CFR Title 12 Banks and Banking

CFR Title 12 – Banks and Banking

CFR DataTable of FEDERAL REGISTER Activity

PublishedTypeAgenciesNameTitleExcerptFRDocPDFHTMLAbstract
PublishedTypeAgenciesNameTitleExcerptFRDocPDFHTMLAbstract
2018-09-17Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyUniform Mortgage-Backed SecurityThe Federal Housing Finance Agency (FHFA or Agency) is providing notice and inviting comment on a proposed rule to improve the liquidity of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie...2018-20124"https://www.gpo.gov/fdsys/pkg/FR-2018-09-17/pdf/2018-20124.pdfhttps://www.federalregister.gov/documents/2018/09/17/2018-20124/uniform-mortgage-backed-securityThe Federal Housing Finance Agency (FHFA or Agency) is providing notice and inviting comment on a proposed rule to improve the liquidity of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (the Enterprises) To-Be-Announced (TBA) eligible mortgage-backed securities (MBS) by requiring the Enterprises to maintain policies that promote aligned investor cash flows both on current TBA-eligible MBS, and, upon its implementation, on the Uniform Mortgage-Backed Security (UMBS)--a common, fungible MBS that will be eligible for trading in the TBA market for fixed-rate mortgage loans backed by 1-4 unit (single-family) properties.
2018-09-17RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemAvailability of Funds and Collection of ChecksThe Board is publishing a final rule that amends Subpart C of Regulation CC to address situations where there is a dispute as to whether a check has been altered or was issued with an unauthorized signature, and the original paper check is not...2018-20029"https://www.gpo.gov/fdsys/pkg/FR-2018-09-17/pdf/2018-20029.pdfhttps://www.federalregister.gov/documents/2018/09/17/2018-20029/availability-of-funds-and-collection-of-checksThe Board is publishing a final rule that amends Subpart C of Regulation CC to address situations where there is a dispute as to whether a check has been altered or was issued with an unauthorized signature, and the original paper check is not available for inspection. This rule adopts a presumption of alteration for disputes between banks over whether a substitute check or electronic check contains an alteration or is derived from an original check that was issued with an unauthorized signature of the drawer.
2018-09-12RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauDisclosure of Records and InformationThis final rule amends the procedures used by the public to obtain information from the Bureau of Consumer Financial Protection (Bureau) under the Freedom of Information Act, the Privacy Act of 1974, and in legal proceedings.2018-19384"https://www.gpo.gov/fdsys/pkg/FR-2018-09-12/pdf/2018-19384.pdfhttps://www.federalregister.gov/documents/2018/09/12/2018-19384/disclosure-of-records-and-informationThis final rule amends the procedures used by the public to obtain information from the Bureau of Consumer Financial Protection (Bureau) under the Freedom of Information Act, the Privacy Act of 1974, and in legal proceedings.
2018-09-11Proposed RuleDEPARTMENT OF TREASURYTreasury DepartmentExtension of Comment Period for Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity FundsOn July 17, 2018, the Agencies published in the Federal Register a notice of proposed rulemaking (proposal) that would amend the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the...2018-19649"https://www.gpo.gov/fdsys/pkg/FR-2018-09-11/pdf/2018-19649.pdfhttps://www.federalregister.gov/documents/2018/09/11/2018-19649/extension-of-comment-period-for-proposed-revisions-to-prohibitions-and-restrictions-on-proprietaryOn July 17, 2018, the Agencies published in the Federal Register a notice of proposed rulemaking (proposal) that would amend the regulations implementing section 13 of the Bank Holding Company Act. Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13. In response to requests from commenters regarding issues addressed in the proposal, the public comment period has been extended for 30 days until October 17, 2018. This action will allow interested persons additional time to analyze the proposal and prepare their comments.
2018-09-07RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauPartial Exemptions From the Requirements of the Home Mortgage Disclosure Act Under the Economic Growth, Regulatory Relief, and Consumer Protection Act (Regulation C)The Bureau of Consumer Financial Protection (Bureau) is issuing an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which amended...2018-19244"https://www.gpo.gov/fdsys/pkg/FR-2018-09-07/pdf/2018-19244.pdfhttps://www.federalregister.gov/documents/2018/09/07/2018-19244/partial-exemptions-from-the-requirements-of-the-home-mortgage-disclosure-act-under-the-economicThe Bureau of Consumer Financial Protection (Bureau) is issuing an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which amended certain provisions of the Home Mortgage Disclosure Act.
2018-09-05Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentReforming the Community Reinvestment Act Regulatory FrameworkThe Office of the Comptroller of the Currency (OCC or agency) invites comments on this advance notice of proposed rulemaking (ANPR) to solicit ideas for building a new framework to transform or modernize the regulations that implement the Community...2018-19169"https://www.gpo.gov/fdsys/pkg/FR-2018-09-05/pdf/2018-19169.pdfhttps://www.federalregister.gov/documents/2018/09/05/2018-19169/reforming-the-community-reinvestment-act-regulatory-frameworkThe Office of the Comptroller of the Currency (OCC or agency) invites comments on this advance notice of proposed rulemaking (ANPR) to solicit ideas for building a new framework to transform or modernize the regulations that implement the Community Reinvestment Act of 1977 (CRA). A new CRA regulatory framework would help regulated financial institutions more effectively serve the convenience and needs of their communities by encouraging more lending, investment, and activity where it is needed most; evaluating CRA activities more consistently; and providing greater clarity regarding CRA-qualifying activities. A transformed or modernized framework also would facilitate more timely evaluations of bank CRA performance, offer greater transparency regarding ratings, promote a consistent interpretation of the CRA, and encourage increased community and economic development in low- and moderate-income (LMI) areas. Revisions of this nature are consistent with the original intent of the CRA: To help meet the credit needs of the communities that banks serve. In addition, these types of revisions would align with the transformation of the banking industry and reduce the complexity, ambiguity, and burden associated with the regulations.
2018-08-31RuleDEPARTMENT OF THE TREASURYTreasury DepartmentLiquidity Coverage Ratio Rule: Treatment of Certain Municipal Obligations as High-Quality Liquid AssetsThe OCC, the Board, and the FDIC (collectively, the agencies) are jointly issuing and inviting comment on an interim final rule that amends the agencies' liquidity coverage ratio (LCR) rule to treat liquid and readily-marketable, investment grade...2018-18610"https://www.gpo.gov/fdsys/pkg/FR-2018-08-31/pdf/2018-18610.pdfhttps://www.federalregister.gov/documents/2018/08/31/2018-18610/liquidity-coverage-ratio-rule-treatment-of-certain-municipal-obligations-as-high-quality-liquidThe OCC, the Board, and the FDIC (collectively, the agencies) are jointly issuing and inviting comment on an interim final rule that amends the agencies' liquidity coverage ratio (LCR) rule to treat liquid and readily-marketable, investment grade municipal obligations as high-quality liquid assets (HQLA). Section 403 of the Economic Growth, Regulatory Relief, and Consumer Protection Act amends section 18 of the Federal Deposit Insurance Act and requires the agencies, for purposes of their LCR rule and any other regulation that incorporates a definition of the term ``high-quality liquid asset'' or another substantially similar term, to treat a municipal obligation as HQLA (that is a level 2B liquid asset) if that obligation is, as of the LCR calculation date, ``liquid and readily-marketable'' and ``investment grade.''
2018-08-30RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemSmall Bank Holding Company and Savings and Loan Holding Company Policy Statement and Related Regulations; Changes to Reporting RequirementsThe Board invites comment on an interim final rule that raises the asset size threshold for determining applicability of the Board's Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (Regulation Y, appendix C) (Policy...2018-18756"https://www.gpo.gov/fdsys/pkg/FR-2018-08-30/pdf/2018-18756.pdfhttps://www.federalregister.gov/documents/2018/08/30/2018-18756/small-bank-holding-company-and-savings-and-loan-holding-company-policy-statement-and-relatedThe Board invites comment on an interim final rule that raises the asset size threshold for determining applicability of the Board's Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (Regulation Y, appendix C) (Policy Statement) to $3 billion from $1 billion of total consolidated assets. The interim final rule also makes related and conforming revisions to the Board's regulatory capital rule (Regulation Q) and requirements for bank holding companies (Regulation Y). In connection with these changes, the Board is modifying the respondent panel for certain holding company financial reports.
2018-08-29RuleDEPARTMENT OF THE TREASURYTreasury DepartmentExpanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign BanksThe OCC, Board, and FDIC (collectively, the agencies) are jointly issuing and requesting public comment on interim final rules to implement section 210 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (Economic Growth Act), which...2018-18685"https://www.gpo.gov/fdsys/pkg/FR-2018-08-29/pdf/2018-18685.pdfhttps://www.federalregister.gov/documents/2018/08/29/2018-18685/expanded-examination-cycle-for-certain-small-insured-depository-institutions-and-us-branches-andThe OCC, Board, and FDIC (collectively, the agencies) are jointly issuing and requesting public comment on interim final rules to implement section 210 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (Economic Growth Act), which was enacted on May 24, 2018. Section 210 of the Economic Growth Act amends section 10(d) of the Federal Deposit Insurance Act (FDI Act) to permit the agencies to examine qualifying insured depository institutions (IDIs) with under $3 billion in total assets not less than once during each 18-month period. Prior to enactment of the Economic Growth Act, qualifying IDIs with under $1 billion in total assets were eligible for an 18-month on- site examination cycle. The interim final rules generally would allow qualifying IDIs with under $3 billion in total assets to benefit from the extended 18-month examination schedule. In addition, the interim final rules make parallel changes to the agencies' regulations governing the on-site examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978 (IBA).
2018-08-29RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyRules of Practice and Procedure; Civil Money Penalty Inflation AdjustmentThe Federal Housing Finance Agency (FHFA) is issuing this final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal...2018-18517"https://www.gpo.gov/fdsys/pkg/FR-2018-08-29/pdf/2018-18517.pdfhttps://www.federalregister.gov/documents/2018/08/29/2018-18517/rules-of-practice-and-procedure-civil-money-penalty-inflation-adjustmentThe Federal Housing Finance Agency (FHFA) is issuing this final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2018-08-28RuleFEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCILFederal Financial Institutions Examination CouncilAppraisal Subcommittee; Appraiser RegulationThe ASC is adopting nonsubstantive amendments to its regulations. The amendments correct the street address for the ASC's office, which will be moved October 1, 2018, from 1401 H Street NW, Suite 760, Washington, DC 20005, to 1325 G Street NW, Suite...2018-18566"https://www.gpo.gov/fdsys/pkg/FR-2018-08-28/pdf/2018-18566.pdfhttps://www.federalregister.gov/documents/2018/08/28/2018-18566/appraisal-subcommittee-appraiser-regulationThe ASC is adopting nonsubstantive amendments to its regulations. The amendments correct the street address for the ASC's office, which will be moved October 1, 2018, from 1401 H Street NW, Suite 760, Washington, DC 20005, to 1325 G Street NW, Suite 500, Washington, DC 20005.
2018-08-28Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyGolden Parachute and Indemnification PaymentsThe Federal Housing Finance Agency (FHFA) is proposing to amend its rule on golden parachute payments to better align the rule with areas of FHFA's supervisory concern and reduce administrative and compliance burdens. The current rule requires FHFA...2018-18511"https://www.gpo.gov/fdsys/pkg/FR-2018-08-28/pdf/2018-18511.pdfhttps://www.federalregister.gov/documents/2018/08/28/2018-18511/golden-parachute-and-indemnification-paymentsThe Federal Housing Finance Agency (FHFA) is proposing to amend its rule on golden parachute payments to better align the rule with areas of FHFA's supervisory concern and reduce administrative and compliance burdens. The current rule requires FHFA review and consent before a regulated entity or the Office of Finance (OF) enters into an agreement to make, or makes, a payment that is contingent on the termination of an affiliated party, if the regulated entity or OF is in a troubled condition, in conservatorship or receivership, or insolvent. FHFA's experience implementing the rule indicates that the rule requires review of some agreements and payments where there is little risk of excess or abuse, and thus that it is too broad. If amended as proposed, the rule would focus on the types of agreements and payments that are of greater supervisory concern to FHFA. In general, these are payments to and agreements with executive officers, broad-based plans covering large numbers of employees (such as severance plans), and payments made to non-executive-officer employees who may have engaged in certain types of wrongdoing. The proposed amendments would also revise and clarify definitions, exemptions, and procedures to implement FHFA's supervisory approach. Where possible, FHFA would also align procedures and outcomes of review under the Golden Parachute Payment Rule with requirements of FHFA's rule on executive compensation. FHFA expects implementation of these changes would result in reduced administrative and compliance burdens.
2018-08-27RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauTruth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and Qualified Mortgages)The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually...2018-18209"https://www.gpo.gov/fdsys/pkg/FR-2018-08-27/pdf/2018-18209.pdfhttps://www.federalregister.gov/documents/2018/08/27/2018-18209/truth-in-lending-regulation-z-annual-threshold-adjustments-credit-cards-hoepa-and-qualifiedThe Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulation text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Bureau is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2018.
