Regulatory Updates Archive
Treatment of Certain Preferred Stock under OTS Acquisition of Control Regulations
Federal Reserve announces details of program to purchase mortgage-backed securities
Released by the Board of Governors of the Federal Reserve System
Federal Reserve announces details of program to purchase mortgage-backed securities
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Approval of proposal by GMAC and IB Finance to become bank holding companies
Released by the Board of Governors of the Federal Reserve System
Approval of proposal by GMAC and IB Finance to become bank holding companies
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Technical Amendment to Regulation B, Equal Credit Opportunity Act
Complete CEO Memo: http://www.ots.treas.gov/?p=PressReleases&ContentRecord_id=5f249670-1e0b-8562-eb3e-793fa8a447c4
OCC Enforcement Actions
The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks and individuals currently and formerly affiliated with national banks.
Complete Release: http://www.occ.treas.gov/ftp/release/2008-149.htm
Board adopts revisions to Payment System Risk policy
Released by the Board of Governors of the Federal Reserve System
Board adopts revisions to Payment System Risk policy
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Annual notice of asset-size exemption threshold for depository institutions
Released by the Board of Governors of the Federal Reserve System
Annual notice of asset-size exemption threshold for depository institutions
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Recordkeeping Requirements for Qualified Financial Contracts Final Rule
The FDIC has issued the attached final rule (Final Rule) to improve the FDIC's ability to monitor and evaluate risks in certain insured depository institutions with qualified financial contracts (QFCs), as well as assure preparedness if such institutions fail. The Final Rule and Appendix require an institution in a troubled condition to produce position level and counterparty level data and other information that is relevant to the resolution and disposition of QFCs.
Read complete financial institution letter
OCC Alerts Banks To Issuance Of Wachovia Restitution Checks
The Office of the Comptroller of the Currency (OCC) notified financial institutions today that Wachovia Bank has issued more than 740,000 checks to consumers harmed by payment processors for telemarketers that did business with Wachovia.
Complete Release: http://occ.gov/ftp/release/2008-147.htm
Community Reinvestment Act
The FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Office of Thrift Supervision have published the attached joint final rule amending the Community Reinvestment Act (CRA) to make the annual adjustment to the asset-size threshold used to define "small bank" and "intermediate small bank" under the Act.
Read complete financial institution letter
Agencies release annual CRA asset-size threshold adjustments for small and intermediate small institutions
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Restructuring of the check processing operations in the Sixth and Eighth Districts, Regulation CC
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Agencies Approve Final Rule on Deduction of Goodwill from Tier 1 Capital
The federal banking and thrift regulatory agencies today approved a final rule that would permit a banking organization to reduce the amount of goodwill it must deduct from tier 1 capital by any associated deferred tax liability.
Deposit Insurance Assessments Final Rule on Assessments for the First Quarter of 2009
The FDIC Board of Directors has approved the attached final rule on deposit insurance assessment rates for the first quarter of 2009. The rule raises assessment rates uniformly by 7 basis points (annual rate) for the first quarter of 2009 only.
Read complete financial institution letter
Revisions to Regulatory Reports Filed by FDIC-Insured Depository Institutions
On November 21, 2008, the Federal Deposit Insurance Corporation (FDIC) approved a final rule to implement the Temporary Liquidity Guarantee (TLG) Program announced on October 14, 2008.
Read complete financial institution letter
Comptroller Dugan Highlights Re-default Rates on Modified Loans
Comptroller of the Currency John C. Dugan said today that new data shows that more than half of loans modified in the first quarter of 2008 fell delinquent within six months.
Complete Release: http://occ.gov/ftp/release/2008-142.htm
Regulation Z (Truth in Lending) and Regulation C (Home Mortgage Disclosure)
The closed-end mortgage provisions of Regulation Z, which implement the Truth in Lending Act and the Home Ownership and Equity Protection Act, have been amended. Among other changes, these provisions now include consumer protections specific to "higher-priced mortgage loans." The compilation and reporting of loan data provisions of Regulation C, which implements the Home Mortgage Disclosure Act, now conform to the definition of higher-priced mortgage loans under Regulation Z. The amendments to Regulations Z (with limited exceptions) and C take effect on October 1, 2009.
