Rules & Rulings Archive

December 2017

  1. On December 4, 2017, the Federal Reserve Board requested public comment on a proposal to amend Regulation A, which governs extensions of credit by the Federal Reserve Banks, to make certain technical adjustments including to reflect the expiration of the Term Asset Backed Securities Loan Facility (TALF) program.

November 2017

  1. On November 30, 2017, the Office of the Comptroller of the Currency issued the “Capital and Dividends” booklet of the Comptroller’s Licensing Manual.
  2. On November 29, 2017, the Office of the Comptroller of the Currency issued a final rule that addresses concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms.
  3. The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency have announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2018 will increase from $25,500 to $26,000.  This new threshold amount will be effective January 1, 2018.
  4. On November 21, 2017, The Federal Banking Agencies Finalized A Rule For Certain Banking Organizations By Extending The Existing Capital Requirements For Mortgage Servicing Assets And Certain Other Items.
  5. On November 21, 2017, the three federal banking agency members of the Federal Financial Institutions Examinations Council announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations under the Community Reinvestment Act.
  6. In a speech delivered to the Western Independent Bankers Directors Conference on November 17, 2017, FDIC Vice Chairman Thomas Hoenig discussed his concern regarding the U.S. trend in bank consolidation, its effects on the economy, and the impact of current regulations affecting the trend
  7. On November 15, 2017, the Office of the Comptroller of the Currency issued the “Branches and Relocations” booklet of the Comptroller’s Licensing Manual, which replaces the booklet of the same title issued in October 2009.
  8. In an email addressed to staff on November 15, 2017, Consumer Financial Protection Bureau Director Richard Cordray announced he would leave the agency by the end of November.
  9. The Office of the Comptroller of the Currency has issued an addition to its Policies and Procedures Manual entitled “Impact of CRA Ratings on Licensing Applications” (PPM 6300-2) establishing the framework for the evaluation of certain types of applications when the applicant bank has an overall Community Reinvestment Act (CRA) rating of “Needs to Improve” or “Substantial Noncompliance” (less than satisfactory CRA performance rating) or a less than satisfactory CRA rating in one or more geographic rating areas.
  10. In a November 14, 2017, speech delivered to the Brookings Center on Regulation and Markets, FDIC Chairman Martin Gruenberg observed that both the public and private sectors greatly underestimated the risks the banking industry was facing in the lead-up to the financial crisis.
  11. On November 9, 2017, the Office of the Comptroller of the Currency issued the “Background Investigations” booklet of the Comptroller’s Licensing Manual, which revises the booklet of the same title issued in April 2009.
  12. On November 8, 2017, the Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2018.

October 2017

  1. On October 31, 2017, the Office of the Comptroller of the Currency issued the “Subsidiaries and Equity Investments” booklet of the Comptroller’s Licensing Manual.

  2. On October 27, 2017, the Office of the Comptroller of the Currency issued two documents related to the supervision of branches of large and complex entities.
  3. On October 27, 2017, the Office of the Comptroller of the Currency announced it is seeking comment on a Notice of Proposed Rulemaking amending the OCC’s Annual Stress Test rule.
  4. On Thursday, October 26, 2017, the Federal Deposit Insurance Corporation will offer a teleconference to address implementation of the 2015 Home Mortgage Disclosure Act Final Rule regarding requirements that become effective beginning in 2018.
  5. To support implementation of the recently issued 2017 HMDA final rule, the Consumer Financial Protection Bureau has updated the chart on the Collection and Reporting of HMDA Information about Ethnicity and Race.
  6. On October 23, 2017, the federal banking agencies issued Frequently Asked Questions (FAQs) to address questions they have received regarding the applicability of the liquidity coverage ratio (LCR) in specific situations.
  7. On October 18, 2017, the Consumer Financial Protection Bureau issued an updated Executive Summary of the 2016 Mortgage Servicing Rule and a revised version of the CFPB’s Small Entity Compliance Guide to incorporate the recent revisions made by the interim final rule issued on October 4, 2017.
  8. On October 17, 2017, the federal banking agencies issued designated key Home Mortgage Disclosure Act (HMDA) data fields to support the efficient and effective evaluation of financial institutions’ compliance with HMDA’s requirements.
  9. The banking agencies have announced that they will host an interagency conference call on Thursday, October 12, 2017 at 1:00 PM ET to discuss proposed simplifications to the Capital Rule pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
  10. On October 5, 2017, the Federal Reserve Board announced that the public comment period has been extended through November 30, 2017 on its proposal to enhance effectiveness of bank boards of directors and its proposal to institute a new rating system for large banking firms
  11. On October 4, 2017, the Consumer Financial Protection Bureau issued an interim final rule amending a provision of the 2016 Mortgage Servicing Rule relating to the timing for servicers to provide modified written early intervention notices under Regulation X to borrowers who have invoked their cease communication rights under the Fair Debt Collection Practices Act (FDCPA).
  12. On October 4, 2017, the Consumer Financial Protection Bureau issued a Notice of Proposed Rulemaking relating to the timing for servicers to transition to providing modified or unmodified periodic statements and coupon books under Regulation Z in connection with a consumer’s bankruptcy case.
  13. On October 5 2017, the Office of the Comptroller of the Currency rescinded the agency’s Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products that was published on November 26, 2013.

