Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: FDIC

Federal Banking Agencies Issue Interagency Statement on Sharing Bank Secrecy Act Resources

Posted in Banking
On October 3, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network, the National Credit Union Administration and the Office of the Comptroller of the Currency released a joint statement related to the permissible sharing of Bank Secrecy Act (BSA) resources.… Continue Reading

Regulators Publish Changes to the Volcker Rule

Posted in Banking, CFTC, Dodd-Frank Developments
On July 17, the Federal Register published proposed changes to the Volcker Rule that were jointly approved by the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Securities and Exchange Commission. As described in greater detail in the June 1,… Continue Reading

CFTC Clarifies That Variation Margin Constitutes Settlement

Posted in CFTC, Derivatives
The Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission has issued an interpretive letter clarifying that payments of variation margin, price alignment amounts and other payments in satisfaction of outstanding exposures on a counterparty’s cleared swap positions constitute “settlement” under the Commodity Exchange Act (CEA) and CFTC Regulation 39.14. The CEA… Continue Reading

FDIC Issues Revised Guidelines for Appeals of Material Supervisory Determinations

Posted in Banking
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… Continue Reading

Federal Banking Agencies Issue Advisory on the Availability of Appraisers

Posted in Banking
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.… Continue Reading

Federal Regulators Issue FAQs on New Credit Losses Accounting Standard

Posted in Banking
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,… Continue Reading

Federal Banking Agencies Finalize Rules Increasing Number of Banks and Savings Associations Eligible for 18-Month Examination Cycle

Posted in Banking
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… Continue Reading

FDIC Approves Final Rule on Recordkeeping for Timely Deposit Insurance Determination

Posted in Banking
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.… Continue Reading

Banking Regulators Issue Dodd-Frank Report on Bank Activities and Investments

Posted in Banking, Dodd-Frank Developments
On September 8, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) issued a report (Report) that they were required to prepare pursuant to section 620 of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd–Frank). The primary… Continue Reading

Banking Agencies Issue CRA Questions and Answers

Posted in Banking
On July 15, the federal bank regulatory agencies with responsibility for Community Reinvestment Act (CRA) rulemaking—the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC)—published final revisions to the “Interagency Questions and Answers Regarding Community Reinvestment.” The Questions and Answers document… Continue Reading

CFTC Public Meeting on June 27

Posted in CFTC
The Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) will hold a public meeting on June 27 at the CFTC’s Washington, DC, headquarters from 10:00 a.m. to 1:30 p.m. (ET). At the meeting, the MRAC will discuss: (1) the Central Counterparties (CCP) Risk Management Subcommittee’s draft recommendations on how CCPs can better coordinate their… Continue Reading

FDIC Extends Comment Period on Deposit Account Recordkeeping Proposal

Posted in Banking
On May 20, the Federal Deposit Insurance Corporation (FDIC) extended the comment period for proposed recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts. The proposed recordkeeping requirements, “which are designed to facilitate rapid payment of insured deposits to customers if large institutions were to fail,” were published in the Federal Register… Continue Reading

Agencies Issue Guidance on Deposit-Reconciliation Practices

Posted in Banking
On May 18, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued guidance outlining joint supervisory expectations regarding deposit-reconciliation practices that may… Continue Reading

FDIC Rescinds De Novo Time Period Extension

Posted in Banking
On April 6, the Federal Deposit Insurance Corporation (FDIC) rescinded Financial Institution Letter (FIL) 50-2009 entitled “Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions.” The FIL, among other measures, had extended the de novo period for newly organized, state nonmember institutions from three to seven years for examinations, capital maintenance and other requirements. It remains to… Continue Reading

FDIC Issues Guide to Corporate Governance

Posted in Banking
On April 5, the Federal Deposit Insurance Corporation (FDIC) issued a Director’s Guide to Corporate Governance (Guide) as part of its publication entitled Supervisory Insights. Among other things, the Guide provides the FDIC’s views on the respective duties of directors and officers of FDIC-insured institutions.… Continue Reading

Regulators Issue New Guidance Related to Certain Prepaid Cards

Posted in Banking
On March 21, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Financial Crimes Enforcement Network (collectively, the “regulators”) issued new guidance related to the application of customer identification (CIP) program requirements to prepaid card… Continue Reading

Federal Banking Agencies Expand Number of Banks Qualifying for 18-Month Examination Cycle

Posted in Banking
On February 19, federal banking agencies increased the number of small banks and savings associations eligible for an 18-month examination cycle rather than a 12-month cycle. The changes are intended to reduce regulatory compliance costs for smaller institutions, while still maintaining safety and soundness protections. Under the interim final rules, qualifying well-capitalized and well-managed banks and… Continue Reading

FDIC Approves Proposal on Deposit Recordkeeping Requirements in Large Bank Failures

Posted in Banking
On February 17, the Federal Deposit Insurance Corporation (FDIC) approved a proposal for recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts to facilitate rapid payment of insured deposits to customers if those institutions were to fail. The proposed rule would apply to insured depository institutions with more than 2 million deposit… Continue Reading

Federal Banking Agencies Release Economic Scenarios for 2016 Stress Testing

Posted in Banking
On February 7, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Board) jointly released the economic scenarios that will be used by certain financial institutions with total consolidated assets of more than $10 billion for stress tests, as… Continue Reading

FDIC Releases Paper on Cybersecurity

Posted in Banking
On February 1, the Federal Deposit Insurance Corporation (FDIC) published “A Framework for Cybersecurity,” an article that appears in the Winter 2015 issue of Supervisory Insights. The article discusses the cyber threat landscape and how financial institutions’ information security programs can be enhanced to address evolving cybersecurity risks. The article also provides an overview of actions… Continue Reading

Federal Bank Regulatory Agencies Release CRA Asset-Size Thresholds for Small and Intermediate Small Institutions

Posted in Banking
On December 22, 2015, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency (collectively, 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… Continue Reading

CFTC Adopts Final Margin Rules for Swap Dealers

Posted in CFTC, Derivatives, Dodd-Frank Developments
On December 16, the Commodity Futures Trading Commission adopted final rules that set margin requirements for swap dealers and major participants (collectively, Swap Entities) regulated by the CFTC with respect to swaps that are not cleared with a derivatives clearing organization or clearing agency. The final rules are generally consistent with the rules adopted on… Continue Reading