Basel III Conforming Amendments.
On February 28th, the Office of the Comptroller of the Currency ("OCC") published technical and conforming amendments to its regulations governing national banks and Federal savings associations to make those regulations consistent with the recently adopted Basel III Capital Framework. As part of these technical amendments, the OCC is revising and clarifying its regulations governing subordinated debt applicable to national banks and Federal savings associations. The interim final rule is effective March 31, 2014. Comments should be submitted on or before March 31, 2014. 79 FR 11300.
Comment Period Extended for Proposal Regarding Physical Commodity Activities by Banks.
On February 27th, the Federal Reserve Board extended to April 16, 2014, the date by which comments may be submitted in response to its proposed rulemaking regarding physical commodity activities conducted by financial holding companies. Federal Reserve Board Press Release.Comment Period Extended for Proposal Regarding Physical Commodity Activities by Banks.
FDIC Quarterly Banking Profile.
On February 26th, the Federal Deposit Insurance Corporation ("FDIC") issued its most recent Quarterly Banking Profile. Insured commercial banks and savings institutions reported aggregate net income of $40.3 billion in the fourth quarter of 2013, a $5.8 billion (16.9 percent) increase from the $34.4 billion in earnings that the industry reported a year earlier. FDIC Press Release.FDIC Quarterly Banking Profile.
FDIC Quarterly Banking Profile.
On February 25th, the FDIC published the Winter 2013/2014 issue of FDIC Consumer News, which features practical tips for choosing and using credit cards. Additional articles offer suggestions on fraud prevention, saving money at tax time, and managing a home equity line of credit when interest rates are rising. The newsletter also includes a quiz on FDIC insurance. FDIC Press Release.FDIC Consumer News.
FDIC Consumer News.
On February 25th, the OCC published fact sheets concerning banks in Iowa, Nebraska, and South Dakota. Among other things, the fact sheets show that community national banks and federal savings associations in those three states have recovered from the effects of the financial crisis and economic downturn, with the vast majority of the 87 OCC-supervised institutions in those states receiving the agency's highest ratings. OCC Press Release.
OCC Fact Sheets.
On February 25th, the Federal Reserve Board announced that results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act will be released on March 20, 2014 and the related results from the Comprehensive Capital Analysis and Review will be released on March 26, 2014. Federal Reserve Board Press Release.Test Result Release Dates.
Test Result Release Dates.
On February 24th, the Federal Reserve Board announced it will begin publishing a semi-annual report with aggregate data and other information regarding banking applications. The report will be released in the second half of 2014 and include statistics on the length of time taken to process applications and notices, the number of approvals, denials, and withdrawals, and the primary reasons for withdrawals. Federal Reserve Board Press Release.Federal Reserve Board to Publish Banking Application Data.
Certain Banks Permitted to Use Advanced Approaches Framework.
On February 21st, the Federal Reserve Board and the OCC permitted certain banking organizations to begin using an additional approach to determine their risk-based capital requirements. Eight bank holding companies, eight national banks, and four state member banks will use the Advanced Approaches framework to calculate and publicly disclose their risk-based capital ratios beginning with the second quarter of 2014. Under the capital rules finalized by U.S. regulators in July 2013, these firms must meet the minimum risk-based capital ratios under both the Advanced Approaches and the generally applicable risk-based capital frameworks. The Federal Reserve Board also issued a final rule clarifying that bank holding companies using the Advanced Approaches framework will incorporate those changes into the capital planning and stress testing cycles that begin October 1, 2015. Joint Press Release.Certain Banks Permitted to Use Advanced Approaches Framework.