OCC Comptroller discusses Incentive-Based Compensation Rule and Net Stable Funding Rule. Comptroller of the Currency Thomas J. Curry spoke at an FDIC board meeting on his vote approving the proposed Incentive-Compensation Rule, implementing Sec. 956 of the Dodd-Frank Act. Comptroller Curry also signed the rule on behalf of the Office of the Comptroller of the Currency (OCC). At the same meeting, Comptroller Curry also spoke about his vote approving the proposed Net Stable Funding Rule, and he signed this rule on the OCC’s behalf. (4/26/2016)
FDIC adopts final rule that amends how small banks are valued for deposit insurance purposes. The FDIC has approved a final rule that amends how small banks are valued for deposit insurance purposes. The final rule, which affects banks with less than US$10 billion in assets that have been FDIC insured for at least five years, updates the information and revises the method used by the FDIC to determine risk-based assessments for these institutions to better reflect risks and to help guarantee that banks that take on greater risks pay more for deposit insurance than their less risky counterparts. The final rule follows an initial proposed rule on small bank assessments issued in June 2015 as well as a revised proposed rule issued in January. In addition, the FDIC revised the online assessment calculator that allows institutions to estimate their assessment rates in order to reflect the final rule. FDIC press release. (4/26/2016) FDIC Chairman Gruenberg statement.
Federal Reserve issues Federal Open Market Committee statement and makes decisions to implement monetary policy stance. The Federal Reserve issued a Federal Open Market Committee statement on labor market conditions and made decisions to implement the monetary policy stance announced in its statement. (4/27/2016)
State Liaison Committee Chairman is elected. The Federal Financial Institutions Examination Council (FFIEC) announced the election of Karen Lawson as its Chair. (5/2/2016)
Face is appointed to FFIEC’s State Liaison Committee. The FFIEC announced the appointment of Edward “Joe” Face to its State Liaison Committee. Face’s nomination was confirmed by the FFIEC for a two-year term starting May 1, 2016, and continuing through April 30, 2018. (5/2/2016) FFIEC press release.
New appendix to the Retail Payment Systems Booklet is released. The FFIEC has released a new appendix, “Mobile Financial Services,” to the “Retail Payment Systems” booklet of the FFIEC Information Technology (IT) Examination Handbook.The new appendix E focuses on risks related to activities and devices for mobile financial services. The appendix highlights an enterprise-wide risk management approach for effectively managing and mitigating existing and evolving risks. (4/29/2016) FFIEC press release.
Comments sought on proposed revisions to Uniform Interagency Consumer Compliance Rating System. The FFIEC is seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological and market changes since the system was established. Comments must be received 60 days from publication in the Federal Register. (4/29/2016) FFIEC press release.
FinCEN Director is stepping down. The Financial Crimes Enforcement Network announced that Director Jennifer Shasky Calvery will be leaving her position at the end of May. Ms. Calvery has served as FinCEN’s director since September 2012. (4/26/2016) FinCEN press release.