September 2017

  1. On September 28, 2017, the Office of the Comptroller of the Currency released its bank supervision operating plan for fiscal year 2018.  OCC staff members use the operating plan to guide their supervisory priorities, planning, and resource allocations.
  2. On September 27, 2017, the Federal Deposit Insurance Corporation adopted a final rule to enhance the safety and soundness of FDIC-supervised institutions that are affiliated with systemically important U.S. and foreign banking organizations.
  3. On September 20, 2017, the Consumer Financial Protection Bureau issued proposed policy guidance that would describe modifications intended to apply to the loan-level HMDA data that financial institutions will report under Regulation C before the data is disclosed to the public.
  4. On September 20, 2017, the Consumer Financial Protection Bureau issued a final rule to amend Regulation B to provide creditors flexibility in complying with the regulation and thereby facilitate compliance with Regulation C.
  5. The bank regulatory agencies have issued a joint Notice of Proposed Rulemaking to amend their respective Community Reinvestment Act (CRA) regulations primarily to conform to changes made by the Consumer Financial Protection Bureau to Regulation C.  Regulation C implements the Home Mortgage Disclosure Act (HMDA).
  6. The Federal Financial Institutions Examination Council has launched a new industry outreach web site for financial institutions, trade associations, third-party providers, and consultants.
  7. The federal banking agencies have issued updated Frequently Asked Questions on the New Accounting Standard on Financial Instruments – Credit Losses to assist banks and examiners.
  8. On September 7, 2017, the Office of the Comptroller of the Currency issued the “Foreword” booklet of the Comptroller’s Handbook.
  9. On September 1, 2017, The Office of the Comptroller of the Currency Issued The “Change In Bank Control” Booklet Of The Comptroller’s Licensing Manual.  This Revised Booklet OCC Issues “Change in Bank Control” Revised Booklet.
  10. On September 1, 2017, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a joint Notice of Proposed Rulemaking to shorten the standard settlement cycle for securities purchased or sold by OCC- and FDIC-regulated institutions.
  11. On September 1, 2017, the Federal Reserve Board adopted a final rule requiring U.S. global systemically important banking institutions (GSIBs) and U.S. operations of foreign GSIBs to amend qualified financial contracts (QFCs) to prevent their immediate cancellation or termination if the firm enters bankruptcy or a resolution process.

August 2017

  1. On August 30, 2017, the Federal Deposit Insurance Corporation issued the Summer 2017 edition of Supervisory Insights, a publication that provides a forum for discussing how bank regulation and policy are put into practice in the field and communicating about the emerging issues that bank supervisors face.
  2. The Federal Financial Institutions Examination Council has issued guidelines to use in assessing the accuracy of the Home Mortgage Disclosure Act data institutions record and report.
  3. On August 22, 2017, the FDIC released second quarter Call Report data indicating that insured institutions reported aggregate net income of $48.3 billion, up 10.7 percent from one year earlier.
  4. On August 3, 2017, the Federal Reserve Board requested public comment on a proposal to better align the FRB’s rating system for large financial institutions with the post-crisis supervisory program for these firms.
  5. On August 3, 2017, the Office of the Comptroller of the Currency issued the “Failure Acquisitions” booklet of the Comptroller’s Licensing Manual.
  6. On August 2, 2017, the Office of the Comptroller of the Currency submitted for Federal Register publication a notice soliciting public input on revising the final regulation implementing Section 619 of the Dodd-Frank Act, commonly known as the “Volcker Rule”.

July 2017

  1. On July 24, 2017, the Office of the Comptroller of the Currency announced that William A. Rowe has been named as Chief Risk Officer, effective immediately.
  2. On July 21, 2017, the federal banking agencies, along with the Commodities Futures Trading Commission and the Securities Exchange Commission, announced that they are coordinating their respective reviews of the treatment of certain foreign funds under the Volcker Rule, as well as their implementing regulations.

June 2017

  1. On June 28, 2017, the Federal Reserve Board announced it had completed its review of the capital planning practices at the largest U.S. banks and offered no objection to any of the 34 bank holding companies participating in the Comprehensive Capital Analysis and Review (CCAR). 

