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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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.TXT; PDF 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.TXT; PDF 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; PDF 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; PDF 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; PDF 7/01/09
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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; FAQ 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. Order 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 Agreement 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. Notice 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). FIL 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; PDF 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 PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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; PDF 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. TXT; PDF 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; PDF 12/19/08
January 23, 2009
FRB Proposes Rulemaking for Truth in Lending (Reg Z)
On July 30, 2008, the Board published a final rule amending Regulation Z, which implements the Truth in Lending Act (TILA) and the Home Ownership and Equity Protection Act (HOEPA). Also on July 30, 2008, the Congress enacted the Housing and Economic Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure Improvement Act of 2008 (MDIA). On October 3, 2008, the Congress amended the MDIA in connection with its enactment of the Emergency Economic Stabilization
Act of 2008 ("Stabilization Act"). The Board is now proposing revisions to Regulation Z to implement the provisions of the MDIA, as amended. TXT; PDF 12/10/08
December 17, 2008
FDIC Proposes Rulemaking for Assessments On October 7, 2008, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking with request for comments on revisions to 12 CFR part 327 (see 73 FR 61560). The rulemaking
proposed effective January 1, 2009, to raise the current assessment rates uniformly by seven basis points for the first quarter 2009 assessment period only; effective April 1, 2009, alter the way in which the FDIC's risk-based assessment system differentiates for risk and again change deposit insurance assessment rates; and also effective April 1, 2009,
make technical and other changes to the rules governing the risk-based assessment system. The proposed rules were published for a 30-day comment period, which is scheduled to close on November 17, 2008. In order to afford interested parties additional time beyond the present 30-day comment period to review the proposals with an April 1, 2009 effective date, the FDIC is extending the period for public comment by 30 days, that is, until December 17, 2008.TXT; PDF 11/14/08
November 7, 2008
The Treasury Proposes Rulelmaking for the Transfer and Reorganization of Bank Secrecy Act Regulations
FinCEN proposes to move Bank Secrecy Act (BSA) regulations to a new chapter in the Code of Federal Regulations (CFR). The new chapter would contain the BSA regulations, which would generally be reorganized by financial industry. This new organization within the new chapter also allows for the renumbering of the BSA regulations in a manner that would make it easier to find regulatory requirements than under the numbering system currently used in the existing regulations. TXT; PDF Published: 11/07/08
November 12, 2008
The FRB Proposes Rulemaking for Missing comments submitted through the Federal Rulemaking Portal
Because of a software problem at the Federal eRulemaking
Portal (http://www.regulations.gov), the Board did not receive certain
public comments submitted through that portal. This problem affected
comments on four of the Board's proposed rules [Docket Nos. R-1286; R-
1314, R-1315; and R-1316] that were submitted only through the Federal
eRulemaking Portal between March 22, 2008, and September 8, 2008. A total of 83 comments on the four proposals were not relayed to the Board. As set forth below, the
Board will accept resubmission of those comments that were not received. PDFText Published: 10/28/08
Joint Agencies Propose Rulemaking for Minimum Capital Ratios; Treatment of Certain Claims on, or Guaranteed by, Fannie Mae and Freddie Mac
On September 7, 2008, the U.S. Department of Treasury (Treasury) entered into senior preferred stock purchase agreements (the Agreement or Agreements) with the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which effectively provide protection to the holders of senior debt, subordinated debt, and mortgage-backed securities (MBS) issued or
