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Top Stories
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Recently Finalized Rules


Pending Proposals

  • Bureau publishes servicing proposals
    The CFPB has published its previously-announced proposed rules that would
    • Amend Regulation X [Text; PDF] to implement Dodd-Frank Act (DFA) RESPA amendments to address loan servicing responsibilities and make other improvements to the regulation
    • Amend Regulation Z [Text; PDF] to implement DFA TILA changes addressing initial rate adjustment notices for ARMs, periodic statements, prompt crediting of mortgage payments and prompt responses to requests for payoff amounts.
    Comments on the proposals are due by October 9, 2012.   9/17/12

  • Bureau publishes compensation proposal
    The CFPB has published [Text; PDF] its previously-announced proposed rule that would (1) amend Regulation Z to implement TILA changes made by the Dodd-Frank Act to the current Regulation Z § 1026.36 restrictions on loan originator compensation, adding guidance and clarification on the application of the compensation rules; (2) add a new restriction on the imposition of any upfront discount points, origination points, or fees on consumers under certain circumstances; (3) add provisions concerning proper qualification and registration or licensing for loan originators; and (4) implement restrictions on mandatory arbitration and the financing of certain credit insurance premiums. Comments on the proposal are due by October 16, 2012.    9/7/12

  • Agencies publish appraisal proposal
    The OCC, FRB, NCUA, CFPB, and FHFA (“Agencies”) have published [Text; PDF] their previously-announced proposed rule that would amend Regulation Z to implement new TILA §129H, added by the Dodd-Frank Act, requiring appraisals for “higher-risk mortgages,” and make corresponding changes to related agency regulations. Comments on the proposal are due by October 15, 2012.  9/5/12

  • Integrated disclosures proposal published
    The CFPB’s July 9, 2012, proposal to amend its Regulations X and Z to provide for integrated RESPA and TILA mortgage disclosures has been published [Text; PDF (15 MB)] in the Federal Register. Comments are due by 9/7/12 regarding provisions for revised APR disclosures and delay of certain other disclosure requirements required by the Dodd-Frank Act; by 11/16/12 on the integrated disclosure requirements.   8/23/12

  • Bureau Reg B appraisal proposal published
    The CFPB’s August 15 proposal to amend Regulation B to require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates in connection with their applications has been published [TXT; PDF] in the Federal Register. Comments are due by 10/15/12.   8/21/12

  • Proposal on preemption of state laws by gift card rules
    A notice of intent to make preemption determinations has been published by the CFPB, relating to the effect of the gift card protection provisions of the Electronic Fund Transfer Act and § 1005.20 of Regulation E on the abandoned property laws of Maine and Tennessee. Comments are due by 10/22/12.  8/21/12

  • High-cost mortgage and counseling proposal published
    The CFPB has published in the Federal Register its July 9, 2012, proposed rule, “High-Cost Mortgage and Homeownership Counseling Amendments: Truth in Lending and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Acts,” to implement changes made to TILA and RESPA by the Dodd-Frank Act [Text; PDF]. Comments are due by September 7, 2012 (sixty days after the rule was announced by the Bureau).  8/15/2012

  • Ability to repay comment extension published
    The Bureau has published its announcement reopening until July 9, 2012, the comment period on the Fed's 5/11/11 Reg Z "ability to repay" amendment proposal. See our June 1 Top Stories for more information.

  • Fed Publishes Reg. Z Proposal
    The Federal Reserve Board has published its previously announced proposal to amend Regulation Z to require creditors to determine a consumer's ability to repay a mortgage before making a consumer mortgage loan and would establish minimum mortgage underwriting standards. The proposed amendments [TXT; PDF], which implements the Truth in Lending Act (TILA), are being made pursuant to the Dodd-Frank Act. The proposal would apply to all consumer mortgages (except home equity lines of credit, timeshare plans, reverse mortgages, or temporary loans). As noted earlier, the comment period on the proposal closes on July 22, 2011, the day after the Dodd-Frank Act Transfer Date, which means that final action on the proposal must be taken by the Consumer Financial Protection Board (CFPB).   5/11/11

  • FinCEN publishes JSC CredexBank proposal
    The Financial Crimes Enforcement Network (FinCEN) has published in the Federal Register a previously announced proposed rulemaking [TXT; PDF] that would impose Special Measures against JSC CredexBank as a financial institution of primary money laundering concern. Comments are due by July 30, 2012.   5/30/12

  • FDIC proposals published
    The FDIC has published two previously announced Notices of Proposed Rulemaking. The first [Text; PDF] is to implement a section of the Dodd Frank Act to permit the FDIC as receiver of a failed financial institution to enforce the financial institution's contracts, and the other [Text; PDF] is to clarify changes to the deposit insurance assessment system for insured institutions with assets over $10 billion. Comments on both proposals are due by May 29, 2012.

  • Bureau proposes larger participants definition
    The Consumer Financial Protection Bureau has published for comment [TXT; PDF] a proposed rule that would define “larger participants” in the markets for consumer debt collection and consumer reporting, under section 1024 of the Dodd-Frank Act. Comments on the proposal are due by April 17, 2012.   2/17/12

  • Reg E remittances rules published
    The Bureau's final rule [TXT; PDF] amending its Regulation E to implement the consumer foreign remittances protections mandated in the Dodd-Frank Act have been published in the Federal Register. The rule will be effective in one year, on February 7, 2013. The Bureau also published a proposed rule [TXT; PDF] and request for comments that would provide a limited exemption from the foreign remittances protection requirements by establishing a transaction threshold for coverage, and make changes to requirements regarding remittance transfers that are scheduled in advance. The comment period on the proposed rule will end on April 9, 2012.   2/7/12.

  • Proposed Annual Stress Test Rule Published
    The FDIC published a proposed rule [TXT; PDF] for comment that would implement the requirements in Section 165(i) of the Dodd-Frank Act (the "Dodd-Frank Act") regarding stress tests. The rule would require state nonmember banks and state savings associations supervised by the FDIC with total consolidated assets of more than $10 billion to conduct annual stress tests, report the results of those tests to the FDIC and the Board of Governors of the Federal Reserve System, and publish a summary of the results of the tests. Comments are due by March 23, 2012.   1/23/12

  • Treasury Proposes Assessment Rule
    The Department of the Treasury has published a proposed rule [TXT; PDF] to implement Section 155 of the Dodd-Frank Act, which directs the Department to establish by regulation an assessment schedule for bank holding companies with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by the FRB to collect assessments equal to the total expenses of Treasury's Office of Financial Research. Comments are due by March 5, 2012.

  • OCC Posts Stress Test Proposal
    The Comptroller of the Currency has published a proposed rule [TXT; PDF] that would implement § 165(i) of the Dodd-Frank Act by requiring national banks and federal savings associations with total assets of more than $10 billion to conduct an annual stress test. Comments on the proposal are due by March 26, 2012.   1/24/12

  • Proposed FRB Reg YY Published
    The Fed has published its previously announced proposed rule [Reg YY—Text; PDF] that would implement the enhanced prudential standards and the early remediation requirements required to be established under the Dodd-Frank Act. Comments are requested by March 31, 2012.   1/5/12

  • FDIC Proposes Investment Regs for Savings Associations
    The FDIC has published in the Federal Register a proposed rule [TXT; PDF] that would amend its regulations at 12 CFR Part 362 to prohibit any insured savings association from acquiring and retaining a corporate debt security unless it determines, prior to acquiring such security and periodically thereafter, that the issuer has adequate capacity to meet all financial commitments under the security for the projected life of the investment. In a related action, the FDIC published proposed guidance [TXT; PDF] that would assist savings associations in conducting due diligence to determine whether a corporate debt security is eligible for investment under the proposed rule. Comments on both proposals will be accepted through February 13, 2012.   12/15/11

  • FDIC Proposes Mutual Insurance Holding Company Rule
    The FDIC has published a proposed rule [TXT; PDF] that would provide that mutual insurance holding companies would be treated as insurance companies under section 203(e) of the Dodd-Frank Act. The proposal is intended to harmonize the treatment of mutual insurance holding companies with the treatment of such companies under state insolvency regimes. Comments on the proposal are due by February 13, 2012.   12/13/11

  • Bureau Publishes Complaint Disclosure Proposal
    The Consumer Financial Protection Bureau has published its previously announced request for public comment on a proposed policy statement addressing the Bureau’s proactive disclosure of credit card complaint data. Comments are due by January 30, 2012.  12/8/2011

