicable risk mitigation considerations contained in the various booklets that comprise the FFIEC IT Examination Handbook.

    http://www.ncua.gov/News/Pages/NW20120710FFIECCloud.aspx

  • July 05, 2012

    OCC Report Discusses Risks Facing National Banks and Federal Savings Associations

    Top risks facing national banks and federal savings associations include the lingering effects of a weak housing market, revenue challenges related to slow economic growth and market volatility, and the potential that banks may take excessive risks in an effort to improve profitability.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-106.html

  • June 29, 2012

    Federal Reserve Board and Federal Deposit Insurance Corporation announce process for receiving and evaluating initial resolution plans, also known as living wills

    The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board announced the process for receiving and evaluating the initial resolution plans--also known as living wills--from the largest banking organizations operating in the United States.
    The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve submit resolution plans annually to the FDIC and the Federal Reserve. Each plan must describe the company's strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company. The FDIC and Federal Reserve must review each resolution plan and jointly may determine that a resolution plan is not credible or would not facilitate an orderly resolution of the company in bankruptcy.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120629b.htm

  • June 28, 2012

    Consumer Financial Protection Bureau adopts rule for the protection of privileged information

    The Consumer Financial Protection Bureau (CFPB) adopted a rule to codify protections for privileged information submitted to the Bureau by the financial institutions it regulates.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-adopts-rule-for-the-protection-of-privileged-information/

  • June 21, 2012

    Consumer Financial Protection Bureau and prudential regulators issue joint guidance to address mortgage servicer practices that impact servicemembers

    The Consumer Financial Protection Bureau (CFPB) along with the prudential regulators – the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency and ? issued joint guidance to address mortgage servicer practices that may pose risks to homeowners who are serving in the military.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-and-prudential-regulators-issue-joint-guidance-to-address-mortgage-servicer-practices-that-impact-servicemembers/

  • June 20, 2012

    OCC Issues an Interim Final Lending Limit Rule

    The Office of the Comptroller of the Currency (OCC) has adopted an interim final rule amending its lending limit rule to apply to certain credit exposures arising from derivative transactions and securities financing transactions. Effective July 21, 2012, section 610 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 revises the statutory definition of loans and extensions of credit for purposes of the lending limit to include certain credit exposures arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction. The interim final rule adopted by the OCC implements this statutory change which applies to both national banks and savings associations. State banks are subject to separate restrictions under section 611 of the Dodd-Frank Act.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-92.html

  • June 12, 2012

    Agencies Seek Comment on Regulatory Capital Rules and Finalize Market Risk Rule

    The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are seeking comment on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies' current capital rules. The agencies also announced the finalization of the market risk capital rule that was proposed in 2011.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120612a.htm

  • June 07, 2012

    Federal Reserve Board approves final rule to implement changes to market risk capital rule

    The Federal Reserve Board approved a final rule to implement changes to the market risk capital rule, which requires banking organizations with significant trading activities to adjust their capital requirements to better account for the market risks of those activities.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120607b.htm

  • June 07, 2012

    Federal Reserve Board invites comment on three proposed rules intended to help ensure banks maintain strong capital positions

    The Federal Reserve Board invited comment on three proposed rules intended to help ensure banks maintain strong capital positions, enabling them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120607a.htm

  • June 04, 2012

    Federal Reserve Board announces upcoming changes to its Consumer Credit (G.19) release

    The Federal Reserve Board on Monday announced that it has restructured the G.19 statistical release, Consumer Credit, to reflect regulatory filing changes for U.S.-chartered depository institutions and, in addition to the data currently reported on level of credit outstanding, the release will now report data on the flow of credit. The revised data will be made available with the release of the April report on Thursday, June 7.

    http://www.federalreserve.gov/newsevents/press/other/20120604a.htm

  • May 31, 2012

    Consumer Financial Protection Bureau seeks further comment on Ability-to-Repay mortgage rule

    Today the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on new data and information that it has received in a rulemaking to require lenders to assess consumers’ ability to repay mortgage loans before extending them credit. The comment period will close on July 9, 2012.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-seeks-further-comment-on-ability-to-repay-mortgage-rule/

