On January 15th, the Federal Reserve Board and the Federal Deposit Insurance Corporation (“FDIC”) made available the public portions of resolution plans for firms with generally less than $100 billion in qualifying nonbank assets. In addition, the FDIC released the public sections of the recently filed resolution plans of 22 insured depository institutions. The majority of these insured depository institutions are subsidiaries of bank holding companies that concurrently submitted resolution plans. Joint Agency Press Release.
OCC Updates Comptrollers Handbook
On January 14th, the Office of the Comptroller of the Currency (“OCC”) issued revisions to the Comptrollers Handbook. The “Conflicts of Interest” booklet has been revised to include the supervision of federal savings associations and provides updated guidance for examiners on risks and expected controls over conflicts of interest that may arise in asset management activities. The booklet explains the risks inherent in such conflicts and provides frameworks for managing those risks. OCC Bulletin 2015-3. The “Retail Nondeposit Investment Products” booklet provides updated guidance to examiners on national banks’ and federal savings associations’ activities involving the recommendation or sale of nondeposit investment products to retail customers. The booklet includes an overview of bank delivery channels and the regulatory structure and requirements associated with banks offering these products. The booklet explains the risks inherent in offering such products and provides a framework for managing those risks. OCC Bulletin 2015-2. On January 16th, the OCC issued a revision to the “Litigation and Other Legal Matters” booklet. The revised booklet provides guidance to examiners assessing a bank’s litigation exposures, associated risks, and risk management practices. OCC Bulletin 2015-4.
OCC Paper Suggests Banking Collaboration
On January 13th, the OCC published a paper entitled “An Opportunity for Community Banks: Working Together Collaboratively,” which describes how community banks can pool resources to obtain cost efficiencies and leverage specialized expertise. OCC Press Release.
EGRPRA Outreach Meeting
Federal banking agencies will hold an outreach meeting on February 4, 2015, at the Federal Reserve Bank of Dallas as part of their regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996. The meeting will feature panel presentations by industry participants and consumer and community groups. It also provides an opportunity for interested persons to present their views on any of the 12 categories of regulations listed in the June 2014 Federal Register notice that started the EGRPRA public comment process. Joint Agency Press Release.