2018-08-24Proposed RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationOrganization; Definitions; Eligibility Criteria for Outside DirectorsThe Farm Credit Administration (FCA, we, or our) is proposing to amend its regulations affecting the governance of Farm Credit System (System) institutions. The proposed rule would modify the existing outside director eligibility criteria by expanding...2018-18312"https://www.gpo.gov/fdsys/pkg/FR-2018-08-24/pdf/2018-18312.pdfhttps://www.federalregister.gov/documents/2018/08/24/2018-18312/organization-definitions-eligibility-criteria-for-outside-directorsThe Farm Credit Administration (FCA, we, or our) is proposing to amend its regulations affecting the governance of Farm Credit System (System) institutions. The proposed rule would modify the existing outside director eligibility criteria by expanding the list of persons who would be excluded from nomination for an outside director's seat to ensure the independence of outside directors.
2018-08-17RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendment to the Annual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P)The Bureau of Consumer Financial Protection (Bureau) is amending Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment...2018-17572"https://www.gpo.gov/fdsys/pkg/FR-2018-08-17/pdf/2018-17572.pdfhttps://www.federalregister.gov/documents/2018/08/17/2018-17572/amendment-to-the-annual-privacy-notice-requirement-under-the-gramm-leach-bliley-act-regulation-pThe Bureau of Consumer Financial Protection (Bureau) is amending Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment implements a December 2015 statutory amendment to the Gramm-Leach- Bliley Act providing an exception to this annual notice requirement for financial institutions that meet certain conditions.
2018-08-16RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemTruth in Lending (Regulation Z)2018-17793"https://www.gpo.gov/fdsys/pkg/FR-2018-08-16/pdf/2018-17793.pdfhttps://www.federalregister.gov/documents/2018/08/16/2018-17793/truth-in-lending-regulation-z
2018-08-10Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationLoans to Members and Lines of Credit to MembersThe NCUA Board (Board) proposes to amend its regulations regarding loans to members and lines of credit to members. The proposal would reduce regulatory burden by making amendments to improve clarity and to make compliance easier. Specifically, the...2018-17087"https://www.gpo.gov/fdsys/pkg/FR-2018-08-10/pdf/2018-17087.pdfhttps://www.federalregister.gov/documents/2018/08/10/2018-17087/loans-to-members-and-lines-of-credit-to-membersThe NCUA Board (Board) proposes to amend its regulations regarding loans to members and lines of credit to members. The proposal would reduce regulatory burden by making amendments to improve clarity and to make compliance easier. Specifically, the Board proposes to make the NCUA's loan maturity requirements more user friendly by identifying in one section all of the various maturity limits applicable to federal credit union (FCU) loans. The Board also proposes to make explicit in its regulations that the maturity date for a ``new loan'' under generally accepted accounting principles (GAAP) is calculated from the new date of origination. Additionally, the Board seeks comment on whether the agency should provide longer maturity limits for 1-4 family real estate loans and other loans permitted by the Federal Credit Union Act (FCU Act) such as home improvement, mobile home, and second mortgage loans. Finally, the Board proposes to more clearly express the limits for loans to a single borrower or group of associated borrowers.
2018-08-09RuleFEDERAL HOUSING FINANCE BOARDFederal Housing Finance BoardRepeal of Federal Housing Finance Board Regulations; Technical Amendments to FHFA RegulationsThe Federal Housing Finance Agency (FHFA) is repealing two parts of the Federal Housing Finance Board (Finance Board) regulations, which define terms used in Finance Board regulations, and which describe the process by which the Finance Board conducted...2018-16972"https://www.gpo.gov/fdsys/pkg/FR-2018-08-09/pdf/2018-16972.pdfhttps://www.federalregister.gov/documents/2018/08/09/2018-16972/repeal-of-federal-housing-finance-board-regulations-technical-amendments-to-fhfa-regulationsThe Federal Housing Finance Agency (FHFA) is repealing two parts of the Federal Housing Finance Board (Finance Board) regulations, which define terms used in Finance Board regulations, and which describe the process by which the Finance Board conducted its monthly interest rate survey (MIRS). The repealed definitions are either obsolete or duplicate definitions that FHFA has previously adopted. The regulation relating to the MIRS has become outdated because it does not accurately describe the manner in which FHFA currently conducts the survey. Although FHFA intends to continue to conduct the MIRS in the same manner as it is doing presently, there is no need to carry over this provision into its own regulations. This final rule also repeals a number of subchapters of the Finance Board regulations that it had previously reserved, but which no longer serve any purpose because they include no regulatory text, corrects inaccurate cross-references in regulations described in this rulemaking, and amends a table to update information relating to information collections under the Paperwork Reduction Act.
2018-08-08Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationRisk-Based Capital-Supplemental RuleThe NCUA Board (Board) is seeking comment on a proposed rule that would amend the NCUA's previously revised regulations regarding prompt corrective action (PCA). The proposal would delay the effective date of the NCUA's October 29, 2015 final rule...2018-16888"https://www.gpo.gov/fdsys/pkg/FR-2018-08-08/pdf/2018-16888.pdfhttps://www.federalregister.gov/documents/2018/08/08/2018-16888/risk-based-capital-supplemental-ruleThe NCUA Board (Board) is seeking comment on a proposed rule that would amend the NCUA's previously revised regulations regarding prompt corrective action (PCA). The proposal would delay the effective date of the NCUA's October 29, 2015 final rule regarding risk-based capital (2015 Final Rule) for one year, moving the effective date from January 1, 2019 to January 1, 2020. During the extended delay period, the NCUA's current PCA requirements would remain in effect. The proposal would also amend the definition of a ``complex'' credit union adopted in the 2015 Final Rule for risk-based capital purposes by increasing the threshold level for coverage from $100 million to $500 million. These proposed changes would provide covered credit unions and the NCUA with additional time to prepare for the rule's implementation, and would exempt an additional 1,026 credit unions from the rule without subjecting the National Credit Union Share Insurance Fund (NCUSIF) to undue risk.
2018-08-06RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemSingle-Counterparty Credit Limits for Bank Holding Companies and Foreign Banking OrganizationsThe Board is adopting a final rule (final rule) to establish single-counterparty credit limits for bank holding companies and foreign banking organizations with $250 billion or more in total consolidated assets, including any U.S. intermediate holding...2018-16133"https://www.gpo.gov/fdsys/pkg/FR-2018-08-06/pdf/2018-16133.pdfhttps://www.federalregister.gov/documents/2018/08/06/2018-16133/single-counterparty-credit-limits-for-bank-holding-companies-and-foreign-banking-organizationsThe Board is adopting a final rule (final rule) to establish single-counterparty credit limits for bank holding companies and foreign banking organizations with $250 billion or more in total consolidated assets, including any U.S. intermediate holding company of such a foreign banking organization with $50 billion or more in total consolidated assets, and any bank holding company identified as a global systemically important bank holding company under the Board's capital rules. The final rule implements section 165(e) of the Dodd- Frank Wall Street Reform and Consumer Protection Act, which requires the Board to impose limits on the amount of credit exposure that such a bank holding company or foreign banking organization can have to an unaffiliated company in order to reduce the risks arising from the company's failure.
2018-08-03Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyEnterprise Capital RequirementsOn July 17, 2018, the Federal Housing Finance Agency (FHFA) published in the Federal Register a notice of proposed rulemaking for public comment that proposes a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae)...2018-16654"https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16654.pdfhttps://www.federalregister.gov/documents/2018/08/03/2018-16654/enterprise-capital-requirementsOn July 17, 2018, the Federal Housing Finance Agency (FHFA) published in the Federal Register a notice of proposed rulemaking for public comment that proposes a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). The comment period was set to expire on September 17, 2018. This notice extends the comment period by an additional 60 days to allow the public additional time to comment on the proposed rule.
2018-08-03Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRules of Practice and ProcedureThe Federal Deposit Insurance Corporation (FDIC) proposes to amend its rules of practice and procedure to remove duplicative, descriptive regulatory language related to civil money penalty (CMP) amounts that restates existing statutory language...2018-16548"https://www.gpo.gov/fdsys/pkg/FR-2018-08-03/pdf/2018-16548.pdfhttps://www.federalregister.gov/documents/2018/08/03/2018-16548/rules-of-practice-and-procedureThe Federal Deposit Insurance Corporation (FDIC) proposes to amend its rules of practice and procedure to remove duplicative, descriptive regulatory language related to civil money penalty (CMP) amounts that restates existing statutory language regarding such CMPs, codify Congress's recent change to CMP inflation-adjustments in the FDIC's regulations, and direct readers to an annually published notice in the Federal Register--rather than the Code of Federal Regulations (CFR)--for information regarding the maximum CMP amounts that can be assessed after inflation adjustments. These revisions are intended to simplify the CFR by removing unnecessary and redundant text and to make it easier for readers to locate the current, inflation-adjusted maximum CMP amounts by presenting these amounts in an annually published chart. Additionally, the FDIC proposes to correct four errors and revise cross-references currently found in its rules of practice and procedure.
2018-07-17Proposed RuleDEPARTMENT OF TREASURYTreasury DepartmentProposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships With, Hedge Funds and Private Equity FundsThe OCC, Board, FDIC, SEC, and CFTC (individually, an ``Agency,'' and collectively, the ``Agencies'') are requesting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13...2018-13502"https://www.gpo.gov/fdsys/pkg/FR-2018-07-17/pdf/2018-13502.pdfhttps://www.federalregister.gov/documents/2018/07/17/2018-13502/proposed-revisions-to-prohibitions-and-restrictions-on-proprietary-trading-and-certain-interests-inThe OCC, Board, FDIC, SEC, and CFTC (individually, an ``Agency,'' and collectively, the ``Agencies'') are requesting comment on a proposal that would amend the regulations implementing section 13 of the Bank Holding Company Act (BHC Act). Section 13 contains certain restrictions on the ability of a banking entity and nonbank financial company supervised by the Board to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The proposed amendments are intended to provide banking entities with clarity about what activities are prohibited and to improve supervision and implementation of section 13.
2018-07-17Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyEnterprise Capital RequirementsThe Federal Housing Finance Agency (FHFA or the Agency) is proposing a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the...2018-14255"https://www.gpo.gov/fdsys/pkg/FR-2018-07-17/pdf/2018-14255.pdfhttps://www.federalregister.gov/documents/2018/07/17/2018-14255/enterprise-capital-requirementsThe Federal Housing Finance Agency (FHFA or the Agency) is proposing a new regulatory capital framework for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises), which includes a new framework for risk-based capital requirements and two alternatives for an updated minimum leverage capital requirement. The risk-based framework would provide a granular assessment of credit risk specific to different mortgage loan categories, as well as market risk, operational risk, and going-concern buffer components. The proposed rule would maintain the statutory definitions of core capital and total capital. FHFA has suspended the Enterprises' capital requirements since the beginning of conservatorship, and FHFA plans to continue this suspension while the Enterprises remain in conservatorship. Despite this suspension, FHFA believes it is appropriate to update the Agency's standards on Enterprise capital requirements to provide transparency to all stakeholders about FHFA's supervisory view on this topic. In addition, while the Enterprises are in conservatorship, FHFA will expect Fannie Mae and Freddie Mac to use assumptions about capital described in the rule's risk-based capital requirements in making pricing and other business decisions. Feedback on this proposed rule will also inform FHFA's views in evaluating Enterprise business decisions while the Enterprises remain in conservatorship.
2018-07-10Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentOngoing Data Collection of Centrally Cleared Transactions in the U.S. Repurchase Agreement MarketThe U.S. Department of the Treasury's Office of Financial Research (the ``Office'') is requesting comment on a proposed rule establishing a data collection covering centrally cleared transactions in the U.S. repurchase agreement market. This proposed...2018-14706"https://www.gpo.gov/fdsys/pkg/FR-2018-07-10/pdf/2018-14706.pdfhttps://www.federalregister.gov/documents/2018/07/10/2018-14706/ongoing-data-collection-of-centrally-cleared-transactions-in-the-us-repurchase-agreement-marketThe U.S. Department of the Treasury's Office of Financial Research (the ``Office'') is requesting comment on a proposed rule establishing a data collection covering centrally cleared transactions in the U.S. repurchase agreement market. This proposed collection will require daily reporting to the Office by covered central counterparties. The Office expects that the Board of Governors of the Federal Reserve System will act as the Office's collection agent, with required data to be submitted directly to the Federal Reserve Bank of New York. The collected data will be used to support the Financial Stability Oversight Council and as inputs to reference rates.
2018-07-02RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationOrganization; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Investment Eligibility; CorrectionThe Farm Credit Administration (FCA or our) is correcting a final rule that appeared in the Federal Register on June 12, 2019 that amends our regulations governing investments of both Farm Credit System (FCS) banks and associations. The final rule...2018-14107"https://www.gpo.gov/fdsys/pkg/FR-2018-07-02/pdf/2018-14107.pdfhttps://www.federalregister.gov/documents/2018/07/02/2018-14107/organization-funding-and-fiscal-affairs-loan-policies-and-operations-and-funding-operationsThe Farm Credit Administration (FCA or our) is correcting a final rule that appeared in the Federal Register on June 12, 2019 that amends our regulations governing investments of both Farm Credit System (FCS) banks and associations. The final rule strengthens eligibility criteria for investments that FCS banks purchase and hold, and implements section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act by removing references to and requirements for credit ratings and substituting other appropriate standards of creditworthiness. The final rule revises FCA's regulatory approach to investments by FCS associations by limiting the type and amount of investments that an association may hold for risk management purposes.