  • May 24, 2012

    May 2012 Board Meeting: NCUA Board Finalizes Two Regulatory Relief Measures

    The National Credit Union Administration (NCUA) Board convened its third open meeting of 2012 at the agency’s headquarters and unanimously approved three items

    http://www.ncua.gov/about/Pages/Board%20Actions/BAB20120524.aspx

  • May 24, 2012

    Consumer Financial Protection Bureau proposes procedural rule on supervising nonbanks that pose risks to consumers

    The Consumer Financial Protection Bureau (CFPB) is proposing a rule that would set up procedures to supervise nonbanks that may have engaged in activities that pose risks to consumers. This rule would clarify procedures the CFPB would use when exercising the authority granted to it by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-procedural-rule-on-supervising-nonbanks-that-pose-risks-to-consumers/

  • May 22, 2012

    May NCUA Economic Update Now Available

    NCUA’s May economic update video highlights key indicators that point to an improving national economy. The national labor market gained roughly 115,000 jobs in April, while unemployment edged down to 8.1 percent. Consumer spending remains solid, particularly in new car sales which rose half a percent in April. New car sales are an important channel for credit union lending. New and used auto loans account for just under 30 percent of credit union loan portfolios.

    http://www.ncua.gov/News/Pages/NW20120522EconomicUpdate.aspx

  • May 17, 2012

    Rescission of OTS Documents

    The Office of the Comptroller of the Currency (OCC) is rescinding the Office of Thrift Supervision (OTS) documents listed in Attachment A as part of its ongoing implementation of title III of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-15.html

  • May 14, 2012

    Agencies Finalize Large Bank Stress Testing Guidance

    The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued final supervisory guidance regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120514a.htm

  • May 10, 2012

    NCUA Implements New Supervision Manual and Consistent Exam Standards

    National Credit Union Administration (NCUA) staff have completed comprehensive training that will result in more consistent supervision and examination standards for credit unions across America.

    http://www.ncua.gov/News/Pages/NW20120510NatlConference.aspx

  • May 09, 2012

    Consumer Financial Protection Bureau considers rules to simplify mortgage points and fees

    Consumer Financial Protection Bureau (CFPB) outlined rules it is considering that would simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market. These rules, which the CFPB expects to propose this summer and finalize by January 2013, would make it easier for consumers to understand mortgage costs and compare loans so they can choose the best deal.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-considers-rules-to-simplify-mortgage-points-and-fees/

  • April 23, 2012

    Consumer Financial Protection Bureau Final Rule for Reporting Thresholds

    On February 15, 2012, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register the attached final rule amending the official commentary that interprets the requirements of Regulation C. By this amendment, the CFPB has raised the asset size exemption threshold to $41 million for depository institutions. Thus, institutions with assets of $41 million or less as of December 31, 2011, will not be required to collect Home Mortgage Disclosure Act (HMDA) data in 2012. The previous exemption threshold was $40 million. This revision is mandated by provisions of the Economic Growth and Regulatory Paperwork Reduction Act of 1996. The adjustment reflects changes based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers for the 12-month period ending in November 2011.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-13.html

  • April 23, 2012

    Regulatory Alert: New Flexibility in Loan Originator Compensation Rules and Pension Plan Payments

    If your credit union makes closed-end residential mortgage loans, you will have new flexibility in loan originator Compensation Rules under the Truth in Lending regulation issued by the Consumer Financial Protection Bureau (CFPB).

    http://www.ncua.gov/Legal/Pages/RA2012-03.aspx

  • April 18, 2012

    Consumer Financial Protection Bureau to pursue discriminatory lenders

    The Consumer Financial Protection Bureau (CFPB) announced that it will use all available legal avenues, including disparate impact, to pursue lenders whose practices discriminate against consumers. The Bureau will equip consumers with the information they need to spot the warning signs of discrimination.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-to-pursue-discriminatory-lenders/

  • April 16, 2012

    Notice of Proposed Rulemaking: Short-Term Investment Funds

    The Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking in the Federal Register on April 9, 2012, that would revise the requirements imposed on banks pursuant to 12 CFR 9.18(b)(4)(ii)(B), the short-term investment fund (STIF) rule.