guaranteed by these entities. In light of the financial support provided under the Agreements, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) are proposing to adopt a 10 percent risk weight for claims on, and the portion of claims guaranteed by, Fannie Mae or Freddie Mac. The 10 percent risk weight would apply so long as an Agreement remains in effect with the respective entity. PDFText Published: 10/27/08
The FDIC Proposes Rulemaking for Assessments
The FDIC is proposing to amend 12 CFR part 327 to: alter the way in which it differentiates for risk in the risk-based assessment system; revise deposit insurance assessment rates, including base assessment rates; and make technical and other changes to the rules
governing the risk-based assessment system. TXT; PDF Published: 10/16/08
The NCUA Proposes Rulemaking for Regulatory Flexibility Regarding Ownership of Fixed Assets
NCUA proposes to amend its Regulatory Flexibility (RegFlex) Program to provide additional flexibility to qualifying federal credit unions (FCUs) when acquiring unimproved land for future expansion. The proposed amendment would increase the three years to six years for RegFlex FCUs without a waiver. NCUA also proposes to make conforming amendments to its fixed asset rule to be consistent with the RegFlex changes.TXT; PDF Published: 10/01/08
Joint Agencies Propose Rulemaking for Minimum Capital Ratios
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) (collectively, the Agencies) are proposing to permit banks, bank
holding companies, and savings associations (collectively, banking organizations) to reduce the amount of goodwill that a banking organization must deduct from tier 1 capital by the amount of any deferred tax liability associated with that goodwill, and would reflect a
banking organization's maximum exposure to loss in the event that such goodwill is impaired or derecognized for financial reporting purposes.TXT; PDF Published: 9/30/08
FRB Publishes Interim Final Rule for Transactions Between Member Banks and Their Affiliates
In light of the continuing unusual and exigent circumstances in the financial markets, the Board has adopted, on an interim final basis, a regulatory exemption for member banks from certain provisions of section 23A of the Federal Reserve Act and the Board's Regulation W.
The exemption increases the capacity of member banks, subject to certain conditions designed to help ensure the safety and soundness of the banks, to enter into securities financing transactions with affiliates. Text;
PDF Effective: The interim final rule became effective on September 14, 2008.
Comments must be received on or before October 31, 2008.
The FRB Proposes Rulemaking in FR for Reimbursement for Providing Financial Records The Board of Governors of the Federal Reserve System (Board) is proposing amendments to Subpart A of Regulation S, which implements the requirement under the Right to Financial Privacy Act (RFPA) that the Board establish the rates and conditions under which payment shall be made by a government authority to a financial institution for
assembling or providing financial records pursuant to RFPA. These proposed amendments update the fees to be charged and take account of recent advances in electronic document productions. Text;
PDF Published: 8/15/08
NCUA Proposes Rulemaking for Prompt Corrective Action; Amended Definition of Post-Merger Net Worth
NCUA requests public comment on a proposed rule implementing a statutory amendment to the definition of a natural person credit union's "`net worth" that applies solely to NCUA's system of regulatory capital standards, known as "prompt corrective action." The amendment expands the definition of "net worth" to allow the acquiring credit union, in a merger of natural person credit unions, to include the merging credit union's retained earnings with its own to determine the acquirer's post-merger "net worth." Text;
PDFPublished: 7/29/08
Joint Agencies Propose Rulemaking for Risk-Based Capital and Capital Adequacy Guidelines
The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) propose a new risk-based capital framework (standardized framework) based on the standardized approach for credit risk and the basic indicator approach for operational risk described in the capital adequacy framework titled "International Convergence of Capital Measurement and Capital Standards: A Revised Framework" (New Accord) released by the Basel Committee on Banking Supervision. Text;
PDF Published: 7/29/08
FDIC Proposes Rulemaking for Recordkeeping Requirements for Qualified Financial Contracts