  • Iran Special Measures Regs Proposed
    FinCEN has published proposed regulations [TEXT; PDF] to impose special measures against the Islamic Republic of Iran as a Jurisdiction of Primary Money Laundering Concern. Comments on the proposal, which would add new § 1010.657 to Subchapter F of FinCEN’s Chapter X in the CFR. Comments on the proposal are due by January 27, 2012.   11/28/11

  • FDIC Obligation Limit Regs Proposed
    The FDIC and Treasury have published proposed rules [TEXT; PDF] to govern the calculation of the maximum obligation limitation (“MOL”), as specified in § 210(n)(6) of the Dodd-Frank Act. The MOL limits the aggregate amount of outstanding obligations that the FDIC may issue or incur in connection with the orderly liquidation of a covered financial company. Comments on the proposal are due by January 24, 2012.   11/28/11

  • COPPA Comment Deadline Extended
    The FTC has extended through December 23, 2011 the comment period for its proposal to amend portions of its regulations under the Children’s Online Privacy Protection Act. The proposal [Text; PDF] was first published in the Federal Register on September 27, 2011 with an original comment deadline of November 28, 2011.  11/21/2011

  • HUD Proposes FHA Discriminatory Effects Standard
    The Housing and Urban Development Department (HUD) has published a proposed rule [TEXT; PDF] that would establish uniform standards for determining when a housing practice with a discriminatory effect violates the Fair Housing Act. Comments on the proposal are due by January 17, 2012.   11/16/11

  • FinCEN GSE Proposal Published
    FinCEN has published its previously announced notice of proposed rulemaking (NPRM) [TEXT; PDF], which would require certain housing government sponsored enterprises (GSEs) to establish anti-money laundering programs and report suspicious activities under the Bank Secrecy Act. Comments on the NPRM, which would add Part 1030 to FinCEN’s Title 31 Chapter X regulations, are due by January 9, 2012.   11/8/11

  • Volcker Rule Proposal Published
    The OCC, FRB, FDIC and SEC (the “Agencies”) have published a proposed rule [TEXT; PDF] that would implement Section 619 (the “Volcker Rule”) of the Dodd-Frank Act, which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. Comments on the proposal, which was announced by the Agencies on October 11, are due by January 13, 2012.   11/7/11

  • Board’s D and J Proposals Published
    The Federal Reserve Board’s previously announced proposals to amend Regulations D and J to simplify the management of bank reserve balances have been published in the Federal Register. Comments on both proposals are due by December 19, 2011. [Regulation D Text; PDF] [Regulation J Text; PDF]   10/18/2011

  • FinCEN Proposal Published
    FinCEN's previously announced proposal (see Top Stories for October 13, 2011, below) to add certain tangible prepaid access devices to the list of monetary instruments to be reported on a CMIR when transported into or out of the U.S. has been published [Text; PDF] in the Federal Register. The comment period for the proposal ends December 16, 2011.   10/17/11

  • Flood Guidance and Interagency Q&A Revisions
    The federal regulators of financial institutions and the Farm Credit Administration have issued a Joint Press Release announcing their Federal Register publication of guidance [Text; PDF] that updates the Interagency Questions and Answers Regarding Flood Insurance that were most recently published in 2009. The Agencies are finalizing two new questions and answers, one relating to insurable value and one relating to force placement, and withdrawing one question and answer regarding insurable value. The two final questions and answers supplement the “Interagency Questions and Answers Regarding Flood Insurance”, which were published on July 21, 2009 (74 FR 35914). Based on comments received, the Agencies also have significantly revised two questions and answers regarding force placement of flood insurance that were initially proposed on July 21, 2009, and are proposing revision to a previously finalized question and answer. These three revised questions and answers are being proposed for comment, with the period for comments ending on December 1, 2011.  10/17/11

  • Fed Posts Proposed Retail FX Reg
    The Federal Reserve Board has published its previously announced proposed rule [TXT; PDF], which would become Regulation NN, to permit banking organizations under its supervision to engage in off-exchange transactions in foreign currency with retail customers. The proposed rule also describes various requirements with which banking organizations must comply to conduct such transactions. Comments on the proposal are due by October 11, 2011.   8/3/2011

  • Fed Publishes Reg B Proposed Rule
    The Federal Reserve Board has published in the Federal Register its previously announced proposed rule [TXT; PDF] that would amend Regulation B. The proposal would clarify that motor vehicle dealers will not be required to comply with ECOA data collection requirements added by the Dodd-Frank Act (DFA) until the Board issues final implementing regulations. The DFA exempted motor vehicle dealers from regulations to be issued by the Consumer Financial Protection Bureau under ECOA and other consumer-protection laws, leaving the Board to issue ECOA regulations covering that industry group. Comments are due by July 29, 2011.   6/23/11

  • Stress Testing Guidance Proposal Published
    The OCC, FRB and FDIC published their previously-announced proposed joint Guidance on Stress Testing for Banking Organizations with More than $10 Billion in Total Consolidated Assets [TXT; PDF]. Comments are due by July 29, 2011.  6/15/11

  • Retail FOREX Proposal Published
    The FDIC’s previously announced Proposed Rule [TXT; PDF] on Retail Foreign Exchange Transactions has been published in the Federal Register. Comments are due by June 16, 2011.   5/17/11

  • Agencies Publish Proposal for Swap Entities
    The OCC, FRB, FDIC, Farm Credit Administration and the Federal Housing Finance Agency (“Agencies”) have published proposed rules [TXT; PDF] that would establish minimum margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants for which one of the Agencies is the prudential regulator. The proposed rule would implement sections 731 and 764 of the Dodd-Frank Act. Comments on the proposal are due by June 24, 2011.   5/11/11 [Note: On 6/24/11, the Agencies published a Notice in the Federal Register extending the comment period to end on July 11, 2011.]

  • FinCEN Proposed Rule Published
    FinCEN has published in the Federal Register its previously announced Notice of Proposed Rulemaking [TXT; PDF] under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (“CISADA”), which would require a U.S. bank that maintains a correspondent account for a foreign bank to respond to specific written requests from FinCEN by making certain inquiries of the foreign bank and reporting the results to FinCEN. Comments on the proposal are due by June 1, 2011.   5/2/11

  • Agencies Publish Credit Risk Retention Proposal
    The OCC, FRB, FDIC, FHFA, SEC and HUD have published their previously announced (see our Top Stories for April 1, 2011) proposed rules [TXT; PDF] to implement the credit risk retention requirements of section 15G of the Securities Exchange Act of 1934 (15 U.S.C. 78o-11), as added by section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 15G generally requires the securitizer of asset-backed securities to retain not less than five percent of the credit risk of the assets collateralizing the asset-backed securities. Section 15G includes a variety of exemptions from these requirements, including an exemption for asset-backed securities that are collateralized exclusively by residential mortgages that qualify as “qualified residential mortgages,” as such term is defined by the Agencies by rule. Comments on the proposal are due by June 10, 2011.   4/29/11 [Note: Comment period extended to 8/1/11, per notice to be published in the Federal Register.]

