OCC

Building Blocks for Directors workshop to be held in New Mexico. The OCC announced that it will host a Building Blocks for Directors workshop in Albuquerque, N.M., at the Crown Plaza Albuquerque, December 4-6. The workshop will focus on duties and core responsibilities of directors and management, discuss major laws and regulations, and increase familiarity with the examination process. This is the last Building Blocks for Directors workshop scheduled for 2017. (10/23/2017)   

Interagency FAQs: LCR rule. The OCC, the Board of Governors of the Federal Reserve System, and the FDIC announced their release of answers to frequently asked questions regarding the liquidity coverage ratio rule. (10/23/2017)   

Risk management principles: new, modified, or expanded bank products and services. The OCC published a bulletin informing banks, federal savings associations, and federal branches and agencies of foreign banks about the principles they should follow to prudently manage the risks associated with offering new, modified, or expanded products and services. (10/20/2017)   

Noreika discusses innovation and FinTech. Acting Comptroller of the Currency Keith A. Noreika discussed innovation and financial technology during a speech at Georgetown University’s Institute of International Economic Law’s Fintech Week. (10/19/2017)  

Temporary exceptions to appraisal requirements in areas affected by Hurricanes Harvey, Irma, and Maria. In response to widespread damage caused by Hurricanes Harvey, Irma, and Maria, the OCC, the Federal Reserve, the FDIC, and the NCUA took action to facilitate the recovery process by temporarily easing appraisal requirements for real estate-related financial transactions in areas declared to be a major disaster. The agencies announced in a joint press release that they will not require financial institutions to obtain appraisals for affected transactions if the properties involved are located in areas declared major disasters; if there are binding commitments to fund the transactions within 36 months of the date the areas were declared major disasters; and if the value of the real properties support the institutions’ decisions to enter into the transactions. The exceptions apply to transactions in areas of Florida, Georgia, Puerto Rico, Texas, and the US Virgin Islands and expire three years after the date the President declared each area a major disaster. (10/17/2017)   

HMDA: interagency key fields. The OCC issued a bulletin to inform national banks, federal savings associations, and federal branches and agencies about “key fields” that it, the Federal Reserve, and the FDIC have determined examiners will typically use to test and validate the accuracy and reliability of home mortgage loan data collected beginning in 2018 pursuant to the Home Mortgage Disclosure Act rule. (10/17/2017) See Acting Comptroller of the Currency Statement on HMDA Reporting.   

Updated list of permissible activities for national banks and federal savings associations. The OCC announced that it has released its updated list of permissible activities for national banks and federal savings associations. The publication titled Activities Permissible for National Banks and Federal Savings Associations, Cumulative, updates the list of permissible activities to reflect applicable precedent for national banks, streamlines certain entries for readability, and includes applicable interpretive letters and corporate decisions issued by the OCC affecting federal savings associations. (10/13/2017)   

Impact of evidence of discriminatory or other illegal credit practices on CRA Ratings. The OCC issued a bulletin to make public its Policies and Procedures Manual outlining the agency’s policy and framework for determining the effect of evidence of discriminatory or other illegal credit practices on the CRA rating of a national bank, federal savings association, or federal branch. (10/12/2017)   

Federal Reserve 

Possible Yellen replacement could shift Federal Reserve. According to The Washington Post, President Trump’s final list of candidates to lead the Federal Reserve, which includes current Chair Janet L. Yellen herself, also includes Stanford professor John Taylor and former Fed governor and Republican economic official Kevin Warsh, both of whom have frequently attacked the Fed’s approach to keeping interest rates low in hopes of stimulating the economy. President Trump’s decision, which could have wide-ranging consequences for the economy, is set to be announced before November 3. (10/20/2017) 

Fed announces US Faster Payments Governance Framework Formation Team. The Federal Reserve, on behalf of the Governance Framework Formation Team, announced the 27 members of the collaborative industry short-term work group that will focus on developing a governance framework for faster payments in the US. (10/13/2017)   

CFPB  

CFPB outlines principles for consumer-authorized financial data sharing and aggregation. The CFPB announced that it has outlined principles for protecting consumers when they authorize third-party companies to access their financial data to provide certain financial products and services. (10/18/2017)