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.
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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.
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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
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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.
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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
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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.
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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
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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
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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.
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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.
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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.
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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.
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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.
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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
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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
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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
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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.
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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
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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.
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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
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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).
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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
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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.
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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.
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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
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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
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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.
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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
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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.
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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.
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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
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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
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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
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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
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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.
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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
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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.
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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.
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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
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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
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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
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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
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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
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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.
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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.
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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
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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
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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.
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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
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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
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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.
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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.
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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.
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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
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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.
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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
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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. -
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
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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
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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.
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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.
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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
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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
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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
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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
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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
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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.
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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
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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).
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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
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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
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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
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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
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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.
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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
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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).
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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.
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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
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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
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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.
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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.
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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.
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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.
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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
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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
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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
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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.
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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
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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
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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.
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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
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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
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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.
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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
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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
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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
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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.
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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.
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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.
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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
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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.
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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
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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
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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.
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January 25, 2012
Federal Reserve issues FOMC statement of longer-run goals and policy strategy
Following careful deliberations at its recent meetings, the Federal Open Market Committee (FOMC) has reached broad agreement on the following principles regarding its longer-run goals and monetary policy strategy. The Committee intends to reaffirm these principles and to make adjustments as appropriate at its annual organizational meeting each January.
http://www.federalreserve.gov/newsevents/press/monetary/20120125c.htm
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January 24, 2012
OCC Seeks Comment on Proposed Rule Regarding Annual Stress Tests
The Office of the Comptroller of the Currency (OCC) today announced it is seeking comment on a notice of proposed rulemaking implementing section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act").
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-10.html
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January 24, 2012
Acting Comptroller Talks About Securitization and Derivatives at the American Securitization Forum
Acting Comptroller of the Currency John Walsh spoke to attendees of the annual American Securitization Forum conference about the role of securitization in the economy and efforts to better understand and manage the risks associated with derivatives.
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-11.html
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January 20, 2012
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.
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January 20, 2012
Federal Reserve releases templates for reporting FOMC participants' projections of the appropriate target federal funds rate
The Federal Reserve on Friday released blank templates showing the format of the two charts it will use on January 25 to report Federal Open Market Committee (FOMC) participants' projections of the appropriate target federal funds rate. It also released a draft of an explanatory note that will accompany the projections.
http://www.federalreserve.gov/newsevents/press/monetary/20120120a.htm
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January 18, 2012
Acting Comptroller of the Currency Testifies on Volcker Rule
Acting Comptroller of the Currency John Walsh testified today before a joint hearing of two House Financial Services subcommittees on Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule. The Volcker Rule requires regulators to implement certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The comment period for the proposed rule closes February 13, 2012.
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-5.html
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January 10, 2012
Reserve Bank income and expense data and transfers to the Treasury for 2011
The Federal Reserve Board released the minutes of its discount rate meetings for November 21 and December 12, 2011.
http://www.federalreserve.gov/newsevents/press/monetary/20120110a.htm
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January 10, 2012
Prohibitions and Restrictions on Proprietary Trading (the Volcker Rule): Notice of Proposed Rulemaking
On November 7, 2011, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission (the agencies) published in the Federal Register a proposed rule to implement section 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd–Frank Act), which contains certain prohibitions and restrictions on the ability of a banking entity to engage in proprietary trading and to have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed rule stated that the public comment period would close on January 13, 2012.
http://www.occ.treas.gov/news-issuances/bulletins/2012/bulletin-2012-4.html
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January 04, 2012
OCC Releases Public Service Ads About the Independent Foreclosure Review
The Office of the Comptroller of the Currency today released print and radio public service advertisements to increase awareness of the Independent Foreclosure Review, announced in November 2011.
http://www.occ.treas.gov/news-issuances/news-releases/2012/nr-occ-2012-1.html
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December 23, 2011
Agencies Extend Comment Period on Volcker Rule Proposal
Four federal agencies on Friday extended until February 13, 2012, the comment period on a proposal to implement the so-called Volcker Rule of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Act requires regulators to implement certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The comment period was extended as part of a coordinated interagency effort to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by January 13, 2012.http://www.occ.treas.gov/news-issuances/news-releases/2011/nr-ia-2011-155.html
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December 20, 2011
Federal Reserve Board proposes steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms
The Federal Reserve Board on Tuesday proposed steps to strengthen regulation and supervision of large bank holding companies and systemically important nonbank financial firms. The proposal, which includes a wide range of measures addressing issues such as capital, liquidity, credit exposure, stress testing, risk management, and early remediation requirements, is mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
http://www.federalreserve.gov/newsevents/press/bcreg/20111220a.htm
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December 19, 2011
Agencies Release Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules. Financial institutions are evaluated under different CRA examinations procedures based upon their asset-size classification. Those meeting the small and intermediate small asset-size threshold are not subjected to the reporting requirements applicable to large banks.
http://www.federalreserve.gov/newsevents/press/bcreg/20111219a.htm
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December 14, 2011
Foreclosed Properties: Guidance on Potential Issues With Foreclosed Residential Properties
In the current economic environment, national banks and federal savings associations (collectively, banks) are facing challenges resulting from unprecedented numbers of troubled residential mortgage loans. Foreclosures on residential properties also are occurring in unprecedented numbers and are projected to continue this trend in the near term. Among the many consequences of high levels of foreclosures are growing inventories of foreclosed residential and commercial properties. The Office of the Comptroller of the Currency (OCC) is providing guidance to banks on obligations and risks related to foreclosed property. This guidance highlights legal, safety and soundness, and community impact considerations.1 It primarily focuses on residential foreclosed properties, but many of the same principles apply to commercial properties.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-49.html
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December 13, 2011
Credit Policy: Concentrations of Credit: Revised Booklet
The Office of the Comptroller of the Currency (OCC) recently revised the electronic version of the “Concentrations of Credit” booklet of the Comptroller’s Handbook, which replaces a similarly titled booklet issued in March 1990. Concurrently, OCC Bulletin 95-7 (February 9, 1995), “Concentrations of Credit,” is rescinded. That bulletin directs that all reports of examination (ROE) include a page detailing all concentrations of credit. Guidance contained in this booklet directs examiners to include a page in each ROE that lists concentrations posing a challenge to management or presenting unusual or significant risk to banks or federal savings associations (collectively, banks).
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-48.html
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December 12, 2011
December Issue of The NCUA Report is now available.
The NCUA Report is NCUA’s flagship publication that highlights important NCUA Board actions and key issues that credit union volunteers and management need to know. It is a one-stop resource to learn not just the “what” but also the “why” behind NCUA’s actions.
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December 08, 2011
OTS Integration: Supervisory Policy Integration Process
This bulletin outlines the process that the Office of the Comptroller of the Currency (OCC) intends to follow to fully integrate the Office of Thrift Supervision (OTS) policy guidance documents (guidance) into a common set of supervisory policies that applies to both national banks and federal savings associations.
http://www.occ.treas.gov/news-issuances/bulletins/2011/bulletin-2011-47.html
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December 07, 2011
Agencies Seek Comment on Additional Revisions to the Market Risk Capital Rules
The federal bank regulatory agencies today announced they are seeking comment on a notice of proposed rulemaking (NPR) that would amend an earlier NPR announced in December 2010. The initial NPR proposed modifications to the agencies' market risk capital rules for banking organizations with significant trading activities.
http://www.federalreserve.gov/newsevents/press/bcreg/20111207a.htm
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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