  • Assessment Rate Adjustment Guidelines Published
    The FDIC pubished “Proposed Assessment Rate Adjustment Guidelines for Large and Highly Complex Institutions” [TXT; PDF] for comment in today’s Federal Register. The proposed guidelines would be used to determine how adjustments could be made to the total scores that are used in calculating the deposit insurance assessment rates of large and highly complex insured institutions. Comments are due by May 31, 2011.  4/15/11

  • Agencies Publish Compensation Proposal
    A proposed rule on incentive compensation [TXT; PDF] announced by the FRB, FDIC, FHFA, NCUA, OCC, OTS and SEC on March 30 has been published in the Federal Register. The proposal, issued under the Dodd-Frank Act, would apply to certain financial institutions with more than $1 billion in assets, and would include heightened standards for the largest of that group. Comments are due by May 31, 2011.  4/14/11

  • Agencies Propose Call Report and TFR Revisions
    The OCC, FRB, FDIC and OTS (the “Agencies”) have published a proposal for comment to revise the Consolidated Reports of Condition and Income (Call Report) for banks, the Thrift Financial Report (TFR) for savings associations, the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), and the Report of Assets and Liabilities of a Non-U.S. Branch that is Managed or Controlled by a U.S. Branch or Agency of a Foreign (Non-U.S.) Bank (FFIEC 002S), effective as of the June 30, 2011, report date. Comments on the proposal [TXT; PDF] are due by May 16, 2011.  3/16/11

  • Fed Proposes Reg CC Overhaul
    In a March 3, 2011 Press Release, the Federal Reserve Board requested public comment on proposed amendments [TXT; PDF] to Regulation CC (Availability of Funds and Collection of Checks) to encourage banks to clear and return checks electronically, add provisions that govern electronic items cleared through the check-collection system, and shorten the “exception” hold periods on deposited funds. The proposal would increase, per the Dodd-Frank Act, the $100 next-day availability requirement for certain check deposits to $200 as of July 21, 2011, eliminate all references to "non-local" checks, and make many other substantive changes to the existing regulation. Comments are due June 3, 2011.  3/4/11

  • Another Escrow Change Proposed
    A further change to the Regulation Z escrow requirements was proposed by the Fed in today's Federal Register. The proposal would implement certain amendments to the Truth in Lending Act made by the Dodd-Frank Act, including changes that lengthen the time for which a mandatory escrow account established for a higher-priced mortgage loan must be maintained. In addition, the proposal would implement the Act’s disclosure requirements regarding escrow accounts. The proposal also would exempt certain loans from the statute’s escrow requirement. The primary exemption would apply to mortgage loans extended by creditors that operate predominantly in rural or underserved areas, originate a limited number of mortgage loans, and do not maintain escrow accounts for any mortgage loans they service. [TXT; PDF] Comments must be received on or before May 2, 2011.  3/2/2011

  • Lebanese Canadian Bank—Primary ML Concern
    FinCEN has announced a finding pursuant to the provisions of Section 311 of the USA PATRIOT Act that the Lebanese Canadian Bank is a financial institution of primary laundering concern. A Notice of Proposed Rulemaking has been issued that would impose special measures prohibiting U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the bank. FinCen also released a Fact Sheet with an overview of Section 311.  2/17/11

  • Special Measures Rule Proposed
    The Notice of Proposed Rulemaking (NPR) previously announced by FinCEN (see February 11, 2011 Top Stories) has been published in the Federal Register. The NPR would prohibit U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the Lebanese Canadian Bank SAL as a Financial Institution of Primary Money Laundering Concern. [TXT; PDF]  2/17/11

  • Lebanese Canadian Bank—Primary ML Concern
    FinCEN has announced a finding pursuant to the provisions of Section 311 of the USA PATRIOT Act that the Lebanese Canadian Bank is a financial institution of primary laundering concern. A Notice of Proposed Rulemaking has been issued that would impose special measures prohibiting U.S. financial institutions from opening or maintaining correspondent or payable-through accounts for the bank. FinCen also released a Fact Sheet with an overview of Section 311.  2/11/11

  • FDIC Proposed Deposit Insurance Training Rule Published
    The FDIC has published in the Federal Register its previously announced Notice of Proposed Rulemaking [TXT; PDF] that would mandate training of selected bank personnel on, and make other amendments to, the agency’s deposit insurance regulations. See the Top Stories for February 8, 2011 for more information.  2/11/11

  • FRB Proposed Rule Published
    The FRB has also published a previously announced proposed rule [TXT; PDF] in the Federal Register. The proposed Regulation Y amendment would (1) establish the criteria for determining whether a company is “predominantly engaged in financial activities” and (2) define the terms “significant nonbank financial company” and “significant bank holding company” for purposes of the Dodd-Frank Act.  2/11/11

  • Agencies Propose Revised Capital Guidelines
    The OCC, Fed and FDIC (Agencies) have published a proposal [Text; PDF] to revise their market risk capital rules to modify their scope to better capture positions for which the market risk capital rules are appropriate; reduce procyclicality in market risk capital requirements; enhance the rules' sensitivity to risks that are not adequately captured under the current regulatory measurement methodologies; and increase transparency through enhanced disclosures. The Agencies will accept comments on the notice of proposed rulemaking through April 11, 2011.  1/11/11

  • IRS Proposes to Expand Interest Reporting Requirement
    The Internal Revenue Service (IRS) has published in the Federal Register a proposed rule that would require the reporting of interest paid to nonresident alien individuals who reside in any foreign country. The regulations would apply to interest payments made after December 31 of the year in which they are published as final regulations in the Federal Register. Current IRS regulations require that financial institutions report the payment of interest to U.S. persons and to nonresident alien persons residing in Canada. TXT; PDF  1/07/11

  • Joint Agencies Propose Rulemaking for Risk-Based Capital Standards
    The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) propose to: Amend the advanced risk-based capital adequacy standards (advanced approaches rules) \1\ to be consistent with certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) \2\ and amend the general risk-based capital rules \3\ to provide limited flexibility consistent with section 171(b) of the Act for recognizing the relative risk of certain assets generally not held by depository institutions. TXT; PDF  12/30/10

  • NCUA Proposes Rulemaking for Accuracy of Advertising and Notice of Insured Status
    The NCUA Board proposes to revise certain provisions of NCUA's official advertising statement rule. Specifically, insured credit unions will be required to include the statement in all radio and television advertisements, annual reports, and statements of condition required to be published by law. The NCUA Board also proposes to define the term "advertisement" and to clarify size requirements for the official advertising statement in print materials. TXT; PDF  12/30/10

  • NCUA Proposes Rulemaking for Sample Income Data to Meet the Low-Income
    The NCUA is proposing to permit federal credit unions that do not qualify for a low-income designation using the geo-coding software the NCUA has developed for that purpose to submit an analysis of a statistically valid sample of their member income data as evidence they qualify. Permitting FCUs to use a statistically valid sample of member incomes drawn from loan files or a survey will ease the burden on FCUs attempting to qualify for a low-income designation. TXT; PDF  12/22/10

  • NCUA Proposes Rulemaking for Share Insurance
    Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides that, on a temporary basis, the NCUA Board shall fully insure the net amount that any member or depositor at an insured credit union maintains in a noninterest-bearing transaction account. Although this insurance coverage is self-implementing, and therefore already in place, this proposed rule: clarifies the definition of the term "noninterest-bearing transaction account"; provides that this new insurance coverage is separate from, and in addition to, other coverage provided in NCUA's share insurance rules; and imposes certain notice and disclosure requirements. TXT; PDF  12/22/10

  • FTC Proposes Rulemaking for Telemarketing Sales
    The Commission requests public comment on provisions of the FTC's Telemarketing Sales Rule concerning caller identification services and disclosure of the identity of the seller or telemarketer responsible for telemarketing calls.TXT; PDF  12/15/10

  • FinCEN Proposes Rulemaking for Anti-Money Laundering Program and Suspicious Activity Report Filing Requirements
    FinCEN, a bureau of the Department of the Treasury, is issuing proposed rules defining non-bank residential mortgage lenders and originators as loan or finance companies for the purpose of requiring them to establish anti-money laundering programs and report suspicious activities under the Bank Secrecy Act. TXT; PDF  12/09/10

  • NCUA Proposes Rulemaking for Corporate Credit Unions - Extension of Comment Period
    On November 18, 2010, the NCUA Board issued a proposed rule amending its corporate credit union rule. NCUA has received a request to extend the comment period set in the proposed rule and has determined to extend the comment period for an additional 30 days. TXT; PDF  12/06/10

  • NCUA Proposes Rulemaking for Corporate Credit Unions
    NCUA is issuing proposed amendments to its rule governing corporate credit unions (corporates). The amendments include internal control and reporting requirements for corporates similar to those required for banks under the Federal Deposit Insurance Act and the Sarbanes-Oxley Act. TXT; PDF  11/30/10

