Comptroller discusses interagency collaboration. At an event for bank regulators related to accounting and auditing of regulated financial institutions, Comptroller of the Currency Thomas J. Curry discussed the importance of interagency collaboration to the supervision and regulation of the financial services industry. (10/25/2016)

Regulatory agencies issue an exception on real estate transactions from the appraisal requirements for transactions in areas affected by severe storms, flooding in Louisiana. The OCC, the FDIC, Federal Reserve Board of Governors, and NCUA announced that they have issued an exception from the appraisal requirements for real estate-related financial transactions in the communities declared to be in a major disaster area due to the severe storms and flooding in Louisiana. The agencies will not require financial institutions to acquire appraisals for affected transactions for the time period specified if certain conditions are met. The agencies will monitor institutions’ use of the appraisal exception to ensure that real estate-related transactions are being originated in a manner consistent with safe and sound banking practices. The exception will expire on December 31, 2017. (10/24/2016) Federal Register notice.

OCC names new Deputy Chief Counsel. The OCC announced that, effective immediately, Charles M. Steele is now its Deputy Chief Counsel. Mr. Steele, who will supervise the Administrative and Internal Law, Community and Consumer Law, Enforcement and Compliance, and Litigation divisions, will also supervise the district counsel staffs in the agency’s Southern District and Western District offices. (10/24/2016)

FAQs on FFIEC Cybersecurity Assessment Tool. The OCC announced that the FFIEC’s Cybersecurity Assessment Tool contains answers to FAQs that bankers have posed to OCC examiners and policy staff members. (10/17/2016)

OCC to host Risk Governance and Credit workshops in Houston. The OCC announced that it will host two workshops in Houston, Texas, at the Royal Sonesta Hotel Houston, November 29-30, for directors of national community banks and federal savings associations supervised by the OCC. The Risk Governance workshop on November 29th will combine lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks, and will focus on the OCC’s approach to risk-based supervision and major risks in the financial industry. The Credit Risk workshop on November 30th will focus on credit risk within the loan portfolio, such as identifying trends and recognizing problems, and will cover the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. This is the final Credit Risk workshop for 2016. (10/17/2016)

Mutual Savings Association Advisory Committee Charter renewed. The OCC announced that it has renewed the charter of its Mutual Savings Association Advisory Committee, which advises the agency on issues and opportunities facing mutual savings institutions. (10/17/2016) Federal Register notice.


First-ever Project Catalyst innovation highlights report. The CFPB announcedthat it has released a report highlighting various market developments that have the potential to produce benefits for consumers. (10/24/2016)

Treasury Department

Final earnings stripping announced. The Treasury Department and the IRS announced that they have issued final regulations to address earnings stripping. This action will further reduce the benefits of corporate tax inversions, level the playing field between US and non-US businesses, and limit the ability of companies to lower their tax bills through transactions involving debt that do not support new investment in the US. These regulations also require large corporations claiming interest deductions to document loans to and from their affiliates, just as businesses of all sizes do when they borrow from unrelated lenders. The rules were proposed in April along with temporary anti-inversion regulations. See fact sheet and remarks by Treasury Secretary Lew. (10/13/2016)