2018-06-28RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationChartering and Field of MembershipThe NCUA Board (Board) is amending its chartering and field of membership rules with respect to applicants for a community charter approval, expansion or conversion. The Board will allow the option for an applicant to submit a narrative to establish...2018-13869"https://www.gpo.gov/fdsys/pkg/FR-2018-06-28/pdf/2018-13869.pdfhttps://www.federalregister.gov/documents/2018/06/28/2018-13869/chartering-and-field-of-membershipThe NCUA Board (Board) is amending its chartering and field of membership rules with respect to applicants for a community charter approval, expansion or conversion. The Board will allow the option for an applicant to submit a narrative to establish the existence of a well-defined local community instead of limiting the applicant to a presumptive statistical community. Also, the Board will hold a public hearing for narrative applications where the proposed community exceeds a population of 2.5 million people. Further, for communities that are subdivided into metropolitan divisions, the Board will permit an applicant to designate a portion of the area as its community without regard to division boundaries.
2018-06-28RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationBylaws; Voluntary Mergers of Federally Insured Credit UnionsThe NCUA Board (Board) is revising the procedures a federally insured credit union (FICU) must follow to merge voluntarily with another FICU. The changes: Revise and clarify the contents and format of the member notice; require merging credit unions to...2018-13867"https://www.gpo.gov/fdsys/pkg/FR-2018-06-28/pdf/2018-13867.pdfhttps://www.federalregister.gov/documents/2018/06/28/2018-13867/bylaws-voluntary-mergers-of-federally-insured-credit-unionsThe NCUA Board (Board) is revising the procedures a federally insured credit union (FICU) must follow to merge voluntarily with another FICU. The changes: Revise and clarify the contents and format of the member notice; require merging credit unions to disclose certain merger-related financial arrangements for covered persons; increase the minimum member notice period; and provide a method for members and others to submit comments to the NCUA regarding the proposed merger. In addition, the NCUA has replaced its Merger Manual with revised model forms that conform to the requirements of this rule. The regulations now includes these forms.
2018-06-20RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D: Reserve Requirements of Depository InstitutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'')...2018-13267"https://www.gpo.gov/fdsys/pkg/FR-2018-06-20/pdf/2018-13267.pdfhttps://www.federalregister.gov/documents/2018/06/20/2018-13267/regulation-d-reserve-requirements-of-depository-institutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'') and the rate of interest paid on excess balances (``IOER'') maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 1.95 percent and IOER is 1.95 percent, a 0.20 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee'').
2018-06-20RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at...2018-13270"https://www.gpo.gov/fdsys/pkg/FR-2018-06-20/pdf/2018-13270.pdfhttps://www.federalregister.gov/documents/2018/06/20/2018-13270/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
2018-06-15Proposed RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationStandards of Conduct and Referral of Known or Suspected Criminal Violations; Standards of ConductThe Farm Credit Administration (FCA, we, or our) proposes to amend our regulations governing standards of conduct of directors and employees of Farm Credit System (FCS or System) institutions, excluding the Federal Agricultural Mortgage Corporation....2018-12874"https://www.gpo.gov/fdsys/pkg/FR-2018-06-15/pdf/2018-12874.pdfhttps://www.federalregister.gov/documents/2018/06/15/2018-12874/standards-of-conduct-and-referral-of-known-or-suspected-criminal-violations-standards-of-conductThe Farm Credit Administration (FCA, we, or our) proposes to amend our regulations governing standards of conduct of directors and employees of Farm Credit System (FCS or System) institutions, excluding the Federal Agricultural Mortgage Corporation. The proposed rule would replace the original proposed rule, and would require every System institution to have or develop a Standards of Conduct Program based on core principles to put into effect ethical values as part of corporate culture.
2018-06-12RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationOrganization; Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Investment EligibilityThe Farm Credit Administration (FCA, Agency, us, our, or we) adopts a final rule that amends our regulations governing investments of both Farm Credit System (FCS or System) banks and associations. The final rule strengthens eligibility criteria for...2018-12366"https://www.gpo.gov/fdsys/pkg/FR-2018-06-12/pdf/2018-12366.pdfhttps://www.federalregister.gov/documents/2018/06/12/2018-12366/organization-funding-and-fiscal-affairs-loan-policies-and-operations-and-funding-operationsThe Farm Credit Administration (FCA, Agency, us, our, or we) adopts a final rule that amends our regulations governing investments of both Farm Credit System (FCS or System) banks and associations. The final rule strengthens eligibility criteria for investments that FCS banks purchase and hold, and implements section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or DFA) by removing references to and requirements for credit ratings and substituting other appropriate standards of creditworthiness. The final rule revises FCA's regulatory approach to investments by FCS associations by limiting the type and amount of investments that an association may hold for risk management purposes.
2018-06-07RuleDEPARTMENT OF THE TREASURYTreasury DepartmentSecurities Transaction Settlement CycleThe OCC and the FDIC (``Agencies'') are adopting a final rule to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and FDIC- supervised institutions. The Agencies' final rule is...2018-12267"https://www.gpo.gov/fdsys/pkg/FR-2018-06-07/pdf/2018-12267.pdfhttps://www.federalregister.gov/documents/2018/06/07/2018-12267/securities-transaction-settlement-cycleThe OCC and the FDIC (``Agencies'') are adopting a final rule to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and FDIC- supervised institutions. The Agencies' final rule is consistent with an industry-wide transition to a two business-day settlement cycle, which is designed to reduce settlement exposure and align settlement practices across all market participants.
2018-06-05RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCommercial LendingThe NCUA Board (Board) is amending the definition of member business loan (MBL) in its MBL rule with respect to 1- to 4- family dwellings. This regulatory change conforms to a recent amendment to the Federal Credit Act (FCU Act) by the Economic Growth,...2018-11946"https://www.gpo.gov/fdsys/pkg/FR-2018-06-05/pdf/2018-11946.pdfhttps://www.federalregister.gov/documents/2018/06/05/2018-11946/commercial-lendingThe NCUA Board (Board) is amending the definition of member business loan (MBL) in its MBL rule with respect to 1- to 4- family dwellings. This regulatory change conforms to a recent amendment to the Federal Credit Act (FCU Act) by the Economic Growth, Regulatory Relief, and Consumer Protection Act (Economic Growth Act).
2018-06-04Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationPayday Alternative LoansThe NCUA Board (the Board) is proposing to amend the NCUA's general lending rule to provide federal credit unions (FCUs) with an additional option to offer payday alternative loans (PALs). This proposal would not replace the current PALs rule (PALs I)....2018-11591"https://www.gpo.gov/fdsys/pkg/FR-2018-06-04/pdf/2018-11591.pdfhttps://www.federalregister.gov/documents/2018/06/04/2018-11591/payday-alternative-loansThe NCUA Board (the Board) is proposing to amend the NCUA's general lending rule to provide federal credit unions (FCUs) with an additional option to offer payday alternative loans (PALs). This proposal would not replace the current PALs rule (PALs I). Rather, it would be an alternative option, with different terms and conditions, for FCUs to offer PALs to their members. Specifically, this proposal (PALs II) would differ from PALs I by modifying the minimum and maximum amount of the loans, modifying the number of loans a member can receive in a rolling six-month period, eliminating the minimum membership requirement, and increasing the maximum maturity for these loans. The Board is proposing to incorporate all other requirements of PALs I into PALs II. The Board is also soliciting comments from interested stakeholders on the possibility of creating a third PALs loan program (PALs III), which could include different fee structures, loan features, maturities, and loan amounts.
2018-05-30RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationInvoluntary Liquidation of Federal Credit Unions and Claims ProceduresThe NCUA Board (Board) is amending part 709 of its rules to update and clarify the procedures that apply to claims administration for federally insured credit unions that enter involuntary liquidation. Specifically, the final rule amends the payout...2018-11588"https://www.gpo.gov/fdsys/pkg/FR-2018-05-30/pdf/2018-11588.pdfhttps://www.federalregister.gov/documents/2018/05/30/2018-11588/involuntary-liquidation-of-federal-credit-unions-and-claims-proceduresThe NCUA Board (Board) is amending part 709 of its rules to update and clarify the procedures that apply to claims administration for federally insured credit unions that enter involuntary liquidation. Specifically, the final rule amends the payout priority provision by specifying the conditions that claims in the nature of severance must meet to be allowed as provable claims.
2018-05-25Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentRegulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Certain of Their Subsidiary Insured Depository Institutions; Total Loss-Absorbing Capacity Requirements for U.S. Global Systemically Important Bank Holding CompaniesOn April 19, 2018, the Board of Governors of the Federal Reserve System (Board) and the Office of the Comptroller of the Currency (OCC) published in the Federal Register a proposal to modify the enhanced supplementary leverage ratio standards for U.S....2018-11336"https://www.gpo.gov/fdsys/pkg/FR-2018-05-25/pdf/2018-11336.pdfhttps://www.federalregister.gov/documents/2018/05/25/2018-11336/regulatory-capital-rules-regulatory-capital-enhanced-supplementary-leverage-ratio-standards-for-usOn April 19, 2018, the Board of Governors of the Federal Reserve System (Board) and the Office of the Comptroller of the Currency (OCC) published in the Federal Register a proposal to modify the enhanced supplementary leverage ratio standards for U.S. top-tier bank holding companies identified as global systemically important bank holding companies, or GSIBs, and certain of their insured depository institution subsidiaries. The proposal also included conforming modifications to the Board's total-loss absorbing capacity and long- term debt rules. The Board and the OCC have determined that an extension of the comment period until June 25, 2018, is appropriate.
2018-05-14Proposed RuleDEPARTMENT OF TREASURYTreasury DepartmentRegulatory Capital Rules: Implementation and Transition of the Current Expected Credit Losses Methodology for Allowances and Related Adjustments to the Regulatory Capital Rules and Conforming Amendments to Other RegulationsThe Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are inviting public comment on a joint proposal to address changes to U.S....2018-08999"https://www.gpo.gov/fdsys/pkg/FR-2018-05-14/pdf/2018-08999.pdfhttps://www.federalregister.gov/documents/2018/05/14/2018-08999/regulatory-capital-rules-implementation-and-transition-of-the-current-expected-credit-lossesThe Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are inviting public comment on a joint proposal to address changes to U.S. generally accepted accounting principles (U.S. GAAP) described in Accounting Standards Update No. 2016-13, Topic 326, Financial Instruments--Credit Losses (ASU 2016-13), including banking organizations' implementation of the current expected credit losses methodology. Specifically, the proposal would revise the agencies' regulatory capital rules to identify which credit loss allowances under the new accounting standard are eligible for inclusion in regulatory capital and to provide banking organizations the option to phase in the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. The proposal also would amend certain regulatory disclosure requirements to reflect applicable changes to U.S. GAAP covered under ASU 2016-13. In addition, the agencies are proposing to make amendments to their stress testing regulations so that covered banking organizations that have adopted ASU 2016-13 would not include the effect of ASU 2016-13 on their provisioning for purposes of stress testing until the 2020 stress test cycle. Finally, the agencies are proposing to make conforming amendments to their other regulations that reference credit loss allowances.
2018-05-09RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (Board) is adopting final amendments to its Regulation A to revise the provisions regarding the establishment of the primary credit rate in a financial emergency and to delete the provisions relating...2018-09805"https://www.gpo.gov/fdsys/pkg/FR-2018-05-09/pdf/2018-09805.pdfhttps://www.federalregister.gov/documents/2018/05/09/2018-09805/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (Board) is adopting final amendments to its Regulation A to revise the provisions regarding the establishment of the primary credit rate in a financial emergency and to delete the provisions relating to the use of credit ratings for collateral for extensions of credit under the former Term Asset-Backed Securities Loan Facility (TALF). The final amendments are intended to allow the regulation to address circumstances in which the Federal Open Market Committee (FOMC) has established a target range for the federal funds rate rather than a single target rate, and to reflect the expiration of the TALF program.
2018-05-02RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauFederal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is amending Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) that are implemented in Regulation Z. The amendments...2018-09243"https://www.gpo.gov/fdsys/pkg/FR-2018-05-02/pdf/2018-09243.pdfhttps://www.federalregister.gov/documents/2018/05/02/2018-09243/federal-mortgage-disclosure-requirements-under-the-truth-in-lending-act-regulation-zThe Bureau of Consumer Financial Protection (Bureau) is amending Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) that are implemented in Regulation Z. The amendments relate to when a creditor may compare charges paid by or imposed on the consumer to amounts disclosed on a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith.
