Federal Reserve Board Proposes Repeal and Amendment of Certain Consumer Protection Rules.
On February 12th, the Federal Reserve Board (the "Board")requested comment on proposals to repeal Regulation DD (Truth in Savings) and Regulation P (Privacy of Consumer Financial Information) and to make amendments to the Identity Theft Red Flags rule in Regulation V (Fair Credit Reporting). The Dodd-Frank Act transferred rulemaking authority for a number of consumer financial protection laws from the Board to the Consumer Financial Protection Bureau, which has already issued interim final rules that are substantially identical to the Board's Regulation DD and Regulation P. The Board is also seeking comment on a proposed amendment to provisions of the Board's Regulation V that require financial institutions and creditors to implement identity theft prevention programs. The proposal would revise the rule to reflect legislation that amended the Fair Credit Reporting Act to clarify that these provisions apply only to creditors that regularly extend credit or obtain consumer reports in the ordinary course of their business. Comments on the proposals should be submitted within 60 days after publication in the Federal Register, which is expected shortly. Federal Reserve Board Press Release.
OCC Issues Updated Booklet on Retirement Plan Products.
On February 12th, the Office of the Comptroller of the Currency (the "OCC") issued the "Retirement Plan Products and Services" booklet of the Comptroller's Handbook. The booklet provides updated guidance to examiners and bankers on retirement plan products and services offered to customers of national banks and federal savings associations; explains the risks inherent in such products and services; and provides a framework for managing those risks. OCC Bulletin.
The OCC will host a workshop in Denver, Colorado on March 31-April 2, 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.