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The FDIC has issued FIL-44-2016 announcing the approval by the Federal Financial Institutions Examination Council (FFIEC) of revisions to the Call Report that will take effect September 30, 2016, and March 31, 2017. These Call Report revisions were proposed by the three federal banking agencies, under the auspices of the FFIEC, in September 2015. The proposed revisions included certain burden-reducing changes, several new and revised Call Report data items, and a number of instructional clarifications. After considering the comments received on the proposal, the FFIEC and the agencies are proceeding with most of the proposed reporting changes, with some modifications. The U.S. Office of Management and Budget must approve the revisions to the Call Report before they can be implemented.

The FDIC has announced the retirement of Cottrell Webster as the FDIC's Ombudsman, effective June 30, 2016. Gordon Talbot, an Associate Ombudsman, is serving as Acting FDIC Ombudsman until a permanent replacement is appointed. The FDIC Office of the Ombudsman is a confidential, neutral, and independent source of information and assistance to anyone affected by the FDIC in its regulatory, resolution, receivership, or asset disposition activities.

OFAC has announced the publication of another Kingpin Act General License authorizing certain transactions and activities that would otherwise be prohibited pursuant to the Kingpin Act. See our OFAC Update for more information.

The Consumer Financial Protection Bureau (CFPB) has announced a proposal to implement recent Congressional legislation that allows financial institutions that meet certain requirements to be exempt from sending annual privacy notices to their customers. In December 2015, Congress amended the GLBA as part of the Fixing America’s Surface Transportation Act (FAST Act). This amendment provides financial institutions that meet certain conditions an exemption to the requirement under the GLBA to deliver an annual privacy notice. A financial institution can use the annual notice exception if it limits its sharing of customer information so that the customer does not have the right to opt out and has not changed its privacy notice from the one previously delivered to its customer. The proposed amendment would implement this legislation. The proposal would also establish deadlines for institutions resuming annual privacy notices if their practices change and cease to qualify for the exemption.

Because the proposal would render obsolete the alternative delivery method in Regulation P section 1016.9(c)(2), the Bureau proposes to eliminate that alternative. Comments on the proposal will be accepted for 30 days following publication in the Federal Register.

• Proposed rule

Update: Published at 81 FR 44801 on July 11, 2016. Comment period ends August 10, 2016.

The CFPB has announced the release of a report that its supervisory actions in the first four months of the year uncovered illegal activities in auto finance and payments that led to approximately $24.5 million in restitution to more than 257,000 consumers.

The FFIEC has announced the 2016 geocoding system has been updated with the 2016 Census demographic data based on the 2006 - 2010 five year estimate American Community Survey (ACS) and the historical census data for years 1990 – 2007 are now available.

FDIC FIL-43-2016 announces the update of the Corporation's information technology and operations risk (IT) examination (InTREx) procedures to provide a more efficient, risk-focused approach. This enhanced program also provides a cybersecurity preparedness assessment and discloses more detailed examination results using component rating.

The Federal Reserve System has released its annual determination of the aggregate consolidated liabilities of financial companies as required by the Dodd-Frank Act. The Act prohibits a financial company from combining with another company if the resulting company's liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies. As of July 1, 2016, aggregate consolidated liabilities equal $21,786,571,865,000. Financial companies subject to the limit include insured depository institutions, bank holding companies, savings and loan holding companies, foreign banking organizations, companies that control insured depository institutions, and nonbank financial companies designated for Board supervision by the Financial Stability Oversight Council.

OFAC has added one individual and one entity to its SDN List, both with the specially designated global terrorist (SDGT) designation. It also removed several SDGT entries from the list. See our OFAC Update for more information.

The Office of the Comptroller of the Currency has published at 81 FR 43021 in today's Federal Register an interim final rule and request for comments to amend its Rules of Practice and Procedure for National Banks (at 12 CFR Part 19) and its Rules of Practice and Procedure in Adjudicatory Proceedings for Federal Savings Associations (at 12 CFR Part 109) to publish the maximum amount, adjusted for inflation, of each civil money penalty within its jurisdiction to administer. These actions are required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule and the changes will be effective on, and comments on the interim rule are due by, August 1, 2016.