Federal Reserve Board Releases Bank Data
On June 26th, the Federal Reserve Board announced the availability of data that can be used to evaluate the individual systemic footprint of 33 large U.S. bank holding companies. The data will help to ensure comparability when evaluating the systemic risk profile of each banking organization. The data cover five categories: size; interconnectedness; complexity; substitutability, which is a measure of how easily a firm's activities can be replaced by another firm; and cross-jurisdictional activity, which includes foreign liabilities and claims. The information will be published annually based on data from the previous calendar year. Federal Reserve Board Press Release.
Mortgage Metrics Report Sees Improvement
On June 26th, the Office of the Comptroller of the Currency (“OCC”) published the First Quarter 2014 Mortgage Metrics Report. The report finds that performance of first-lien mortgages serviced by large national and federal savings banks improved in the first quarter of 2014. OCC Press Release.
On June 26th, the OCC published a Bulletin on the regulatory review it is conducting in coordination with the Federal Reserve Board and Federal Deposit Insurance Corporation (“FDIC”).
OCC Publishes Semiannual Risk Report
On June 25th, the OCC published the Spring 2014 Semiannual Risk Perspective. Competitive pressures, and strategic and operational risks top the semiannual list of supervisory concerns. While conditions overall showed improvement in the second half of 2013, credit risk is building in supervised national banks and federal savings associations following a period of improving credit quality and problem loan clean-up. Additional observations include the continued evolution of cyber-threats and the prevalence of Bank Secrecy Act and anti-money laundering risks. The report presents data in five main areas: the operating environment; the condition and performance of the banking system; key risk issues; elevated risk metrics; and regulatory actions. OCC Press Release.
FFIEC Launches Cybersecurity Web Page
On June 24th, the Federal Financial Institutions Examination Council (“FFIEC”) launched a Web page on cybersecurity. The Web page is a central repository for current and future FFIEC-related materials on cybersecurity. FFIEC Press Release.