  2. The Consumer Financial Protection Bureau has announced an extension of the comment period on its Request for Information regarding the small business lending market.  The request was published in the Federal Register on May 15, 2017 with an original comment deadline of July 14, 2017.  

  3. On June 9, 2017, the Office of the Comptroller of the Currency issued Bulletin 2017-22 to highlight actions that its regulated institutions should take to prepare for the change in the regular securities settlement cycle for most U.S. securities transactions.  The change becomes effective on September 5, 2017.

  4. On June 12, 2017, the U.S. Department of the Treasury issued the first in a series of reports to President Trump examining the financial regulatory system and detailing executive actions and regulatory changes that can be immediately undertaken to provide regulatory relief.
  5. On June 7, 2017, the Federal Deposit Insurance Corporation announced that it is adopting the Guidance on Model Risk Management previously issued by the Federal Reserve Board and the Office of the Comptroller of the Currency.
  6. On June 7, 2017, the Office of the Comptroller of the Currency issued Bulletin 2017-21 containing frequently asked questions (FAQs) to supplement OCC Bulletin 2013-29, “Third-Party Relationships:  Risk Management Guidance”.
  7. On June 7, 2017, the Consumer Financial Protection Bureau released a study finding that the way consumers establish credit history can differ greatly based on economic background.
  8. On June 19, 2017, the Office of the Comptroller of the Currency issued the “Articles of Association, Charter, and Bylaw Amendments” booklet of the Comptroller’s Licensing Manual.  

May 2017

  1. On May 31, 2017, the Federal Reserve Board (FRB) announced final amendments to the check collection and return provision in Regulation CC (Availability of Funds and Collection of Checks) and also requested further public comment on an additional proposed amendment to Regulation CC’s liability provisions.
  2. On May 31, 2017, the federal banking agencies issued an advisory that highlights two options to help insured depository institutions and bank holding companies facilitate the timely consideration of loan applications.  Insured depository institutions are required by statute to utilize appraisals performed by individuals who meet certain state-certification or –licensing requirements.
  3. On May 2, 3017, the Office of the Comptroller of the Currency announced the selection of Scott Schainost to be Deputy Comptroller for Midsize Bank Supervision and Troy Thornton to be Deputy Comptroller for the OCC’s Southern District.

April 2017

  1. On April 26, 2017, the Consumer Financial Protection Bureau released its Spring 2017 Supervisory Highlights report which revealed that some student loan and mortgage servicers are violating the law by failing to provide struggling borrowers with legal protections.
  2. The Office of the Comptroller of the Currency has announced its Office of Innovation will host an initial round of “office hours” for national banks, federal savings associations, and fintech companies in San Francisco, CA on May 16 and 17, 2017.
  3. On April 13, 2017, the Consumer Financial Protection Bureau issued a proposal intended to facilitate compliance with the 2015 updates to the Home Mortgage Disclosure Act (HMDA)
  4. On April 12, 2017, the Office of the Comptroller of the Currency issued the “Retail Lending” booklet of the Comptroller’s Handbook

March 2017

  1. On March 24, 2017, the Office of the Comptroller of the Currency reported that the overall performance of first-lien mortgages continues to improve, and the number of loans in delinquency continues to decline.
  2. On March 21, 2017, the Federal Deposit Insurance Corporation disclosed that the Deposit Insurance Fund (DIF) balance rose to $83.2 billion at year-end 2016, an increase of $10.6 billion over the year.

  3. On March 15, 2017, the Office of the Comptroller of the Currency issued a draft Licensing Manual supplement that provides additional detail on evaluating national bank charter applications from financial technology (fintech) companies that engage in the business of banking.
  4. In a speech delivered on March 9, 2017, Comptroller of the Currency Thomas Curry discussed some of the things regulators have done since the financial crisis to make the U.S. banking system more resilient.

February 2017

  1. On February 23, 2017, the Federal Reserve Board and the Office of the Comptroller of the Currency issued guidance explaining how supervisors should examine for compliance with the swap margin rule, which established margin requirements for swaps not cleared through a clearinghouse
  2. February 17, 2017
    On February 10, 2017, Federal Reserve Board Governor Daniel Tarullo announced his intention to resign his post, effective April 5, 2017.
  3. The Federal Reserve Board has released the January 2017 Senior Loan Officer Opinion Survey on Bank Lending Practices, addressing changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.
  4. The Federal Reserve has released the scenarios to be used by banks and supervisors for the 2017 Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act stress test exercises and also issued instructions to firms participating in CCAR.
  5. On February 3, 2017, the Office of the Comptroller of the Currency released economic and financial market scenarios that will be used in the upcoming stress tests for covered institutions with more than $10 billion in asset.

