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Friday, October 28, 2016

The Week Ahead: Oct. 31 - Nov. 4

  • Comments Due CFTC: Privacy Act of 1974 System of Records Notice
    Read more.
  • Comments Due SEC: Access to Data Obtained by Security-Based Swap Data Repositories
    Read more.
  • Comments Due SEC: Extension of Comment Period for Disclosure Update and Simplification
    Read more.
  • Comments Due CFPB: Agency Information Collection Activities: Submission for OMB Review; Comment Request (PRA)
    Read more.
  • Comments Due SBA: Application for Section 504 Loans (PRA)
    Read more.
  • 9:00 AM Meeting FDIC: FDIC Advisory Committee on Community Banking; Notice of Meeting
    Read more.
  • Comments Due CFPB: Notice of a Public List of Companies Offering Existing Customers Free Access to a Credit Score
    Read more.
  • 11:00 AM Meeting CFTC: Sunshine Act Meeting
    Read more.
All times in Eastern Standard Time. See future events on the  Dodd-Frank Calendar.

DOL Publishes Fiduciary Rule FAQs

The Labor Department has issued a series of frequently asked questions on its final rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act and Internal Revenue Code. The FAQs – which represent the first guidance issued by the department on the fiduciary rule – address questions received by DOL from the industry since the rule was issued, and are intended to offer additional clarity about the rule and what institutions must do to comply.

As a result of ABA's advocacy, the DOL in question 20 addressed bank networking arrangements with bank-affiliated broker-dealers, stating that they are exempt from coverage under the fiduciary rule and that such arrangements fall within the "hire me" exclusion. Banks have until April 2017 to comply with the Best Interest Contract exemption of the rule and until Jan 1, 2018, to comply with the entire rule.

Read the FAQs.

CFPB Warns Companies About Potential Mortgage Lending Reporting Failures

The CFPB has issued a warning letter to 44 mortgage lenders and mortgage brokers. The bureau, citing the Home Mortgage Disclosure Act, say the companies may be required to collect, record and report data about their housing-related lending activity, and that they may be in violation of those requirements. The CFPB identified the 44 companies by reviewing available bank and nonbank mortgage data.

The letters say that recipients should review their practices to ensure they comply with all relevant laws. The companies are encouraged to respond to the Bureau to advise if they have taken, or will take, steps to ensure compliance with the law. They can also tell the Bureau if they think the law does not apply to them. The CFPB, in sending these letters, made no determination that a legal violation did, in fact, occur.

Read a sample letter.

BAFT Applauds OCC’s Responsible Innovation Framework

BAFT – ABA’s global transaction banking subsidiary – has welcomed the OCC’s framework for responsible innovation. The recently introduced framework established an office of innovation within the OCC, and outlined steps the agency will take to provide technical assistance to banks to help them continue to innovate safely and successfully.

Samantha Pelosi, SVP for innovation and payments said:
The OCC’s provision of technical assistance and participation pilot programs upon request will be of critical importance in the development of innovative and compliant solutions. We commend the OCC for using research and industry input to inform policy and for beginning the process of updating existing guidance. In particular, we are encouraged by the OCC’s desire for collaboration with domestic and foreign regulators to share information and formulate consistent approaches towards innovation in financial services.
Read BAFT's statement.
Read the OCC's framework.

OCC Hosts Risk Governance and Compliance Workshops in Philadelphia

The OCC will host two workshops in Philadelphia, December 6-7, for director of national community banks and federal savings associations supervised by the OCC.

The Risk Governance workshop on December 6 combines lectures, discussion and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.

The Compliance Risk workshop on December 7 combines lectures, discussion and exercises on the critical elements of an effective compliance risk management program. The workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Community Reinvestment Act and the Truth-in-Lending (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) Integrated Disclosures Rule, also known as TRID.

The workshop fee is $99. Participants receive a pre-workshop reading package and course materials, and assorted supervisory publications. The workshop is limited to the first 35 registrants.

The workshops are taught by experienced OCC staff and are offered nationwide to enhance and expand the skills of national community bank and federal savings association directors. These are the last bank director workshops offered in 2016.

Register here.

Fed Announces Annual Indexing of Reserve Requirements

The Federal Reserve has announced the annual indexing of the low reserve tranche and the reserve requirement exemption amount for 2017. These amounts are used to calculate reserve requirements for depository institutions.

For net transaction accounts in 2017, the first $15.5 million – up from $15.2 million in 2016 – will be exempt from reserve requirements. A 3% reserve ratio will be assessed on net transaction accounts between $15.5 million and $115.1 million. A 10% reserve ratio will be assessed on net transaction accounts over $115.1 million

Read more.