The FDIC proposes recordkeeping requirements for qualified financial contracts (QFCs) held by insured depository institutions in a troubled condition as defined in this proposed rule. The appendix to the proposed rule would require an institution in a troubled condition, upon written notification by the FDIC, to produce immediately at the close of processing of the institution's business day, for a period provided in the notification, electronic files for certain position level and counterparty level data; electronic or written lists of QFC counterparty and portfolio location identifiers, certain affiliates of the institution and the institution's counterparties to QFC transactions, contact information and organizational charts for key personnel involved in QFC activities, and contact information for vendors for such activities; and copies of key agreements and related documents for each QFC. Text;
PDFPublished: 7/28/08
NCUA Proposes Rulemaking for Member Business Loans
NCUA is considering amending its member business loans (MBL) rule to clarify or revise current provisions including those related to: loan-to-value (LTV) ratio requirements;
collateral and security requirements; credit union service organization (CUSO) involvement in the MBL process; MBL loan participation; and waivers. Text;
PDF Published: 6/25/08
NCUA Proposes Rulemaking for Organization of Federal Credit Unions
NCUA seeks public comment on four proposals to modify its Chartering and Field of Membership Manual to update and clarify the process of approving credit union service to "underserved areas." The first proposal clarifies the procedure for establishing that an "underserved area" qualifies as a local community. The second addresses the application of the economic distress criteria that determine whether an area combining multiple geographic units is sufficiently "distressed" to qualify as "underserved." The third would update the documentation and clarify the scope requirements for
demonstrating that a proposed area has "significant unmet needs" for loans and applicable financial services. The final proposal recognizes that meaningful data from NCUA and the federal banking agencies will be available to assess whether an area is "underserved by other depository institutions." Text;
Published: 6/17/08
FRB Publishes Proposed Rulemaking Correction
This document contains corrections to proposed rules published in the Federal Register on May 19, 2008 (73 FR 28966) implementing the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).Text;
PDF Published: 5/29/08
NCUA Publishes Proposed Rulemaking for Incidental Powers
NCUA proposes to amend its regulation governing a federal credit union's (FCU's) incidental powers by adding illustrations of permissible activities under the categories of correspondent services, operational programs, and finder activities. These amendments will provide useful information to FCUs by clarifying and updating the illustrations regarding permissible activities. Text;
PDF Published: 5/29/08
NCUA and OTS Publish Correction to Proposed Rule for Unfair or Deception Acts or Practices in FR
This document corrects the preamble to a proposed rule published in the Federal Register on May 19, 2008, regarding Unfair or Deceptive Acts or Practices. This correction revises
cross-references in OTS’s and the NCUA’s Paperwork Reduction Act (PRA) analysis. Text;
PDF 5/29/08
FRB Proposes Rulemaking
Fair Credit Reporting
The Board and the Commission are publishing for comment proposed rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). The proposed
rules generally require a creditor to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor. TXT;
PDF Published:5/19/08
Truth in Lending
On June 14, 2007, the Board published proposed amendments to Regulation Z, which implements the Truth in Lending Act (TILA), and to the staff commentary to the regulation, following a comprehensive review of TILA's rules for open-end (revolving) credit that is not home-secured. The proposed revisions addressed disclosures provided with credit card applications and solicitations, at account-opening, on periodic statements, when terms are changed on an account, and in advertisements. The Board is seeking comment on a limited number of additional revisions to the regulation and commentary. TXT;
PDF Published:5/19/08
Truth in Savings
The Federal Reserve Board (Board) proposes to amend Regulation DD, which implements the Truth in Savings Act, and the staff commentary to the regulation, to provide additional disclosures about account terms and costs associated with overdrafts. The proposed amendments would set forth content and timing requirements for a notice to consumers about any right to opt out of an institution's overdraft service. TXT;
PDF Published:5/19/08
Unfair or Deceptive Acts or Practices
