Upcoming Events
Comment Period: Revised Guidelines Relating to Recovery Planning Standards
November 05, 2018
The Office of the Comptroller of the Currency (OCC) is proposing to amend its enforceable guidelines relating to recovery planning standards (guidelines) for insured national banks, insured federal savings associations, and insured federal branches (banks) in order to limit the application of the guidelines to the largest, most complex banks and thereby provide regulatory burden…
Comment Period: Covered Savings Associations Proposed Rule
November 19, 2018
On September 18, 2018, the Office of the Comptroller of the Currency (OCC) issued a proposed rule to allow federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017, to elect national bank powers and operate as covered savings associations. The proposed rule aims to provide certain federal…
Effective Date: Reg. CC Availability of Funds and Collection of Checks
January 01, 2019
The Board is publishing a final rule that amends Subpart C of Regulation CC to address situations where there is a dispute as to whether a check has been altered or was issued with an unauthorized signature, and the original paper check is not available for inspection. This rule adopts a presumption of alteration for…
Comment Period: Amend Definition of HVCRE
November 27, 2018
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are proposing to amend the regulatory capital rule to revise the definition of “high volatility commercial real estate (HVCRE) exposure” to conform to the statutory definition of “high volatility…
Comment Period: Repeal of FRB S.A.F.E. Act Regulations
November 26, 2018
The Board of Governors of the Federal Reserve System (Board) is proposing to repeal its regulations that incorporated the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws,…
Effective Date: Small Bank Holding Company and Savings and Loan Holding Company Policy Statement
August 30, 2018
The Board invites comment on an interim final rule that raises the asset size threshold for determining applicability of the Board's Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (Regulation Y, appendix C) (Policy Statement) to $3 billion from $1 billion of total consolidated assets. The interim final rule also makes…
Comment Period: Small Bank Holding Company and Savings and Loan Holding Company Policy Statement
October 29, 2018
The Board invites comment on an interim final rule that raises the asset size threshold for determining applicability of the Board's Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (Regulation Y, appendix C) (Policy Statement) to $3 billion from $1 billion of total consolidated assets. The interim final rule also makes…
Comment Period: Regulation V Summaries of Rights Under FCRA
November 19, 2018
The Bureau of Consumer Financial Protection (Bureau) is issuing an interim final rule to update the Bureau's model forms for the Summary of Consumer Identity Theft Rights and the Summary of Consumer Rights to incorporate a notice of rights required by a new provision of the Fair Credit Reporting Act, added by the Economic Growth,…
Effective Date: Regulation V Summaries of Rights Under FCRA
September 21, 2018
The Bureau of Consumer Financial Protection (Bureau) is issuing an interim final rule to update the Bureau's model forms for the Summary of Consumer Identity Theft Rights and the Summary of Consumer Rights to incorporate a notice of rights required by a new provision of the Fair Credit Reporting Act, added by the Economic Growth,…
Final Rule: 2018 HMDA Final Rule on Partial Exemptions to the EGRRCPA
September 07, 2018
The CFPB issued an interpretive and procedural rule to implement and clarify the Economic Growth, Regulatory Relief, and Consumer Protection Act immediately below. Read more here.
Effective Date: Truth in Lending (Regulation Z) Annual Threshold Adjustments
January 01, 2019
Adjusts the thresholds for the CARD Act, HOEPA, and ATR/QM. Read more here.
Comment Period: Reforming CRA Framework ANPR
November 19, 2018
The OCC invites comments on this on this advance notice of proposed rulemaking (ANPR) to solicit ideas for building a new framework to transform or modernize the Community Reinvestment Act (CRA) regulations. Read more here.
Comment Period: FDIC Proposal to Retire FILs
October 10, 2018
The FDIC is seeking comment on a proposal to retire certain Financial Institution Letters (FILs) to an inactive status. Read more here.
Proposed Rule: ISO® 20022 Message Format for Fedwire
September 04, 2018
The Board of Governors of the Federal Reserve System (Board) is requesting comment on a proposal to adopt the ISO® 20022 message format for the Fedwire® Funds Service. ISO 20022 is an international standard that would replace the Fedwire Funds Service's current, proprietary message format. The migration to ISO 20022 would take place in three…
Final Rule: Amendment to Regulation P
September 17, 2018
The Bureau of Consumer Financial Protection (Bureau) is amending Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment implements a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to this annual notice requirement for financial institutions…
Effective Date: Securities Transaction Settlement Cycle
October 01, 2018
The OCC and the FDIC (“Agencies”) are adopting a final rule to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and FDIC-supervised institutions. The Agencies' final rule is consistent with an industry-wide transition to a two business-day settlement cycle, which is designed to reduce settlement exposure and…
Transition to Two-Business-Day Standard Securities Settlement Cycle
September 05, 2018
On September 5, 2017, the securities industry in the United States transitioned from a standard securities settlement cycle of three business days after the date of the contract, commonly known as “T+3,” to a two-business day standard, or “T+2.” The transition was the culmination of a multi-year securities industry initiative and rule changes implemented by…
Proposed Rule: Implementation and Transition of the CECL Methodology
July 13, 2018
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are inviting public comment on a joint proposal to address changes to U.S. generally accepted accounting principles (U.S. GAAP) described in Accounting Standards Update No. 2016-13, Topic 326, Financial…
Effective Date: Real Estate Appraisals
April 09, 2018
The OCC, Board, and FDIC (collectively, the agencies) are adopting a final rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The final rule increases the threshold level at or below which appraisals are not required for commercial real estate transactions from $250,000 to $500,000. Read more here.
Mandatory Compliance: Beneficial Ownership Requirements for Automatic Rollovers or Renewals
September 09, 2018
On August 8, 2018, FinCEN extended the limited relief below an additional 30 days, up to and including September 8, 2018. Read more here. ________________________________________________ FinCEN issued this ruling to provide a 90-day limited exceptive relief to covered financial institutions from the Beneficial Ownership Requirements with respect to certain financial products and services that automatically…
Effective Date: 2018 TILA-RESPA “Black Hole” Rule
June 01 - June 02, 2018
On April 26, 2018, the Bureau of Consumer Financial Protection issued a final rule (2018 TILARESPA Rule) amending certain provisions in Regulation Z regarding when a creditor may use a Closing Disclosure to reset tolerances under the TILA-RESPA Rule. Read more here.
Transition to CTR Batch XML from ASCII Cutoff
June 01, 2018
Reminder on Transition to CTR Batch XML from ASCII Cutoff is June 1st, 2018. Financial institutions that batch file must file using the new XML format not later than the above date. If a financial institution is unable, then they must revert to the discrete option to file their reports until they are able to file…
SAR Update and Revision
June 01, 2018
Updates and revises the collection of information reported on SARs. This notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting. Note that the announcement indicates the changes will be made in June 2018, but does not set a specific date. Read more here.
Effective Date: Payday, Vehicle Title, and Certain High-Cost Installment Loans
January 16 - January 17, 2018
The Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule establishing regulations creating consumer protections for certain consumer credit products and the official interpretations to the rule. Read more here.
Effective Date: Revisions to Call Report
June 30, 2018
The comment period for the June 2017 notice ended on August 28, 2017. As described in the Supplementary Information section, after considering the comments received on the proposal, the FFIEC and the agencies will proceed with the proposed reporting revisions to the FFIEC 031, FFIEC 041, and FFIEC 051. Read more here.