January 2017

  1. On January 12, 2017, the Office of the Comptroller of the Currency issued the “Management Interlocks” booklet of the Comptroller’s Licensing Manual, which replaces the booklet of the same title issued in October 2009.
  2. On January 13, 2017, the banking agencies announced an extension, until February 17, 2017, of the comment period for the advance notice of proposed rule-making on enhanced cyber risk management standards for large and interconnected entities under their supervision and those entities’ service provider.

December 2016

  1. On December 30, 2016, the Federal Financial Institutions Examination Council announced approval of a new streamlined Call Report for eligible small institutions, as well as other burden-reducing changes to the existing versions of the Call Report.
  2. The Federal Deposit Insurance Corporation announced it is seeking comment on a handbook developed to facilitate the process of establishing new banks.
  3. December 22, 2016
    On December 22, 2016, the Federal Reserve Board issued a study revealing that, from 2012 to 10`5, credit and debit (including prepaid and non-prepaid) card payments continued to gain ground in the payments landscape, accounting for more than two-thirds of all core non-cash payments in the U.S.
  4. On December 19, 2016, the banking agencies jointly published frequently asked questions (FAQs) to assist institutions and examiners with the new accounting standard, Accounting Standards Update 2016-13, Topic 326, “Financial Instruments – Credit Losses”, issued by the Financial Accounting Standards Board (FASB) on June 16, 2016.
  5. In recent remarks before The Clearing House Annual Conference, Comptroller of the Currency Thomas Curry reviewed the current state of the banking industry and the regulatory impact of crisis-related corrective measures.
  6. On November 30, 2016, the Federal Reserve Board published a report on debit card transactions in 2015, including summary information on the volume and value, interchange fee revenue, certain issuer costs, and fraud losses.

November 2016

  1. On November 29, 2016, the Federal Deposit Insurance Corporation announced that net income rose to $45.6 billion at FDIC-insured institutions in the third quarter of 2016 - 12.9 percent higher than one year earlier.
  2. The Federal Financial Institutions Examination Council is offering an industry outreach event covering important aspects of the Military Lending Act and the Department of Defense’s implementing rule.
  3. In remarks recently delivered during a community bank symposium, Comptroller of the Currency Thomas Curry said the OCC is currently focused on banks’ business model sustainability and viability, commercial and retail loan underwriting, operational resiliency, BSA/AML compliance management, and processes to address new regulatory requirements.
  4. On November 28, 2016, the Consumer Financial Protection Bureau issued a bulletin warning financial companies that creating incentives for employees and service providers to meet sales and other goals can lead to consumer harm if not properly managed.
  5. On November 23, 2016, the Federal Reserve Board and the Consumer Financial Protection Bureau issued a final rule detailing the method that will be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending (TILA) and Consumer Leasing Act (CLA).
  6. On November 23, 2016, the Federal Reserve Board, Office of the Comptroller of the Currency and Consumer Financial Protection Bureau issued a final rule detailing the method that will be used to make annual inflation adjustments to the threshold for exempting small loans from special appraisal requirements.
  7. On November 15, 2016, the Consumer Financial Protection Bureau issued a factsheet that highlights the effective dates and related exceptions and accommodations contained in the agency’s final rule governing prepaid accounts

  8. On November 15, 2016, Senior Deputy Comptroller for Compliance and Community Affairs Grovetta Gardineer discussed the role of a healthy culture at regulated institutions.
  9. The Office of the Comptroller of the Currency has announced the creation of an office dedicated to responsible innovation and will implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system.
  10. Five federal agencies are jointly requesting comment on a notice of proposed rulemaking to implement provisions of the Biggert-Waters Flood Insurance Reform Act (Biggert-Waters) that require regulated institutions to accept certain private flood insurance policies in addition to policies made available by the Federal Emergency Management Agency.
  11. On November 3, 2016, the Office of the Comptroller of the Currency announced it had updated the asset quality core assessment procedures in the “Community Bank Supervision” booklet of the Comptroller’s Handbook.

October 2016

  1. The Federal Financial Institutions Examination Council released the Cybersecurity Assessment Tool (CAT) in June 2015 as a voluntary tool to assist institutions identify risk and determine their cybersecurity preparedness.
  2. The Federal Financial Institutions Examination Council has announced the availability of data on mortgage lending transactions at 6,913 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA).
  3. The Office of the Comptroller of the Currency reports that trading revenue for U.S. regulated institutions rose to 6.9 billion in the second quarter of 2016 from $5.8 billion in the previous quarter, and $5.5 billion one year earlier.
  4. The Office of the Comptroller of the Currency’s latest quarterly report on mortgages shows performance of first-lien mortgages improve during the second quarter of 2016 compared to one year earlier.
  5. On October 5, 2016, the Consumer Financial Protection Bureau announced its final rule addressing protections for prepaid account users.