The Board, OTS, and NCUA (collectively, the Agencies) are proposing to exercise their authority under section 5(a) of the Federal Trade Commission Act to prohibit unfair or
deceptive acts or practices. The proposed rule would prohibit institutions from engaging in certain acts or practices in connection with consumer credit cards accounts and
overdraft services for deposit accounts. This proposal evolved from the Board's June 2007 Notice of Proposed Rule under the Truth in Lending Act and OTS’s August 2007 Advance Notice of Proposed Rulemaking under the Federal Trade Commission Act. TXT;
PDF Published:5/19/08
HUD Extends Comment Period for Proposed Rulemaking for RESPA
This notice extends the public comment period for an additional 30-day period for HUD's proposed rule entitled "Real Estate Settlement Procedures Act (RESPA); Proposed Rule
to Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs," published on March 14, 2008. The public comment period for this proposed rule is scheduled to close on May 13, 2008. HUD is extending the public comment period to June 12, 2008.TXT;
PDF Published: 5/12/08
Proposed Rule for Privacy Act Regulation
The Board of Governors of the Federal Reserve System (Board) proposes to amend its regulation implementing the Privacy Act of 1974 (Privacy Act). The primary changes concern: the waiver of copying fees charged to current and former Board employees, and applicants for Board employment, for access to their records under the Privacy Act. Text;
PDF Published: 5/07/08
NCUA Proposes Rulemaking for Credit Union Service Organizations
NCUA proposes to change its credit union service organization (CUSO) rule by adding two new categories of permissible CUSO activities: Credit card loan origination and payroll processing services. The proposal would also add new examples of permissible CUSO activities within existing categories and would expand the scope of two categories of services to include persons eligible for credit union membership. TextPDF Published: 5/01/08
NCUA Proposes Rulemaking Relative to the Low-Income Definition
The NCUA is proposing to use median family income (MFI) to determine if a credit union qualifies for a low-income designation and assistance from the Community Development Revolving Loan Fund (CDRLF). The proposed rule will eliminate the confusion associated with adjusting median household income (MHI) in metropolitan areas with higher costs of living. TextPDF Published: 4/28/08
NCUA Proposes Rulemaking to Revise the Official Advertising Statemnt
The NCUA Board proposes revising the requirements for use of the official insurance sign and official advertising statement to permit insured credit unions to use the basic form of the official advertising statement, a shortened form, or the official sign in advertisements. The proposed rule will give credit unions added flexibility in advertisements. TextPDF Published: 4/28/08
NCUA Proposes Rulemaking for Revisions for the Freedom of Information Act and Privacy Act Regulations
The changes to FOIA provisions largely relate to recent amendments to the Freedom of
Information Act addressing several procedural issues concerning fee practices, time limits for complying with requests, and new reporting requirements. The changes reflect the agency's efforts to clarify the procedures whereby individuals may obtain notification of whether an NCUA system of records contains information about the
individual and access or amend a record. TextPDF Published: 4/25/08
CTR NPRM Issued
FinCEN has issued a Notice of Proposed Rulemaking (NPRM) to significantly simplify the requirements to exempt eligible customers from currency transaction reporting. Three existing requirements would be eliminated. Comments are due by June 23, 2008. TextPDF Published: 4/24/08
FDIC Assessment Dividend Proposed Rule
The FDIC has issued a FIL regarding a Notice of Proposed Rulemaking (NPR), which seeks comments on regulations to implement dividend requirements to replace the existing regulations on dividends that will expire on December 31, 2008. Comments are due by May 23, 2008.
FIL;
NPR Published: 3/27/08
The OCC, FRB, FDIC, OTS, FCA, and NCUA have issued proposed revisions to the Interagency Questions and Answers Regarding Flood Insurance. Included in the proposal are the introduction of new questions and
answers in a number of areas, including second lien mortgages, the imposition of civil money penalties, and loan syndications/participations. There are substantive modifications to questions and answers previously adopted in the 1997 Q&A pertaining to construction loans and condominiums. They also propose to revise and reorganize the existing Q&A to clarify areas of potential misunderstanding and to provide
clearer guidance to users.