  • FRB Proposes Rulemaking for Conformance Period for Entities Engaged in Prohibited Proprietary Trading or Private Equity Fund or Hedge Fund Activities
    The Board is requesting comment on a proposed rule that would implement the conformance period during which banking entities and nonbank financial companies supervised by the Board must bring their activities and investments into compliance with the prohibitions and restrictions on proprietary trading and relationships with hedge funds and private equity funds imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act). Section 619 is commonly referred to as the "Volcker Rule". TXT; PDF  11/29/10
  • FDIC Proposes Rulemaking for:
    1. Assessments, Assessment Base and Rates
      The FDIC is proposing to amend its regulations to implement revisions to the Federal Deposit Insurance Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding the definition of an institution's deposit insurance assessment base; alter the unsecured debt adjustment in light of the changes to the assessment base; add an adjustment for long-term debt held by an insured depository institution where the debt is issued by another insured depository institution; eliminate the secured liability adjustment; change the brokered deposit adjustment to conform to the change in the assessment base and change the way the adjustment will apply to large institutions; and revise deposit insurance assessment rate schedules, including base assessment rates, in light of the changes to the assessment base. TXT; PDF  11/24/10

    2. Assessments, Large Bank Pricing
      The FDIC proposes to revise the assessment system applicable to large insured depository institutions (IDIs or institutions) to better differentiate IDIs and take a more forward-looking view of risk; to better take into account the losses that the FDIC may incur if such an IDI fails; and to make technical and other changes to the rules governing the risk-based assessment system, including proposed changes to the assessment base necessitated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. TXT; PDF  11/24/10

  • FDIC Proposes Rulemaking for Assessment Dividends, Assessment Rates and Designated Reserve RatioIn order to implement a comprehensive, long-range management plan for the Deposit Insurance Fund, the FDIC is proposing to amend its regulations to: implement the dividend provisions in the Dodd-Frank Wall Street Reform and Consumer Protection Act; set assessment rates; and set the designated reserve ratio at 2 percent. The FDIC seeks comment on all aspects of this NPRM. TXT; PDF  10/27/10

  • FDIC Proposes Rulemaking Implementing Certain Orderly Liquidation Authority Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act
    The FDIC is proposing a rule with request for comments, which would implement certain provisions of its authority to resolve covered financial companies under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (July 21, 2010). The FDIC's intent in issuing this Proposed Rule is to provide greater clarity and certainty about how key components of this authority will be implemented and to ensure that the liquidation process under Title II reflects the Dodd-Frank Act's mandate of transparency in the liquidation of failing systemic financial companies. TXT; PDF  10/19/10

  • OTS Proposes Rulemaking for Alternatives to the Use of External Credit Ratings in the Regulations of the OTS
    Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of credit-worthiness of a security or money market instrument and any references to or requirements in regulations regarding credit ratings. The agencies are also required under the Act to remove references or requirements of reliance on credit ratings and to substitute an alternative standard of credit-worthiness. TXT; PDF  10/14/10

  • Treasury Proposes Rulemaking for Privacy Act of 1974
    In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury gives notice of a proposed amendment to update its Privacy Act regulations, and to add an exemption from certain provisions of the Privacy Act for a system of records related to the Office of Foreign Assets Control (OFAC). TXT; PDF  10/13/10

  • FDIC Proposes Rulemaking for Deposit Insurance Regulations: Unlimited Coverage for Noninterest-Bearing Transaction Accounts
    The FDIC is proposing to amend its regulations to implement section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, providing for unlimited deposit insurance for "noninterest-bearing transaction accounts" for two years starting December 31, 2010. This unlimited coverage for "noninterest-bearing transaction accounts"' is similar but not identical to the protection provided for such account owners under the FDIC's Transaction Account Guarantee Program. The proposed rule serves as a vehicle for the FDIC Board of Directors to announce that it will not extend the TAGP beyond the scheduled expiration date of December 31, 2010. TXT; PDF  9/24/10

  • FinCEN Proposes Rulemaking for Cross-Border Electronic Transmittals of Funds
    FinCEN, to further its efforts against money laundering and terrorist financing, is proposing to issue regulations that would require certain banks and money transmitters to report to FinCEN transmittal orders associated with certain cross-border electronic transmittals of funds (CBETFs). FinCEN is also proposing to require an annual filing with FinCEN by all banks of a list of taxpayer identification numbers of accountholders who transmitted or received a CBETF. TXT; PDF  9/24/10

  • Truth in Lending
    The Board is publishing for comment a proposed rule to amend Regulation Z, which implements the Truth in Lending Act (TILA). The proposed rule would implement Section 1461 of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1461 amends TILA to provide a separate, higher threshold for determining coverage of the Board's escrow requirement applicable to higher-priced mortgage loans, for loans that exceed the maximum principal balance eligible for sale to Freddie Mac. TXT; PDF  9/24/10

  • Truth in LendingThe Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, as part of a comprehensive review of TILA's rules for home-secured credit. This proposal would revise the rules for the consumer's right to rescind certain open-end and closed-end loan secured by the consumer's principal dwelling. In addition, the proposal contains revisions to the rules for determining when a modification of an existing closed-end mortgage loan secured by real property or a dwelling is a new transaction requiring new disclosures. The proposal would amend the rules for determining whether a closed-end loan secured by the consumer's principal dwelling is a "higher-priced" mortgage loan subject to the special protections in Sec. 226.35. The proposal would provide consumers with a right to a refund of fees imposed during the three business days following the consumer's receipt of early disclosures for closed-end loans secured by real property or a dwelling. The proposal also would amend the disclosure rules for open- and closed-end reverse mortgages. In addition, the proposal would prohibit certain unfair acts or practices for reverse mortgages. A creditor would be prohibited from conditioning a reverse mortgage on the consumer's purchase of another financial or insurance product such as an annuity, and a creditor could not extend a reverse mortgage unless the consumer has obtained counseling. The proposal also would amend the rules for reverse mortgage advertising. WITHDRAWN by FRB in Press Release 2/1/2011.  TXT; PDF  9/24/10

  • Joint Agencies Propose Rulemaking for Risk-Based Capital Guidelines of the Federal Banking Agencies: Alternatives to the Use of Credit Ratings
    The regulations of the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) include various references to and requirements based on the use of credit ratings issued by nationally recognized statistical rating organizations (NRSROs). Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act), enacted on July 21, 2010, requires the agencies to review their regulations that require the use of an assessment of creditworthiness of a security or money market instrument and make reference to, or have requirements regarding, credit ratings. The agencies must then modify their regulations to remove any reference to, or requirements of reliance on, credit ratings in such regulations and substitute in their place other standards of creditworthiness that the agencies determine to be appropriate for such regulations. TXT; PDF  8/25/10

  • OCC and the Treasury Propose Rulemaking for Alternatives to the Use of External Credit Ratings in the Regulations of the OCC
    Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) directs all Federal agencies to review, no later than one year after enactment, any regulation that requires the use of an assessment of credit-worthiness of a security or money market instrument and any references to or requirements in regulations regarding credit ratings. The agencies are also required to remove references or requirements of reliance on credit ratings and to substitute an alternative standard of credit-worthiness. Through this ANPR, the OCC seeks comment on the implementation of section 939A with respect to its regulations (other than risk-based capital regulations, which are the subject of a separate ANPR issued jointly with the other Federal banking agencies), including alternative measures of credit-worthiness that may be used in lieu of credit ratings. TXT; PDF  8/13/10

  • NCUA Proposes Rulemaking for Golden Parachute and Indemnification Payments
    NCUA proposes to adopt a rule to prohibit, with some exceptions, a federally insured credit union (FICU) from making golden parachute and indemnification payments to an institution-affiliated party (IAP). The proposed rule is intended to help safeguard the National Credit Union Share Insurance Fund (NCUSIF) by preventing the wrongful or improper disposition of FICU assets and to inhibit unwarranted rewards to IAPs who may have contributed to an FICU's troubled condition. The proposed rule would also provide FICUs with greater clarity on the distinction between legitimate employee severance payments and improper golden parachute payments. TXT; PDF  8/05/10

  • FinCEN Proposes Rulemaking for Amendment to the Bank Secrecy Act Regulations--Definitions and Other Regulations Relating to Prepaid Access
    FinCEN is proposing to revise the Bank Secrecy Act regulations applicable to Money Services Businesses with regard to stored value or prepaid access. More specifically, the proposed changes include the following: renaming "stored value" as "prepaid access" and defining that term; deleting the terms "issuer and redeemer" of stored value; imposing suspicious activity reporting, customer information and transaction information recordkeeping requirements on both providers and sellers of prepaid access and, additionally, imposing a registration requirement on providers only; and exempting certain categories of prepaid access products and services posing lower risks of money laundering and terrorist financing from certain requirements. TXT; PDF  6/28/10