Read complete financial institution letter
FDIC Expands Bidder List for Troubled Institutions
Plan Allows Those Without a Bank Charter to Participate in the Process
Quarterly Banking Profile (QBP)
Provides the earliest comprehensive summary of financial results for all FDIC-insured institutions. This report card on industry status and performance includes written analyses, graphs and statistical tables.
Complete Report: http://www2.fdic.gov/qbp/index.asp
Federal Reserve announces it will initiate a program to purchase the direct obligations of housing-related government-sponsored enterprises and mortgage-backed securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Federal Reserve announces the creation of the Term Asset-Backed Securities Loan Facility (TALF)
Released by the Board of Governors of the Federal Reserve System
Federal Reserve announces the creation of the Term Asset-Backed Securities Loan Facility (TALF)
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
FDIC Board of Directors Approves TLGP Final Rule
Industry Funded Program Fully Backed by FDIC Guarantee; Will Promote Lending
OCC Conditionally Approves First National Bank "Shelf Charter" to Expand Pool of Qualified Bidders for Troubled Institutions
The Office of the Comptroller of the Currency announced today it had granted its first conditional preliminary approval of a new type of national bank "shelf-charter," designed to facilitate new equity investments in troubled depository institutions.
Complete Release: http://occ.gov/ftp/release/2008-137.htm
Federal Reserve announces it will alter formulas used to determine interest rates paid to depository institutions on required reserve balances and excess reserve balances
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
The October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices
Released by the Board of Governors of the Federal Reserve System
The October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Federal Reserve, Banco Central do Brasil, Banco de Mexico, Bank of Korea, and Monetary Authority of Singapore announce the establishment of temporary reciprocal currency arrangements
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF)
Released by the Board of Governors of the Federal Reserve System
Federal Reserve announces the creation of the Money Market Investor Funding Facility (MMIFF)
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Federal Reserve announces it will alter the formula used to determine the interest rate paid to depository institutions on excess balances
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Federal Reserve approves final amendments to Regulation C that revise the rules for reporting price information on higher-priced mortgage loans
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Agencies Encourage Participation in Treasury's Capital Purchase Program, FDIC's Temporary Liquidity Guarantee Program
The federal banking and thrift regulatory agencies encourage all eligible institutions to use the Treasury Department's Capital Purchase Program and the Federal Deposit Insurance Corporation's Temporary Liquidity Guarantee Program.
Federal Reserve announces interim final rule to allow bank holding companies to include senior perpetual preferred stock issued to the Treasury Department in Tier 1 capital
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Identity Theft Red Flags, Address Discrepancies, and Change of Address Regulations
The FDIC has issued the attached examination procedures on identity theft "red flags," address discrepancies, and change of address requests.
Read complete financial institution letter
FDIC Announces Series of Banker Calls on Its Temporary Liquidity Guarantee Program
Beginning today, the Federal Deposit Insurance Corporation (FDIC) will hold the first in a series of conference calls with the banking industry to answer technical questions regarding the newly announced Temporary Liquidity Guarantee Program. Today's call will commence at 2 p.m. Eastern and will run for one hour.
Revised FDIC Trust Examination Manual is Available
The FDIC has updated its Trust Examination Manual and is making it available to the public on its Web site and in CD-ROM format.
Read complete financial institution letter
Joint statement by Federal Reserve, U.S. Department of the Treasury, and Federal Deposit Insurance Corporation (FDIC)
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Board announces additional details regarding the Commercial Paper Funding Facility (CPFF)
Released by the Board of Governors of the Federal Reserve System
Board announces additional details regarding the Commercial Paper Funding Facility (CPFF)
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
FDIC Simplifies Coverage Rules for Mortgage Servicing Accounts
The FDIC Board of Directors today adopted an interim final rule, effective immediately, to simplify the deposit insurance rules for accounts held at FDIC-insured institutions by mortgage servicers.
Shared National Credits Program Reports Large Increase in Credit Volume and Significant Deterioration in Credit Quality
The volume of Shared National Credits (SNC), loan commitments of $20 million or more and held by three or more federally supervised institutions, rose 22.6 percent to $2.8 trillion, and the volume of criticized credits increased to $373.4 billion, or 13.4 percent of the SNC portfolio, according to the 2008 SNC review results released today by federal bank and thrift regulators.