TXT;
PDF Published: 3/20/08
HUD Publishes Proposed Rulemaking in FR for Real Estate Settlement Procedures Act (RESPA)
This proposed rule presents HUD’s proposal to simplify and improve the disclosure requirements for mortgage settlement costs under the Real Estate Settlement Procedures Act of 1974 (RESPA), to protect consumers from unnecessarily high settlement costs. A few of HUD's objectives in proposing these revisions are to: Improve and standardize the Good Faith Estimate (GFE) form, to make it easier to use for shopping among settlement service providers; ensure that page one of the GFE provides a clear summary of the loan terms and total settlement charges so that borrowers will be able to use the GFE to comparison shop among loan originators for a mortgage loan. TXT; PDF Published: 3/14/08
NCUA Proposes Rulemaking for Mergers, Conversion from Credit Union Charter, and Account Insurance Termination
The NCUA Board recently issued an ANPR regarding mergers, conversions from credit union charter, and account insurance termination that provided a 60-day comment period, 73
FR 5461 (Jan. 30, 2008). NCUA received several oral requests to extend the comment period and has decided to extend the comment period for an additional 30 days. TXT; PDF Published: 2/28/08
FRB Proposes Rulemaking for Reserve Requirements of Depository Institutions; Issue and Cancellation of Federal Reserve Bank Capital Stock
The Board is publishing for comment proposed amendments to Regulation D (Reserve Requirements of Depository Institutions) and Regulation I (Issue and Cancellation of Federal Reserve Bank Capital Stock). The first of the proposed substantive amendments would amend Regulation D to implement Section 603 of the Financial Services Regulatory Relief Act of 2006 by authorizing member banks of the Federal Reserve System to enter into pass-through arrangements. The second of the proposed substantive amendments would eliminate the provision in the "savings deposit" definition of Regulation D limiting
certain kinds of transfers from savings deposits to not more than three per month. TXT; PDF Published: 2/12/08
NCUA Proposes Rulemakeing for Mergers, Conversion From Credit Union Charter, and Account Insurance Termination
NCUA is considering whether to issue regulations to govern merger of a federally insured credit union (FICU)into or a FICU's conversion to a financial institution other than a mutual savings bank (MSB). It is also considering amending its regulations regarding mergers, charter conversions, and changes in account insurance to address various issues these transactions present that affect member rights and ownership interests. TXT; PDF Published: 1/30/08
FRB Proposed Rulemaking for Truth in Lending (Reg Z)
The Board proposes to amend Regulation Z, which implements the Truth in Lending Act and Home
Ownership and Equity Protection Act. The goals of the amendments are to protect consumers in the mortgage market from unfair, abusive, or deceptive lending and servicing practices while preserving responsible lending and sustainable homeownership; ensure that advertisements for mortgage loans provide accurate and balanced information and do not contain misleading or deceptive representations; and provide consumers transactionspecific disclosures early enough to use while shopping for a mortgage. TXT; PDF Published: 1/14/08
FDIC Proposes Rulemaking for Minority and Women Outreach Program Contracting
This proposal would amend existing FDIC regulations regarding the FDIC's contracting activities under its Minority and Women Outreach Program (MWOP).TXT; PDF Published: 1/03/08
Interagency Notice of Proposed Rulemaking to Implement the Fair and Accurate Credit Transactions Act
The OCC, Board, FDIC, OTS, NCUA, and FTC (Agencies) are publishing for comment proposed
regulations and guidelines to implement the accuracy and integrity provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). The proposed regulations and guidelines would implement the requirement that the Agencies issue guidelines for use by furnishers regarding the accuracy and integrity of the information about consumers that they furnish to consumer reporting agencies and prescribe regulations requiring furnishers to establish reasonable policies and procedures for implementing the guidelines.TXT; PDFPublished: 12/13/07
OTS Proposes Rulemaking for Conversion to Call Reports
The OTS proposes rulemaking that would consider requiring savings associations to file quarterly Consolidated Reports of Condition and Income (Call Report) instead of the
Thrift Financial Report (TFR) currently filed. A CEO Letter has been issued by regarding the replacement of the Thrift Financial Report (TFR) with the Consolidated Reports of Condition and Income (Call Report), the type filed by other financial institutions. OTS is seeking comments on the matter. CEO Letter; TXT; PDF Published: 11/15/07
FDIC Proposed Rulemaking for Annual Independent Audits and Reporting Requirements
Section 36 of the Federal Deposit Insurance Act (FDI Act) and the FDIC's implementing regulations (part
363) set forth annual independent audit and reporting requirements for insured depository institutions with $500 million or more in total assets. TXT; PDF Published: 11/02/07
