OCC opens Registration for “Supporting Responsible Innovation in the Federal Banking System” forum. The OCC opened registration for its “Supporting Responsible Innovation in the Federal Banking System” forum on June 23, 2016, at its headquarters in Washington DC. An assortment of panelists will discuss trends in financial innovation, managing risks associated with innovation, incorporating innovation into strategic plans, and innovation’s potential to promote financial inclusion and consumer protection. OCC panelists will cover the agency’s perspective on financial innovation in addition to comments that it has received on its white paper, “Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective,” published in March. (5/16/2016) OCC press release.

OCC releases mid-cycle status report on Committee on Bank Supervision’s operating plan. The OCC released its mid-cycle report on key actions accomplished to date to execute its annual Committee on Bank Supervision’s operating plan and on priority objectives for the rest of the year. (5/11/2016) OCC press release.

Student Lending booklet is released. The OCC issued the “Student Lending” booklet, a new booklet of the Comptroller’s Handbook. This booklet, prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations that are engaged in private student lending, addresses the risks in private student lending by banks and in regulatory expectations for safe and sound operations. (5/9/2016) OCC press release.

OCC to host a workshop for bank directors in Syracuse, New York. The OCC is hosting a workshop in Syracuse, NY, at the Sheraton Syracuse University Hotel, June 20-22, for directors of national community banks and federal savings associations that are supervised by the OCC. The workshop will focus on directors’ duties and main responsibilities, discuss important laws and regulations, and increase understanding of the examination process. (5/4/2016) OCC press release.

CRA evaluations for national banks and federal savings associations are released. The OCC has released a list of Community Reinvestment Act performance evaluations that became public from April 1, 2016, to April 30, 2016. (5/3/2016) OCC press release.

FDIC, Federal Reserve and OCC propose NSFR. Federal banking agencies jointly proposed a rule, the net stable funding ratio, to strengthen the resilience of large banking organizations by requiring them to maintain, over a one-year period, a minimum level of stable funding relative to the liquidity of their assets, derivatives, and commitments. (5/3/2016) OCC press release. Janet Yellen statement.

Federal Reserve

Federal Reserve is offering seven-day term deposits through its Term Deposit Facility. The Federal Reserve announced that it plans to continue its previously announced periodic testing of the Term Deposit Facility (TDF) with one operation in May. The operations are meant to ensure the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The Federal Reserve intends to conduct a similar routine TDF test operation each quarter in 2016. The schedule and terms for future test operations will be announced at later dates. (5/12/2016)

Office of Financial Policy and Research is Renamed as the Division of Financial Stability. The Federal Reserve announced that the Office of Financial Policy and Research has been designated as a division of the Federal Reserve and renamed the Division of Financial Stability. (5/11/2016)

Federal Reserve accepting applications for Community Advisory Council. The Federal Reserve announced that it is accepting applications from individuals who would like to be considered for membership on the Community Advisory Council (CAC). The CAC advises the Federal Reserve on issues affecting consumers and communities and complements two of the Federal Reserve’s other advisory councils (the Federal Advisory Council and the Community Depository Institutions Advisory Council, whose members represent depository institutions). More information about the selection process, including instructions for applying, can be found in the Federal Register Notice. (5/9/2016)

Federal Reserve proposes rule to support US financial stability through enhancement of the resolvability of very large and complex financial firms. The Federal Reserve has proposed a rule in an effort to support US financial stability by enhancing the resolvability of very large and complex financial firms. The proposal would require US global systemically important banking institutions (GSIBs), in addition to US operations of foreign GSIBs, to amend contracts for common financial transactions in order to prevent immediate cancellation of the contracts if the firm enters bankruptcy or a resolution process. This change should reduce the risk of a run on the solvent subsidiaries of a failed GSIB caused by a large number of firms terminating their financial contracts at the same time. (5/3/2016) Federal Reserve Board press release. Federal Register notice. Governor Tarullo statement. Janet Yellen statement. 

Joint agency notice to implement Dodd-Frank’s incentive compensation provisions is approved. The Federal Reserve unanimously approved a joint agency notice of proposed rulemaking to implement the incentive compensation provisions of Sec. 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. (5/2/2016) Federal Reserve Board press release.


Customer due diligence requirements for financial institutions. The Financial Crimes Enforcement Network issued final rules under the Bank Secrecy Act to explain and reinforce customer due diligence requirements for banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to recognize and authenticate the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions. The final rules are effective July 11, 2016. (5/12/2016)