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.
Increases in Dollar Thresholds in Regulations Z & M for Exempt Consumer Credit & Lease Transactions
The FRB and the CFPB today announced they are increasing the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. Transactions at or below the thresholds are subject to the protections of the regulations.
Agencies Release a Regulatory Capital Estimation Tool for Community Banks
The federal bank regulatory agencies today released an estimation tool to help community banks understand the potential effects of the recently revised regulatory capital framework on their capital ratios. The revised framework implements the Basel III regulatory capital reforms and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Regulatory Capital Estimation Tool for Community Banks
The federal bank regulatory agencies today released an estimation tool to help community banks understand the potential effects of the recently revised regulatory . . .
OCC Newsletter Focuses on Financing Business Development and Expansion in Rural America
The Office of the Comptroller of the Currency (OCC) today published the latest edition of its Community Developments Investments electronic newsletter entitled “Financing Business Development and Expansion in Rural America.”
OCC Discusses Bank Secrecy Act
Comptroller of the Currency Thomas J. Curry told a conference on money laundering enforcement that the Bank Secrecy Act is a key element in the fight against illegal drugs and terrorism, and said meeting the challenges of the future will require increased diligence on the part of the industry and government alike.
Agencies Release Final Revisions to Community Reinvestment Act
The federal bank regulatory agencies with responsibility for Community Reinvestment Act (CRA) rulemaking today published final revisions to “Interagency Questions and Answers Regarding Community Reinvestment.” The Questions and Answers document provides additional guidance to financial institutions and the public on the agencies’ CRA regulations.
OCC Newsletter Focuses on Public Welfare Investments in Wind Energy Projects
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today published an online newsletter that provides information showing how national banks . . .
OCC and FDIC Propose Rule to Strengthen Liquidity Risk Management
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) proposed a rule on Wednesday to strengthen the liquidity risk management of large banks and savings associations.
The OCC and FDIC’s proposed liquidity rule is substantively the same as the proposal approved by the Board of Governors of the Federal Reserve System on October 24, 2013. That proposal, which was developed collaboratively by the three agencies, is applicable to banking organizations with $250 billion or more in total consolidated assets; banking organizations with $10 billion or more in on-balance sheet foreign exposure; systemically important, nonbank financial institutions that do not have substantial insurance subsidiaries or substantial insurance operations; and bank and savings association subsidiaries thereof that have total consolidated assets of $10 billion or more (covered institutions). The proposed rule does not apply to community banks.
Federal Regulators Provide Guidance on Qualified Mortgage Fair Lending Risks
Five federal regulatory agencies today issued a statement to address industry questions about fair lending risks associated with offering only Qualified Mortgages. Creditors have asked for clarity regarding whether the disparate impact doctrine of the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, allows them to originate only Qualified Mortgages. For the reasons described in the statement, the five agencies do not anticipate that a creditor’s decision to offer only Qualified Mortgages would, absent other factors, elevate a supervised institution’s fair lending risk.