FRB and Treasury Propose Rulemaking for Prohibition on funding of unlawful Internet gambling (Regulation GG)
These agencies jointly propose rules to implement applicable provisions of the Unlawful Internet Gambling Enforcement Act of 2006 (the "Act"). The proposed rule requires participants in designated
payment systems to establish policies and procedures reasonably designed to identify and block or otherwise prevent or prohibit transactions in connection with unlawful Internet gambling. TXT; PDF Published: 10/04/07
FDIC Publishes Advanced Notice of Proposed Rulemaking for Assessment Dividends
The FDIC is seeking comments on alternative methods for allocating dividends as part of a permanent final rule to implement the dividend requirements of the Federal Deposit Insurance Reform Act of 2005 (Reform Act) and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Amendments Act). The existing FDIC regulations on assessment dividends expire December 31, 2008. TXT; PDF Published: 9/18/07
OTS Proposed Rulemaking for Unfair or Deceptive Acts or Practices
The OTS is reviewing its regulations relating to unfair or deceptive acts or practices to determine whether and, if so, to what extent, additional regulation is needed to ensure customers of OTS-regulated entities are treated fairly. TXT; PDFPublished: 8/06/07
NCUA Proposes Rulemaking for Permissible Foreign Currency Investments for Federal and Corporate Credit Unions
NCUA is considering whether to amend its investment rules to permit natural person federal credit unions
(FCUs) and corporate credit unions (corporates) to make certain investments denominated in foreign currency.TXT; PDF Published 8/01/07
NCUA Extends Comment Period for Proposed Rulemaking on Bylaws
The NCUA Board recently issued a proposed rule to reincorporate the Federal Credit Union (FCU) Bylaws
into NCUA regulations that provided a 60-day comment period. 72 FR 30984
(June 5, 2007). NCUA received a request to extend the comment period and the NCUA Board has decided to extend it for an additional two
weeks.TXT; PDFPublished: 7/09/07
OCC Proposes Rulemaking for Regulatory Rule Amendments
The Office of the Comptroller of the Currency (OCC) is proposing to revise its rules in order to reduce
unnecessary regulatory burden, to update certain rules, and to make certain technical, clarifying, and
conforming changes to its regulations. TXT; PDFPublished: 7/03/07
FDIC Proposes Rulemaking to Extend the Time Period for Quarterly Reporting of Bank Officers' and
Certain Employees' Personal Securities Transactions
The FDIC proposes to amend its rule concerning the period of time that officers and all employees of state
nonmember banks who make or participate in investment decisions for the accounts of customers have to report their personal securities transactions after the end of the calendar quarter. TXT; PDFPublished: 6/27/07
NCUA Publishes Proposed Rule for the Purchase, Sale, and Pledge of Eligible Obligations
NCUA proposes to amend its rule governing the purchase, sale, and pledge of eligible obligations, as a result of recommendations from its annual regulatory review process, by adding a conflict of interest provision substantially similar to the conflict of interest provision in NCUA's general lending rule. TXT; PDFPublished: 6/27/07
OTS Proposes Rulemaking for Optional Charter Provisions in Mutual Holding Company Structures
The Office of Thrift Supervision (OTS) is proposing to amend its mutual holding company (MHC) regulations to permit certain MHC subsidiaries to adopt an optional charter provision that would prohibit any person from acquiring, or offering to acquire, beneficial ownership of more than ten percent of the MHC subsidiary’s minority stock (stock held by persons other than the subsidiary’s MHC). TXT; PDFPublished: 6/27/07
FRB Publishes Proposed Rulemaking for Reg Z
The Board proposes to amend Regulation Z, which implements the Truth in Lending Act (TILA), and the staff commentary to the regulation, following a comprehensive review of TILA’s rules for open-end (revolving) credit that is not home-secured. The proposed revisions take into consideration comments from the public on an initial advance notice of proposed rulemaking (ANPR) published in December 2004.TXT; PDFPublished: 6/14/07
NCUA Proposes Rulemaking for Chartering and Field of Membership for Federal Credit Unions
The NCUA Board is proposing amendments to its chartering and field of membership manual to update community chartering policies in response to NCUA’s experience with reviewing applications of credit unions seeking community charters. TXT; PDF Published: 6/05/07
NCUA Proposes Rulemaking for Federal Credit Union Bylaws
NCUA is proposing to reincorporate the Federal Credit Union (FCU) Bylaws into NCUA regulations.
This change clarifies NCUA’s ability to use a range of enforcement authorities, in appropriate cases, to enforce the FCU Bylaws. TXT; PDF Published: 6/05/07
FRB Proposes Rulemaking for the Following Regulations:
Consumer Leasing (Reg M)
The Board is proposing to amend Regulation M, which implements the Consumer Leasing Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001.