  • Joint Agencies Propose Rulemaking for Community Reinvestment Act Regulation Hearings
    The OCC, Board, FDIC, and OTS will hold a series of joint public hearings in four cities across the country to receive public comments on the agencies' regulations governing procedures for assessing a financial institution's performance under the Community Reinvestment Act (CRA). The purpose of the hearings is to seek a wide range of views on whether and how the agencies should revise their regulations to better serve the goals of the Community Reinvestment Act. TXT; PDF  6/23/10

  • HUD Proposes Rulemaking for Real Estate Settlement Procedures Act (RESPA): Strengthening and Clarifying RESPA's "Required Use" Prohibition
    HUD has received complaints that some homebuyers are committing to use a builder's affiliated mortgage lender in exchange for construction discounts or discounted upgrades, without sufficient time to research their contracts or to comparison shop. The purpose of this ANPR is to solicit information that can be used to inform any future revision or clarification of the regulatory definition of the "required use" of affiliated settlement service providers in residential mortgage transactions.TXT; PDF  6/03/10

  • FDIC Proposes Rulemaking for:
    1. Special Reporting, Analysis and Contingent Resolution Plans at Certain Large Insured Depository Institutions The FDIC is seeking comment on a proposed rule that would require certain identified insured depository institutions (IDI's) that are subsidiaries of large and complex financial parent companies to submit to the FDIC analysis, information, and contingent resolution plans that address and demonstrate the IDI's ability to be separated from its parent structure, and to be wound down or resolved in an orderly fashion. The IDI's plan would include a gap analysis that would identify impediments to the orderly stand-alone resolution of the IDI, and identify reasonable steps that are or will be taken to eliminate or mitigate such impediments. TXT; PDF  5/17/10

    2. Treatment by Federal Deposit Insurance Corp. as Conservator or Receiver of Financial Assets
      The FDIC proposes to adopt amendments to the rule regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation after September 30, 2010. The Proposed Rule would continue the safe harbor for transferred financial assets in connection with securitizations in which the financial assets were transferred under the existing regulations. The Proposed Rule would clarify the conditions for a safe harbor for securitizations or participations issued after September 30, 2010. The Proposed Rule also sets forth safe harbor protections for securitizations that do not comply with the new accounting standards for off balance sheet treatment by providing for expedited access to the financial assets that are securitized if they meet the conditions defined in the Proposed Rule. TXT; PDF  5/17/10

  • NCUA Proposes Rulemaking for Short-Term, Small Amount Loans
    NCUA proposes to amend its general lending rule to enable federal credit unions (FCUs) to offer short-term, small amount loans (STS loans) as a viable alternative to predatory payday loans. The proposed amendment would permit FCUs to charge a higher interest rate for an STS loan than is permitted under the general lending rule, but the proposal will impose limitations on the permissible term, amount, and fees associated with an STS loan. TXT; PDF  5/05/10

  • FDIC Proposed Rulemaking for Assessments
    The FDIC proposes to amend our regulations to revise the assessment system applicable to large institutions to better differentiate institutions by taking a more forward-looking view of risk; to better take into account the losses that the FDIC will incur if an institution fails; to revise the initial base assessment rates for all insured depository institutions; and to make technical and other changes to the rules governing the risk-based assessment system. TXT, PDF .   5/03/10

  • FDIC Proposes Rulemaking for Assessments: Clarification
    The FDIC proposes to amend 12 CFR part 327 to revise the assessment system applicable to large institutions to better differentiate institutions by taking a more forward-looking view of risk; to better take into account the losses that the FDIC will incur if an institution fails; to revise the initial base assessment rates for all insured depository institutions; and to make technical and other changes to the rules governing the risk-based assessment system. TXT; PDF  5/12/10

  • The Treasury Proposes Rulemaking for Garnishment of Accounts Containing Federal Benefit Payments
    NOTE: Interim Final Rule published 2/23/2011 [TXT; PDF]
    The Treasury, SSA, VA, RRB and OPM (Agencies) are publishing a proposed rule for comment, to implement statutory restrictions on the garnishment of Federal benefit payments. The Agencies are taking this action in response to recent developments in technology and debt collection practices that have led to an increase in the freezing of accounts containing Federal benefit payments. The proposed rule would establish procedures that financial institutions must follow when a garnishment order is received for an account into which Federal benefit payments have been directly deposited. It would also require financial institutions that receive a garnishment order for an account to determine whether any Federal benefit payments were deposited to the account within 60 calendar days prior to receipt of the order, and would require them to ensure that the account holder has access to an amount equal to the sum of such payments in the account or to the current balance of the account, whichever is lower. TXT; PDF  4/20/10

  • NCUA Proposes Rulemaking for Fiduciary Duties at Federal Credit Unions: Mergers and Conversions of Insured Credit Unions
    This document corrects the preamble to a proposed rule published in the Federal Register of March 29, 2010, regarding fiduciary duties at Federal credit unions and mergers and conversions of insured credit unions. The proposed rule as published included an incorrect address for Web site comments and an incorrect subject line for e-mail comments in the ADDRESSES section of the preamble. TXT; PDF  4/01/10

  • NCUA Proposes Rulemaking for Fiduciary Duties at Federal Credit Unions; Mergers and Conversions of Insured Credit Unions
    The proposal documents and clarifies the fiduciary duties and responsibilities of Federal credit union directors, and adds new provisions establishing the procedures for insured credit unions merging into banks. It also amends some of the existing regulatory procedures applicable to insured credit union mergers with other credit unions and conversions to banks. TXT; PDF  3/29/10

  • NCUA Proposed Rulemaking for Fixed Assets, Member Business Loans, and Regulatory Flexibility Program
    NCUA proposes to revise certain provisions of its Regulatory Flexibility Program (RegFlex) to enhance safety and soundness for credit unions. Those provisions pertain to fixed assets, member business loans (MBL), stress testing of investments, and discretionary control of investments. Some of these revisions will require conforming amendments to NCUA's fixed assets and MBL rules. TXT; PDF  3/25/10

  • FRB Proposes Rulemaking for Truth in Lending
    The Board proposes to amend Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that go into effect on August 22, 2010. In particular, the proposed rule would require that penalty fees imposed by card issuers be reasonable and proportional to the violation of the account terms. The proposed rule would also require credit card issuers to reevaluate at least every six months annual percentage rates increased on or after January 1, 2009. TXT; PDF  3/15/10

  • FRB Publishes Proposed Rule for Electronic Fund Transfers
    On November 17, 2009, the Board published final rules amending Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. The final rule limited the ability of financial institutions to assess overdraft fees for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for those transactions. The Board proposes to amend Regulation E and the official staff commentary to clarify certain aspects of the final rule. TXT; PDF  3/01/10

  • FRB Publishes Proposed Rule for Truth in Savings
    On January 29, 2009, the Board published final rules amending Regulation DD, which implements the Truth in Savings Act, and the official staff commentary to the regulation. The final rule addressed depository institutions' disclosure practices related to overdraft services, including balances disclosed to consumers through automated systems. The Board proposes to amend Regulation DD and the official staff commentary to clarify the application of the rule to retail sweep programs and the terminology for overdraft fee disclosures, and to make amendments that conform to the Board's final Regulation E amendments addressing overdraft services, adopted in November 2009. TXT; PDF  3/01/10

  • Treasury Proposes Rulemaking for Amendment to the Bank Secrecy Act Regulations
    FinCEN is proposing to revise the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts. The proposed rule would clarify which persons will be required to file reports of foreign financial accounts and which accounts will be reportable. TXT; PDF  2/26/10

  • NCUA Publishes Interim Final Rule in FR for Secondary Capital Accounts
    NCUA is amending its rules governing secondary capital accounts to permit low-income designated credit unions to redeem all or part of secondary capital accepted from the United States Government or any of its subdivisions at any time after the secondary capital has been on deposit for two years. The amendments will also allow early redemption, under the same terms and conditions, of secondary capital accepted as a match to the government-funded secondary capital. Finally, the amendments change the loss distribution provision that applies to secondary capital accounts so that secondary capital accepted under the 2010 Community Development Capital Program is senior to any required matching secondary capital accepted from an alternative source. TXT; PDF  2/19/10

  • NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions
    On December 17, 2009, the NCUA Board issued a proposed rule amending its chartering and field of membership manual to update its community chartering policies and define the terms "rural district" and "in danger of insolvency" for emergency merger purposes. 74 FR 68722 (December 29, 2009). NCUA has received several requests to extend the comment period set in the proposed rule and has determined to extend the comment period for an additional 45 days. TXT; PDF  2/08/10