September 2016

  1. On September 20, 2016, Comptroller of the Currency Thomas Curry appeared before the Senate Banking Committee to offer testimony regarding the OCC’s supervisory oversight of sales practices at Wells Fargo Bank, N.A.  In critiquing the OCC’s performance regarding its supervision and enforcement efforts related to the cross-selling program established and executed by Wells Fargo, Comptroller Curry said the agency can and must do better.
  2. In a speech delivered to the Marketplace Lending Policy Summit 2016, Comptroller of the Currency Thomas Curry suggested that marketplace lending had obviously found a niche within the credit industry as evidenced by its fairly rapid growth.
  3. On September 13, 2016, the Office of the Comptroller of the Currency announced a proposed rule to implement the basic legal framework for receiverships for any national bank that is not insured by the FDIC and for which the FDIC is not required to be appointed as receiver.
  4. On September 8, 2016, the federal banking agencies released a report to Congress and the Federal Stability Oversight Council on the activities and investments that banking entities may engage in under applicable law.

August 2016

  1. On August 30, 2016, the Federal Deposit Insurance Corporation issued Call Report data for the second quarter of 2016, revealing industry net income of $43.6 billion, a 1.4 percent increase over the same period last year.
  2. The Consumer Financial Protection Bureau has created a web page to specifically aid settlement professionals in navigating through the changes that are a part of the “Know Before You Owe” mortgage initiative.
  3. The Federal Deposit Insurance Corporation has issued “De Novo Banks:  Economic Trends and Supervisory Framework”, which appears in the Summer 2016 edition of Supervisory Insights.
  4. The Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation jointly announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations pursuant to the Community Reinvestment Act (CRA).
  5. On August 30, 2016, the U.S. Treasury Department, jointly with the federal banking agencies, issued a Fact Sheet on Foreign Correspondent Banking that outlines supervisory and enforcement processes with respect to anti-money laundering and sanctions in the area of correspondent banking.
  6. n August 4, 2016, the Consumer Financial Protection Bureau issued final rules requiring servicers to provide certain borrowers with foreclosure protections more than once over the life of the loan.  
  7. On August 4, 2016, the Federal Deposit Insurance Corporation announced the extension of the comment period on the agency’s proposed guidance on third-party lending.  Comments on the proposed guidance, which was published on July 29, must now be received on or before October 27, 2016.
  8. On August 2, 2016, the Federal Reserve Board and the Federal Deposit Insurance Corporation announced that 38 firms will be required to submit their next resolution plans by December 31, 2017.  Previously, the firms were required to submit their next plans by December 31, 2016.
  9. On August 2, 2016, the Consumer Financial Protection Bureau outlined consumer protection principles to guide mortgage servicers, investors, government housing agencies, and policymakers as they develop new foreclosure relief solutions.
  10. On August 2, 2016, the banking agencies issued information on how banks may begin to submit self-assessments of their diversity policies and practices as of year-end 2015, and issued Frequently Asked Questions (FAQs) about the process.
  11. On August 1, 2016, the Federal Reserve Board issued the results of its July 2016 Senior Loan Officer Opinion Survey on Bank Lending Practices, covering changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months.
  12. On August 1, 2016, the three banking agencies, together with the Federal Housing Finance Agency and the Farm Credit Administration, jointly announced a final rule exempting certain commercial and financial end users from margin requirements for certain swaps not cleared through a clearinghouse.

July 2016

  1. On July 29, 2016, the Consumer Financial Protection Bureau issued a Notice of Proposed Rule-making that would make various amendments to federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act.
  2. On July 29, 2016, the Federal Deposit Insurance Corporation issued Financial Institution Letter (FIL)  50-2016 that seeks comment on proposed guidance for third-party lending that would set forth safety and soundness and consumer compliance measures to follow when lending through a business relationship with a third party.
  3. On July 19, 2016, the Federal Deposit Insurance Corporation announced the release of an updated video on community bank corporate governance.  The video is designed to assist community bank directors and officers in developing a sound corporate governance framework.
  4. On July 22, 2016, the Federal Reserve Board and the Consumer Financial Protection Bureau issued Notices of Proposed Rule-making detailing the method to be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending Act and Consumer Leasing Act.
  5. On July 15, 2016, the federal banking agencies published final revisions to Interagency Questions and Answers Regarding Community Reinvestment.  This document provides additional guidance to banks and the public on the agencies’ CRA regulations.
  6. On July 11, 2016, the Office of the Comptroller of the Currency released the Spring 2016 edition of its Semiannual Risk Perspective publication.  This report reflects data as of the end of 2015, and notes improvement in the performance of OCC-supervised institutions from 2014.
  7. On July 7, 2016, the Federal Reserve Board announced that it will extend until July 21, 2017 the conformance period for banking entities to divest ownership in certain legacy investment funds and terminate relationships with funds that are prohibited under the rule.
  8. The Federal Deposit Insurance Corporation has announced the launch of a survey of banks regarding their small business lending practices.  The web-based survey of approximately 2,000 randomly selected FDIC-insured banks will be administered by the U.S. Census Bureau on behalf of the FDIC.
  9. On July 1, 2016, the Consumer Financial Protection Bureau issued a proposed rule to implement recent legislation that permits financial institutions meeting certain requirements to be exempt from sending annual privacy notices to their customers.
  10. On July 1, 2016, the Office of the Comptroller of the Currency released the OCC Mortgage Metrics Report, First Quarter 2016 that showed 94.9 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 94.2 percent a year earlie
  11. On July 1, 2016, the FDIC issued FIL-44-2016 announcing the Federal Financial Institutions Examination Council’s (FFIEC) approved revisions to the Call Report that will take effect September 30, 2016 and March 31, 2017.

