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Home Mortgage Disclosure Act: Interagency Examination Procedures
December 17, 2021 / Source: OCC
OCC Bulletin 2021-63| December 17, 2021 To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today issued the revised interagency Home Mortgage Disclosure Act (HMDA)1 examination procedures for determining…
Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulatio
December 17, 2021 / Source: FDIC
Summary: The Board of Governors of the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “federal banking agencies”) are issuing the attached Interagency Statement, concerning Regulation O1 and Part 3632 of the FDIC Regulations, to extend the expiration of a no-action position previously…
Financial Stability Oversight Council Releases 2021 Annual Report
December 17, 2021 / Source: Treasury
WASHINGTON – The Financial Stability Oversight Council (Council) today unanimously approved its 2021 annual report. This year’s report describes activities of the Council over the past year, as the U.S. economy has continued to rebound from the disruptions caused by the COVID-19 pandemic. Monetary and fiscal policy, substantial progress in vaccinations, and broadly accommodative financing conditions…
A Hopeless and Imperative Endeavor: Lessons from the Pandemic for Economic Forecasters
December 17, 2021 / Source: FRB
A Hopeless and Imperative Endeavor: Lessons from the Pandemic for Economic Forecasters Governor Christopher J. Waller At the Forecasters Club of New York, New York, New York Thank you, Mike, for the introduction. It is a privilege for me to address fellow macroeconomic forecasters, and I thought an appropriate subject would be the challenge of…
Agencies release annual asset-size thresholds under Community Reinvestment Act regulations Federal Deposit Insurance Corporation
December 16, 2021 / Source: FRB
Federal Deposit Insurance Corporation Board of Governors of the Federal Reserve System For release at 3:30 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these…
Agencies Release Annual Asset-Size Thresholds Under Community Reinvestment Act Regulations
December 16, 2021 / Source: FDIC
For release at 3:30 p.m. EST The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2022 updated asset-size thresholds used to define “small bank” and “intermediate small bank” under their Community Reinvestment Act (CRA) regulations. Annual adjustments to these asset-size thresholds are based on the average change in the Consumer Price…
Risk Management: Principles for Climate-Related Financial Risk Management for Large Banks; Request for Feedback
December 16, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) today announced draft principles designed to support the identification and management of climate-related financial risks by banks with…
Consumer Financial Protection Bureau Opens Inquiry into “Buy Now, Pay Later” Credit
December 16, 2021 / Source: CFPB
WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders to collect information on the risks and benefits of these fast-growing loans went to Affirm, Afterpay, Klarna, PayPal, and Zip. The CFPB is concerned about accumulating debt, regulatory arbitrage,…
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Issuance Suspension Period Extension
December 15, 2021 / Source: Treasury
WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen sent a letter to members of Congressional leadership regarding an extension of the debt issuance suspension period (DISP). The full text of the letter is also available below. The Honorable Nancy Pelosi Speaker U.S. House of Representatives Washington, DC 20515 Dear Madam Speaker: On…
Federal Reserve issues FOMC statement December 2021
December 15, 2021 / Source: FRB
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the…
Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by tornadoes Federal Reserve
December 15, 2021 / Source: FRB
Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency For release at 4:30 p.m. EST The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration,…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes FDIC
December 15, 2021 / Source: FDIC
For release at 4:30 p.m. EST The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators, collectively the agencies, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Tornadoes
December 15, 2021 / Source: OCC
Joint Release Board of Governors of the Federal Reserve System Conference of State Bank Supervisors Federal Deposit Insurance Corporation National Credit Union Administration Office of the Comptroller of the Currency The Office of the Comptroller of the Currency, Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators,…
Prepared Remarks of Director Rohit Chopra on the FDIC’s Deposit Insurance Fund Restoration Plan
December 14, 2021 / Source: CFPB
The economic shock of COVID-19, and the resulting monetary and fiscal support, led to a substantial increase in deposits in our nation’s FDIC-insured banks. This shock caused the reserve ratio – the amount of reserves required in our Deposit Insurance Fund – to fall below the floor set by law. The law requires that the…
