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The OCC will host a Building Blocks for Directors workshop in Lexington, Kentucky, at the Griffin Gate Marriott, August 7-9, for directors, senior management team members and other key executives of OCC-supervised institutions. The workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation. The workshop focuses on duties and core responsibilities of directors and management, discusses major laws and regulations, and increases familiarity with the examination process.

As the Fed gradually steers the discount rate higher, it has to make some adjustments in the rate tables in Regulation A (Extensions of Credit by Federal Reserve Banks) and Regulation D (Reserve Requirements of Depository Institutions). The Fed published final rules in today's Federal Register making those adjustments again:

• Regulation A—Amendments to § 201.51 (Interest rates applicable to credit extended by a Federal Reserve Bank), effective today, with the rate changes effective June 15, 2017.
• Regulation D—Amendments to § 204.10(b)(5) (Rates for Interest on Required Reserves and Interest on Excess Reserves), effective today, with rate changes effective June 15, 2017.

BankersOnline's Regulations pages will be updated today.

FDIC Chairman Gruenberg issued a statement in testimony before the Senate Committee on Banking, Housing and Urban Affairs which began with an overview of the banking industry's recovery since the financial crisis and its current condition. He then discussed the FDIC's efforts to streamline and simplify banking regulations and supervisory programs to reduce regulatory burden, particularly for community banks, while preserving the gains that have been achieved in restoring financial stability and the safety and soundness of the U.S. banking industry. The Chairman said the experience of the crisis and its aftermath suggests that a strong and well-capitalized banking system is a source of strength and support to our national economy. The reforms implemented in the post-crisis period have been aimed at making the system more resilient to the effects of future crises or recessions and better able to sustain credit availability throughout the business cycle. It is desirable that financial regulations be simple and straightforward, and that regulatory burdens and costs be minimized, particularly for smaller institutions. In considering ways to simplify or streamline regulations, however, it is important to preserve the gains that have been achieved in restoring financial stability and the safety and soundness of the U.S. banking system.

In an oral statement and written testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Acting Comptroller of the Currency Keith A. Noreika discussed two ways to promote economic growth and reduce regulatory burden, while ensuring proper oversight of the federal banking system. The first issue involves reducing regulatory redundancy that results in waste, increased burden, and hinders economic growth. The second relates to tailoring regulations to fit the size, complexity, and risk of regulated institutions.

The Federal Emergency Management Agency published a final rule [82 FR 28565] in today's Federal Register announcing the suspension, effective July 5, 2017, of Community 300139 (Unincorporated areas of Carbon County, Montana) from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program.

In connection with its public event on student loan servicing in Raleigh, North Carolina, today, the Consumer Financial Protection Bureau has released a report spotlighting complaints from borrowers about student loan servicers mishandling Public Service Loan Forgiveness. The Public Service Loan Forgiveness program provides people in public service jobs with a path to debt forgiveness after 10 years, with the first borrowers eligible in October 2017. According to the Bureau's press release, Borrowers report that servicers delay or deny access to loan forgiveness through wrong information about their loans, flawed payment processing, and bungled job certifications. The CFPB also issued updated guidelines to prioritize oversight of servicers’ administration of the Public Service Loan Forgiveness program. The Bureau also launched a “Certify Your Service” campaign to help public servants stay on track for federal loan forgiveness.

The NCUA has released the video of its May 25, 2017, board meeting.

Continuing their efforts to reduce data reporting and other burdens for small financial institutions, the three federal banking agencies, as members of the FFIEC, are proposing additional revisions to streamline several "Call Report" schedules. The latest proposal from the FRB FDIC, and OCC will remove, raise the reporting threshold for, or reduce the reporting frequency of approximately seven percent of the data items on the Call Report for small institutions, and make other burden-reducing changes for larger institutions, while continuing to provide the agencies with the information needed to supervise the industry. The proposal also includes revisions in response to changes in the accounting for equity securities and an instructional revision for determining past-due status.

Update: The proposal was published [82 FR 29147] June 27, 2017, with a 62-day comment period ending August 28, 2017.

The FRB, FDIC, and OCC have announced the availability of the 2017 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. The criteria for designating these areas are available on the Federal Financial Institutions Examination Council (FFIEC) CRA page.

A joint press release from the FRB, FDIC, and the OCC announced yesterday the issuance of the host state loan-to-deposit ratios that the agencies will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. In general, section 109 prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production. Section 109 also prohibits branches of banks controlled by out-of-state bank holding companies from operating primarily for the purpose of deposit production.