2018-05-02Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyAffordable Housing Program Amendments; Correction, Extension of Comment Period, and Further Request for CommentThe Federal Housing Finance Agency (FHFA) is correcting an inadvertent error in the calculation of a proposed regulatory outcome requirement in the proposed rule published in the Federal Register on March 14, 2018, regarding the Federal Home Loan...2018-09326"https://www.gpo.gov/fdsys/pkg/FR-2018-05-02/pdf/2018-09326.pdfhttps://www.federalregister.gov/documents/2018/05/02/2018-09326/affordable-housing-program-amendments-correction-extension-of-comment-period-and-further-request-forThe Federal Housing Finance Agency (FHFA) is correcting an inadvertent error in the calculation of a proposed regulatory outcome requirement in the proposed rule published in the Federal Register on March 14, 2018, regarding the Federal Home Loan Banks' (Banks) Affordable Housing Program (AHP or Program). FHFA is requesting comment on the corrected calculation and is extending the comment period on all aspects of the proposed rule by an additional 30 days.
2018-04-30RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyOrders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2017; Summary Instructions and GuidanceIn this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 1, 2018, with respect to stress test reporting as of December 31, 2017, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and...2018-09072"https://www.gpo.gov/fdsys/pkg/FR-2018-04-30/pdf/2018-09072.pdfhttps://www.federalregister.gov/documents/2018/04/30/2018-09072/orders-reporting-by-regulated-entities-of-stress-testing-results-as-of-december-31-2017-summaryIn this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 1, 2018, with respect to stress test reporting as of December 31, 2017, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Summary Instructions and Guidance accompanied the Orders to provide testing scenarios.
2018-04-25RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCapital Planning and Supervisory Stress TestingThe NCUA Board (Board) is issuing this final rule to amend its regulations regarding capital planning and stress testing for federally insured credit unions with $10 billion or more in assets (covered credit unions). The final rule reduces regulatory...2018-08558"https://www.gpo.gov/fdsys/pkg/FR-2018-04-25/pdf/2018-08558.pdfhttps://www.federalregister.gov/documents/2018/04/25/2018-08558/capital-planning-and-supervisory-stress-testingThe NCUA Board (Board) is issuing this final rule to amend its regulations regarding capital planning and stress testing for federally insured credit unions with $10 billion or more in assets (covered credit unions). The final rule reduces regulatory burden by removing some of the capital planning and stress testing requirements currently applicable to certain covered credit unions. The final rule also makes the NCUA's requirements more efficient by, among other things, authorizing covered credit unions to conduct their own stress tests in accordance with the NCUA's requirements and permitting covered credit unions to incorporate the stress test results into their capital plans.
2018-04-25Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemAmendments to the Regulatory Capital, Capital Plan, and Stress Test RulesThe Board is inviting comment on a notice of proposed rulemaking (proposal) that would integrate the Board's regulatory capital rule (capital rule) and the Board's Comprehensive Capital Analysis and Review (CCAR) and stress test rules in order to...2018-08006"https://www.gpo.gov/fdsys/pkg/FR-2018-04-25/pdf/2018-08006.pdfhttps://www.federalregister.gov/documents/2018/04/25/2018-08006/amendments-to-the-regulatory-capital-capital-plan-and-stress-test-rulesThe Board is inviting comment on a notice of proposed rulemaking (proposal) that would integrate the Board's regulatory capital rule (capital rule) and the Board's Comprehensive Capital Analysis and Review (CCAR) and stress test rules in order to simplify the capital regime applicable to firms subject to the capital plan rule. The proposal would amend the Board's capital plan rule, capital rule, and stress testing rules, and make amendments to the Stress Testing Policy Statement that was proposed for public comment on December 15, 2017. Under the proposal, the Board's supervisory stress test would be used to establish the size of a stress capital buffer requirement and a stress leverage buffer requirement. The proposal would apply to bank holding companies with $50 billion or more in total consolidated assets and U.S. intermediate holding companies of foreign banking organizations established pursuant to Regulation YY. The proposal would not apply to any community bank, any bank holding company with total consolidated assets of less than $50 billion, or to any state member bank or savings and loan holding company. The proposal would be effective on December 31, 2018. Under the proposal, a firm's first stress capital buffer and stress leverage buffer requirements would generally be effective on October 1, 2019.
2018-04-25RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationAccuracy of Advertising and Notice of Insured StatusThe NCUA Board (Board) is revising provisions of the NCUA's advertising rule to provide regulatory relief to federally insured credit unions (FICUs). The advertising rule requires FICUs to use the NCUA's official advertisement statement when...2018-08557"https://www.gpo.gov/fdsys/pkg/FR-2018-04-25/pdf/2018-08557.pdfhttps://www.federalregister.gov/documents/2018/04/25/2018-08557/accuracy-of-advertising-and-notice-of-insured-statusThe NCUA Board (Board) is revising provisions of the NCUA's advertising rule to provide regulatory relief to federally insured credit unions (FICUs). The advertising rule requires FICUs to use the NCUA's official advertisement statement when advertising, and it currently permits three versions of that statement. Under this final rule, the Board is allowing FICUs the option of using a fourth version: ``Insured by NCUA.'' To provide additional regulatory relief, the Board is: Expanding a current exemption from the advertising statement requirement regarding radio and television advertisements; and eliminating the requirement to include the official advertising statement on statements of condition required to be published by law.
2018-04-24RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRegulatory Capital Rules: Removal of Certain Capital Rules That Are No Longer Effective Following the Implementation of the Revised Capital RulesThis final rule rescinds certain capital regulations of the FDIC's codified rules (superseded capital rules) that were no longer effective following the January 1, 2015 implementation of the revised capital rules. The final rule also makes conforming...2018-06881"https://www.gpo.gov/fdsys/pkg/FR-2018-04-24/pdf/2018-06881.pdfhttps://www.federalregister.gov/documents/2018/04/24/2018-06881/regulatory-capital-rules-removal-of-certain-capital-rules-that-are-no-longer-effective-following-theThis final rule rescinds certain capital regulations of the FDIC's codified rules (superseded capital rules) that were no longer effective following the January 1, 2015 implementation of the revised capital rules. The final rule also makes conforming changes to sections in the FDIC's codified rules that refer to the superseded capital rules. The FDIC has concluded that good cause exists to publish this rule as final without a period of notice and comment and with an effective date as of the date of its publication in the Federal Register because this final rule rescinds the superseded capital rules and other sections of the FDIC's codified rules that refer to the superseded capital rules and imposes no new requirement on FDIC- supervised institutions.
2018-04-23RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRegulatory Capital Rules: Regulatory Capital, Final Revisions Applicable to Banking Organizations Subject to the Advanced Approaches Risk-Based Capital RuleThe FDIC is issuing this technical amendment to return text to its regulations that was altered due to a procedural error that allowed a 2014 rule to become effective on January 1, 2018. FDIC did not intend for the 2014 rule to become effective but did...2018-08359"https://www.gpo.gov/fdsys/pkg/FR-2018-04-23/pdf/2018-08359.pdfhttps://www.federalregister.gov/documents/2018/04/23/2018-08359/regulatory-capital-rules-regulatory-capital-final-revisions-applicable-to-banking-organizationsThe FDIC is issuing this technical amendment to return text to its regulations that was altered due to a procedural error that allowed a 2014 rule to become effective on January 1, 2018. FDIC did not intend for the 2014 rule to become effective but did not rescind it before its effective date. This rule returns text to a section on capital measures and capital category definitions as it appeared before the codification of the 2014 rule.
2018-04-20RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation Q; Regulatory Capital Rules; CorrectionThe Board of Governors of the Federal Reserve System (Board) published a final rule in the Federal Register on October 11, 2013, regarding Regulatory Capital Rules. The Board also published a final rule in the Federal Register on May 1, 2014, to amend...2018-08248"https://www.gpo.gov/fdsys/pkg/FR-2018-04-20/pdf/2018-08248.pdfhttps://www.federalregister.gov/documents/2018/04/20/2018-08248/regulation-q-regulatory-capital-rules-correctionThe Board of Governors of the Federal Reserve System (Board) published a final rule in the Federal Register on October 11, 2013, regarding Regulatory Capital Rules. The Board also published a final rule in the Federal Register on May 1, 2014, to amend the regulatory capital rules to include enhanced supplementary leverage ratio standards. This publication resolves an unintended deletion from the regulatory capital rules that was made in connection with the enhanced supplementary leverage ratio standards.
2018-04-19Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentRegulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Certain of Their Subsidiary Insured Depository Institutions; Total Loss-Absorbing Capacity Requirements for U.S. Global Systemically Important Bank Holding CompaniesThe Board of Governors of the Federal Reserve System (Board) and the Office of the Comptroller of the Currency (OCC) are seeking comment on a proposal that would modify the enhanced supplementary leverage ratio standards for U.S. top-tier bank holding...2018-08066"https://www.gpo.gov/fdsys/pkg/FR-2018-04-19/pdf/2018-08066.pdfhttps://www.federalregister.gov/documents/2018/04/19/2018-08066/regulatory-capital-rules-regulatory-capital-enhanced-supplementary-leverage-ratio-standards-for-usThe Board of Governors of the Federal Reserve System (Board) and the Office of the Comptroller of the Currency (OCC) are seeking comment on a proposal that would modify the enhanced supplementary leverage ratio standards for U.S. top-tier bank holding companies identified as global systemically important bank holding companies, or GSIBs, and certain of their insured depository institution subsidiaries. Specifically, the proposal would modify the current 2 percent leverage buffer, which applies to each GSIB, to equal 50 percent of the firm's GSIB risk-based capital surcharge. The proposal also would require a Board- or OCC-regulated insured depository institution subsidiary of a GSIB to maintain a supplementary leverage ratio of at least 3 percent plus 50 percent of the GSIB risk-based surcharge applicable to its top-tier holding company in order to be deemed ``well capitalized'' under the Board's and the OCC's prompt corrective action rules. Consistent with this approach to establishing enhanced supplementary leverage ratio standards for insured depository institutions, the OCC is proposing to revise the methodology it uses to identify which national banks and Federal savings associations are subject to the enhanced supplementary leverage ratio standards to ensure that they apply only to those national banks and Federal savings associations that are subsidiaries of a Board-identified GSIB. The Board also is seeking comment on a proposal to make conforming modifications to the GSIB leverage buffer of the Board's total loss- absorbing capacity and long-term debt requirements and other minor amendments to the buffer levels, covered intermediate holding company conformance period, methodology for calculating the covered intermediate holding company long-term debt amount, and external total loss-absorbing capacity risk-weighted buffer.
2018-04-10RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCommunity Reinvestment Act Regulations; CorrectionThis document supplements and corrects the preamble of the final rule that was published in the Federal Register on November 24, 2017, entitled ``Community Reinvestment Act Regulations.''2018-06963"https://www.gpo.gov/fdsys/pkg/FR-2018-04-10/pdf/2018-06963.pdfhttps://www.federalregister.gov/documents/2018/04/10/2018-06963/community-reinvestment-act-regulations-correctionThis document supplements and corrects the preamble of the final rule that was published in the Federal Register on November 24, 2017, entitled ``Community Reinvestment Act Regulations.''
2018-04-10Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationTransferred OTS Regulations Regarding Fiduciary Powers of State Savings Associations and Consent Requirements for the Exercise of Trust PowersThe Federal Deposit Insurance Corporation (FDIC) proposes to rescind and remove from the Code of Federal Regulations the part entitled Fiduciary Powers of State Savings Associations and to amend current FDIC regulations regarding consent to exercise...2018-07227"https://www.gpo.gov/fdsys/pkg/FR-2018-04-10/pdf/2018-07227.pdfhttps://www.federalregister.gov/documents/2018/04/10/2018-07227/transferred-ots-regulations-regarding-fiduciary-powers-of-state-savings-associations-and-consentThe Federal Deposit Insurance Corporation (FDIC) proposes to rescind and remove from the Code of Federal Regulations the part entitled Fiduciary Powers of State Savings Associations and to amend current FDIC regulations regarding consent to exercise trust powers to reflect the applicability of these parts to both State savings associations and State nonmember banks.
2018-04-09RuleDEPARTMENT OF THE TREASURYTreasury DepartmentReal Estate AppraisalsThe OCC, Board, and FDIC (collectively, the agencies) are adopting a final rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The final rule increases the threshold level at or below which appraisals...2018-06960"https://www.gpo.gov/fdsys/pkg/FR-2018-04-09/pdf/2018-06960.pdfhttps://www.federalregister.gov/documents/2018/04/09/2018-06960/real-estate-appraisalsThe OCC, Board, and FDIC (collectively, the agencies) are adopting a final rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The final rule increases the threshold level at or below which appraisals are not required for commercial real estate transactions from $250,000 to $500,000. The final rule defines commercial real estate transaction as a real estate-related financial transaction that is not secured by a single 1-to-4 family residential property. It excludes all transactions secured by a single 1-to-4 family residential property, and thus construction loans secured by a single 1-to-4 family residential property are excluded. For commercial real estate transactions exempted from the appraisal requirement as a result of the revised threshold, regulated institutions must obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices.
