OCC

CRA evaluations for 21 national banks and federal savings associations are released. The OCC has released a list of Community Reinvestment Act performance evaluations that became public during the period of May 1, 2016 through May 31, 2016. Out of the 21 evaluations that were made public this month, five were rated outstanding, 15 were rated satisfactory and one was rated needs to improve. (6/2/2016)

OCC will be hosting compliance and operational risk workshops in South Dakota. The OCC announced that it will host two workshops (Compliance Risk and Operational Risk) in Sioux Falls at the Sheraton Sioux Falls & Convention Center, July 19-20, for directors of national community banks and federal savings associations supervised by the OCC. (6/1/2016)

Third quarter 2016 CRA evaluation schedule is issued. The OCC released its schedule of CRA evaluations to be conducted in the third quarter of 2016. (6/1/2016)

OCC will be hosting a workshop in California for bank directors. The OCC announced that it will be hosting a “Building Blocks for Directors” workshop in Santa Ana at the DoubleTree Santa Ana-Orange County Airport Hotel, July 11-13, for directors of national community banks and federal savings associations supervised by the OCC. The workshop will include lectures, discussion, and exercises to offer practical information on the roles and responsibilities of board participation for new and experienced directors. (5/25/2016)

OCC will host Risk Governance and Credit workshops in Milwaukee. The OCC announced that it will host two workshops in Milwaukee at the Crowne Plaza Milwaukee Airport, June 28-29, for directors of national community banks and federal savings associations supervised by the OCC. The Risk Governance workshop on June 28th will combine lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks; the Credit Risk workshop on June 29th will focus on credit risk within the loan portfolio, such as identifying trends and recognizing problems. (5/19/2016)

Bulletin addresses compliance with SEC MMF rules. The OCC issued a bulletin to highlight actions that national banks and federal savings associations need to take and factors that banks need to consider based on the SEC’s revised money market fund rules in effect now and going into effect. (5/19/2016)

Agencies issue Interagency Guidance Regarding Deposit Reconciliation. The OCC, along with the Board of Governors of the Federal Reserve System, the CFPB, the FDIC, and the NCUA, announced that they have issued the “Interagency Guidance Regarding Deposit Reconciliation Practices” to ensure that financial institutions are aware of the supervisory expectations regarding deposit reconciliation practices for customer accounts. (5/18/2016)

New Deputy Comptroller for Public Affairs is named. The OCC announced its selection of Bryan Hubbard as Deputy Comptroller for Public Affairs. Mr. Hubbard succeeds Robert M. Garsson, who retired on May 31st. (5/16/2016)

FDIC

FDIC report finds that mobile banking can help underserved consumers. An FDIC report, Opportunities for Mobile Financial Services to Engage Underserved Customers, found that mobile banking can help underserved consumers obtain more control over their finances and increase access to mainstream banking. (5/25/2016) FDIC press release. 

Comment period on deposit account recordkeeping proposal is extended. The FDIC announced that it is extending the comment period for proposed recordkeeping requirements for FDIC-insured institutions with a large number of deposit accounts. The proposed recordkeeping requirements, which are intended to facilitate rapid payment of insured deposits to customers if large institutions were to fail, were published in the Federal Register on February 26th with a 90-day comment period. All comments must now be received on or before June 25th. The 30-day extension will allow interested parties more time to consider the proposal in addition to the issues and questions posed for comment, mainly those related to the estimated cost of compliance. To help commenters, the FDIC has published a report prepared for the agency on the estimated cost of compliance. (5/20/2016)

Federal agencies request comment on proposed rule to prohibit incentive-based compensation. Six federal agencies (the FDIC, the Federal Housing Finance Agency, the Federal Reserve Board of Governors, the National Credit Union Administration, the OCC, and the SEC) announced that they are inviting public comment on a proposed rule to prohibit incentive-based compensation arrangements that encourage inappropriate risks at covered financial institutions. The deadline for comments on the proposed rule, which was submitted for publication in the Federal Register, is July 22, 2016. (5/16/2016)

Federal Reserve

Federal Reserve approves advance notice of proposed rulemaking and approves proposed rule related to insurance companies. The Federal Reserve approved an advance notice of proposed rulemaking inviting comment on conceptual frameworks for capital standards that could apply to systemically important insurance companies as well as to insurance companies that own a bank or thrift. The standards would vary for each group. The Federal Reserve further approved a proposed rule to apply enhanced prudential standards to systemically important insurance companies designated by the FSOC. Comments on both the ANPR and proposed rule are due by August 2nd. (6/3/2016) Federal Reserve Board press release. Janet Yellen statement. Governor Daniel K. Tarullo statement.

Federal Reserve announces schedule for Dodd-Frank Act stress test and CCAR results. The Federal Reserve announced that results from the most recent supervisory stress tests conducted as part of the Dodd-Frank Act will be released on June 23rd, and the related results from the Comprehensive Capital Analysis and Review will be released on June 29th. (6/2/2016)

CFPB

Rule proposed to end payday debt traps. The CFPB has proposed a rule that is aimed at ending payday debt traps by requiring lenders to take steps to make sure consumers have the ability to repay their loans. The proposed rule would also cut off repeated debit attempts that rack up fees. These proposed protections would cover payday loans, auto title loans, deposit advance products, and certain high-cost installment and open-end loans. The CFPB is also launching an inquiry into other products and practices that may harm consumers facing cash shortfalls. Comments on the proposal are due on September 14, 2016. (6/2/2016)