Joint Agency Actions

Notice of rulemaking: CRA regulations. The OCC, the Federal Reserve, and the FDIC announced that they have published a final rule in the Federal Register that revises their regulations implementing the Community Reinvestment Act (CRA). The final rule, among other things, amends the CRA regulations’ definitions of “home mortgage loan” and “consumer loan.” This rule is effective on January 1, 2018. (11/29/2017)   

Final rule: regulatory capital. The OCC, the Federal Reserve, and the FDIC announced that they are issuing a final rule, applicable to non-advanced approaches national banks and federal savings associations, that will maintain the capital rules’ 2017 transition provisions for several regulatory capital deductions and certain other requirements that are subject to multi-year phase-in schedules in the regulatory capital rules. The final rule becomes effective on January 1, 2018. (11/22/2017)   

Agencies announce availability of 2016 small business, small farm, and community development lending data. The Federal Reserve, the FDIC, and the OCC announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations under the CRA. (11/21/2017) CRA 2016 Data Fact Sheet – With Tables.   

Threshold announced for smaller loan exemption from appraisal requirements for higher-priced mortgage loans. The CFPB, the Federal Reserve System, and the OCC announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2018 will increase from US$25,500 to US$26,000. The threshold amount will be effective January 1, 2018, and is based on the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2017. (11/20/2017) Federal Register.   

OCC 

2018 fees and assessments structure bulletin. The OCC released a bulletininforming all national banks, federal savings associations, and federal branches and agencies of foreign banks of fees and assessments charged by the agency for calendar year 2018. The bulletin becomes effective January 1, 2018. (12/1/2017)   

Revised Comptroller's Licensing Manual Booklet: Capital and Dividends. The OCC announced that it has issued the “Capital and Dividends” booklet of the Comptroller’s Licensing Manual. (11/30/2017)   

Final rule: mandatory contractual stay requirements for qualified financial contract. The OCC announced that it has published a final rule in the Federal Register that will enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions. This final rule is effective on January 1, 2018. (11/29/2017)   

Joseph M. Otting becomes the 31st Comptroller of the Currency. The OCC announced that Joseph M. Otting has become the 31st Comptroller of the Currency, after being sworn into office by Secretary of the Treasury Steven T. Mnuchin and being confirmed by the U.S. Senate on November 16, 2017. (11/27/2017)   

Update of Comptroller’s Licensing Manual: Public Notice and Comments. The OCC announced that it has issued a new version of the “Public Notice and Comments” booklet of the Comptroller’s Licensing Manual. (11/17/2017)   

Revised Comptroller’s Licensing Manual Booklet: Background Investigations. The OCC announced that it has issued the “Background Investigations” booklet of the Comptroller’s Licensing Manual. (11/9/2017)

Noreika explores the separation of banking and commerce. Acting Comptroller of the Currency Keith A. Noreika delivered a speech at the Clearing House Annual Conference, where he explored how the separation of banking and commerce evolved in the US and called for a broader discussion of whether the separation continues to serve the best interest of the nation’s banking system and economy today. (11/8/2017)

Impact of CRA ratings on licensing applications. The OCC announced that it is issuing guidance to provide transparency regarding its framework for evaluating certain types of licensing applications when an applicant bank has an overall Community Reinvestment Act rating of “Needs to Improve” or “Substantial Noncompliance” or a less than satisfactory rating in one or more geographic rating areas. (11/8/2017)   

Revised Comptroller’s Licensing Manual booklet: Subordinated Debt. The OCC announced that it has issued the “Subordinated Debt” booklet of the Comptroller’s Licensing Manual. This revised booklet incorporates updated requirements for issuing subordinated debt and including it as tier 2 capital, as well as revised sample notes for national banks and new sample notes for federal savings associations. (11/7/2017) 

Federal Reserve   

Janet Yellen resigns. The Federal Reserve announced that Janet L. Yellen has submitted her resignation as a Member of the Board of Governors of the Federal Reserve System, effective upon the swearing in of her successor as Chair. (11/20/2017)   

Comment periods for two related proposals are extended. The Federal Reserve announced that it has extended the comment periods for two related proposals until February 15, 2018. One would enhance the effectiveness of boards of directors. The other would implement a new ratings system for large financial institutions that would be aligned with the post-crisis supervisory program. (11/17/2017)    

Fed and CFPB announce annual indexing of exempt consumer credit and lease transactions in 2018. The Federal Reserve Board and the CFPB announcedthe dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) that will apply for determining exempt consumer credit and lease transactions in 2018. (11/8/2017)   

CFPB   

Report on consumer experiences with overdraft programs. The CFPB announced that it has released a report on consumer experiences with overdraft programs. (11/21/2017)   

Identification of language preference on the URLA. The CFPB announced that it has issued an official approval of the final redesigned Uniform Residential Loan Application (URLA), which will include a question about mortgage applicants’ language preference starting as early as July 2019.   

Treasury Department   

Treasury completes review of FSOC’s designation processes. The Treasury Department issued a memorandum regarding its review of the Financial Stability Oversight Council’s designation processes for nonbank financial companies and for financial market utilities, which makes recommendations to improve the FSOC’s designation processes for these entities. (11/17/2017) Treasury Department press release.   

September TIC data. The Treasury Department released Treasury International Capital data for September 2017. (11/15/2017) Treasury Department press release.