It was a mixed bag of developments over the past week.  The Comptroller's discussion of bank culture and the need for senior bank management to set an appropriate tone should be of the broadest interest.  The CFPB concluded another enforcement matter, this one involving checking accounts, and, together with other regulators, the CFPB discussed enforcement priorities in the mortgage area at a conference reported on in the American Banker.  Lawyers involved or about to become involved in bank mergers and acquisitions should review new FAQs released by the Federal Reserve on the agencies' and the Justice Department's approach to the analysis of the competitive effects of a proposed transaction. 

The full set of developments over the past week is as follows: 

 Checking Accounts

 Culture/Tone at the Top

 Financial Literacy

 Financial Stability Oversight Council

 Mergers and Acquisitions

 Monetary Policy

 Mortgage Lending

 Mortgage Servicing

  • Servicing of default portfolios focused on by CFPB.  Part of American Banker report on mortgage conference under Mortgage Lending above. 

 Savings Associations

Swaps and Derivatives

  • 18 major international banks sign ISDA Resolution Stay Protocol (Oct. 11).  See Too Big to Fail below.

 Too Big to Fail

  • Financial Stability Board releases proposals on cross-border resolutions (Sept. 29).
    • Elements to be included in a jurisdiction’s statutory cross-border recognition framework.
    • Contractual approaches for stays on early termination and cross-default rights and the bail-in of debt instruments governed by laws of a jurisdiction other than law of issuer’s home country.
    • Proposals available at http://www.financialstabilityboard.org/press/pr_140929.htm.
  • 18 major international banks sign ISDA Resolution Stay Protocol (Oct. 11).
  • American Banker summary of remarks of Federal Reserve Governor Tarullo on upcoming sub debt requirement for large banks (Oct. 10; subscription required.)  
  • U.S. and U.K. regulators hold exercise on resolution of a globally systemically important bank (Oct. 13).

 Volcker Rule

 Bank Closings

  • None.

 Congressional Hearings – Upcoming

  • None scheduled.

 Congressional Hearings – Past Week

  • None.

 Upcoming Events

  • Oct. 16-17
    • FDIC annual Consumer Research Symposium.
  • Oct. 20
    • Federal Reserve Bank of New York conference on bank culture.
  • Oct. 22
    • FDIC teleconference on Ability-to-Repay/Qualified Mortgage and Loan Originator Compensation rules.
  • Oct. 28-29
    • OCC director workshops, Credit Risk and Risk Assessment, in Cleveland, OH.
  • Nov. 5-6
    • OCC director workshops, Compliance Risk and Credit Risk: A Director's Focus, in Kansas City, MO.
  • Nov. 6
    • FDIC Interagency CRA Workshop for Banks (Waukesha, WI).

 Regulatory Comment Deadlines

  • Oct. 14 – SEC: references to credit ratings in money market rules.  
  • Oct. 22 – CFPB: HMDA reporting requirements.  
  • Oct. 27 – Federal Reserve: repeal of Regulation AA.  
  • Oct. 28 – FHFA: housing goals for Fannie Mae and Freddie Mac.  
  • Nov.10 – Federal Reserve/OCC/FDIC: additions to CRA Q&As.  
  • Nov. 10 – HUD: streamlined discussion of refinancing in FHA handbook on single family loans.  
  • Nov. 10 – SEC: circulation of price quotes of security-bases swaps that may be purchases only by eligible contract participants not deemed an offer to sell.  
  • Nov. 24 – Federal Reserve/OCC/FDIC/FHFA/Farm Credit Administration: margin requirements for uncleared swaps.  
  • Dec. 2 – CFTC: margin requirements for uncleared swaps for swap dealers and major swap participants.  
  • Dec. 8 – CFPB: definition of "larger participant" in nonbank auto lending market.  
  • Jan. 12, 2015 – FHFA: FHLB membership to require 1% of assets in home mortgage loans.