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Top Story Compliance Related

06/23/2016

Cole tagged for Deputy Comptroller slot

The Office of the Comptroller of the Currency announced yesterday that Beverly F. Cole will become its Deputy Comptroller for Compliance Supervision in July. Prior to this position, Ms. Cole served as the Senior Advisor to the Senior Deputy Comptroller for Midsize and Community Bank Supervision where she provided advice on the implementation of policies and procedures relevant to the effective and efficient supervision of national banks and federal savings associations. Ms. Cole is also the Designated Federal Official for the OCC’s Minority Depository Institutions Advisory Committee.

06/23/2016

FDIC proposes to remove credit ratings from international regs

The FDIC has published FIL-40-2016 announcing the adoption of a Notice of Proposed Rulemaking (NPR) and request for comment, which would amend the FDIC's international banking regulations at 12 CFR Part 347 related to permissible investment activities and the pledging of assets. The proposed rule would remove references to external credit ratings and replace them with appropriate standards of creditworthiness. Comments will be accepted for 60 days following publication in the Federal Register.

Update: The proposal was published at 81 FR 41877 in the June 28, 2016, Federal Register. Comments are due by August 29, 2016.

06/23/2016

OCC to host MDIAC meeting

The OCC has announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) in Washington on Tuesday, July 12, 2016, beginning at 8:30 a.m. EDT. The meeting is open to the public.

06/22/2016

OCC reminder on NSFR rule

The Office of the Comptroller of the Currency has issued Bulletin 2016-22 to remind its regulated banks and savings associations of the previously proposed Net Stable Funding Ratio (NSFR) rule by the OCC, FRB, and FDIC that would strengthen the liquidity risk management of large banks and savings associations. The proposed NSFR rule would create a longer-term funding requirement designed to work in concert with the shorter-term liquidity coverage ratio (LCR) rule. While the LCR rule requires large banks and savings associations to hold sufficient high-quality liquid assets to survive a stress scenario lasting 30 days, the proposed NSFR rule would require these institutions to have sources of funding that are stable over a one-year period. The notice of proposed rulemaking was published in the Federal Register on June 1, 2016, and comments are due on August 5, 2016. See our May 4, 2016, Top Story for additional background information.

06/21/2016

NCUA adjusts CMP levels

The National Credit Union Administration has published at 81 FR 40152 of today's Federal Register an interim final rule amending its regulations at 12 CFR 747 to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule is effective on, and comments are due by, July 21, 2016.

Update: This story has been corrected to reflect the correct effective date.

06/21/2016

Bureau issues annual Reg Z adjustments

The CFPB has announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations that will apply to certain consumer credit transactions in 2017. The notice addresses the thresholds related to the minimum interest charge and safe harbor penalty fees under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), the total loan amount and points and fees dollar trigger for high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA), and the maximum points and fees for qualified mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The notice also revises one of the 2016 safe harbor penalty fee amounts due to a decline in the 2015 Consumer Price Index that was not fully accounted for, and that revision is effective upon publication in the Federal Register.

UPDATE: The amendments were published in the Federal Register on June 27, 2016.

06/20/2016

New state loan-to-deposit ratios issued

The Federal Reserve, FDIC, and OCC have issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios, which were released on June 29, 2015. 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.

06/20/2016

Agencies' statement on new accounting standard

A joint press release from the Federal Reserve, FDIC, OCC and NCUA has announced the issuance of a joint statement regarding the new accounting standard, Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued by the Financial Accounting Standards Board. The joint statement also provides initial supervisory views regarding the standard's implementation. The new accounting standard applies to all banks, savings associations, credit unions, and financial institution holding companies, regardless of asset size. The standard allows for various expected credit loss estimation methods and is scalable. The standard will become effective in 2020 for financial institutions required to file financial statements with the U.S. Securities and Exchange Commission or the appropriate federal banking agency under the federal securities laws. The new accounting standard will take effect in 2021 for all other financial institutions. Early adoption is permitted, but no earlier than in 2019.

06/20/2016

Agencies announce 2016 distressed or underserved geographies list

The Federal Reserve, OCC, and FDIC have announced the availability of the 2016 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration as community development. Distressed nonmetropolitan middle-income geographies and underserved nonmetropolitan middle-income geographies are designated by the agencies in accordance with their CRA regulations. The current and previous years' lists can be found on the FFIEC website, along with information about the data sources used to generate those lists.

06/20/2016

OFAC TSRA licensing activities reports

OFAC has released the 4th quarter 2014 and the 1st quarter 2015 reports for licensing activities undertaken pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA). Under the procedures established in its TSRA-related regulations, OFAC processes license applications requesting authorization to export agricultural commodities, medicine, and medical devices to Iran and Sudan under specific licensing.

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