OCC

Noreika discusses OCC’s efforts to promote lending and investment in distressed communities. The OCC announced that, during remarks at the National Association of Affordable Home Lenders Annual Conference, Acting Comptroller of the Currency Keith A. Noreika discussed efforts by the agency to support lending and investment in distressed communities. (11/2/2017)   

Revised Comptroller’s Licensing Manual booklet: Subsidiaries and Equity Investments. The OCC announced that it has issued the “Subsidiaries and Equity Investments” booklet of the Comptroller’s Licensing Manual. (10/31/2017)   

Updated guidance: bank enforcement actions and related matters. The OCC announced that it has updated its policies and procedures regarding bank enforcement actions and related matters. This policy is effective on December 1, 2017. (10/31/2017)   

Notice of proposed rulemaking: simplifications to the capital rule. The OCC, the Federal Reserve, and the FDIC announced that they are seeking comment on a proposed rule that would simplify certain aspects of the capital rule. The majority of the proposed simplifications would apply solely to banking organizations that are not subject to the advanced approaches capital rule. Comments on the proposed rule must be received by December 26, 2017. (10/30/2017)   

Revised guidance: federal branches and agencies supervision. The OCC announced that it has issued the following guidance: The OCC’s Approach to Federal Branch and Agency Supervision, which incorporates changes in supervision processes relative to large and complex federal branches and agencies, and the “Federal Branches and Agencies” booklet of the Comptroller’s Licensing Manual, which clarifies processes for reviewing and evaluating conversion applications. (10/27/2017)   

Comments sought on proposed technical changes to annual stress test rule. The OCC announced that it is seeking comment on a notice of proposed rulemakingamending its Annual Stress Test rule. The proposed changes would make several technical revisions to the stress testing regulation. Comments on the proposal will be accepted for 60 days from the date of publication in the Federal Register. (10/27/2017)   

FFIEC   

Federal Reserve, FDIC, and OCC propose more revisions to streamline Call Report. Members of the FFIEC announced that they have proposed additional revisions to streamline the “Call Report” as part of their efforts to reduce data reporting and other burdens for financial institutions. The latest proposal from the Federal Reserve Board, the FDIC, and the OCC will remove or consolidate a number of data items and add a new or raise certain existing reporting thresholds in the three versions of the Call Report. Comments on the proposed revisions will be accepted for 60 days after the date of their publication in the Federal Register. The proposed revisions would take effect as of the June 30, 2018, report date. (11/2/2017)

Federal Reserve   

Fed announces annual indexing of reserve requirement exemption amount and of low reserve tranche for 2018. The Federal Reserve Board announced the annual indexing of two amounts used in determining reserve requirements of depository institutions: the reserve requirement exemption amount and the low reserve tranche. The Board also announced changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency with which depository institutions must submit deposit reports. The Federal Register notice contains a description of the new boundaries for deposit reporting that will be effective in 2018. (11/3/2017)   

Statements by Janet Yellen and Jerome Powell on President Trump’s nomination for Fed chair. The Board posted a statement by Chair Janet L. Yellen on President Trump’s nomination of Governor Jerome H. Powell to be new Fed chair. The Fed also published Governor Powell’s statement on his nomination. (11/2/2017)   

CFPB 

CFPB class-action rule is overturned. Senate Republicans voted to overturn a new CFPB rule that would have allowed millions of Americans to join class-action lawsuits against financial institutions. According to The New York Times, the CFPB rule, which was to take effect in 2019, would have potentially exposed financial firms to a flood of costly lawsuits over business practices. The US Treasury Department on October 23 had released a report that the CFPB failed to sufficiently assess the harm that the rule could have caused to consumers. (10/24/2017)