Banking Regulators Seek Comment on Burdensome Regulations
On February 20th, the federal bank regulatory agencies requested comment on a second set of regulatory categories as part of their effort to identify outdated or unnecessary regulations. The second notice seeks comment on regulations in three additional categories: banking operations; capital; and the Community Reinvestment Act. Comments should be submitted on or before May 14, 2015. Joint Press Release.
Branch Banking Remains Prevalent
On February 19th, the Federal Deposit Insurance Corporation (“FDIC”) released a study showing that despite the increased use of online and mobile banking, brickandmortar banking offices continue to be the primary means through which FDICinsured institutions deliver financial services to their customers. FDIC Press Release.
Resolution Plan Submission Deadline Extended for Three Firms
On February 18th, the Federal Reserve Board and the FDIC announced that they are extending the resolution plan submission deadline for American International Group, Inc., General Electric Capital Corporation, Inc., and Prudential Financial, Inc. The three organizations will be required to submit their second annual plans by December 31, 2015, instead of July 1, 2015. Joint Press Release.