    A STIF is a type of collective investment fund (CIF). Like a CIF, a STIF operates pursuant to a plan that governs the bank’s management and administration of the fund. For admissions to and withdrawals from the fund, a bank may value STIF assets on an amortized cost basis, provided that a STIF’s plan includes certain requirements, rather than marking them to market, which is the valuation method required for other CIFs. Specifically, a STIF’s plan must require the bank to (1) maintain a dollar-weighted average portfolio maturity of 90 days or less, (2) accrue on a straight-line basis the difference between the cost and anticipated principal receipt on maturity, and (3) hold the fund’s assets until maturity under usual circumstances.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-12.html

  • April 16, 2012

    Examination Procedures: SAFE Act

    The Office of the Comptroller of the Currency is issuing interagency examination procedures for the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act).

    On July 28, 2010, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, National Credit Union Administration, and Farm Credit Administration published substantively similar regulations implementing the SAFE Act federal registration requirements for the institutions they supervise and the institutions’ mortgage loan originator employees. On July 21, 2011, rulemaking authority for the SAFE Act transferred to the Consumer Financial Protection Bureau. The examination procedures lay out the background and requirements of the SAFE Act and the SAFE Act regulation concerning federal registration.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-11.html

  • April 13, 2012

    Consumer Financial Protection Bureau to hold financial institutions and their service providers accountable

    The Consumer Financial Protection Bureau (CFPB) today released a bulletin clarifying that financial institutions under Bureau supervision may be held responsible for the actions of the companies with which they contract. The Bureau will take a close look at service providers’ interactions with consumers. It will hold all appropriate companies accountable when legal violations occur.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-to-hold-financial-institutions-and-their-service-providers-accountable/

  • April 12, 2012

    Consumer Financial Protection Bureau seeks public comment on amendment to credit card act rule

    The Consumer Financial Protection Bureau (CFPB) is seeking public comment on a proposal to revise a 2011 rule that the Federal Reserve Board had issued on credit card fees, in response to a federal court ruling that had granted a preliminary injunction to block the rule from taking effect.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-seeks-public-comment-on-amendment-to-credit-card-act-rule/

  • April 11, 2012

    Consumer Financial Protection Bureau Releases Financial Aid Comparison Shopper

    The Consumer Financial Protection Bureau (CFPB) launched the next phase of its Know Before You Owe student loan project by releasing a beta version of the Financial Aid Comparison Shopper, an interactive, online tool designed to help families plan for the costs of post-secondary education.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-releases-financial-aid-comparison-shopper/

  • April 09, 2012

    Consumer Financial Protection Bureau outlines borrower-friendly approach to mortgage servicing

    On Tuesday, the Consumer Financial Protection Bureau (CFPB) will outline rules it is considering to help protect mortgage borrowers from being hit by costly surprises or getting the runaround from their mortgage servicer. The CFPB plans to formally propose rules this summer and finalize them in January 2013.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-outlines-borrower-friendly-approach-to-mortgage-servicing/

  • April 05, 2012

    Supervisory Guidance on Accounting and Reporting Requirements

    The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to national banks and federal savings associations (collectively, banks) to address many inquiries received from bankers and examiners on the accounting and reporting requirements for troubled debt restructurings (a TDR), especially related to loan renewals and extensions of substandard commercial loans.

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-10.html

  • March 30, 2012

    Agencies Clarify Effective Date for Section 716 of the Dodd-Frank Act

    Three federal financial regulatory agencies on Friday issued guidance clarifying that the effective date of section 716, the so-called Swaps Pushout provision, of the Dodd-Frank Wall Street Reform and Consumer Protection Act is July 16, 2013. The guidance is being issued by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency after receiving inquiries seeking clarification about the effective date. Section 716 prohibits certain types of Federal assistance, such as discount window lending and deposit insurance, for certain uses to a swaps entity, subject to specified exceptions, with respect to its swap, security-based swap, or other activity.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-ia-2012-56.html

  • March 30, 2012

    Request for Comment on Revised Leveraged Lending Guidance

    The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (the agencies) are seeking comment on proposed revisions to the interagency leveraged finance guidance issued in April 2001 (2001 guidance). This notice and request for comment was published in the Federal Register on March 30, 2012 (attached).

    http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-9.html

  • March 27, 2012

    Consumer Financial Protection Bureau files amicus brief in truth in lending case

    The Consumer Financial Protection Bureau (CFPB) has filed an amicus brief in the United States Court of Appeals for the Tenth Circuit in Denver, Colo., arguing that certain borrowers who did not receive important disclosures mandated by the Truth in Lending Act (TILA) may cancel their loans so long as they notify the lender of their intent to cancel within three years.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-files-amicus-brief-in-truth-in-lending-case/