  • FDIC Propsoes Rulemaking for Incorporating Employee Compensation Criteria Into The Risk Assessment System
    The FDIC is seeking comment on ways that the FDIC's risk-based deposit insurance assessment system (risk-based assessment system) could be changed to account for the risks posed by certain employee compensation programs. Section 7 of the Federal Deposit Insurance Act (FDI Act) sets forth the risk-based assessment authorities underlying the FDIC's deposit insurance system.TXT; PDF  1/19/10

  • Treasury Proposes Rulemaking for TARP; Privacy Act of 1974
    In accordance with the requirements of the Privacy Act of 1974, 5 U.S.C. 552a, the Department of the Treasury gives notice of a proposed amendment to this part to exempt several systems of records maintained by the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) from certain provisions of the Privacy Act. TXT; PDF  1/14/10

  • FDIC Proposes Rulemaking for Treatment by the Federal Deposit Insurance Corporation as Conservator or Receiver of Financial Assets
    The Federal Deposit Insurance Corporation is issuing this Advance Notice of Proposed Rulemaking to solicit public comment regarding proposed amendments regarding the treatment by the FDIC, as receiver or conservator of an insured depository institution, of financial assets transferred by the institution in connection with a securitization or a participation after March 31, 2010 (the "ANPR"). The ANPR requests comments on the standards that should be adopted to provide safe harbor treatment in connection with participations and securitizations issued after March 31, 2010. TXT; PDF  1/07/10

  • Treasury Fiscal Service Proposes Rulemaking for Endorsement and Payment of Checks Drawn on the United States Treasury
    The Department of the Treasury, Financial Management Service (FMS), is proposing to amend its regulation governing the endorsement and payment of checks drawn on the United States Treasury, to provide that Treasury may direct Federal Reserve Banks to debit a financial institution's account at the financial institution's servicing Federal Reserve Bank for all check reclamations that the financial institution has not protested. Financial institutions will continue to have the right to file a protest with FMS if they believe a proposed reclamation is in error. TXT; PDFPublished: 1/04/10

  • NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions
    The NCUA Board proposes to amend its chartering and field of membership manual to update its community chartering policies. These amendments include using objective and quantifiable criteria to determine the existence of a local community and defining the term "rural district". The amendments clarify NCUA's marketing plan requirements for credit unions converting to or expanding their community charters and define the term "in danger of insolvency" for emergency merger purposes. TXT; PDFPublished: 12/29/09

  • HUD Proposes Rulemaking for SAFE Mortgage Licensing Act
    HUD published proposed rules covering its responsibilities under the SAFE Mortgage Licencing Act.TXT; PDFPublished: 12/09/09

  • NCUA Proposes Rulemaking for Corporate Credit Unions
    NCUA is issuing proposed amendments to its rule governing corporate credit unions contained in part 704. The major revisions involve corporate credit union capital, investments, asset-liability management, governance, and credit union service organization (CUSO) activities. The amendments would establish a new capital scheme, including risk-based capital requirements; impose new prompt corrective action requirements; place various new limits on corporate investments; impose new asset-liability management controls; amend some corporate governance provisions; and limit a corporate CUSO to categories of services preapproved by NCUA. TXT; PDFPublished: 12/09/09

  • FinCEN Proposes Rulemaking for Expansion of Special Information Sharing Procedures to Deter Money Laundering and Terrorist Activity
    FinCEN is issuing this notice of proposed rulemaking to amend the relevant Bank Secrecy Act ("BSA") information sharing rules to allow certain foreign law enforcement agencies, and State and local law enforcement agencies, to submit requests for information to financial institutions.TXT; PDFPublished: 11/16/09

  • FRB Proposes Rulemaking for Turth in Lending
    The Board proposes to amend Regulation Z, which implements the Truth in Lending Act, and the staff commentary to the regulation in order to implement provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 that are effective on February 22, 2010. The proposed rule would limit the application of increased rates to existing credit card balances, require credit card issuers to consider a consumer's ability to make the required payments, establish special requirements for extensions of credit to consumers who are under the age of 21, and limit the assessment of fees for exceeding the credit limit on a credit card account. TXT; PDFPublished: 10/21/09

  • The Treasury Proposes Rulemaking for the Drawback of Internal Revenue Excise Tax
    This document proposes to amend title 19 of the Code of Federal Regulations to preclude situations where imported merchandise subject to Federal excise tax is allowed into the United States, in effect, 99 percent free of that tax through application of a drawback claim. This document also proposes to amend title 19 by adding a basic importation and entry bond condition to foster compliance with the amended drawback provision. TXT; PDFPublished: 10/15/09

    liability.
  • FDIC Proposes Rulemaking for Assessments - Paperwork Reduction Act
    On October 2, 2009, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking with request for comments to amend its assessment regulations to require insured institutions to prepay, on December 30, 2009, their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012. The FDIC would begin to offset prepaid assessments on March 30, 2010, representing payment for the fourth quarter of 2009. The FDIC is supplementing that notice of proposed rulemaking with a Paperwork Reduction Act analysis and seeking comment on the Paperwork Reduction Act implications of the proposed rule. TXT; PDFPublished: 10/14/09

  • FRB Proposes Rulemaking for Extension of Credit by Federal Reserve Banks
    The Board of Governors (Board) is publishing for public comment a proposed amendment to Regulation A that would provide a process by which the Federal Reserve Bank of New York may determine the eligibility of credit rating agencies and the ratings they issue for use in the Term Asset-Backed Securities Loan Facility, which is maintained by the Federal Reserve Bank of New York and for which the Board has expressly set a particular credit rating requirement for collateral offered by the borrower. The proposed rule would not apply to discount window lending or other extensions of credit provided by the Federal Reserve System. In addition, the rule would only apply to asset-backed securities that are not backed by commercial real estate.TXT; PDFPublished: 10/09/09

  • FDIC Proposes Rulemaking for Prepaid Assessments
    Pursuant to Section 7(b) of the Federal Deposit Insurance Act, the FDIC is proposing to amend its assessment regulations to require insured institutions to prepay, on December 30, 2009, their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012. The FDIC would begin to offset prepaid assessments on March 30, 2010, representing payment for the fourth quarter of 2009. TXT; PDFPublished: 10/02/09

  • FDIC Proposes Rulemaking for Expiration of the Issuance Period for the Debt Guarantee Program: Establishment of Emergency Guarantee Facility
    Under the first alternative, the DGP would conclude as provided in the current regulation. Thus, insured depository institutions (IDIs) and certain other participating entities would be permitted to issue FDIC-guaranteed debt no later than October 31, 2009, with the FDIC's guarantee for such debt expiring no later than December 31, 2012. Under the second alternative, the DGP would expire as indicated above; however, the FDIC would establish a limited six-month emergency guarantee facility to be made available in emergency circumstances to insured depository institutions (IDIs) and certain other entities participating in the DGP upon application to and with the prior approval of the FDIC. Under the proposed emergency guarantee facility, the FDIC would guarantee senior unsecured debt issued on or before April 30, 2010. The emergency guarantee facility would be available on a limited, case-by-case basis to insured depository institutions (IDIs) participating in the DGP and to other entities participating in the DGP that have issued FDIC-guaranteed debt under the DGP by September 9, 2009. TXT; PDFPublished: 9/16/09

  • Joint Agencies Propose Rulemaking for Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial Paper Programs; and Other Related Issues
    The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the agencies) are requesting comment on a proposal to modify their general risk-based and advanced risk-based capital adequacy frameworks to eliminate the exclusion of certain consolidated asset-backed commercial paper programs from risk-weighted assets and provide a reservation of authority in their general risk-based and advanced risk-based capital adequacy frameworks to permit the agencies to require banking organizations to treat entities that are not consolidated under accounting standards as if they were consolidated for risk-based capital purposes, commensurate with the risk relationship of the banking organization to the structure. TXT; PDFPublished: 9/15/09