2018-04-06RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationRequirements for Insurance; National Credit Union Share Insurance Fund Equity Distributions; CorrectionOn February 23, 2018, the NCUA Board (Board) published a final rule adopting amendments to its share insurance requirements rule to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution's pro...2018-07068"https://www.gpo.gov/fdsys/pkg/FR-2018-04-06/pdf/2018-07068.pdfhttps://www.federalregister.gov/documents/2018/04/06/2018-07068/requirements-for-insurance-national-credit-union-share-insurance-fund-equity-distributionsOn February 23, 2018, the NCUA Board (Board) published a final rule adopting amendments to its share insurance requirements rule to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution's pro rata share of a declared equity distribution from the National Credit Union Share Insurance Fund (NCUSIF). A clerical error appeared that resulted in an incorrect amendatory instruction. This document corrects that error.
2018-04-06Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyResponsibilities of Boards of Directors, Corporate Practices, and Corporate GovernanceThe Federal Housing Finance Agency (FHFA) is proposing to amend its regulation on the Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance for its regulated entities. The proposed rule would amend the existing...2018-07044"https://www.gpo.gov/fdsys/pkg/FR-2018-04-06/pdf/2018-07044.pdfhttps://www.federalregister.gov/documents/2018/04/06/2018-07044/responsibilities-of-boards-of-directors-corporate-practices-and-corporate-governanceThe Federal Housing Finance Agency (FHFA) is proposing to amend its regulation on the Responsibilities of Boards of Directors, Corporate Practices, and Corporate Governance for its regulated entities. The proposed rule would amend the existing regulation pertaining to Federal Home Loan Bank strategic business plans so that it would apply as well to the Enterprises, and would make a number of adjustments and conforming changes to the existing regulation. As amended, the regulation would require that the board of directors of each regulated entity have in effect at all times a strategic business plan that describes how the regulated entity's business activities will achieve its statutory purposes. The proposed rule would retain the provision that requires each regulated entity's board of directors to review the strategic business plan at least annually, re-adopt it at least once every three years, and establish reporting requirements for and monitor implementation of the strategic business plan. The proposed rule would add a new provision regarding current and emerging business risks, repeal two outdated provisions of the existing regulation, and make a conforming change to the Office of Finance Board of Directors regulation.
2018-04-05RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationAssessment RegulationsThe FDIC is making technical amendments to its rules governing deposit insurance assessments. The FDIC believes that the amendments will have little or no effect on the deposit insurance assessments for insured depository institutions (IDIs), and any...2018-06920"https://www.gpo.gov/fdsys/pkg/FR-2018-04-05/pdf/2018-06920.pdfhttps://www.federalregister.gov/documents/2018/04/05/2018-06920/assessment-regulationsThe FDIC is making technical amendments to its rules governing deposit insurance assessments. The FDIC believes that the amendments will have little or no effect on the deposit insurance assessments for insured depository institutions (IDIs), and any potential effect would result in lower assessments. The first technical amendment makes clear that small bank assessment credits will be applied for assessment periods in which the reserve ratio of the Deposit Insurance Fund (DIF) is at least 1.38 percent instead of, as currently provided, just when the ratio exceeds 1.38 percent. The second technical amendment removes a data item from the assessment regulations that most small banks can no longer report on the Consolidated Report of Income and Condition (Call Report). The third technical amendment re-incorporates, for assessment purposes, the capital definitions and ratio thresholds used for prompt corrective action (PCA) that were inadvertently removed in a 2016 rulemaking.
2018-04-03Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyFederal Housing Finance Board; Repeal of Federal Housing Finance Board RegulationsThe Federal Housing Finance Agency (FHFA) is proposing to repeal two parts of the Federal Housing Finance Board (Finance Board) regulations, one of which defines terms used in Finance Board regulations and one of which describes the process by which...2018-06564"https://www.gpo.gov/fdsys/pkg/FR-2018-04-03/pdf/2018-06564.pdfhttps://www.federalregister.gov/documents/2018/04/03/2018-06564/federal-housing-finance-board-repeal-of-federal-housing-finance-board-regulationsThe Federal Housing Finance Agency (FHFA) is proposing to repeal two parts of the Federal Housing Finance Board (Finance Board) regulations, one of which defines terms used in Finance Board regulations and one of which describes the process by which the Finance Board conducted its monthly interest rate survey (MIRS). The definitions to be repealed are either obsolete or duplicate definitions that FHFA has previously adopted. The regulation relating to the MIRS has become outdated because it does not accurately describe the manner in which FHFA currently conducts the survey. Although FHFA intends to continue to conduct the MIRS in the same manner as it is doing presently, there is no need to carry over this provision into its own regulations. FHFA also is proposing to repeal a number of subchapters of the Finance Board regulations that it had previously reserved, but which no longer serve any purpose because they include no regulatory text.
2018-04-02Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationAnnual Stress Test-Applicability Transition for Covered Banks With $50 Billion or More in Assets; Technical and Conforming ChangesThe Federal Deposit Insurance Corporation (FDIC) proposes to make several revisions to its stress testing regulation. Consistent with changes already made by the Board of Governors of the Federal Reserve System (Board) and the Office of the Comptroller...2018-06162"https://www.gpo.gov/fdsys/pkg/FR-2018-04-02/pdf/2018-06162.pdfhttps://www.federalregister.gov/documents/2018/04/02/2018-06162/annual-stress-test-applicability-transition-for-covered-banks-with-50-billion-or-more-in-assetsThe Federal Deposit Insurance Corporation (FDIC) proposes to make several revisions to its stress testing regulation. Consistent with changes already made by the Board of Governors of the Federal Reserve System (Board) and the Office of the Comptroller of the Currency (OCC) to their respective stress testing regulations, the proposed rule would change the transition process for covered banks that become over $50 billion covered banks. Under the proposed rule, a covered bank that becomes an over $50 billion covered bank on or before September 30 would become subject to the requirements applicable to an over $50 billion covered bank beginning on January 1 of the second calendar year after the covered bank becomes an over $50 billion covered bank. A covered bank that becomes an over $50 billion covered bank after September 30 would become subject to the requirements applicable to an over $50 billion covered bank beginning on January 1 of the third calendar year after the covered bank becomes an over $50 billion covered bank. The proposed rule would also change the range of possible ``as-of'' dates used in the trading and counterparty position data stress testing component. Lastly, the proposed rule would make certain technical changes to clarify the requirements of the FDIC's stress testing regulation, and to eliminate obsolete provisions.
2018-04-02RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRemoval of Transferred OTS Regulations Regarding Consumer Protection in Sales of InsuranceThe Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule to rescind and remove from the Code of Federal Regulations the part entitled ``Consumer Protection in Sales of Insurance'' and to amend current FDIC regulations to make them...2018-06163"https://www.gpo.gov/fdsys/pkg/FR-2018-04-02/pdf/2018-06163.pdfhttps://www.federalregister.gov/documents/2018/04/02/2018-06163/removal-of-transferred-ots-regulations-regarding-consumer-protection-in-sales-of-insuranceThe Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule to rescind and remove from the Code of Federal Regulations the part entitled ``Consumer Protection in Sales of Insurance'' and to amend current FDIC regulations to make them applicable to state savings associations.
2018-04-02RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRemoval of Transferred OTS Regulations Regarding Minimum Security Procedures Amendments to FDIC RegulationsThe Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule to rescind and remove a part from the Code of Federal Regulations entitled ``Security Procedures'' and to amend FDIC regulations to make the removed Office of Thrift...2018-06161"https://www.gpo.gov/fdsys/pkg/FR-2018-04-02/pdf/2018-06161.pdfhttps://www.federalregister.gov/documents/2018/04/02/2018-06161/removal-of-transferred-ots-regulations-regarding-minimum-security-procedures-amendments-to-fdicThe Federal Deposit Insurance Corporation (``FDIC'') is adopting a final rule to rescind and remove a part from the Code of Federal Regulations entitled ``Security Procedures'' and to amend FDIC regulations to make the removed Office of Thrift Supervision (``OTS'') regulations applicable to State savings associations.
2018-03-27RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D: Reserve Requirements of Depository InstitutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'')...2018-06124"https://www.gpo.gov/fdsys/pkg/FR-2018-03-27/pdf/2018-06124.pdfhttps://www.federalregister.gov/documents/2018/03/27/2018-06124/regulation-d-reserve-requirements-of-depository-institutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'') and the rate of interest paid on excess balances (``IOER'') maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 1.75 percent and IOER is 1.75 percent, a 0.25 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee'').
2018-03-27RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at...2018-06123"https://www.gpo.gov/fdsys/pkg/FR-2018-03-27/pdf/2018-06123.pdfhttps://www.federalregister.gov/documents/2018/03/27/2018-06123/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
2018-03-22Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauRequest for Information Regarding Bureau Rules of Practice for Adjudication ProceedingsOn February 5, 2018, the Bureau of Consumer Financial Protection (Bureau) published a Request for Information Regarding Bureau Rules of Practice for Adjudication Proceedings (RFI), which provided that comments must be received on or before April 6,...2018-05780"https://www.gpo.gov/fdsys/pkg/FR-2018-03-22/pdf/2018-05780.pdfhttps://www.federalregister.gov/documents/2018/03/22/2018-05780/request-for-information-regarding-bureau-rules-of-practice-for-adjudication-proceedingsOn February 5, 2018, the Bureau of Consumer Financial Protection (Bureau) published a Request for Information Regarding Bureau Rules of Practice for Adjudication Proceedings (RFI), which provided that comments must be received on or before April 6, 2018. On February 22, 2018, the Bureau received a letter from two industry trade associations requesting a 30-day comment period extension for this RFI and for two other Bureau Requests for Information. The additional time is requested in order to allow commenters to develop meaningful responses to the RFI and the other identified Requests for Information. The Bureau believes the extension will allow all stakeholders the opportunity to provide more robust responses. In response to this request, the Bureau has determined that a 30 day extension of the comment period is appropriate.
2018-03-21Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationFederal Credit Union BylawsThe NCUA Board (Board) is issuing this advance notice of proposed rulemaking to solicit stakeholder comments on ways to streamline, clarify, and improve the standard Federal Credit Union (FCU) bylaws. The standard FCU bylaws provide a comprehensive set...2018-05625"https://www.gpo.gov/fdsys/pkg/FR-2018-03-21/pdf/2018-05625.pdfhttps://www.federalregister.gov/documents/2018/03/21/2018-05625/federal-credit-union-bylawsThe NCUA Board (Board) is issuing this advance notice of proposed rulemaking to solicit stakeholder comments on ways to streamline, clarify, and improve the standard Federal Credit Union (FCU) bylaws. The standard FCU bylaws provide a comprehensive set of corporate governance procedures that are mandatory for any FCU that had not adopted bylaws as of November 30, 2007. The Board is considering a number of significant changes to the FCU bylaws to provide enhanced operational flexibility to FCUs and to reduce regulatory compliance burdens on all FCUs.
2018-03-15Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemCollection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through FedwireThe Board of Governors of the Federal Reserve System (Board) is publishing for comment proposed amendments to Regulation J. The proposed amendments are intended to clarify and simplify certain provisions of Subpart A of Regulation J, remove obsolete...2018-04486"https://www.gpo.gov/fdsys/pkg/FR-2018-03-15/pdf/2018-04486.pdfhttps://www.federalregister.gov/documents/2018/03/15/2018-04486/collection-of-checks-and-other-items-by-federal-reserve-banks-and-funds-transfers-through-fedwireThe Board of Governors of the Federal Reserve System (Board) is publishing for comment proposed amendments to Regulation J. The proposed amendments are intended to clarify and simplify certain provisions of Subpart A of Regulation J, remove obsolete provisions, and align the rights and obligations of sending banks, paying banks, and Federal Reserve Banks (Reserve Banks) with the Board's recent amendments to Regulation CC, Availability of Funds and Collection of Checks, to reflect the virtually all-electronic check collection and return environment. The proposed rule would also amend subpart B of Regulation J to clarify that terms used in financial messaging standards, such as ISO 20022, do not confer legal status or responsibilities.
2018-03-14Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyAffordable Housing Program AmendmentsThe Federal Housing Finance Agency (FHFA) is issuing notice and providing an opportunity for the public to comment on proposed amendments to its regulation on the Federal Home Loan Banks' (Banks) Affordable Housing Program (AHP or Program). The...2018-04745"https://www.gpo.gov/fdsys/pkg/FR-2018-03-14/pdf/2018-04745.pdfhttps://www.federalregister.gov/documents/2018/03/14/2018-04745/affordable-housing-program-amendmentsThe Federal Housing Finance Agency (FHFA) is issuing notice and providing an opportunity for the public to comment on proposed amendments to its regulation on the Federal Home Loan Banks' (Banks) Affordable Housing Program (AHP or Program). The proposed amendments would provide the Banks additional authority to allocate their AHP funds; authorize the Banks to establish special competitive funds that target specific affordable housing needs in their districts; provide the Banks authority to design and implement their own project selection scoring criteria, subject to meeting certain FHFA-prescribed outcome requirements; remove the requirement for retention agreements for owner-occupied units; further align the project monitoring requirements with those of other federal government funding programs; clarify the provisions on remediating AHP noncompliance; clarify certain operational requirements; and streamline and reorganize the regulation.
