Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: OCC

CFTC Chair Proposes Relief for Phase 5 Initial Margin Implementation

Posted in CFTC, Derivatives, Dodd-Frank Developments
On April 29, Commodity Futures Trading Commission Chairman Chris Giancarlo sent a letter to Randy Quarles, the Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, in which he proposed that the US regulators responsible for the administering the margin rules for uncleared swaps should collaborate in providing some relief… 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

OCC Issues FAQs on Managing Third-Party Relationships

Posted in Banking
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… Continue Reading

EU and Prudential Regulators Issue Statements on March 1 Compliance With Swap Margin Rules

Posted in Banking, Derivatives, Dodd-Frank Developments
Lacking the ability to issue formal no-action relief from strict compliance with the variation margin rules for uncleared swaps coming into effect on March 1, the Board of Governors of the Federal Reserve System, the Office of Comptroller of the Currency (OCC) and the European Supervisory Authorities (ESA) have each issued statements suggesting that they… 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

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

OCC Releases Bank Supervision Operating Plan for Fiscal Year 2017

Posted in Banking
On September 14, the Office of the Comptroller of the Currency (OCC) released its bank supervision operating plan for fiscal year (FY) 2017. “Our FY 2017 operating plan helps institutions regulated by the OCC to better understand our supervisory priorities,” said Comptroller of the Currency Thomas J. Curry. “The plan provides the foundation for policy… Continue Reading

OCC Rule Would Prohibit Bank and Thrift Dealing and Investing in Industrial or Commercial Metals

Posted in Banking
On September 8, the Office of the Comptroller of the Currency (OCC) proposed a rule to prohibit national banks and federal savings associations (FSAs) from dealing and investing in industrial or commercial metals. The proposal covers metal, including alloy, in a physical form primarily suited to industrial or commercial uses, such as copper cathodes and… 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

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

Federal Reserve Board Proposes Restrictions on Qualified Financial Contracts Used by Systemically Important Banking Organizations

Posted in Banking, Dodd-Frank Developments
On May 3, the Board of Governors of the Federal Reserve System (Board) reviewed a draft rule proposal that would require any US bank holding company identified as a global systemically important banking organization (GSIB), its subsidiaries and the US operations of any foreign GSIB (Covered Entities) to comply with new restrictions regarding non-cleared qualified… 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

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

Revised Comptroller’s Handbook Installment Lending Booklet

Posted in Banking
On February 12, the Office of the Comptroller of the Currency (OCC) issued the “Installment Lending” booklet of the Comptroller’s Handbook. This revised booklet updates and replaces the “Installment Loans” booklet issued in March 1990 (and examination procedures issued in March 1998). The revised booklet also replaces section 217, “Consumer Lending,” issued in January 2000 as… Continue Reading

Revised Comptroller’s Handbook Country Risk Management Booklet

Posted in Banking
On February 12, the Office of the Comptroller of the Currency (OCC) 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. This booklet is prepared for use by OCC examiners in assessing a bank’s exposure to country risk and includes procedures… Continue Reading

Federal Banking Agencies Seek Comment on Interagency Effort To Reduce Regulatory Burden

Posted in Banking
On December 17, the Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Board of Governors of the Federal Reserve (collectively, federal banking agencies) approved a notice requesting comment on the fourth and final set of regulatory categories as part of their review to identify outdated or… Continue Reading

OCC Issues Recovery Proposal for Institutions With Assets of $50 Billion or More

Posted in Banking
On December 17, the Office of the Comptroller of the Currency (OCC) requested comment on a proposed rule to establish enforceable guidelines for recovery planning by insured national banks, insured federal savings associations and insured federal branches of foreign banks with average total consolidated assets of $50 billion or more (collectively, covered banks). The guidelines… Continue Reading

OCC Announces Updated Risk Assessment System Guidance

Posted in Banking
On December 3, the Office of the Comptroller of the Currency (OCC) announced in Bulletin 2015 – 48 that it has updated its risk assessment system (RAS) guidance. These updates are reflected in the “Bank Supervision Process,” “Community Bank Supervision,” “Federal Branches and Agencies Supervision,” and “Large Bank Supervision” booklets of the Comptroller’s Handbook and in internal… Continue Reading

Agencies Issue Guidance on Capital Deduction Methodology

Posted in Banking
The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, on November 6 issued interagency guidance to banking organizations within their respective jurisdictions. The interagency guidance addresses the deduction from regulatory capital for certain investments in covered funds pursuant… Continue Reading

Comptroller Revises Credit Card Lending; Announces Rescissions

Posted in Banking
The Office of the Comptroller of the Currency (OCC) issued the “Credit Card Lending” booklet of the Comptroller’s Handbook on November 4. The revised booklet “replaces the ‘Credit Card Lending’ booklet issued in October 1996. The revised booklet also replaces section 218, ‘Credit Card Lending,’ issued in May 2006 as part of the former Office of Thrift… Continue Reading