OCC will be hosting Compliance and Operational Risk workshops in Arkansas.The OCC announced that it will be hosting two workshops in Little Rock, Ark., at the Wyndham Riverfront Little Rock, Nov. 15-16, for directors of national community banks and federal savings associations that are supervised by the OCC. The Compliance Risk workshop on Nov. 15th will combine lectures, discussion, and exercises on the critical elements of an effective compliance risk management program and will also focus on major compliance risks and critical regulations. The Operational Risk workshop on Nov. 16th will focus on the main components of operational risk: people, processes and systems and will also cover governance, third-party risk, vendor management, and cybersecurity. This will be the final Operational Risk workshop for 2016. (10/7/2016)
OCC issues risk reevaluation guidance for foreign correspondent banking. The OCC announced its issuance of risk management guidance to national banks, federal savings associations, and federal branches and agencies that addresses periodic reevaluations of risks associated with foreign correspondent banking accounts. The guidance shares a range of best practices for banks to consider when conducting these periodic reevaluations and making account retention or termination decisions. (10/5/2016)
Bank trading revenue increased in the second quarter 2016. The OCCannounced that, as reported in its Quarterly Report on Bank Trading and Derivatives Activities, trading revenue of US commercial banks and savings associations rose to US$6.9 billion in the second quarter of 2016 from US$5.8 billion in the previous quarter, and US$5.5 billion in the second quarter a year earlier. (10/4/2016)
OCC is hosting Compliance and Operational Risk workshops in Ohio. The OCCannounced that it will be hosting two workshops in Cincinnati, Ohio, at the Hyatt Regency Cincinnati, Nov. 9-10, for directors of national community banks and federal savings associations supervised by the OCC. The Nov. 9th Compliance Risk workshop will combine lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. The workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Community Reinvestment Act, and the Truth-in-Lending and the Real Estate Settlement Procedures Act of 1974 Integrated Disclosures Rule. The Nov. 10th Operational Risk workshop will focus on the key components of operational risk: people, processes and systems. The workshop will also cover governance, third-party risk, vendor management, and cybersecurity. (10/4/2016)
OCC requests comment on proposal regarding mandatory contractual stay requirements for qualified financial contracts. The OCC announced that it is requesting comment on a proposed rule that would enhance the resilience, as well as the safety and soundness, of federally chartered and licensed financial institutions. The proposed rule would address concerns regarding the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Comments are due by October 18, 2016. (10/3/2016)
Enforceable guidelines for recovery planning. The OCC announced that it is publishing final guidelines that create enforceable standards for recovery planning by insured national banks, federal savings associations, and federal branches of foreign banks with average total consolidated assets of US$50 billion or more. (9/29/2016)
Revised Comptroller’s Licensing Manual booklet. The OCC announced its issuance of the “Charters” booklet of the Comptroller’s Licensing Manual, which replaces the booklet of the same title issued in February 2009. The revised booklet integrates updated chartering procedures and requirements following the integration of the Office of Thrift Supervision into the OCC in 2011 and the issuance of revised regulations that became effective July 1, 2015, addressing chartering of both national banks and federal savings associations. (9/28/2016)
Comptroller delivers speech on how to assess foreign correspondent banking risk. Comptroller of the Currency Thomas J. Curry discussed re-evaluation of risks associated with foreign correspondent banking. His remarks came during an appearance at the 15th Annual Anti-Money Laundering and Financial Crime Conference. (9/28/2016)
OCC to host MDIAC meeting. The OCC announced that it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, October 18, 2016, beginning at 8:30 a.m., Eastern Time at the OCC headquarters in Washington, DC. Written statements must be submitted by 5:00 p.m. EDT Tuesday, October 11, 2016. (9/23/2016)
Agencies post public sections of targeted submissions for eight firms. The Federal Reserve Board and the FDIC announced that they posted the public portions of the required “targeted submissions” for the eight systemically important, domestic banking institutions.
Webinars announced to observe of Cybersecurity Awareness Month. The FFIEC announced that it will host two webinars for financial institutions in October in recognition of National Cybersecurity Awareness Month: Mobile Financial Services - Appendix E of the Retail Payment System Booklet, October 13, 2016, at 3 p.m. EST; and Getting the Most Out of Your FS-ISAC Membership, October 31, 2016, 1 p.m. EST. (10/6/2016)
2015 data on mortgage lending becomes available. The FFIEC announced the availability of data on mortgage lending transactions at 6,913 US financial institutions covered by the Home Mortgage Disclosure Act. Covered institutions include banks, savings associations, credit unions, and mortgage companies. (9/29/2016)
Task forces start review of faster payments solution proposals. The Federal Reserve Board announced that members of the two national task forces convened by the Board to make payments faster and more secure have begun to review and discuss 19 specific proposals submitted by interested task force members across the payments industry that outline potential approaches for a faster payment system in the US. (10/4/2016)
Board requests comments on proposal to modify capital plan and stress testing rules for 2017. The Board invited public comment on a proposed rule to modify its capital plan and stress testing rules for the 2017 cycle. Among other changes, the proposal would tailor the Board’s Comprehensive Capital Analysis and Review (CCAR) to remove certain large and noncomplex firms from the qualitative assessment of CCAR. (9/26/2016) Notice.
Board requests comments on proposal to strengthen requirements and limitations on physical commodity activities of financial holding companies.The Board invited public comment on a proposed rule that would strengthen existing requirements and limitations on the physical commodity activities of financial holding companies. The proposal would help reduce the catastrophic, legal, reputational, and financial risks that physical commodity activities pose to financial holding companies. (9/23/2016) Board Memo. Notice.
FOMC Statement. The Board issued a statement on information received since the Federal Open Market Committee (FOMC) met in July. The Board and the FOMC also released economic projections and the target federal funds rate projectionsmade by FOMC participants for its September 20-21 meeting. (9/21/2016)
CFPB finalizes strong federal protections for prepaid account users. The CFPBannounced that it has finalized strong federal consumer protections for prepaid account users. The new rule requires financial institutions to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, and give consumers free and easy access to account information. The CFPB also finalized new “Know Before You Owe” disclosures for prepaid accounts to give consumers clear, upfront information about fees and other key details. Finally, prepaid companies must now generally offer protections similar to those for credit cards if consumers are allowed to use credit on their accounts to pay for transactions that they lack the money to cover. (10/5/2016)