June 2016

  1. June 30, 2016, According to a report released by the Office of the Comptroller of the Currency on June 30, 2016, trading revenue of U.S. insured institutions rose to $5.8 billion in the first quarter of 2016 from $4.3 billion in the previous quarter.
  2. One June 30, 2016, the Federal Deposit Insurance Corporation issued FIL-42-2016 announcing the agency’s final updates to its Frequently Asked Questions (FAQs) regarding identifying, accepting and reporting brokered deposits.  These updates were proposed in November 2015.
  3. On June 30, 2016, The Federal Deposit Insurance Corporation announced updates to its information technology and operations risk examination procedures to provide a more efficient, risk-focused approach.
  4. On June 29, 2016, the Federal Reserve Board announced it had not objected to the capital plans of 30 bank holding companies participating in the Comprehensive Capital Analysis and Review (CCAR).
  5. On June 28, 2016, the Consumer Financial Protection Bureau issued its monthly complaint report for June 2016 that highlighted consumer loans including vehicle loans, installment loans, title loans, and pawn loans.
  6. June 27, 2016, The FDIC Board of Directors has authorized for publication a final rule to revise the agency’s “Securitization Safe Harbor Rule” (SSHR) to clarify that it does not conflict with the Consumer Financial Protection Bureau’s regulations regarding servicing of residential mortgages.
  7. On June 17, 2016, the Consumer Financial Protection Bureau announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations (Regulation Z) that will apply to certain consumer credit transactions in 2017.
  8. June 27, 2016, The federal banking agencies, jointly with the Farm Credit Administration and the Federal Housing Finance Agency, are issuing a final rulemaking entitled:  “Margin and Capital Requirements for Covered Swap Entities”.
  9. June 27, 2016, The FDIC Board of Directors has approved an interim final rule that will adjust for inflation the maximum allowable amounts of various civil money penalties (CMPs) that the FDIC is authorized to assess under the FDI Act and other federal statutes.
  10. June 27, 2016, The FDIC Board of Directors has authorized publication of a Notice of Proposed Rule-making that would amend the agency’s international banking regulations to conform with the Dodd-Frank Act (Act).  The Act requires each federal agency to review and modify regulations that reference credit ratings.
  11. On June 17, 2016, the three federal banking agencies jointly with the NCUA issued a statement regarding the new accounting standard, Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326):  Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board (FASB).  The joint statement also provides initial supervisory views regarding the standard’s implementation.
  12. In a speech delivered on June 15, 2016, to the Exchequer Club, FDIC Chairman Gruenberg stated that, as an objective matter, the banking system is significantly more resilient today as a result of the measures undertaken by regulators in response to the vulnerabilities identified during the recent financial crisis.
  13. On June 22, 2016, the Consumer Financial Protection Bureau will hold a webinar with CFPB Acting Deputy Director David Silberman to provide an overview of the recent updates the Bureau has made to its eRegulations web tool.  The webinar is open to the public and requires pre-registration.

