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Comptroller’s Handbook updated

The OCC yesterday issued an updated "Other Real Estate Owned" booklet for the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations. The OCC rescinded Bulletin 2018-26, which addressed the previous version of the booklet.

The updated booklet—

  • reflects recent changes to 12 CFR 34, subpart E, including changes to holding period requirements for federal savings associations.
  • reflects changes to other regulations that occurred since the booklet was last issued.
  • reflects changes to OCC issuances published and rescinded since the booklet was last issued.
  • clarifies applicability of certain requirements to covered savings associations.
  • includes clarifying edits regarding supervisory guidance, sound risk management practices, or legal language.
  • revises certain content for general clarity


September Beige Book released

The Federal Reserve Board has posted the September 2, 2020, Beige Book, which reports:

  • Overall Economic Activity - Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic
  • Employment and Wages - Employment increased overall among Districts, with gains in manufacturing cited most often. However, some Districts also reported slowing job growth and increased hiring volatility, particularly in service industries, with rising instances of furloughed workers being laid off permanently as demand remained soft
  • Prices - Price pressures increased since the last report but remained modest. While input prices generally rose faster than selling prices, they were moderate overall. Notable exceptions included inputs experiencing demand surges or supply-chain disruptions, such as structural lumber, for which prices spiked.


OCC CRA evaluations released

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations of OCC-supervised institutions that became public in August. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. Of the 20 evaluations listed, twelve are rated satisfactory, and one is rated needs to improve. Our congratulations to the seven institutions that received Outstanding ratings:


OCC CRA exam schedule released

The Office of the Comptroller of the Currency has released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter 2020 and first quarter 2021.


Agencies' statement on Hurricane Laura and California wildfires

The OCC, Fed, FDIC, NCUA, and Conference of State Bank Supervisors issued a joint press release to state they recognize the serious impact of Hurricane Laura and the California wildfires on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.


Agencies extend comment period on Flood Insurance Q&As

The Fed, FDIC, NCUA, OCC, and the Farm Credit Administration have announced they will extend the comment period on a proposal to revise the Interagency Questions and Answers Regarding Flood Insurance to end on November 3, 2020.

The agencies are extending the comment period because of the extent of the revisions proposed by the agencies and in light of the challenges associated with the COVID-19 pandemic. The extension will allow interested parties additional time to analyze the issues and to prepare comments. The proposed Interagency Questions and Answers, which were issued in July 2020, provide information addressing technical flood insurance-related compliance issues. The previous deadline for comments was September 4, 2020.


North Korea ballistic missile procurement advisory

The Treasury Department has announced it has issued a North Korea Ballistic Missile Procurement Advisory to alert industry worldwide to North Korea’s ballistic missile procurement activities. This advisory identifies three key North Korean procurement entities:

  • Korea Mining Development Trading Corporation (KOMID), aka Changgwang Sinyong Corporation, External Technology General Corporation, Korea Kumryong Trading Company, Korean Mining and Industrial Development Corporation
  • Munitions Industry Department (MID), aka Military Supplies Industry Department
  • Second Academy of Natural Sciences (SANS), aka National Defense Academy

The advisory also describes deceptive techniques employed by North Korean proliferators and procurement networks, provides an overview of U.S. sanctions authorities related to DPRK proliferation, and lists North Korea-related sanctions enforcement resources:


Assistance for Hurricane Laura victims

HUD has announced federal disaster assistance for the State of Louisiana to provide support to homeowners and low-income renters displaced from their homes in areas affected by Hurricane Laura. On August 28, President Trump issued a major disaster declaration for Allen, Beauregard, Calcasieu, Cameron, and Jefferson Davis parishes. The declaration allows HUD to offer foreclosure relief and other assistance to impacted families living in these counties, including:

  • Providing immediate foreclosure relief - HUD’s automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced for the Louisiana counties covered under the Presidential declaration on the date of the declaration. Borrowers can call their loan servicer or FHA’s Resource Center at 1-800-CALL FHA (1-800-225-5342) for assistance.
  • Making mortgage insurance available - HUD's Section 203(h) program provides FHA insurance to disaster victims whose homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary and are facing the daunting task of rebuilding or buying another home. Section 203(h) borrowers are eligible for 100 percent financing, including closing costs;
  • Making insurance available for both mortgages and home rehabilitation - HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home. Call FHA’s Resource Center at 1-800-CALL FHA (1-800-225-5342) for a list of area lenders.
    Making information on housing providers and HUD programs available - The Department will share information with the Federal Emergency Management Agency (FEMA) and the state on housing providers that may have available units in the impacted counties. This includes public housing agencies and multi-family owners. The Department will also connect FEMA and the state to subject matter experts to provide information on HUD programs and providers.


Bureau report on early effects of COVID-19 on consumer credit

The CFPB has released a special data-point brief describing trends in delinquency rates, payment assistance, credit access, and account balance measures with a focus on the period since the start of the COVID-19 pandemic (March 2020). Based on the credit outcomes analyzed, this report shows that through June 2020 consumers did not experience many of the negative credit consequences that might be expected during periods of high unemployment and large income shocks.

The analysis shows that between March and June of 2020 delinquencies declined on auto loan, mortgage, student loan, and credit card accounts, while the number of accounts with zero payment due (assistance) increased. Financial institutions also appear to have responded by increasing closures of credit card accounts and halting limit increases, but these actions have not significantly limited overall access to credit. As of June 2020, consumers also do not appear to have responded to adverse financial conditions by increasing balances, consistent with reports showing significant decreases in consumer spending since the start of the COVID-19 pandemic.


FDIC posts CRA exam schedules

The FDIC has released its CRA examination schedules for the fourth quarter of 2020 and first quarter of 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter.


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