Complete Release: http://www.occ.gov/ftp/release/2008-120.htm
Proposed Deduction of Goodwill Net of Associated Deferred Tax Liability
The federal banking agencies have jointly issued the attached Notice of Proposed Rulemaking (NPR) seeking comment on whether to allow goodwill, which must be deducted from Tier 1 capital, to be reduced by the amount of any associated deferred tax liability. The FDIC will accept comments on the NPR through October 30, 2008.
Read complete financial institution letter
Annual adjustments for reserve calculations and deposit reporting, Regulation D
Released by the Board of Governors of the Federal Reserve System
Annual adjustments for reserve calculations and deposit reporting, Regulation D
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Changes to FDIC Deposit Insurance Rules for Revocable Trust Accounts
The FDIC has adopted an interim regulation simplifying the rules for insuring revocable trust accounts - commonly known as payable-on-death accounts and living trust accounts. The new rules are easier to understand and apply, and provide at least as much coverage as the former rules for revocable trust accounts. The revised rules take effect today and apply to all existing and future revocable trust accounts at FDIC-insured institutions. The FDIC welcomes comments on the interim rule for 60 days after its publication in the Federal Register.
Read complete financial institution letter
Proposed Revisions to Reports of Condition and Income (Call Report) for 2009
The Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Board), and the Federal Deposit Insurance Corporation (FDIC) are requesting comment on several proposed revisions to the Call Report.
Read complete financial institution letter
Federal Banking Agencies Evaluating FASB's Accounting Proposals
The federal banking agencies are evaluating the amendments to generally accepted accounting principles proposed today by the Financial Accounting Standards Board (FASB).
Federal Reserve Board announces several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Exceptions and Exemptions for Banks from the Definition of "Broker"
The FDIC is reminding banks that on the first day of an institution's fiscal year beginning after September 30, 2008, the institution must comply with the requirements of Regulation R, "Definitions of Terms and Exemptions Relating to the 'Broker' Exceptions for Banks," and the Gramm-Leach-Bliley Act of 1999 (GLBA). For more information about Regulation R, see FIL-92-2007, dated October 25, 2007, at http://www.fdic.gov/news/news/financial/2007/fil07092.html.
Read complete financial institution letter
Board releases Small Entity Compliance Guide for Regulation R
Released by the Board of Governors of the Federal Reserve System
Board releases Small Entity Compliance Guide for Regulation R
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Liquidity Risk Management
The FDIC is issuing this guidance to highlight the importance of liquidity risk management at financial institutions. Liquidity risk measurement and management systems should reflect an institution's complexity, risk profile, and scope of operations.
Read complete financial institution letter
Joint Forum Release of Credit Risk Transfer Paper
The Joint Forum today released its paper entitled Credit Risk Transfer - Developments from 2005 to 2007. "This paper is contributing significantly to the understanding of the causes of the credit market turmoil," said John C. Dugan, Comptroller of the Currency and Chairman of the Joint Forum. "Particularly relevant is the report's focus on two financial instruments that have been used widely to transfer credit risk: collateralized debt obligations referencing ABS (ABS CDOs) and collateralized loan obligations (CLOs).
Complete Release: http://occ.gov/ftp/release/2008-93.htm
Supervisory Review Process of Capital Adequacy (pillar 2) Related to The Implementation of the Basel II Advanced Capital Framework
The federal bank and thrift regulatory agencies have jointly issued the attached final guidance on the Supervisory Review Process of Capital Adequacy (Pillar 2) under the Basel II Advanced Capital Framework. While this guidance reflects a continuation of the longstanding approach employed by the agencies in the supervision of banks, it provides the clarification necessary to support the implementation of the advanced approaches final rule. The final guidance takes effect on September 2, 2008.
Read complete financial institution letter
Federal Reserve announces steps to enhance the effectiveness of its existing liquidity facilities
Released by the Board of Governors of the Federal Reserve System
Federal Reserve announces steps to enhance the effectiveness of its existing liquidity facilities
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Risk-based Capital Rules: Notice of Proposed Rulemaking on Risk-Based Capital Standards: Standardized Framework
The federal bank and thrift regulatory agencies have jointly issued the attached Notice of Proposed Rulemaking (NPR) and are seeking comment on the domestic application of the Basel II standardized framework for all domestic banks, bank holding companies, and savings associations that are not subject to the Basel II advanced approaches rule. The FDIC will accept comments on the NPR through October 27, 2008.
