OCC Bulletin on Interagency Examination Procedures.
On March 14th, the Office of the Comptroller of the Currency ("OCC"), as a member of the Federal Financial Institutions Examination Council, adopted interagency examination procedures reflecting new mortgage rules requirements promulgated under the Dodd-Frank Act. The OCC is in the process of incorporating these new procedures into the Comptroller's Handbook "Consumer Compliance" series. Until the OCC issues updated Handbook booklets for the Truth in Lending Act and the Real Estate Settlement Procedures Act, the approved interagency procedures are posted on the OCC website. OCC Bulletin.
Janet Yellen's Awkward Day.
On March 19th, the New Yorker reported on Janet Yellen's first press conference as chairwoman of the Federal Reserve. Things did not go smoothly, according to the magazine. While noting that Yellen is a first-rate economist, a gifted explicator of complicated concepts, and an experienced hand at navigating Washington, the magazine described the conference as "awkward" and conveying mixed messages about the Board's plans for long-range interest rates. Markets reacted strongly to the implied uncertainty, but Yellen's comments were hardly anomalous. See Bloomberg. Allen Greenspan and Ben Bernanke made similarly confusing statements early in their tenures. FOMC Meeting Statement.Janet Yellen's Awkward Day.