  • FRB Proposes Rulemaking for Truth in Lending
    This proposal would revise the rules for disclosures of closed-end credit secured by real property or a consumer's dwelling, except for rules regarding rescission and reverse mortgages, which the Board anticipates will be reviewed at a later date. Disclosures provided at application would include a Board-published one-page "Key Questions to Ask About Your Mortgage" document that explains potentially risky loan features, and a Board-published one-page "Fixed vs. Adjustable Rate Mortgages" document. Transaction- specific disclosures required within three business days of application would summarize key loan terms. The calculation of the annual percentage rate and the finance charge would be revised to be more comprehensive, and their disclosures improved. Consumers would receive a "final" TILA disclosure at least three business days before consummation. WITHDRAWN by FRB (see 2/1/11 Press Release).  TXT; PDFPublished: 8/26/09

  • FRB Proposes Rulemaking for Truth in Lending (HELOCS)
    The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the Official Staff Commentary to the regulation, following a comprehensive review of TILA's rules for open-end home-secured credit, or home-equity lines of credit (HELOCs). The Board proposes changes to the format, timing, and content requirements for the four main types of HELOC disclosures required by Regulation Z: disclosures at application; disclosures at account opening; periodic statements; and change-in-terms notices. The Board proposes to replace disclosures required at the time that a consumer applies for a HELOC with a one-page, Board-published summary of basic information and risks regarding HELOCs. The Board also proposes to move the timing of disclosures regarding a creditor's HELOC plan from the time of application to within three business days after application, and to require the disclosures to include significant transaction- specific rates and terms. WITHDRAWN by FRB (see 2/1/11 Press Release).  TXT; PDFPublished: 8/26/09

  • NCUA Proposes Rulemaking for National Credit Union Share Insurance Fund Premium and One Percent Deposit
    Section 741.4 of NCUA's rules describes the procedures for the capitalization and maintenance of the National Credit Union Share Insurance Fund (NCUSIF). The current rule, however, does not adequately address how credit unions that enter or depart the NCUSIF system in a given calendar year are affected by any NCUSIF premium or deposit replenishment assessments in that same year. Due to the unprecedented level of NCUSIF expenses in 2009, which required the NCUA to announce both such assessments, NCUA is now proposing amendments to Sec. 741.4 to clarify these procedures. TXT; PDFPublished:  7/24/09

  • FinCEN Proposes Rulemaking for Anti-Money Laundering Program and Suspicious Activity Report Requirements for Non-Bank Residential Mortgage Lenders and Originators
    FinCEN is issuing this advance notice of proposed rulemaking (ANPRM) to solicit public comment on a wide range of questions pertaining to the possible application of anti-money laundering (AML) program and suspicious activity report (SAR) regulations to a specific sub-set of loan and finance companies: Non-bank residential mortgage lenders and originators. FinCEN seeks comment on: An incremental approach to the issuance of regulations for loan and finance companies that would initially affect only those persons engaged in non-bank residential mortgage lending or origination; how any such regulations should define persons engaged in non-bank residential mortgage lending or origination; the financial crime and money laundering risks posed by such persons; how AML programs for such persons should be structured; whether such persons should be covered by BSA requirements other than the AML program requirement, including SAR reporting; and whether any such persons should be exempted from AML program or SAR reporting requirements. TXT; PDFPublished:  7/21/09

  • Joint Agencies Propose Rulemaking for Guidelines for Furnishers of Information to Consumer Reporting Agencies
    The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) request comment to gather information that would assist the Agencies in considering the development of a possible proposed addition to the furnisher accuracy and integrity guidelines that were issued in today's Federal Register. TXT; PDFPublished: 7/01/09

  • FDIC Proposes Rulemaking for Possible Amendment of the Temporary Liquidity Guarantee Program
    The FDIC is issuing this Notice of Proposed Rulemaking to present and request comment on two alternatives for phasing out the Transaction Account Guarantee (TAG) component of the Temporary Liquidity Guarantee Program (TLGP). Under the first proposed alternative, the FDIC's guarantee of deposits held in qualifying noninterest-bearing transaction accounts subject to the TAG program would continue until December 31, 2009. There would be no modification of the existing fee structure or any other change in the FDIC's guarantee of noninterest-bearing transaction accounts, as provided for in the current regulation. Under the second proposed alternative, the TAG program would be extended for six months until June 30, 2010. Insured depository institutions (IDIs) that are currently participating in the TAG program would be provided a single opportunity to opt out of the extended TAG program. IDIs that opt out of the extended TAG program would be required to update their disclosure postings and notices to indicate that they are no longer participating in the program. Under this proposal, IDIs choosing to participate in the extended TAG program, would be subject to increased fees for the FDIC's extended guarantee of its qualifying noninterest-bearing transaction accounts. Also, IDIs participating in the extended TAG program might be required to update their disclosures related to the TAG program. TXT; PDFPublished: 6/30/09

  • Joint Agencies Propose Rulemaking for Community Reinvestment Act Regulations
    The OCC, the Board, the FDIC, and the OTS are issuing this notice of proposed rulemaking that would revise our rules implementing the Community Reinvestment Act (CRA). The proposed rule would incorporate into our rules recently adopted statutory language that requires the Agencies, when assessing an institution's record of meeting community credit needs, to consider, as a factor, low-cost education loans provided by the financial institution to low-income borrowers. The proposal also would incorporate into our rules statutory language that allows the Agencies, when assessing an institution's record, to consider as a factor capital investment, loan participation, and other ventures undertaken by nonminority-owned and nonwomen-owned financial institutions in cooperation with minority- and women-owned financial institutions and low-income credit unions. TXT; PDFPublished: 6/30/09

  • Joint Agencies Propose Rulemaking for Registration of Mortgage Loan Originators
    The OCC, Board, FDIC, OTS, FCA, and NCUA are proposing amendments to their rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). The S.A.F.E. Act requires an employee of a bank, savings association, credit union or other depository institution and their subsidiaries regulated by a Federal banking agency or an employee of an institution regulated by the FCA who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain this registration. TXT; PDFPublished: 6/03/09

  • FinCEN Proposes Rulemaking for Financial Crimes Enforcement Network: Amendment to the Bank Secrecy Act Regulations
    FinCEN is proposing to include mutual funds within the general definition of "financial institution" in rules implementing the Bank Secrecy Act ("BSA"). The proposal would subject mutual funds to rules under the BSA on the filing of Currency Transaction Reports ("CTRs") and on the creation, retention, and transmittal of records or information for transmittals of funds. TXT; PDFPublished: 6/05/09

  • FRB Proposes Rulemaking for Truth in Lending
    On December 18, 2008, the Board adopted a final rule amending Regulation Z's provisions that apply to open-end (not home-secured) credit plans. The Board believes that clarification is needed regarding compliance with certain aspects of the final rule. Accordingly, in order to facilitate compliance, the Board proposes to amend specific portions of the regulations and official staff commentary. TXT; PDFPublished: 5/05/09

  • Joint Agencies Propose Rulemaking for Unfair or Deceptive Acts or Practices
    In December 2008, the Board, OTS, and NCUA (collectively, the Agencies) exercised their authority under the Federal Trade Commission Act to issue a final rule prohibiting institutions from engaging in specific acts or practices in connection with consumer credit card accounts. The Agencies understand that clarification is needed regarding certain aspects of the final rule. Accordingly, in order to facilitate compliance, the Agencies propose to amend specific portions of the regulations and official staff commentary. TXT; PDFPublished: 5/05/09

  • OCC Proposes Rulemaking for Freedom of Information Act
    The Office of the Comptroller of the Currency (OCC) is proposing to amend its regulations governing the disclosure of information pursuant to requests made under the Freedom of Information Act (FOIA) to reflect recent changes to the FOIA made by the Openness Promotes Effectiveness in Our National Government Act of 2007 (OPEN Government Act) and to make other changes that update the OCC's FOIA regulations. TXT; PDFPublished: 4/24/09

  • NCUA Proposes Rulemaking for Credit Union Reporting
    NCUA is modernizing the way insured credit unions submit reports and other important information and has developed an online, Web-based system to make reporting more efficient and cost effective. The new system will also enhance the accuracy of information by providing a means for updating certain data outside the financial reporting cycle. NCUA is proposing revisions to its regulations involving reporting procedures and record retention requirements to conform regulatory provisions to the new online system. The proposal incorporates into the regulation a statutory requirement on reporting changes in senior officials resulting from election or appointments and would clarify requirements on when credit unions file reports with NCUA online. The proposal also includes provisions that provide alternative reporting methods for credit unions unable to submit online reports. TXT; PDFPublished: 3/26/09