2018-03-13RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationRequirements for Insurance; National Credit Union Share Insurance Fund Equity Distributions; CorrectionOn February 23, 2018, the NCUA Board (Board) issued a final rule adopting amendments to its share insurance requirements rule to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution's pro rata...2018-05056"https://www.gpo.gov/fdsys/pkg/FR-2018-03-13/pdf/2018-05056.pdfhttps://www.federalregister.gov/documents/2018/03/13/2018-05056/requirements-for-insurance-national-credit-union-share-insurance-fund-equity-distributionsOn February 23, 2018, the NCUA Board (Board) issued a final rule adopting amendments to its share insurance requirements rule to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution's pro rata share of a declared equity distribution from the National Credit Union Share Insurance Fund (NCUSIF). A clerical error appeared which confuses what CFR unit is being amended. This document corrects that error.
2018-03-12RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauMortgage Servicing Rules Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending certain Regulation Z mortgage servicing rules issued in 2016 relating to the timing for servicers to transition to providing modified or unmodified periodic...2018-04823"https://www.gpo.gov/fdsys/pkg/FR-2018-03-12/pdf/2018-04823.pdfhttps://www.federalregister.gov/documents/2018/03/12/2018-04823/mortgage-servicing-rules-under-the-truth-in-lending-act-regulation-zThe Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending certain Regulation Z mortgage servicing rules issued in 2016 relating to the timing for servicers to transition to providing modified or unmodified periodic statements and coupon books in connection with a consumer's bankruptcy case.
2018-03-06RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules Regarding Delegation of Authority: Delegation of Authority to the Secretary of the BoardThe Board is amending its rules regarding delegation of authority to delegate to the Secretary of the Board the authority to review and determine an appeal of denial of access to Board records under the Freedom of Information Act, the Privacy Act, and...2018-04385"https://www.gpo.gov/fdsys/pkg/FR-2018-03-06/pdf/2018-04385.pdfhttps://www.federalregister.gov/documents/2018/03/06/2018-04385/rules-regarding-delegation-of-authority-delegation-of-authority-to-the-secretary-of-the-boardThe Board is amending its rules regarding delegation of authority to delegate to the Secretary of the Board the authority to review and determine an appeal of denial of access to Board records under the Freedom of Information Act, the Privacy Act, and the Board's rules regarding such access.
2018-03-05RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationAlternatives to References to Credit Ratings With Respect to Permissible Activities for Foreign Branches of Insured State Nonmember Banks and Pledge of Assets by Insured Domestic Branches of Foreign BanksThe FDIC is adopting a final rule (final rule) to amend its international banking regulations consistent with section 939A (section 939A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the FDIC's authority under...2018-04255"https://www.gpo.gov/fdsys/pkg/FR-2018-03-05/pdf/2018-04255.pdfhttps://www.federalregister.gov/documents/2018/03/05/2018-04255/alternatives-to-references-to-credit-ratings-with-respect-to-permissible-activities-for-foreignThe FDIC is adopting a final rule (final rule) to amend its international banking regulations consistent with section 939A (section 939A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the FDIC's authority under section 5(c) of the Federal Deposit Insurance Act (FDI Act). The final rule adopts without change the revisions and amendments that the FDIC proposed in a June 2016 notice of proposed rulemaking (NPR or proposed rule). These revisions and amendments include: Replacing references to credit ratings in the regulation's definition of investment grade with an alternative standard of creditworthiness; and making changes to the eligibility criteria for the types of assets that insured branches of foreign banks may pledge for the benefit of the FDIC.
2018-02-23RuleDEPARTMENT OF THE TREASURYTreasury DepartmentAnnual Stress Test-Technical and Conforming ChangesOn October 27, 2017, the Office of the Comptroller of the Currency (OCC) published a proposed rule that would have made several revisions to its stress testing regulation. The OCC is now adopting the proposed rule as final. The final rule changes the...2018-03687"https://www.gpo.gov/fdsys/pkg/FR-2018-02-23/pdf/2018-03687.pdfhttps://www.federalregister.gov/documents/2018/02/23/2018-03687/annual-stress-test-technical-and-conforming-changesOn October 27, 2017, the Office of the Comptroller of the Currency (OCC) published a proposed rule that would have made several revisions to its stress testing regulation. The OCC is now adopting the proposed rule as final. The final rule changes the range of possible ``as-of'' dates used in the global market shock component to conform to changes already made by the Board of Governors of the Federal Reserve System (Board) to its stress testing regulations. The final rule also changes the transition process for covered institutions with $50 billion or more in assets. Under the final rule, a covered institution that becomes an over $50 billion covered institution, as that term is defined in the OCC stress testing regulation, before September 30 will become subject to the requirements applicable to an over $50 billion covered institution beginning on January 1 of the second calendar year after the covered institution becomes an over $50 billion covered institution, and a covered institution that becomes an over $50 billion covered institution after September 30 will become subject to the requirements applicable to an over $50 billion covered institution beginning on January 1 of the third calendar year after the covered institution becomes an over $50 billion covered institution. The final rule also makes certain technical changes to clarify the requirements of the OCC's stress testing regulation.
2018-02-23RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationRequirements for Insurance; National Credit Union Share Insurance Fund Equity DistributionsThe NCUA Board (Board) is adopting amendments to its share insurance requirements rule to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution's pro rata share of a declared equity distribution...2018-03622"https://www.gpo.gov/fdsys/pkg/FR-2018-02-23/pdf/2018-03622.pdfhttps://www.federalregister.gov/documents/2018/02/23/2018-03622/requirements-for-insurance-national-credit-union-share-insurance-fund-equity-distributionsThe NCUA Board (Board) is adopting amendments to its share insurance requirements rule to provide stakeholders with greater transparency regarding the calculation of each eligible financial institution's pro rata share of a declared equity distribution from the National Credit Union Share Insurance Fund (NCUSIF). The Board is also adopting a temporary provision to govern all NCUSIF equity distributions related to the Corporate System Resolution Program (CSRP), a special purpose program established by the Board to stabilize the corporate credit union system following the 2007-2009 financial crisis. Furthermore, the Board is making technical and conforming amendments to other aspects of the share insurance requirements rule to account for these changes.
2018-02-21Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentMargin and Capital Requirements for Covered Swap Entities; Proposed RuleThe Board, OCC, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are seeking comment on proposed amendments to the minimum margin requirements for registered swap dealers, major swap participants, security-based swap dealers, and...2018-02560"https://www.gpo.gov/fdsys/pkg/FR-2018-02-21/pdf/2018-02560.pdfhttps://www.federalregister.gov/documents/2018/02/21/2018-02560/margin-and-capital-requirements-for-covered-swap-entities-proposed-ruleThe Board, OCC, FDIC, FCA, and FHFA (each an Agency and, collectively, the Agencies) are seeking comment on proposed amendments to the minimum margin requirements for registered swap dealers, major swap participants, security-based swap dealers, and major security- based swap participants for which one of the Agencies is the prudential regulator (Swap Margin Rule). The Agencies are proposing these amendments in light of the rules recently adopted by the Board, the OCC, and the FDIC that impose restrictions on certain non-cleared swaps and non-cleared security-based swaps and other financial contracts (Covered QFCs) (the QFC Rules). The QFC Rules amend the definition of ``Qualifying Master Netting Agreement'' in the Federal banking agencies' regulatory capital and liquidity rules to ensure that a Covered QFC is not prevented from being part of a Qualifying Master Netting Agreement solely because the Covered QFC conforms to the new requirements in the QFC Rules. The FCA also plans to propose amendments to its capital rules, including potential revisions to its regulatory definition of ``Qualifying Master Netter Agreement,'' which is expected to be identical to the definition used in the Federal banking agencies' regulatory capital and liquidity rules. The Agencies are proposing to amend the definition of ``Eligible Master Netting Agreement'' in the Swap Margin Rule so that it remains harmonized with the amended definition of ``Qualifying Master Netting Agreement'' in the Federal banking agencies' regulatory capital and liquidity rules, and amendments to the capital rules that the FCA separately plans to propose. This proposed rule would also ensure that netting agreements of firms subject to the Swap Margin Rule are not excluded from the definition of ``Eligible Master Netting Agreement'' based solely on their compliance with the QFC Rules. The Agencies are also proposing that any legacy non-cleared swap or non-cleared security-based swap (i.e., a non-cleared swap or non-cleared security- based swap entered into before the applicable compliance date) that is not subject to the margin requirements of the Swap Margin Rule would not become subject to the provisions of the Swap Margin Rule if the non-cleared swap or non-cleared security-based swap is amended solely to comply with the requirements of the QFC Rules.
2018-02-13RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauRules Concerning Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is amending Regulation E, which implements the Electronic Fund Transfer Act, and Regulation Z, which implements the Truth in Lending Act, and the official interpretations to those regulations. This...2018-01305"https://www.gpo.gov/fdsys/pkg/FR-2018-02-13/pdf/2018-01305.pdfhttps://www.federalregister.gov/documents/2018/02/13/2018-01305/rules-concerning-prepaid-accounts-under-the-electronic-fund-transfer-act-regulation-e-and-the-truthThe Bureau of Consumer Financial Protection (Bureau) is amending Regulation E, which implements the Electronic Fund Transfer Act, and Regulation Z, which implements the Truth in Lending Act, and the official interpretations to those regulations. This rulemaking relates to a final rule published in the Federal Register on November 22, 2016, as amended on April 25, 2017, regarding prepaid accounts under Regulations E and Z. The Bureau is finalizing modifications to several aspects of that rule, including with respect to error resolution and limitations on liability for prepaid accounts where the financial institution has not successfully completed its consumer identification and verification process; application of the rule's credit-related provisions to digital wallets that are capable of storing funds; certain other clarifications and minor adjustments; technical corrections; and an extension of the overall effective date to April 1, 2019.
2018-02-12RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance Agency2018-2020 Enterprise Housing GoalsThe Federal Housing Finance Agency (FHFA) is issuing a final rule on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Safety and...2018-02649"https://www.gpo.gov/fdsys/pkg/FR-2018-02-12/pdf/2018-02649.pdfhttps://www.federalregister.gov/documents/2018/02/12/2018-02649/2018-2020-enterprise-housing-goalsThe Federal Housing Finance Agency (FHFA) is issuing a final rule on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Safety and Soundness Act) requires FHFA to establish annual housing goals for mortgages purchased by the Enterprises. The housing goals include separate categories for single-family and multifamily mortgages on housing that is affordable to low-income and very low-income families, among other categories. The final rule establishes the benchmark levels for each of the housing goals and subgoals for 2018 through 2020. In addition, the final rule makes a number of clarifying and conforming changes, including revisions to the requirements for the housing plan that an Enterprise may be required to submit to FHFA in response to a failure to achieve one or more of the housing goals or subgoals.
2018-02-09RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyFreedom of Information Act ImplementationThe Federal Housing Finance Agency (FHFA) is finalizing its interim final rule that amended its Freedom of Information Act (FOIA) regulation. The amendments to FHFA's regulation incorporate the requirements of the FOIA Improvement Act of 2016 by giving...2018-02338"https://www.gpo.gov/fdsys/pkg/FR-2018-02-09/pdf/2018-02338.pdfhttps://www.federalregister.gov/documents/2018/02/09/2018-02338/freedom-of-information-act-implementationThe Federal Housing Finance Agency (FHFA) is finalizing its interim final rule that amended its Freedom of Information Act (FOIA) regulation. The amendments to FHFA's regulation incorporate the requirements of the FOIA Improvement Act of 2016 by giving notice of the circumstances under which FHFA may extend the time limit for responding to a FOIA request due to unusual circumstance; notifying a requester of their right to seek dispute resolution services; affording a requester a minimum of 90 days to file an administrative appeal; and clarifying and updating the existing regulation. The interim final rule became effective on March 15, 2017. This final rule finalizes the interim final rule with minor revisions for consistency and clarification.
2018-02-05Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauRequest for Information Regarding Bureau Rules of Practice for Adjudication ProceedingsThe Bureau of Consumer Financial Protection (Bureau) is seeking comments and information from interested parties to assist the Bureau in considering whether and how to amend the Bureau's Rules of Practice for Adjudication Proceedings.2018-02208"https://www.gpo.gov/fdsys/pkg/FR-2018-02-05/pdf/2018-02208.pdfhttps://www.federalregister.gov/documents/2018/02/05/2018-02208/request-for-information-regarding-bureau-rules-of-practice-for-adjudication-proceedingsThe Bureau of Consumer Financial Protection (Bureau) is seeking comments and information from interested parties to assist the Bureau in considering whether and how to amend the Bureau's Rules of Practice for Adjudication Proceedings.
