OCC gives viewpoint on responsible innovation and announces upcoming innovation forum. The OCC published Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective, its viewpoint on responsible innovation in the federal banking system, and requested feedback on what else it could do to support innovation that better serves consumers, businesses and communities. Comments on the whitepaper should be sent to innovation@occ.treas.gov by May 31, 2016. The OCC will host a forum on responsible innovation on June 23, 2016, at Constitution Center in Washington, DC, during which it will discuss comments received on the whitepaper and lead discussions regarding financial services innovation. (3/31/2016) OCC press release.

OCC reports that fourth quarter 2015 bank trading revenue declined to US$4.3 billion. The OCC announced that, according to a report, trading revenue of US commercial banks and savings associations dropped to US$4.3 billion in the fourth quarter of 2015, which is down from US$5.3 billion in the previous quarter. (3/30/2016) OCC press release.

OCC will be hosting Illinois risk governance and compliance workshops. The OCC has announced that it will be presenting two workshops in Springfield, Ill., at the Wyndham Springfield, May 3-4, for directors of national community banks and federal savings associations overseen by the OCC. The Risk Governance workshop on May 3rd will combine lectures, discussion and exercises to provide real-world information for directors to efficiently 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 Compliance Risk workshop on May 4th 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 will include the Bank Secrecy Act, Community Reinvestment Act, and the Truth-in-Lending (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) Integrated Disclosures Rule (also known as TRID). (3/30/2016) OCC press release.

New Assistant Deputy Comptroller for national banks in the OCC’s Cincinnati field office is named. The OCC announced that Celia McGrath has been named Assistant Deputy Comptroller of its Cincinnati Field Office. Ms. McGrath will lead a team of examiners who supervise 30 community national banks and federal savings associations. (3/29/2016) OCC press release.

OCC will host Delaware workshop for bank directors. The OCC announced that it is hosting a “Building Blocks for Directors” workshop in Wilmington, Del., at the DoubleTree by Hilton Hotel Wilmington, May 2-4, for directors of national community banks and federal savings associations overseen by the OCC. The workshop will focus on directors’ duties and core responsibilities, discuss major laws and regulations, and increase familiarity with the examination process. (3/29/2016) OCC press release.

New Assistant Deputy Comptroller for national banks in the OCC’s Fort Worth field office is named. The OCC announced that it has named Hub Thompson as Assistant Deputy Comptroller of its Fort Worth Field Office. In this role, Mr. Thompson will lead a team of examiners who supervise 23 community national banks and federal savings associations. (3/28/2016) OCC press release.

Interim final rule on expanded examination cycle eligibility is published. The OCC, the Board of Governors of the Federal Reserve System, and the FDIC have published an interagency interim final rule amending the regulations governing eligibility for the 18-month on-site examination cycle, pursuant to the FAST Act. The rule makes qualifying 1- and 2-rated national banks, federal savings associations, and federal branches and agencies with less than US$1 billion in total assets eligible for an 18-month, instead of a 12-month, examination cycle. (3/24/2016) OCC bulletin.


FDIC issues special edition of corporate governance publication. The FDIC has issued a special edition of Supervisory Insights, “A Community Bank Director’s Guide to Corporate Governance: 21st Century Reflections on the FDIC Pocket Guide for Directors,” which reviews the Pocket Guide and integrates more recent guidance and technical resources to help board members successfully fulfill their role and duties. (4/5/2016) FDIC press release.

FDIC issues its list of banks examined for compliance with the CRA. The FDIC has issued its list of state nonmember banks that were recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in January 2016. (4/4/2016) FDIC press release.

Federal Reserve

Rule is finalized that will add certain investment grade general obligation state, local municipal bonds to types of assets big banks might hold to meet liquidity needs through financial stress. The Federal Reserve Board finalized a rule, effective on July 1, 2016, to include certain US general obligation state and municipal securities in the range of assets large banking organizations might use to satisfy regulatory requirements designed to ensure that these banking organizations have the capacity to meet their liquidity needs during a period of financial stress. (4/1/2016) Federal Reserve press release.

Federal Reserve survey offers information on mobile financial services. On March 30th, the Federal Reserve released a survey, Consumers and Mobile Financial Services 2016, which shows how consumers use their mobile phones to interact with financial institutions, make payments, and manage their personal finances. (3/30/2016) Federal Reserve press release.

Federal Reserve participates in attempt to evaluate quicker payments solutions. The Federal Reserve has announced that it has selected McKinsey & Company to support Faster Payments Task Force efforts this year to assess faster payments solution proposals from various providers across the US payments industry. (3/29/2016) Federal Reserve press release.


FinCEN proposes to amend the definition of ‘broker-dealer in securities’ to include funding portals. The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed to amend the Bank Secrecy Act’s (BSA) definition of “Broker or Dealer in Securities” to guarantee that funding portals implement policies and procedures reasonably designed to achieve compliance with the BSA requirements, including the filing of suspicious activity reports, which are currently applicable to brokers or dealers in securities. This proposal does not affect other activities, outside securities, conducted by these businesses. Presently, the BSA regulatory definitions of “broker or dealer in securities” do not include funding portals. The current BSA regulations define “broker-dealers in securities” as being those who are “registered, or required to be registered, as a broker or dealer with the SEC under the 1934 Act.” Comments on this proposed rule will be accepted until June 3, 2016. (4/4/2016) FinCEN press release.