OCC Guidance to Federal Savings Associations

On October 1st, the Office of the Comptroller of the Currency (“OCC”) issued a bulletin advising of the applicability to federal savings associations of certain OCC guidance and reaffirming as applicable to federal savings associations certain interagency guidance. The bulletin also advises of the OCC’s rescission of several Office of Thrift Supervision documents.

Federal Reserve Board to Study Insurance Holding Companies

On September 30th, the Federal Reserve Board announced it will begin a quantitative impact study to evaluate the potential effects of its revised regulatory capital framework on savings and loan holding companies and nonbank financial companies supervised by the Board that are substantially engaged in insurance underwriting activity. Federal Reserve Board Press Release.

OCC Sees Improving Conditions in Southern District

On September 30th, the OCC reported improving conditions among national banks and federal savings associations in the nine states that make up the OCC’s Southern District. OCC Press Release.

Supplemental Leverage Ratio

On September 26th, the OCC issued a bulletin on the recent adoption of a final rule which revises the calculation of total leverage exposure, the denominator of the supplementary leverage ratio. The supplementary leverage ratio applies to all banking organizations subject to the advanced approaches risk-based capital framework.

Comptroller’s Handbook Updated

On September 26th, the OCC advised it has published a revised “Federal Branches and Agencies Supervision” booklet of the Comptroller’s Handbook. OCC Bulletin.

FFIEC Alert

On September 26th, the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued an alert notifying financial institutions of a material security vulnerability in Bourne-again shell (Bash) system software used in servers and other computing devices that could allow attackers to access and gain control of operating systems. The alert outlines the risks associated with this vulnerability (also known as “Shellshock”), the risk mitigation steps that financial institutions are expected to take, and additional resources to help institutions mitigate the risks. OCC Bulletin.

OCC Mortgage Metrics Report

On September 25th, the OCC published the Second Quarter 2014 Mortgage Metrics Report. Among other things, the report found that performance of first-lien mortgages serviced by large national and federal savings banks experienced seasonal decline during the second quarter but improved from a year earlier. OCC Press Release.