2018-01-31Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationInvoluntary Liquidation of Federal Credit Unions and Claims ProceduresThe NCUA Board (Board) proposes to amend part 709 of its rules to update and clarify the procedures that apply to claims administration for federally insured credit unions that enter involuntary liquidation. Specifically, the proposal would amend the...2018-01884"https://www.gpo.gov/fdsys/pkg/FR-2018-01-31/pdf/2018-01884.pdfhttps://www.federalregister.gov/documents/2018/01/31/2018-01884/involuntary-liquidation-of-federal-credit-unions-and-claims-proceduresThe NCUA Board (Board) proposes to amend part 709 of its rules to update and clarify the procedures that apply to claims administration for federally insured credit unions that enter involuntary liquidation. Specifically, the proposal would amend the current rule's payout priority provision by specifying the conditions that claims in the nature of severance must meet to be allowed as provable claims.
2018-01-26RuleFARM CREDIT SYSTEM INSURANCE CORPORATIONFarm Credit System Insurance CorporationRules of Practice and Procedure; Adjusting Civil Money Penalties for InflationThis rule implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit System Insurance Corporation (FCSIC) may impose under the Farm Credit Act of 1971, as amended. These adjustments are required by 2015 amendments to the...2018-01421"https://www.gpo.gov/fdsys/pkg/FR-2018-01-26/pdf/2018-01421.pdfhttps://www.federalregister.gov/documents/2018/01/26/2018-01421/rules-of-practice-and-procedure-adjusting-civil-money-penalties-for-inflationThis rule implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit System Insurance Corporation (FCSIC) may impose under the Farm Credit Act of 1971, as amended. These adjustments are required by 2015 amendments to the Federal Civil Penalties Inflation Adjustment Act of 1990.
2018-01-16RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCivil Monetary Penalty Inflation AdjustmentThe NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal...2018-00488"https://www.gpo.gov/fdsys/pkg/FR-2018-01-16/pdf/2018-00488.pdfhttps://www.federalregister.gov/documents/2018/01/16/2018-00488/civil-monetary-penalty-inflation-adjustmentThe NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2018-01-12RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauCivil Penalty Inflation AdjustmentsThe Bureau of Consumer Financial Protection (Bureau) is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990,...2018-00399"https://www.gpo.gov/fdsys/pkg/FR-2018-01-12/pdf/2018-00399.pdfhttps://www.federalregister.gov/documents/2018/01/12/2018-00399/civil-penalty-inflation-adjustmentsThe Bureau of Consumer Financial Protection (Bureau) is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (Inflation Adjustment Act). The inflation adjustments mandated by the Inflation Adjustment Act serve to maintain the deterrent effect of civil penalties and to promote compliance with the law.
2018-01-12RuleDEPARTMENT OF THE TREASURYTreasury DepartmentRules of Practice and Procedure; Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation AdjustmentsThe Office of the Comptroller of the Currency (OCC) is amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to remove the chart listing the...2018-00536"https://www.gpo.gov/fdsys/pkg/FR-2018-01-12/pdf/2018-00536.pdfhttps://www.federalregister.gov/documents/2018/01/12/2018-00536/rules-of-practice-and-procedure-rules-of-practice-and-procedure-in-adjudicatory-proceedings-civilThe Office of the Comptroller of the Currency (OCC) is amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to remove the chart listing the maximum dollar amount of civil money penalties the OCC has authority to assess.
2018-01-12RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRules of Practice and ProcedureThe FDIC is adjusting the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act).2018-00403"https://www.gpo.gov/fdsys/pkg/FR-2018-01-12/pdf/2018-00403.pdfhttps://www.federalregister.gov/documents/2018/01/12/2018-00403/rules-of-practice-and-procedureThe FDIC is adjusting the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act).
2018-01-11RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationRules of Practice and Procedure; Adjusting Civil Money Penalties for InflationThis regulation implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit Administration (FCA) may impose or enforce pursuant to the Farm Credit Act of 1971, as amended (Farm Credit Act), and pursuant to the Flood Disaster...2018-00336"https://www.gpo.gov/fdsys/pkg/FR-2018-01-11/pdf/2018-00336.pdfhttps://www.federalregister.gov/documents/2018/01/11/2018-00336/rules-of-practice-and-procedure-adjusting-civil-money-penalties-for-inflationThis regulation implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit Administration (FCA) may impose or enforce pursuant to the Farm Credit Act of 1971, as amended (Farm Credit Act), and pursuant to the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994 (Reform Act), and further amended by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act).
2018-01-10RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules of Practice for HearingsThe Board of Governors of the Federal Reserve System (the ``Board'') is issuing a final rule amending its rules of practice and procedure to adjust the amount of each civil money penalty (``CMP'') provided by law within its jurisdiction to account for...2018-00227"https://www.gpo.gov/fdsys/pkg/FR-2018-01-10/pdf/2018-00227.pdfhttps://www.federalregister.gov/documents/2018/01/10/2018-00227/rules-of-practice-for-hearingsThe Board of Governors of the Federal Reserve System (the ``Board'') is issuing a final rule amending its rules of practice and procedure to adjust the amount of each civil money penalty (``CMP'') provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2018-01-08RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulatory Capital Rules; CorrectionThe Board of Governors of the Federal Reserve System (Board) published a final rule in the Federal Register on October 11, 2013, regarding Regulatory Capital Rules. This publication corrects a typographical error in those rules whereby a transition...2018-00062"https://www.gpo.gov/fdsys/pkg/FR-2018-01-08/pdf/2018-00062.pdfhttps://www.federalregister.gov/documents/2018/01/08/2018-00062/regulatory-capital-rules-correctionThe Board of Governors of the Federal Reserve System (Board) published a final rule in the Federal Register on October 11, 2013, regarding Regulatory Capital Rules. This publication corrects a typographical error in those rules whereby a transition provision was unintentionally deleted. The Board also published inconsistent amendments to Regulation Q in final rules published in the Federal Register on May 1, 2014, and August 14, 2015, that pertain to firms identified as global systemically important bank holding companies (GSIBs). This publication resolves these inconsistencies.
2018-01-03Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemConsumer Leasing (Regulation M)The Board of Governors of the Federal Reserve System (Board) is proposing to revise its Regulation M, which was issued to implement the Consumer Leasing Act (CLA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...2017-27325"https://www.gpo.gov/fdsys/pkg/FR-2018-01-03/pdf/2017-27325.pdfhttps://www.federalregister.gov/documents/2018/01/03/2017-27325/consumer-leasing-regulation-mThe Board of Governors of the Federal Reserve System (Board) is proposing to revise its Regulation M, which was issued to implement the Consumer Leasing Act (CLA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including the CLA, from the Board to the Bureau of Consumer Financial Protection (Bureau). Under section 1029 of the Dodd-Frank Act, however, the Board retains authority to issue rules for motor vehicle dealers that are predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both, and are otherwise not subject to the Bureau's regulatory authority. The Board is proposing to revise its Regulation M and the accompanying Official Staff Commentary to reflect this change in the persons covered by the Board's Regulation M.
2017-12-28RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRestrictions on Qualified Financial Contracts of Certain FDIC-Supervised Institutions; Revisions to the Definition of Qualifying Master Netting Agreement and Related DefinitionsThis document makes technical corrections to regulations that were published in the Federal Register on October 30, 2017. The FDIC added Part 382 to its regulations to improve the resolvability of systemically important U.S. banking organizations and...2017-27971"https://www.gpo.gov/fdsys/pkg/FR-2017-12-28/pdf/2017-27971.pdfhttps://www.federalregister.gov/documents/2017/12/28/2017-27971/restrictions-on-qualified-financial-contracts-of-certain-fdic-supervised-institutions-revisions-toThis document makes technical corrections to regulations that were published in the Federal Register on October 30, 2017. The FDIC added Part 382 to its regulations to improve the resolvability of systemically important U.S. banking organizations and systemically important foreign banking organizations and enhance the resilience and the safety and soundness of certain State savings associations and State-chartered banks and made certain conforming changes to Part 329. This document is being published to make technical corrections to certain rules under Parts 329 and 382 and make effective amendatory instruction 6 in the previously published regulation.
2017-12-27RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauHome Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption ThresholdThe Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for...2017-27879"https://www.gpo.gov/fdsys/pkg/FR-2017-12-27/pdf/2017-27879.pdfhttps://www.federalregister.gov/documents/2017/12/27/2017-27879/home-mortgage-disclosure-regulation-c-adjustment-to-asset-size-exemption-thresholdThe Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the 2.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2017, the exemption threshold is adjusted to increase to $45 million from $44 million. Therefore, banks, savings associations, and credit unions with assets of $45 million or less as of December 31, 2017, are exempt from collecting data in 2018.
2017-12-27RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationAgency Reorganization; CorrectionThe NCUA is correcting a final rule that appeared in the Federal Register on December 20, 2017. The document implemented certain features of the NCUA reorganization that the NCUA Board announced earlier this year. This correction amends one reference...2017-27962"https://www.gpo.gov/fdsys/pkg/FR-2017-12-27/pdf/2017-27962.pdfhttps://www.federalregister.gov/documents/2017/12/27/2017-27962/agency-reorganization-correctionThe NCUA is correcting a final rule that appeared in the Federal Register on December 20, 2017. The document implemented certain features of the NCUA reorganization that the NCUA Board announced earlier this year. This correction amends one reference within the document.
2017-12-27RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauTruth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption ThresholdThe Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to...2017-27897"https://www.gpo.gov/fdsys/pkg/FR-2017-12-27/pdf/2017-27897.pdfhttps://www.federalregister.gov/documents/2017/12/27/2017-27897/truth-in-lending-act-regulation-z-adjustment-to-asset-size-exemption-thresholdThe Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.112 billion from $2.069 billion. The adjustment is based on the 2.1 percent increase in the average of the CPI-W for the 12-month period ending in November 2017. Therefore, creditors with assets of less than $2.112 billion (including assets of certain affiliates) as of December 31, 2017, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2018. This asset limit will also apply during a grace period, in certain circumstances, with respect to transactions with applications received before April 1 of 2019. The adjustment to the escrows asset- size exemption threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that have (together with certain affiliates) total assets below the threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.
2017-12-27RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCommunity Reinvestment Act RegulationsThe OCC, the Board, and the FDIC (collectively, the Agencies) are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ``small bank'' or ``small savings association'' and ``intermediate small...2017-27813"https://www.gpo.gov/fdsys/pkg/FR-2017-12-27/pdf/2017-27813.pdfhttps://www.federalregister.gov/documents/2017/12/27/2017-27813/community-reinvestment-act-regulationsThe OCC, the Board, and the FDIC (collectively, the Agencies) are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ``small bank'' or ``small savings association'' and ``intermediate small bank'' or ``intermediate small savings association.'' As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The FDIC is also amending its definition of ``consumer loan'' to correct a typographical error included in a CRA final rule issued on November 24, 2017.
2017-12-22RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemHome Mortgage DisclosureThe Board of Governors of the Federal Reserve System (Board) is repealing its Regulation C, which was issued to implement the Home Mortgage Disclosure Act (HMDA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)...2017-27491"https://www.gpo.gov/fdsys/pkg/FR-2017-12-22/pdf/2017-27491.pdfhttps://www.federalregister.gov/documents/2017/12/22/2017-27491/home-mortgage-disclosureThe Board of Governors of the Federal Reserve System (Board) is repealing its Regulation C, which was issued to implement the Home Mortgage Disclosure Act (HMDA). Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) transferred rulemaking authority for a number of consumer financial protection laws, including HMDA, from the Board to the Bureau of Consumer Financial Protection (Bureau). HMDA requires covered financial institutions to collect and report loan data in connection with residential mortgage applications and loans. Although the Board retains authority to issue some consumer financial protection rules, all rulemaking authority under HMDA concerning mortgage loan transactions was transferred to the Bureau. In December 2011, the Bureau published an interim final rule establishing its own Regulation C to implement HMDA, which superseded the Board's Regulation C. In October 2015, the Bureau revised its own Regulation C to expand and revise the data collection and reporting regime required under HMDA, as amended by the Dodd-Frank Act. In April 2016, the Bureau published a final rule adopting the December 2011 interim final rule, as revised by the October 2015 final rule. Accordingly, the Board is repealing its Regulation C and the Official Staff Commentary that accompanies the regulation.
2017-12-20RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationEmergency Mergers-Chartering and Field of MembershipThe NCUA Board (Board) is issuing this final rule to amend, in its Chartering and Field of Membership Manual, the definition of the term ``in danger of insolvency'' for emergency merger purposes. The previous definition, adopted in 2010 (2010...2017-27410"https://www.gpo.gov/fdsys/pkg/FR-2017-12-20/pdf/2017-27410.pdfhttps://www.federalregister.gov/documents/2017/12/20/2017-27410/emergency-mergers-chartering-and-field-of-membershipThe NCUA Board (Board) is issuing this final rule to amend, in its Chartering and Field of Membership Manual, the definition of the term ``in danger of insolvency'' for emergency merger purposes. The previous definition, adopted in 2010 (2010 definition), required a credit union to fall into at least one of three net worth categories over a period of time to be ``in danger of insolvency.'' For two of those three categories, the final rule lengthens by six months the forecast horizons, the time periods in which the NCUA projects a credit union's net worth will decline to the point that it falls into one of the categories. This extends the time period in which a credit union's net worth is projected to either render it insolvent or drop below two percent from 24 to 30 months and from 12 to 18 months, respectively. Additionally, the final rule adds a fourth category to the three existing net worth categories to include credit unions that have been granted or received assistance under section 208 of the Federal Credit Union Act (FCU Act) in the 15 months prior to the NCUA regional office's determination that the credit union is in danger of insolvency.
