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Wednesday, June 13, 2012

Federal Register Update: OCC's Alternative Creditworthiness Standards

The OCC has finalized rules regarding alternatives to the use of external credit ratings in its regulations. The final rules will revise OCC regulations pertaining to investment securities, securities offerings, and foreign bank capital equivalency deposits to replace references to credit ratings with alternative standards of creditworthiness.

The final rules will also amend the OCC’s regulations pertaining to financial subsidiaries of national banks to better reflect the requirements of Section 939(d) of the Dodd-Frank Act.

Certain portions of the final rule will be effective on July 21, 2012 and other portions on January 1, 2013.

Read more.

The OCC has also issued final guidance that clarifies regulatory expectations with respect to investment purchase decisions and ongoing portfolio due diligence processes.

National banks will have to meet this new standard before purchasing investment securities. In addition, national banks and Federal savings associations should continue to maintain appropriate ongoing reviews of their investment portfolios to verify their portfolios meet safety and soundness requirements.

The guidance is effective January 1, 2013.

Read more.

The CFPB is requesting comments on the newly established Privacy Act System of Records. The Dodd-Frank Act requires the CFPB create and maintain a national registration system for residential mortgage loan originators(MLOs).

Comments are due July 13, 2012. The new system of records will be effective July 23, 2012 unless the comments received result in a contrary determination.

Read more.

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