On September 6, the Federal Deposit Insurance Corporation (FDIC) issued revised guidelines entitled “Guidelines for Appeals of Material Supervisory Determinations”, which govern appeals by all FDIC-supervised institutions to Division Directors and the Supervision Appeals Review Committee. These revised guidelines expand the circumstances under which banks may appeal a material supervisory determination, enhance consistency with the appeals processes of other federal banking agencies, and include other limited technical and conforming changes.
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On June 15, the Consumer Financial Protection Bureau (CFPB), announced that it is seeking comments on proposed updates to its prepaid rule, “Prepaid Accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z)” (Prepaid Rule). The Prepaid Rule incorporates prepaid accounts under Regulations E and Z and was originally published in the Federal Register on November 22, 2016 (81 FR 83934) and amended on April 25, 2017 (82 FR 18975).
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On June 7, the Office of the Comptroller of the Currency (OCC) issued frequently asked questions (FAQs) to supplement OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” which was originally issued on October 30, 2013. These FAQs address questions from national banks and federal savings associations. The FAQs and underlying OCC Bulletin 2013-29 apply to

On May 31, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the National Credit Union Administration jointly issued an advisory addressing concerns from the financial industry regarding its perceived shortage of state certified and licensed appraisers, particularly in rural areas. The advisory addresses the appraiser shortage and the subsequent delays in obtaining an appraisal by highlighting two existing options: temporary practice permits and temporary waivers.
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On May 10, the Consumer Financial Protection Bureau (CFPB) held a field hearing and issued a notice and request for information related to the small business lending market. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Equal Credit Opportunity Act to require “financial institutions” (as defined in Section 1071) to compile, maintain and report information concerning credit applications made by women-owned, minority-owned and small businesses. The purpose of the data collection is to facilitate enforcement of fair lending laws and to enable communities, governmental entities and creditors to identify business and community development needs and opportunities of women-owned, minority-owned and small businesses.
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On June 16, 2016, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2016-13, Topic 326, Financial Instruments – Credit Losses, which implemented the current expected credit losses methodology (CECL) for estimating allowances for credit losses. This new accounting standard applies to all banks, savings associations, credit unions and financial institution holding companies, regardless of size, that are required to file regulatory reports that conform to US generally accepted accounting principles (GAAP).
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The Federal Financial Institutions Examination Council (FFIEC) published a Federal Register notice on December 30, 2016, finalizing the reporting requirements for a new and streamlined call report (Call Report) for small financial institutions. Institutions with less than $1 billion in assets and with only domestic offices will be eligible to file this new streamlined report.
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On December 12, the Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency issued joint final rules permitting these federal banking agencies to conduct examinations every 18 months instead of every 12 months for qualifying insured depository institutions with less than $1 billion in total assets. These final rules are intended to reduce regulatory compliance costs for smaller insured depository institutions while still maintaining safety and soundness standards. Interim final rules have been in effect since February 29, which are identical to the joint final rules.
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On November 15, the Federal Deposit Insurance Corporation (FDIC) approved a final rule detailing recordkeeping requirements for FDIC-insured depository institutions with more than 2 million deposit accounts (Covered Institutions) to facilitate rapid payment of insured deposits to customers should those institutions fail. The FDIC estimates that 38 depository institutions currently qualify as Covered Institutions.
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