• OCC and Federal Reserve Assume Rulemaking Authority from the OTS

The OCC issued an interim final rule with request for comments that republishes regulations issued by the OTS that the OCC has authority to promulgate and enforce as of July 21. The rule re-numbers and re-issues former OTS regulations as new OCC regulations, with nomenclature and other technical amendments to reflect OCC supervision of federal savings associations. The rule is effective on July 21 and the comment period will close on October 11.     

Nutter Notes:  The Federal Reserve also issued a notice that outlines the regulations previously issued by the OTS that the Federal Reserve will continue to enforce after assuming supervisory responsibility for SLHCs. The comment period on the notice will close on August 31. The Federal Reserve said that it will issue an interim final rule soon that will address the transfer of supervisory authority for SLHCs effective as of July 21.

  • OCC Directs National Banks to Assess Foreclosure Management Practices

The OCC on June 30 released guidance on expectations for the oversight and management of mortgage foreclosure activities by national banks. The guidance directs national banks that have not already done so, to conduct self-assessments of foreclosure management practices to ensure that their practices conform to the expectations outlined in the guidance.    

Nutter Notes:  According to the new guidance, the self-assessments should include testing and file reviews and be appropriate in scope, considering the level and nature of the bank’s mortgage servicing and foreclosure activity. The OCC expects each national bank to conduct a self-assessment of foreclosure management practices by no later than September 30.