  • March 26, 2012

    Agencies Propose Revisions to Leveraged Finance Guidance

    The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (the agencies) are seeking comment on proposed revisions to the interagency leveraged finance guidance issued in 2001. Transactions that are covered by this guidance are characterized by a borrower with a degree of financial or cash flow leverage that significantly exceeds industry norms as measured by various debt, cash flow, or other ratios.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-ia-2012-54.html

  • March 15, 2012

    OCC Issues Final Semi-Annual Cost of Funds Reports

    The Office of the Comptroller of the Currency (OCC) issued the final Cost of Funds reports (current and historical), which provide information about funding costs covering the six-month period ending December 31, 2011, for institutions formerly regulated by the Office of Thrift Supervision (OTS).

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-44.html

  • March 12, 2012

    Consumer Financial Protection Bureau proposes rule for the protection of privileged information

    The Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would codify protections for privileged information submitted to the Bureau by the financial institutions it regulates.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-rule-for-the-protection-of-privileged-information/

  • March 09, 2012

    Agencies and CDFI Fund to Sponsor National Interagency Community Reinvestment Conference

    The federal bank regulatory agencies, the Federal Reserve Bank of San Francisco, and the Community Development Financial Institutions Fund will host the 2012 National Interagency Community Reinvestment Conference in Seattle, Washington, from March 25 to 28. This biennial conference is designed to offer participants from around the country the opportunity to learn about the Community Reinvestment Act (CRA) and its regulations, as well as the chance to network with colleagues and discuss best practices and emerging challenges in community development.

    http://www.federalreserve.gov/newsevents/press/other/20120309a.htm

  • March 08, 2012

    Federal Reserve Board releases action plans for three supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing

    The Federal Reserve Board on Thursday released action plans for three supervised financial institutions to correct deficiencies in residential mortgage loan servicing and foreclosure processing. The three institutions are HSBC North America Holdings, Inc., Ally Financial Inc., and IMB HoldCo. LLC.

    http://www.federalreserve.gov/newsevents/press/enforcement/20120308b.htm

  • March 05, 2012

    Consumer Financial Protection Bureau now taking private student loan complaints

    The Consumer Financial Protection Bureau (CFPB) is now accepting complaints from borrowers having difficulties with their private student loans. The CFPB will assist all borrowers experiencing problems taking out a private student loan, repaying their private student loan, or managing a student loan that has gone into default and may have been referred to a debt collector.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-now-taking-private-student-loan-complaints/

  • March 02, 2012

    Federal Reserve Board extends comment period on proposed rule to implement enhanced prudential standards and early remediation requirements

    The Federal Reserve Board on Friday extended the comment period until April 30, 2012, on a proposed rule to implement the enhanced prudential standards and early remediation requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal includes a wide range of measures addressing issues such as capital, liquidity, single counterparty credit limits, stress testing, risk management, and early remediation requirements. The Board extended the comment period to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by March 31, 2012.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120302a.htm

  • March 02, 2012

    Federal Reserve Board issues guidance for evaluating whether banking organizations are eligible for upgrades of supervisory ratings

    The Federal Reserve Board on Friday issued guidance to ensure that supervisors apply consistent standards as they evaluate whether banking organizations with $10 billion or less in assets are eligible for upgrades of supervisory ratings. The guidance is being issued to ensure that upgrades occur in a timely manner when the banking organizations have made the requisite progress in addressing any supervisory concerns that had prompted lower ratings. To be eligible for an upgrade, banks are expected to demonstrate, among other things, improvement in financial condition and risk management, as well as show that such improvement is likely to continue

    http://www.federalreserve.gov/newsevents/press/bcreg/20120302b.htm

  • March 01, 2012

    Matz: “Credit Unions Ended 2011 in a Safer and Stronger Position”

    Chairman Debbie Matz reported that key financial measures for credit unions improved in the last quarter of 2011, according to Call Report data submitted by the nation’s 7,094 federally insured credit unions and compiled by the National Credit Union Administration (NCUA).

    http://www.ncua.gov/News/Pages/NW20120301Q4IndustryCReport.aspx

  • March 01, 2012

    Consumer Financial Protection Bureau now taking complaints on checking accounts

    The Consumer Financial Protection Bureau (CFPB) began accepting consumer complaints about bank accounts, including checking accounts, savings accounts, CDs, and related services.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-now-taking-complaints-on-checking-accounts/