  • NCUA Proposes Rulemaking for Truth in Savings Act Disclosures
    As required by the Truth in Savings Act (TISA), NCUA is proposing to amend its TISA rule and official staff interpretation to align it with the Federal Reserve Board's Regulation DD. Specifically, the rule would amend the provisions and provide guidance on the electronic delivery of disclosures. Additionally, NCUA is proposing to amend the rule and the official staff commentary to require all credit unions to disclose aggregate overdraft fees on periodic statements; currently, this disclosure requirement only applies to credit unions that promote the payment of overdrafts. The proposed rule also addresses balance disclosures credit unions provide to members through automated systems. TXT; PDFPublished: 3/26/09

  • Toxic Assets (Legacy Assets) Purchase Plan Unveiled
    The Treasury has released the details of the Public Private Partnership Investment Program which will purchase loans and securities (Legacy Assets) from financial institutions and remove from the books of the institutions. Summary; Web Site; White Paper; Fact Sheet; FAQPublished: 3/24/09

  • Order of Prohibition and CMP
    A Consent Order of Prohibition and Order of Assessment of Civil Money Penalty in the amount of $20,000 have been issued by the FRB against G. Craig Chupik, a former vice president, loan officer, and institution-affiliated party of PlainsCapital Bank, Dallas, TX. OrderPublished: 3/24/09

  • Written Agreement with Oregon BHC
    The FRB has announced the execution of a ritten agreement by and between Columbia Commercial Bancorp, Hillsboro, OR, a registered bank holding company, the Federal Reserve Bank of San Francisco, and the Oregon Department of Consumer and Business Services, Division of Finance and Securities. Written AgreementPublished: 3/24/09

  • Failed Institution Notice
    FRB Financial Services has issued a Failed Institution Notice regarding the closing of and placement into receivership of First City Bank, Stockbridge, GA. Information concerning return items and other matters can be found on the FDIC Failed Bank Information web page. NoticePublished: 3/24/09

  • TLGP Changes
    A FIL has been issued by the FDIC regarding the amendment of certain reporting requirements, clarification of previously issued reporting guidance and consolidation of reporting instructions concerning the entities participating in the debt guarantee component of the Temporary Liquidity Guarantee Program (TLGP). FILPublished: 3/24/09

  • FRB proposes Rulemaking for Turth in Lending
    The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA) following the passage of the Higher Education Opportunity Act (HEOA). Title X of the HEOA amends TILA by adding disclosure and timing requirements that apply to creditors making private education loans, which are defined as loans made expressly for postsecondary educational expenses, but excluding open-end credit, real estate-secured loans, and loans made, insured, or guaranteed by the Federal government under title IV of the Higher Education Act of 1965. The HEOA also amends TILA by adding limitations on certain practices by creditors, including limitations on "co-branding" their products with educational institutions in the marketing of private student loans. The proposal requires that creditors obtain a self-certification form signed by the consumer before consummating the loan. It also requires creditors with preferred lender arrangements with educational institutions to provide certain information to those institutions. TXT; PDFPublished: 3/24/09
  • The OCC, OTS and Treasury Propose Rulemaking for Confidentiality of Suspicious Activity Reports
    The OCC and OTS propose to amend its regulations implementing the Bank Secrecy Act (BSA) governing the confidentiality of a suspicious activity report (SAR) to: Clarify the scope of the statutory prohibition on the disclosure by a financial institution of a report of a suspicious transaction, as it applies to national banks; address the statutory prohibition on the disclosure by the government of a SAR, as that prohibition applies to the OCC's standards governing the disclosure of SARs; clarify the exclusive standard applicable to the disclosure of a SAR, or any information that would reveal the existence of a SAR, by the OCC is "to fulfill official duties consistent with the purposes of the BSA;" and modify the safe harbor provision in its rules to include changes made by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act. These amendments are based upon a similar proposal being contemporaneously issued by the Financial Crimes Enforcement Network (FinCEN). OCC TXT; OCC PDF; OTS TXT; OTS PDFPublished: 3/9/09

  • The OCC and OTS Propose Rulemaking for Standards Governing the Release of a Suspicious Activity Report
    The Office of the Comptroller of the Currency (OCC) is proposing to revise its regulations governing the release of non-public OCC information. The primary change being proposed would clarify that the OCC's decision to release a suspicious activity report (SAR) will be governed by the standards set forth in proposed amendments to the OCC's SAR regulation that are part of a separate, but simultaneous, rulemaking.TXT; PDFPublished: 3/9/09

  • FinCEN Proposes Rulemaking for Interpretive Guidance--Sharing Suspicious Activity Reports by Depository Institutions With Certain U.S. Affiliates
    FinCEN is issuing for comment a proposed interpretive guidance, which interprets a provision to permit a bank to share a SAR with its affiliates that also are subject to SAR rules. TXT; PDFPublished: 3/9/09

  • FinCEN Proposes Rulemaking for Interpretive Guidance – Sharing Suspicious Activity Reports by Securities Broker–Dealers and others.
    FinCEN is issuing for comment a proposed interpretive guidance, which interprets a provision to permit a securities broker-dealer, mutual fund, futures commission merchant, or introducing broker in commodities to share a SAR with its affiliates that are also subject to SAR rules. TXT; PDFPublished: 3/9/09

  • NCUA Proposes Rulemaking for Operating Fees
    The NCUA proposes to amend its rule on the assessment of the federal credit union (FCU) operating fee to exclude investments made under the Credit Union System Investment Program (CU SIP) and the Credit Union Homeowners Affordability Relief Program (CU HARP) from the calculation of total assets; total assets is the basis on which the operating fee is currently calculated. The Board believes this amendment will remove a disincentive for some FCUs from participating in the CU SIP or the CU HARP. TXT; PDFPublished: 3/5/09

  • FDIC Publishes Interim/Final Rule in FR for Amended Restoration Plan; Assessments; Modification of Temporary Liquidity Guarantee Program
    The FDIC is issuing this Interim Rule to make a minor modification to the Temporary Liquidity Guarantee Program (TLGP) to include certain issuances of mandatory convertible debt (MCD) under the TLGP debt guarantee program. TXT; PDF Effective: 2/27/09

  • NCUA Proposes Rulemaking for Corporate Credit Unions
    In the light of current economic circumstances affecting the U.S. economy and, in particular, the financial sector, NCUA is evaluating and reconsidering the role corporate credit unions currently play in the credit union system, including corporates' membership structure, size, and types of services they offer. NCUA is also considering whether to amend its regulation governing corporate credit unions to clarify or revise current provisions, including those related to: capital; permissible investments; management of credit risk and liquidity; and corporate governance.TXT; PDFPublished: 2/4/09

  • FDIC Proposes Rulemaking for Interest Rate Restrictions on Institutions that are Less Than Well–Capitalized
    The FDIC is proposing to amend its regulations relating to the interest rate restrictions that apply to insured depository institutions that are not well capitalized. Under the proposed rule, such insured depository institutions generally would be permitted to offer the "national rate" plus 75 basis points. The purpose of this proposed rule is to clarify the interest rate restrictions for certain insured depository institutions and examiners. TXT; PDFPublished: 2/3/09

  • FRB Proposes Rulemaking for Reserve Requirements of Depository Institutions
    The Board is requesting public comment on proposed amendments to Regulation D, Reserve Requirements of Depository Institutions, to authorize the establishment of limited-purpose accounts at Federal Reserve Banks for the maintenance of excess balances of eligible institutions (both as defined in Regulation D). EBAs; TXT; PDFPublished: 1/30/09

  • Joint Agencies Propose Rulemaking for Electronic Fund Transfers
    The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The proposal would limit the ability of a financial institution to assess an overdraft fee for paying automated teller machine (ATM) withdrawals and one-time debit card transactions that overdraw a consumer's account, unless the consumer is given notice of the right to opt out of the payment of such overdrafts, and the consumer does not opt out.Published: TXT; PDFPublished: 1/29/09

  • FRB Proposes Rulemaking for Regulation Z; Truth in Lending (Technical Amendment)
    On December 10, 2008, the Board published a proposal to amend Regulation Z that would conform the regulation to reflect recent amendments to the Truth in Lending Act (73 FR 74989). The Board is extending the public comment period on the proposal. TXT; PDFPublished: 12/19/08







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