National banks and federal savings associations continue to face a number of risks as they seek to improve profits in the face of slow economic growth and a prolonged low interest rate environment. Banks are layering risk back into the system in ways that are difficult to quantify at this point in the cycle. That is why risk management must remain a top priority according to the Office of the Comptroller of the Currency’s semiannual assessment of risk.
Archives for December 2013
Agencies issue statement on supervisory approach for qualified and non-qualified mortgage loans
Four federal financial institution regulatory agencies today issued a statement to clarify safety-and-soundness expectations and Community Reinvestment Act (CRA) considerations related to Qualified Mortgage loans and non-Qualified Mortgage loans offered by regulated institutions.
Agencies Final Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements
Six federal financial regulatory agencies today issued a final rule that creates exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The exemptions are intended to save borrowers time and money while still ensuring that the loans are financially sound.
FinCEN, Federal Reserve Finalize Rule Amending Definitions in the Bank Secrecy Act
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board on Tuesday announced a final rule amending the definitions of “funds transfer” and “transmittal of funds” under regulations implementing the Bank Secrecy Act. The final rule adopts the amendments as proposed in November 2012.