Acting Comptroller Issues Statement on RFI on Bank Mergers
December 14, 2021 / Source: OCC
News Release 2021-134 | December 14, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding the Request for Information on bank mergers. I support the view of the majority of the FDIC Board members that the Bank Merger Act (BMA) guidelines are ripe for review. I am particularly focused on the…
Statement by FDIC Chairman Jelena McWilliams on DIF Restoration Plan Semiannual Update
December 14, 2021 / Source: FDIC
Due solely to extraordinary, unprecedented insured deposit growth during the first half of 2020, the Deposit Insurance Fund’s (DIF) reserve ratio fell below the statutory minimum of 1.35% in 2020. During this time the DIF balance grew steadily to $121.9 billion, the highest level ever. As required by statute, the FDIC implemented a Restoration Plan…
FinCEN Seeks Comments on Modernization of U.S. AML/CFT Regulatory Regime
December 14, 2021 / Source: FinCEN
Contact Office of Strategic Communications, [email protected] Immediate Release December 14, 2021 WASHINGTON— Today, FinCEN is issuing a request for information (RFI) seeking comments on ways to streamline, modernize, and update the anti-money laundering and countering the financing of terrorism (AML/CFT) regime of the United States. FinCEN is particularly interested in comments on ways to modernize risk-based AML/CFT regulations…
Fall 2021 Rulemaking Agenda
December 13, 2021 / Source: CFPB
By Susan M. Bernard – DEC 13, 2021 Consistent with the Bureau’s past practice, we have published the Bureau’s Fall 2021 Agenda as part of the Fall 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). The Agenda lists the regulatory matters that we plan…
Acting Comptroller of the Currency Kicks Off DC REACh
December 13, 2021 / Source: OCC
News Reease 2021-132 | December 13, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today joined civic leaders, community advocates, and bankers to launch DC REACh, thereby expanding the OCC’s Project REACh efforts to Washington, D.C. The OCC launched Project REACh, or Roundtable for Economic Access and Change, to bring together leaders from the banking industry,…
Federal Reserve Board reiterates its supervisory expectations for large banks’ risk management with investment funds
December 10, 2021 / Source: FRB
The Federal Reserve Board on Friday reiterated its supervisory expectations for large banks' risk management with investment funds. The supervisory message follows a review by the Board of the default and failure of Archegos Capital Management, a concentrated and leveraged fund. The message describes the Board's existing expectations for large banks' counterparty credit risk management and margin…
FDIC Statement on CFPB Statement
December 10, 2021 / Source: FDIC
Thursday, December 9, 2021 For Release Earlier today, the Consumer Financial Protection Bureau (CFPB) posted on its website a document, purportedly approved by the FDIC, requesting comment on bank mergers. No such document has been approved by the FDIC. The FDIC has longstanding internal policies and procedures for circulating and conducting votes of its Board…
OCC Reports Improvement in Mortgage Performance December 2021
December 10, 2021 / Source: OCC
WASHINGTON— The Office of the Comptroller of the Currency (OCC) reported that the performance of first-lien mortgages in the federal banking system improved during the third quarter of 2021. The OCC Mortgage Metrics Report, Third Quarter 2021 showed that 95.6 percent of mortgages included in the report were current and performing at the end of the third…
Revised Licensing Booklets: Revised Comptroller’s Licensing Manual Booklets
December 10, 2021 / Source: OCC
To Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Summary The Office of the Comptroller of the Currency (OCC) issued today the “Background Investigations,” “Capital and Dividends,” “Charters,” “Conversions to Federal Charter,” and “National Bank Director Waivers”…
Acting Comptroller Discusses Reforming Overdraft Programs
December 9, 2021 / Source: OCC
News Release 2021-129 | December 8, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed reforming bank overdraft programs to improve individuals’ financial health in remarks before the Consumer Federation of America’s 34th Annual Financial Services Conference. Related Links Remarks (PDF) Acting Comptroller of the Currency Michael J. Hsu
Acting Comptroller Issues Statement on HUD Guidance for Special Purpose Credit Programs
December 9, 2021 / Source: OCC
News Release 2021-130 | December 9, 2021 WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu issued the following statement today regarding special purpose credit programs: Recently, the U.S. Department of Housing and Urban Development released guidance clarifying that special purpose credit programs that conform with the Equal Credit Opportunity Act (ECOA) and Regulation B generally do not…