OCC Integration of Interagency Rules

On May 16th, the OCC issued final rules combining certain rules originally issued jointly with the other Federal banking agencies by the OCC with respect to national banks and by the former Office of Thrift Supervision with respect to savings associations. Specifically, the OCC is combining rules relating to consumer protection in insurance sales, Bank Secrecy Act compliance, management interlocks, appraisals, disclosure and reporting of Community Reinvestment Act-related agreements, and the Fair Credit Reporting Act (“FCRA”). This rulemaking also makes technical amendments to the OCC’s FCRA rule to conform to provisions of the Dodd-Frank Act. The rulemaking will not result in any substantive changes in the combined rules. The rule is effective on June 16, 2014. 79 FR 28393.

Midwestern Banks Show Strong Improvement

On May 13th, the OCC reported that the financial condition of community national banks and federal savings associations in the nine- state Central District improved in 2013 as banks focused on strengthening risk management systems to help boost their performance. More than 85 percent of 491 community national banks and thrifts located in the Central District are top-rated, 1 or 2, on the five-point scale, a level not seen since early 2009. The OCC also reported that the number of problem banks fell to 72 institutions in the Central District, down from a peak of 146 national banks and thrifts in 2011. OCC Press Release.

Federal Reserve Board Announces Expanded TDF Tests

On May 9th, the Federal Reserve Board announced that as part of its program of operational testing of its policy tools, the Federal Reserve plans to conduct a series of eight consecutive operations offering seven-day term deposits through its Term Deposit Facility. Individual operations will be held on the first business day of each week beginning the week of May 19, 2014. Federal Reserve Board Press Release.

OCC Workshop

The OCC will host a workshop in St. Louis on June 23-25, 2014 for directors of national community banks and federal savings associations. “Mastering the Basics: A Director’s Challenge” is a three-day workshop designed exclusively for directors of institutions supervised by the OCC and provides practical information on the roles and responsibilities of a community bank director. OCC Press Release.