  14. On June 10, 2016, the Federal Reserve Board and the Federal Deposit Insurance Corporation permitted 84 firms with limited U.S. operations to file reduced content resolution plans for their next three resolution plans.  This decision is intended to increase clarity and reduce burden by creating more certainty around future filing requirements.
  15. On June 10, 2016 the Office of the Comptroller of the Currency issued a bulletin advising of the temporary extension of certain protections under the Service members Civil Relief Act enacted by the Foreclosure Relief and Extension for Service members Act of 2015.
  16. On June 9, 2016, the Consumer Financial Protection Bureau unveiled an “auto loan shopping sheet”, a step-by-step guide, and additional online resources as part of a new initiative aimed at helping consumers shop for an auto loan.
  17. On June 8, 2016, the Federal Reserve Board and Federal Deposit Insurance Corporation announced that four foreign banking organizations will be required to submit their next resolution plans on July 1, 2017, as opposed to the previously required July 1, 2016 deadline.
  18. On June 8, 2016, the Office of the Comptroller of the Currency published the latest edition of its Community Developments Investments electronic newsletter entitled:  “Financing Health Centers:  Supporting Community Wellness”.
  19. On June 7, 2016, the Consumer Financial Protection Bureau announced additions and updates to its “eRegulations” web-based tool that makes Bureau regulations easier to find, read, and understand.
  20. On June 3, 2016,the Federal Reserve Board approved the issuance of an Advance Notice of Proposed Rule-making (ANPR) inviting comment on conceptual frameworks for capital standards that could apply to systemically important insurance companies and to insurance companies that own a bank or savings association.
  21. On June 2, 2016, the Consumer Financial Protection Bureau proposed a rule that would require lenders to ensure consumers have the ability to repay short-term and longer-term loans generally aimed at financially vulnerable borrower.
  22. On June 1, 2016 the Federal Deposit Insurance Corporation released Call Report data covering the first quarter of 2016.  The FDIC characterized the results as “mixed”, with many areas of measurement reflecting positive results.

May 2016

  1. American families overall reported continued mild improvement in their financial well-being in 2015, although many families were struggling financially and felt excluded from economic advancement, according to the Federal Reserve Board’s latest Report on the Economic Well-Being of U.S. Household.
  2. In a recent letter to certain banking trade organizations, Consumer Financial Protection Bureau Director Richard Cordray revealed that the agency is in the process of preparing a Notice of Proposed Rule-making to amend the Know Before You Owe mortgage rule that became effective in 2015.
  3. On May 19, 2016, the Office of the Comptroller of the Currency issued a bulletin to highlight actions that national banks should take and factors that banks should consider in making money market funds available to their customers through their fiduciary and custody activities.
  4. On May 18, 2016, the Consumer Financial Protection Bureau issued a report noting that one-in-five auto title loan borrowers have their vehicles repossessed as a result of loan defaults.
  5. On May 11, 2016, the Office of the Comptroller of the Currency issued a mid-cycle report on key actions completed to date regarding execution of its bank supervision operating plan for 2016.  The report also discusses policy objectives for the remainder of the year.
  6. On May 9, 2016, the Office of the Comptroller of the Currency issued the Student Lending booklet, a new booklet of the Comptroller’s Handbook.

April 2016

  1. On April 27, 2016, the FDIC announced the issuance of an updated Financial Institution Employee’s Guide to Deposit Insurance.  The guide is intended to assist depository institutions in providing accurate information about FDIC insurance coverage to their depositors.
  2. On April 26, 2016, the FDIC adopted a final rule that refines the calculation of deposit insurance assessment rates for insured depository institutions with total assets of less than $10 billion that have been insured for at least five years.
  3. The Consumer Financial Protection Bureau has issued a report entitled “Online Payday Loan Payments” that summarizes data on repayments of certain online payday loans by bank customers.
  4. On April 19, 2016, the Federal Reserve Board implemented new procedures for examiners to conduct off-site loan reviews for community and small regional banks.
  5. On April 12, 2016, the Office of the Comptroller of the Currency released its Risk Appetite Statement, which sets the boundaries of acceptable levels of risk in key areas of the agency’s operations.
  6. On April 6, 2016, the Federal Deposit Insurance Corporation rescinded Financial Institution Letter 50-2009, entitled Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions.

