OCC

Update to Comptroller’s Licensing Manual Booklet. 

The OCC announced that it has issued its “Articles of Association, Charter, and Bylaw Amendments” booklet of the Comptroller’s Licensing Manual. This new booklet combines the agency’s policies and procedures on articles of association amendments for national banks; charter amendments for federal savings associations; and bylaw amendments for national banks and federal savings associations. (6/19/2017)

OCC will be holding innovation office hours in NYC. The OCC announced that its Office of Innovation will be hosting office hours for national banks, federal savings associations, and fintech companies from July 24 through July 26, at the agency’s district office in NYC. Office hours will offer a chance for meetings with OCC officials to discuss fintech; new products and services; partnering with a bank or fintech company; or other matters related to financial innovation. Those interested can request an Office Hours session through July 5, and must provide information on why they are interested in meeting with the OCC. (6/19/2017)

OCC to host Operational Risk workshop in West Virginia. The OCC announcedthat it will be hosting a workshop in Charleston, WV, at the Holiday Inn & Suites Charleston West on July 25, for directors of national community banks and federal savings associations supervised by the OCC. The Operational Risk workshop will be focusing on the key components of operational risk: people, processes, and systems. The workshop will also be covering governance, third-party risk, vendor management, and cybersecurity. (6/15/2017)

Shortening of the regular securities settlement cycle. The OCC announced its issuance of a bulletin to highlight actions that national banks and federal savings associations should take to prepare for the change in the regular securities settlement cycle for most US securities transactions. The change becomes effective on September 5, 2017. (6/9/2017)

OCC hosting Risk Governance and Compliance workshops in Ohio. The OCC announced that it will be hosting two workshops in Cleveland at the Crowne Plaza Cleveland South, July 18-19, for directors of national community banks and federal savings associations supervised by the OCC. The July 18 Risk Governance workshop will provide practical information for directors to effectively measure and manage risks. The workshop will also focus on the OCC’s approach to risk-based supervision and major risks in the financial industry. The July 19 Compliance Risk workshop will combine lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. The workshop will also focus on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Flood Disaster Protection Act, Fair Lending, Home Mortgage Disclosure Act, Community Reinvestment Act, and other compliance areas of interest. (6/7/2017)

FAQs to supplement OCC Bulletin 2013-29. The OCC announced that it is issuing frequently asked questions to supplement OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” issued October 30, 2013. (6/7/2017)

MDIAC meeting. The OCC announced that it is hosting a public meeting of the Minority Depository Institutions Advisory Committee on Tuesday, June 27, 2017, beginning at 8:30 a.m., Eastern Daylight Time. (6/7/2017) Federal Register notice.

Revision to Comptroller’s Licensing Manual booklet: Termination of Federal Charter. The OCC announced that it has issued the “Termination of Federal Charter”booklet of the Comptroller’s Licensing Manual. This booklet incorporates termination procedures and requirements updated after the Office of Thrift Supervision’s integration with the OCC in 2011, and revised regulations that became effective in 2015, addressing termination of both national banks and federal savings associations. (6/6/2017)

FDIC New Ombudsman. The FDIC announced that it has appointed M. Anthony Lowe to the post of FDIC Ombudsman and Director of the Office of the Ombudsman. The Ombudsman's office works extensively with bankers, other industry representatives, community groups, and members of the public to answer questions and hear concerns about FDIC policies and regulations. Mr. Lowe, who will be based in Chicago and will assume his new duties on July 2, will be replacing the retired Cottrell Webster. (6/16/2017)

Federal Reserve Federal Reserve approves action by boards of directors of NY, St. Louis, and Minneapolis Federal Reserve banks. The Federal Reserve announced that it has approved actions by the Boards of Directors of the Federal Reserve Banks of New York, St. Louis, and Minneapolis, increasing the discount rate (the primary credit rate) at the banks from 1-1/2 percent to 1-3/4 percent, effective immediately. (6/15/2017)

FOMC statement, projections, and addendum. The Board issued a statement on the FOMC. In addition, the Board and the FOMC also released economic projectionsfrom the June 13-14 FOMC meeting. Finally, the FOMC issued an addendum to its Policy Normalization Principles and Plans. (6/14/2017)

CFPB Comment sought on proposed changes to prepaid rule. The CFPB announcedthat it is seeking comment on proposed updates to its prepaid rule. The proposal would adjust error resolution requirements and provide more flexibility for credit cards linked to digital wallets. Comments on the proposal will be due 45 days after the proposal is published in the Federal Register. (6/14/2017)