The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
Electronic fund transfers (Reg E)
The Board is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, to
withdraw the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
the requirements of the Electronic Signatures in Global and National Commerce Act. TXT; PDF Published: 4/30/07
Equal Credit Opportunity (Reg B)
The Board is proposing to amend Regulation B, which implements the Equal Credit Opportunity Act, to
withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
Truth in Lending (Reg Z)
The Board is proposing to amend Regulation Z, which implements the Truth in Lending Act, to withdraw
portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with
the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
Truth in Savings (Reg DD)
The Board is proposing to amend Regulation DD, which implements the Truth in Savings Act, to withdraw portions of the interim final rules for the electronic delivery of disclosures issued March 30, 2001. The interim final rules address the timing and delivery of electronic disclosures, consistent with the requirements of the Electronic Signatures in Global and National Commerce Act (E-Sign Act). TXT; PDF Published: 4/30/07
NCUA Proposes Rulemaking for Disclosure Mergers Related Compensation Arrangements
NCUA is issuing a proposed rule on mergers to require all federally insured credit unions to include a
description of any arrangements providing a material increase in compensation or benefits to senior
management officials in connection with the merger in the merger plan. The proposed rule also requires federal credit unions to disclose the existence of such compensation arrangements in the materials provided to members voting on whether to approve the merger. TXT; PDF Published: 4/23/07
NCUA Publishes Proposed Rule for Member Inspection of Credit Union Books
The National Credit Union Administration (NCUA) is issuing a proposed rule on member inspection of
federal credit union (FCU) books, records, and minutes. The rule provides that a group of members representing approximately one percent of the membership, with a proper purpose and upon petition, may inspect and copy the nonconfidential portions of the credit union’s books, records, and minutes. TXT; PDF Published: 4/23/07
Joint Agencies Propose Rulemaking for Model Privacy Form Under the Gramm-Leach-
Bliley Act
The OCC, Board, FDIC, OTS, NCUA, FTC, and SEC (the Agencies) are proposing amendments to
their rules that implement the privacy provisions of the Gramm-Leach-Bliley Act (GLB Act), Title V, Subtitle A. These rules require financial institutions to provide initial and annual privacy notices to their customers.TXT; PDF Published: 3/29/07 - Correction to this proposed rule published on 4/05/07 TXT; PDF
NCUA Announces Proposed Rulemaking for Catastrophic Preparedness
NCUA proposes to amend its regulations to address a federally insured credit union’s obligation to
maintain a records preservation program. The proposed rule draws from existing guidance to clarify
requirements for preserving vital records and to suggest important items for consideration in restoring vital member services.TXT; PDF Published: 3/27/07
OTS Gives Notice of Proposed Rulemaking for Permissible Activities of Savings and Loan Holding Companies
The Office of Thrift Supervision (OTS) is proposing to revise its regulations to expand the permissible activities of savings and loan holding companies (SLHCs) to the full extent permitted under the Home Owners’ Loan Act (HOLA). It also proposes to amend the regulation to the statute that it is intended to implement by replacing the absolute prohibition on certain SLHC transactions that is currently in the regulation with a prior approval requirement.TXT; PDFPublished: 3/27/07
FDIC publishes notice of proposed rulemaking for Industrial Bank Subsidiaries of Financial Companies The FDIC is proposed rules that would impose certain conditions and requirements on each deposit insurance application approval and non-objection to a change in control notice that would
result in an insured industrial loan company or industrial bank becoming a subsidiary of a company that is engaged solely in financial activities and that is not subject to consolidated bank supervision by the Federal Reserve Board or the Office of Thrift Supervision.TXT, PDF Published: 2/05/07
Agencies Publish Proposed Capital Revisions
Proposed revisions to the existing risk-based capital framework have been published. They are intended to enhance the capital framework's risk sensitivity without unduly increasing regulatory burden. The changes would apply to banks, bank holding companies, and savings associations. TXT, PDF .Correction to Proposed Rule: TXT; PDF Published 1/10/07
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