Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Office of the Comptroller of the Currency

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

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

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

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

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 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

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

OCC Rescinds Capital Guidance

Posted in Banking
On October 14, the Office of the Comptroller of Currency (OCC) formally rescinded capital guidance that it had previously issued. The guidance became outdated or superseded, according to the OCC, due to the issuance of the 2013 capital rule that went into effect in 2015.  … Continue Reading

OCC Announces Update to Accounting Interpretations On TDRs, OREO and Pushdown Accounting

Posted in Banking
On September 29, the Office of the Comptroller of the Currency (OCC) released an update to the Bank Accounting Advisory Series (BAAS). The BAAS covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. This update includes recent answers to frequently asked questions from the industry and… Continue Reading

Banking Agencies Announce EGRPRA Meeting

Posted in Banking
On September 28, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) (collectively, federal banking agencies) announced that they will hold an outreach meeting on Monday, October 19 at the Federal Reserve Bank of Chicago as part of their regulatory review under the Economic Growth and… Continue Reading

FFIEC and Member Agencies Propose Call Report Changes

Posted in Banking
On September 8, three member agencies of the Federal Financial Institutions Examination Council (FFIEC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, proposed to eliminate or revise various call report entries to make the reporting process easier for reporting institutions.… Continue Reading

Revised Interagency Examination Procedures for Consumer Compliance

Posted in Banking
As of May 1, the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council developed interagency examination procedures for: Truth in Lending Act (TILA), implemented by Regulation Z; and Real Estate Settlement Procedures Act (RESPA), implemented by Regulation X. These procedures reflect Consumer Financial Protection Bureau amendments to Regulations Z and X… Continue Reading