March 2016

  1. On March 31, 2016, the Office of the Comptroller of the Currency published its perspective on responsible innovation in the federal banking system and solicited comment on what more it could do to support innovation that better serves consumers, businesses, and communities.
  2. On March 30, 2016, the OCC reported that trading revenue in U.S. commercial banks and thrifts fell to $4.3 billion in the fourth quarter of 2015, down from $5.3 billion in the previous quarter.
  3. On March 30, 2016, the Federal Reserve Board issued a report entitled:  Consumers and Mobile Financial Services 2016.  The report stated that mobile banking continued to rise last year as smartphone adoption grew and consumers were increasingly drawn to the convenience of mobile financial services.
  4. On March 30, 2016, the Office of the Comptroller of the Currency released its Fourth Quarter Mortgage Metrics Report which showed that performance of first-lien mortgages improved during the reporting period compared with a year earlier.
  5. On March 29, 2016, the CFPB issued its latest monthly consumer complaint snapshot, highlighting consumer complaints related to debt collection.  The report shows that the most common debt collection complaint is about attempts to collect on a debt the consumer reported was not owed.
  6. On March 23, 2016, the Consumer Financial Protection Bureau issued an advisory and a report with recommendations for banks on how to prevent, recognize, report, and respond to financial exploitation of older Americans.
  7. On March 22, 2016, the Consumer Financial Protection Bureau released an annual report from its Office of Service Member Affairs highlighting complaints submitted in 2015 and enforcement actions that directly impacted the military community.
  8. On April 6, 2016, the Federal Deposit Insurance Corporation will bring together community bankers, regulators, researchers, and others for a conference on community banking.
  9. In a recent speech presented to the Institute of International Bankers, FDIC Chairman Martin Gruenberg said a number of significant challenges have emerged that are the focus of ongoing supervisory attention.  Among these challenges are:  interest rate risk, credit risk, and cyber security.
  10. The Consumer Financial Protection Bureau announced that on April 12 at 2:00 PM ET it will hold a 60-minute webinar to answer some frequently asked questions about the mortgage disclosure rule.  The webinar will address specific questions that various stakeholders have raised to the CFPB related to the interpretation and implementation of the rule’s requirements.
  11. On March 16, 2016, the Office of the Comptroller of the Currency issued the “Oil and Gas Exploration and Production Lending” booklet of the Comptroller’s Handbook.  This new booklet replaces the “Oil and Gas Production Lending” booklet issued in April 2014.
  12. On March 10, 2016, the Federal Deposit Insurance Corporation announced the release of updated technical assistance videos on flood insurance.
  13. On March 8, 2016, the Consumer Financial Protection Bureau issued its Winter 2016 edition of Supervisory Highlights.  In this issue the CFPB shares findings from recent examinations in the areas of student loan servicing, remittances, mortgage origination, debt collection, and consumer reporting
  14. On March 7, 2016, Comptroller of the Currency, in remarks delivered to the Institute of International Bankers, discussed cyber security, the fight against money laundering, and the OCC’s expectations and role in banks’ process of reevaluating risk.
  15. The federal banking agencies have added a section to their previously issued Frequently Asked Questions (FAQ) document relating to “Volcker Rule” implementation to clarify the capital treatment of certain Collateralized Debt Obligations (CDO) backed by Trust Preferred Securities (TruPS).

February 2016

  1. On February 25, 2016, the Consumer Financial Protection Bureau provided to the members of its Consumer Advisory Board an overview of the Bureau’s nine priority goals for the next two years.
  2. On February 23, 2016, the Federal Deposit Insurance Corporation released aggregate fourth-quarter 2015 Call Report information that revealed an increase of 11.9 percent in industry net income compared to the fourth quarter of 2014.
  3. On February 17, 2016, the Federal Deposit Insurance Corporation approved a Notice of Proposed Rule making regarding enhanced deposit record keeping requirements for insured depository institutions that have more than two million deposit account.
  4. On February 16, 2016, the Department of Homeland Security and the Department of Justice jointly issued “Privacy and Civil Liberties Interim Guidelines:  Cyber security Information Sharing Act of 2015.”
  5. On February 12, 2016, the Office of the Comptroller of the Currency issued the installment Lending booklet of the Comptroller’s Handbook.
  6. On February 12, 2016, the Office of the Comptroller of the Currency issued the Country Risk Management booklet of the Comptroller’s Handbook.  This revised booklet replaces the booklet of the same title issued in March 2008.
  7. On February 3, 2016, the Federal Deposit Insurance Corporation issued Financial Institution Letter (FIL) 10-2016 announcing the release of updated videos on interest rate risk.
  8. On February 1, 2016, the Federal Deposit Insurance Corporation issued Financial Institution Letter (FIL) 9-2016 that announced release of the winter 2015 edition of Supervisory insights.

January 2016

  1. On January 28, 2016, the Federal Reserve Board released the supervisory scenarios for the 2016 Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act stress test (DFAST) exercises and also issued instructions to firms participating in CCAR.
  2. On January 28, 2016, the Consumer Financial Protection Bureau released its latest monthly consumer complaint report, highlighting consumer complaints about financial services such as debt settlement, check cashing, money orders, and credit repair.
  3. On January 21, 2016, the FDIC Board of Directors voted to seek comment on a revised proposed rule that would amend the way small banks are assessed deposit insurance.   This proposal would affect banks with less than $10 billion in assets that have been insured by the FDIC for at least five years.

  4. The federal banking agencies, the Federal Reserve Bank of San Francisco, and the Community Development Financial Institutions (CDFI) Fund will host the 2016 National Interagency Community Reinvestment Conference in Los Angeles from February 8 to 10.

  5. On January 7, 2016, the Consumer Financial Protection Bureau announced that David Silberman will serve as Acting Deputy Director, replacing current Acting Deputy Director Meredith Fuchs.