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.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.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
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