Read complete financial institution letter
Agencies Issue Statement on Basel II Advanced Approaches Qualification Process
The federal banking and thrift agencies today issued an interagency statement outlining the qualification process for banking organizations implementing the new advanced capital adequacy framework known as Basel II.
Complete Release: http://occ.gov/ftp/release/2008-77.htm
Comptroller Dugan Unveils New OCC Mortgage Metrics Report
In a speech to the American Securitization Forum in New York, Comptroller of the Currency John C. Dugan unveiled a new Mortgage Metrics Report compiled by the Office of the Comptroller of the Currency (OCC) and focused on delinquencies, loss mitigation actions, and foreclosures in mortgages serviced by national banks.
Complete Release: http://occ.gov/ftp/release/2008-65.htm
OCC Statement On Reporting Of Securitized Subprime Adjustable Rate Residential Mortgages
The Office of the Comptroller of the Currency issued the following statement regarding the reporting of securitized subprime adjustable rate residential mortgages:
Complete News Release: http://www.occ.gov/ftp/release/2008-27.htm
Restructuring of the check processing operations in the Sixth and Eighth Districts, Regulation CC
Released by the Board of Governors of the Federal Reserve System
Restructuring of the check processing operations in the Sixth and Eighth Districts, Regulation CC
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Comptroller Dugan Tells Lenders that Unprecedented Home Equity Loan Losses Show Need for Higher Reserves and Return to Stronger Underwriting Practices
Comptroller of the Currency John C. Dugan said today that accelerating losses in the home equity business show the need to build reserves and to return to the stronger underwriting standards of past years.
Complete Release: http://www.occ.treas.gov/ftp/release/2008-58.htm
Federal Reserve, European Central Bank, and Swiss National Bank announce an expansion of liquidity measures
Released by the Board of Governors of the Federal Reserve System
Schedule of upcoming postings to the Board's web site
List of items posted to the Board's web site over the past two weeks
Community Reinvestment Act: Income Level, Median Family Income
U.S. Census and Department of Housing and Urban Development data are used to determine income levels of geographies in Community Reinvestment Act performance evaluations.
Complete Bulletin: http://www.occ.gov/ftp/bulletin/2008-9.html
Lending Limits: Interim Final Rule
Interim final rule allows the OCC to approve exceptions to the national bank lending limit for essential funding transactions in emergencies.
Complete Bulletin: http://www.occ.gov/ftp/bulletin/2008-8.html
FFIEC Information Technology Examination Handbook: Business Continuity Planning Booklet
Revised Business Continuity Planning guidance for financial institutions and their service providers to identify and minimize the effects of natural and other disasters.
Complete Bulletin: http://www.occ.gov/ftp/bulletin/2008-6.html
Flood Disaster Protection Act: Flood Hazard Determination Practices
Entities should rely on the Community Status Book rather than the Flood Map Status Information Service when determining whether a community is in a flood hazard area.
Complete Bulletin: http://www.occ.gov/ftp/bulletin/2008-4.html
Notary and Bank Seals: Guidance on Notary or Bank Seal Requirements
To enable banks to file more applications electronically, the OCC no longer requires banks to notarize or affix their seals to certain documents.
Complete Bulletin: http://www.occ.gov/ftp/bulletin/2008-2.html
Revisions to the Consolidated Reports of Condition and Income for 2008
The Federal Financial Institutions Examination Council (FFIEC) has approved revisions to the reporting requirements for the Consolidated Reports of Condition and Income (Call Report).
Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial/2008/fil08013.html
Office of the Comptroller of the Currency Lowers Assessment Fees for National Banks
OCC News Release: "Office of the Comptroller of the Currency Lowers Assessment Fees for National Banks," dated February 19, 2008.
The Office of the Comptroller of the Currency today announced that it was recalibrating its assessment structure with the result that all national banks will pay modestly lower assessment fees, effective March 31, 2008.
Complete News Release: http://www.occ.gov/ftp/release/2008-19.htm