  • February 22, 2012

    Consumer Financial Protection Bureau launches inquiry into overdraft practices

    The Consumer Financial Protection Bureau (CFPB) launched an inquiry into checking account overdraft programs to determine how these practices are impacting consumers. As part of that inquiry, the CFPB is seeking public input on a prototype “penalty fee box” – a disclosure on a consumer’s checking account statement that would highlight the amount overdrawn and total overdraft fees charged.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-launches-inquiry-into-overdraft-practices/

  • February 21, 2012

    Consumer Financial Protection Bureau proposes rule to supervise larger participants in consumer debt collection and consumer reporting markets

    The Consumer Financial Protection Bureau (CFPB) is announcing today the formation of a Small Business Review Panel as part of its initiative to integrate the mortgage disclosure forms that borrowers receive when applying for and closing on a loan. The review panel will solicit feedback from small businesses that make mortgage loans and conduct mortgage closings.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-convenes-small-business-panel-for-know-before-you-owe-mortgage-disclosures/

  • February 17, 2012

    OCC Newsletter Focuses on Bank Financing for Homeless Housing Facilities

    The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments electronic newsletter, titled "Ending Homelessness: Financing Permanent Supportive Housing," which provides an in-depth look at bank financing for permanent supportive housing for the homeless.

    http://www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-29.html

  • February 16, 2012

    Consumer Financial Protection Bureau proposes rule to supervise larger participants in consumer debt collection and consumer reporting markets

    The Consumer Financial Protection Bureau (CFPB) announced a proposed rule to include debt collectors and consumer reporting agencies under its nonbank supervision program. This would mark the first time these important and far-reaching consumer financial market participants are subject to federal supervision.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-proposes-rule-to-supervise-larger-participants-in-consumer-debt-collection-and-consumer-reporting-markets/

  • February 15, 2012

    Office of the Comptroller of the Currency Promotes National Consumer Protection Week

    The Office of the Comptroller of the Currency (OCC) promoted awareness of consumer protection resources during National Consumer Protection Week (NCPW) event on Capitol Hill.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2011-26.html

  • February 15, 2012

    Deadline to Request Review Under the Independent Foreclosure Review Extended to July 31

    The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) today announced that the deadline for submitting requests for review under the Independent Foreclosure Review has been extended. The new deadline, July 31, 2012, provides an additional three months for borrowers to request a review if they believe they suffered financial injury as a result of errors in foreclosure actions on their homes in 2009 or 2010 by one of the servicers covered by enforcement actions issued in April 2011.

    http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-ia-2012-25.html

  • January 25, 2012

    Federal and state officials announce new law enforcement partnership to protect military community

    Officials from the Consumer Financial Protection Bureau (CFPB), the Department of Defense, and the Federal Trade Commission (FTC) were joined by the New York Attorney General announced the development of a database to combat consumer financial frauds directed at military members, veterans, and their families. The Repeat Offenders Against Military (ROAM) Database will track completed enforcement actions against companies and individuals who repeatedly scam military personnel.

    http://www.consumerfinance.gov/pressreleases/federal-and-state-officials-announce-new-law-enforcement-partnership-to-protect-military-community/

  • 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

  • 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

  • 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

  • January 20, 2012

    Consumer Financial Protection Bureau adopts rule to protect consumers sending money internationally

    The Consumer Financial Protection Bureau (CFPB) adopted a rule that will increase protections for consumers who transfer money internationally. Under the new rule, remittance transfer providers will generally be required to disclose the exchange rate and all fees associated with a transfer so that consumers know exactly how much money will be received on the other end. The rule also requires remittance transfer providers to investigate disputes and remedy errors.

    http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-adopts-rule-to-protect-consumers-sending-money-internationally/

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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.

    http://www.ncua.gov/News/NewsLtrs/Pages/default.aspx

  • 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

  • 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

  • December 01, 0006

    Agencies Seek Comment on Regulatory Capital Rules and Finalize Market Risk Rule

    The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are seeking comment on three notices of proposed rulemaking (NPRs) that would revise and replace the agencies' current capital rules. The agencies also announced the finalization of the market risk capital rule that was proposed in 2011.

    http://www.federalreserve.gov/newsevents/press/bcreg/20120612a.htm