Comment Sought on Outdated or Burdensome Regulations
On June 4th, the federal banking regulatory agencies published the first of a series of requests for comments to identify outdated, unnecessary, or unduly burdensome regulations imposed on insured depository institutions. Comments should be submitted on or before September 2, 2014. Joint Agency Press Release.
Federal Reserve Board Issues New Margins Schedule
On June 3rd, the Federal Reserve Board announced a new schedule of margins applicable for collateral pledged by depository institutions to secure discount window loans and for payment system risk purposes. The new margins reflect data and methodological improvements that better account for differences in various risk characteristics across collateral types. The changes are effective July 1, 2014. Federal Reserve Board Press Release.
OCC Seeks Nominees for Advisory Committees
On June 2nd, the Office of the Comptroller of the Currency (“OCC”) announced it is seeking nominees to serve on its Minority Depository Institutions Advisory Committee and its Mutual Savings Association Advisory Committee. Nominations for either committee should be submitted on or before July 15, 2014.
Interagency Statement on Increased Flood Insurance Coverage
On May 30th, the OCC, Federal Reserve Board, the Farm Credit Administration, the National Credit Union Administration, and the Federal Deposit Insurance Corporation (“FDIC”) published a statement on their supervisory expectations concerning the availability of increased flood insurance coverage under the National Flood Insurance Program for “Other Residential Buildings.” OCC Bulletin.
The OCC will host two workshops in Seattle, Washington on July 8-9, 2014 for directors of national community banks and federal savings associations. The “Risk Assessment” and “Credit Risk” workshops are designed exclusively for directors of institutions supervised by the OCC. The risk assessment workshop discusses the OCC’s approach to risk-based supervision, and best practices to identify, measure, monitor and control risk. The credit risk workshop focuses on the roles of the board and bank management, current events, emerging industry trends, and a range of credit issues, from the credit approval process, to managing credit risk, to collections. OCC Press Release.