2017-12-20RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at...2017-27392"https://www.gpo.gov/fdsys/pkg/FR-2017-12-20/pdf/2017-27392.pdfhttps://www.federalregister.gov/documents/2017/12/20/2017-27392/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
2017-12-20RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D: Reserve Requirements of Depository InstitutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'')...2017-27393"https://www.gpo.gov/fdsys/pkg/FR-2017-12-20/pdf/2017-27393.pdfhttps://www.federalregister.gov/documents/2017/12/20/2017-27393/regulation-d-reserve-requirements-of-depository-institutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'') and the rate of interest paid on excess balances (``IOER'') maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 1.50 percent and IOER is 1.50 percent, a 0.25 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee'').
2017-12-20RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationAgency ReorganizationThe NCUA Board (``Board'') is issuing a final rule to implement certain features of the NCUA reorganization that the Board announced earlier this year. This rule amends the NCUA's regulations related to the organization of the NCUA's Central Office.2017-27411"https://www.gpo.gov/fdsys/pkg/FR-2017-12-20/pdf/2017-27411.pdfhttps://www.federalregister.gov/documents/2017/12/20/2017-27411/agency-reorganizationThe NCUA Board (``Board'') is issuing a final rule to implement certain features of the NCUA reorganization that the Board announced earlier this year. This rule amends the NCUA's regulations related to the organization of the NCUA's Central Office.
2017-12-15Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemStress Testing Policy StatementThe Board is inviting comment on a proposed policy statement on the approach to supervisory stress testing conducted under the Board's Regulation YY pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the...2017-26857"https://www.gpo.gov/fdsys/pkg/FR-2017-12-15/pdf/2017-26857.pdfhttps://www.federalregister.gov/documents/2017/12/15/2017-26857/stress-testing-policy-statementThe Board is inviting comment on a proposed policy statement on the approach to supervisory stress testing conducted under the Board's Regulation YY pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Board's capital plan rule.
2017-12-15Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemPolicy Statement on the Scenario Design Framework for Stress TestingThe Board is requesting public comment on amendments to its policy statement on the scenario design framework for stress testing. The proposed amendments to the policy statement would clarify when the Board may adopt a change in the unemployment rate...2017-26858"https://www.gpo.gov/fdsys/pkg/FR-2017-12-15/pdf/2017-26858.pdfhttps://www.federalregister.gov/documents/2017/12/15/2017-26858/policy-statement-on-the-scenario-design-framework-for-stress-testingThe Board is requesting public comment on amendments to its policy statement on the scenario design framework for stress testing. The proposed amendments to the policy statement would clarify when the Board may adopt a change in the unemployment rate in the severely adverse scenario of less than 4 percentage points; institute a counter- cyclical guide for the change in the house price index in the severely adverse scenario; and provide notice that the Board plans to incorporate wholesale funding costs for banking organizations in the scenarios. The Board would continue to use the policy statement to develop the macroeconomic scenarios and additional scenario components that are used in the supervisory and company-run stress tests conducted under the Board's stress test rules and the Board's capital plan rule.
2017-12-13RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationAssessment and Apportionment of Administrative ExpensesThe Farm Credit Administration (FCA or we) issued a direct final rule adopting technical amendments to eliminate language that is obsolete, confusing, and unnecessary to determine the annual assessment amount of Farm Credit System institutions. In...2017-26835"https://www.gpo.gov/fdsys/pkg/FR-2017-12-13/pdf/2017-26835.pdfhttps://www.federalregister.gov/documents/2017/12/13/2017-26835/assessment-and-apportionment-of-administrative-expensesThe Farm Credit Administration (FCA or we) issued a direct final rule adopting technical amendments to eliminate language that is obsolete, confusing, and unnecessary to determine the annual assessment amount of Farm Credit System institutions. In accordance with the law, the effective date of the rule is no earlier than 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session.
2017-12-08Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (``Board'') is proposing to amend its Regulation A to; revise the provisions regarding the establishment of the primary credit rate in a financial emergency, and to delete the provisions relating to...2017-26465"https://www.gpo.gov/fdsys/pkg/FR-2017-12-08/pdf/2017-26465.pdfhttps://www.federalregister.gov/documents/2017/12/08/2017-26465/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (``Board'') is proposing to amend its Regulation A to; revise the provisions regarding the establishment of the primary credit rate in a financial emergency, and to delete the provisions relating to the use of credit ratings for collateral for extensions of credit under the former Term Asset-Backed Securities Loan Facility (TALF). The proposed amendments are intended to allow the regulation to address circumstances in which the Federal Open Market Committee has established a target range for the federal funds rate rather than a single target rate, and to reflect the expiration of the TALF program.
2017-11-29RuleDEPARTMENT OF THE TREASURYTreasury DepartmentMandatory Contractual Stay Requirements for Qualified Financial ContractsThe OCC is adopting a final rule that adds a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of...2017-25529"https://www.gpo.gov/fdsys/pkg/FR-2017-11-29/pdf/2017-25529.pdfhttps://www.federalregister.gov/documents/2017/11/29/2017-25529/mandatory-contractual-stay-requirements-for-qualified-financial-contractsThe OCC is adopting a final rule that adds a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Under the final rule, a covered bank is required to ensure that a covered qualified financial contract contains a contractual stay-and-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the Dodd-Frank, Wall Street Reform and Consumer Protection Act and in the Federal Deposit Insurance Act, and limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. In addition, this final rule makes conforming amendments to the Capital Adequacy Standards and the Liquidity Risk Measurement Standards in its regulations. The requirements of this final rule are substantively identical to those adopted in the final rules issued by the Board of Governors of the Federal Reserve System and by the Federal Deposit Insurance Corporation.
2017-11-24RuleFINANCIAL STABILITY OVERSIGHT COUNCILFinancial Stability Oversight CouncilFreedom of Information Act RegulationsThis rule makes revisions to the regulations of the Financial Stability Oversight Council (the ``Council'') under the Freedom of Information Act (``FOIA'') as required by the FOIA Improvement Act of 2016.2017-25386"https://www.gpo.gov/fdsys/pkg/FR-2017-11-24/pdf/2017-25386.pdfhttps://www.federalregister.gov/documents/2017/11/24/2017-25386/freedom-of-information-act-regulationsThis rule makes revisions to the regulations of the Financial Stability Oversight Council (the ``Council'') under the Freedom of Information Act (``FOIA'') as required by the FOIA Improvement Act of 2016.
2017-11-24RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCommunity Reinvestment Act RegulationsThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) are amending their regulations implementing the...2017-25396"https://www.gpo.gov/fdsys/pkg/FR-2017-11-24/pdf/2017-25396.pdfhttps://www.federalregister.gov/documents/2017/11/24/2017-25396/community-reinvestment-act-regulationsThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) are amending their regulations implementing the Community Reinvestment Act (CRA). The Agencies are modifying the existing definitions of ``home mortgage loan'' and ``consumer loan,'' related cross references, and the public file content requirements to conform to recent revisions made by the Consumer Financial Protection Bureau (Bureau) to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). This final rule also removes obsolete references to the Neighborhood Stabilization Program (NSP).
2017-11-24Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemLarge Financial Institution Rating System; Regulations K and LLOn August 17, 2017, the Board published in the Federal Register a proposed new rating system for its supervision of large financial institutions. To facilitate effective public comment on the proposal, the Board previously extended the comment period...2017-25371"https://www.gpo.gov/fdsys/pkg/FR-2017-11-24/pdf/2017-25371.pdfhttps://www.federalregister.gov/documents/2017/11/24/2017-25371/large-financial-institution-rating-system-regulations-k-and-llOn August 17, 2017, the Board published in the Federal Register a proposed new rating system for its supervision of large financial institutions. To facilitate effective public comment on the proposal, the Board previously extended the comment period from October 16, 2017, to November 30, 2017. The Board has determined that a further extension of the comment period until February 15, 2018, is appropriate. This action will allow interested persons additional time to analyze the proposal and prepare their comments.
2017-11-22RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules of OrganizationThe Board has amended its definition of a quorum of the Board in the Board's Rules of Organization. The amendment is designed to facilitate the Board's ability to continue to function efficiently during periods of substantial vacancies on the Board....2017-25122"https://www.gpo.gov/fdsys/pkg/FR-2017-11-22/pdf/2017-25122.pdfhttps://www.federalregister.gov/documents/2017/11/22/2017-25122/rules-of-organizationThe Board has amended its definition of a quorum of the Board in the Board's Rules of Organization. The amendment is designed to facilitate the Board's ability to continue to function efficiently during periods of substantial vacancies on the Board. The amendment does not alter the number of Board members required to constitute a quorum in normal operating environments. The amendment also addresses Board member recusals and disqualifications. In addition, the Board has provided a modified definition of a quorum during exigent circumstances. In connection with this modification, the Board is amending its Rules Regarding Delegation of Authority, published elsewhere in this Federal Register, to authorize the Chair (or Vice Chair, if the Chair is unavailable) to determine when an emergency situation exists.
2017-11-22RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules Regarding Delegation of AuthorityThe Board is amending its Rules Regarding Delegation of Authority, in connection with the amendment to the Board's Rules of Organization (published elsewhere in this issue of the Federal Register), to provide a modified quorum procedure during exigent...2017-24052"https://www.gpo.gov/fdsys/pkg/FR-2017-11-22/pdf/2017-24052.pdfhttps://www.federalregister.gov/documents/2017/11/22/2017-24052/rules-regarding-delegation-of-authorityThe Board is amending its Rules Regarding Delegation of Authority, in connection with the amendment to the Board's Rules of Organization (published elsewhere in this issue of the Federal Register), to provide a modified quorum procedure during exigent circumstances.
2017-11-22RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauArbitration AgreementsUnder the Congressional Review Act, Congress has passed and the president has signed a joint resolution disapproving a final rule published by the Bureau of Consumer Financial Protection (Bureau) on July 19, 2017, to regulate arbitration agreements in...2017-25324"https://www.gpo.gov/fdsys/pkg/FR-2017-11-22/pdf/2017-25324.pdfhttps://www.federalregister.gov/documents/2017/11/22/2017-25324/arbitration-agreementsUnder the Congressional Review Act, Congress has passed and the president has signed a joint resolution disapproving a final rule published by the Bureau of Consumer Financial Protection (Bureau) on July 19, 2017, to regulate arbitration agreements in contracts for specified consumer financial products and services. Under the joint resolution and by operation of the Congressional Review Act, the arbitration agreements rule has no force or effect. The Bureau is hereby removing it from the Code of Federal Regulations (CFR).
2017-11-22RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCorporate Credit UnionsThe NCUA Board (Board) is amending its regulations governing corporate credit unions (corporates) and the scope of their activities. Specifically, the amendments revise provisions on retained earnings and Tier 1 capital.2017-25223"https://www.gpo.gov/fdsys/pkg/FR-2017-11-22/pdf/2017-25223.pdfhttps://www.federalregister.gov/documents/2017/11/22/2017-25223/corporate-credit-unionsThe NCUA Board (Board) is amending its regulations governing corporate credit unions (corporates) and the scope of their activities. Specifically, the amendments revise provisions on retained earnings and Tier 1 capital.
2017-11-21RuleDEPARTMENT OF THE TREASURYTreasury DepartmentRegulatory Capital Rules: Retention of Certain Existing Transition Provisions for Banking Organizations That Are Not Subject to the Advanced Approaches Capital RulesThe Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are adopting a final rule to extend the regulatory capital treatment...2017-25172"https://www.gpo.gov/fdsys/pkg/FR-2017-11-21/pdf/2017-25172.pdfhttps://www.federalregister.gov/documents/2017/11/21/2017-25172/regulatory-capital-rules-retention-of-certain-existing-transition-provisions-for-bankingThe Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) are adopting a final rule to extend the regulatory capital treatment applicable during 2017 under the regulatory capital rules (capital rules) for certain items. These items include regulatory capital deductions, risk weights, and certain minority interest limitations. The relief provided under the final rule applies to banking organizations that are not subject to the capital rules' advanced approaches (non-advanced approaches banking organizations). Specifically, for these banking organizations, the final rule extends the current regulatory capital treatment of mortgage servicing assets, deferred tax assets arising from temporary differences that could not be realized through net operating loss carrybacks, significant investments in the capital of unconsolidated financial institutions in the form of common stock, non-significant investments in the capital of unconsolidated financial institutions, significant investments in the capital of unconsolidated financial institutions that are not in the form of common stock, and common equity tier 1 minority interest, tier 1 minority interest, and total capital minority interest exceeding the capital rules' minority interest limitations. Under the final rule, advanced approaches banking organizations continue to be subject to the transition provisions established by the capital rules for the above capital items. Therefore, for advanced approaches banking organizations, their transition schedule is unchanged, and advanced approaches banking organizations are required to apply the capital rules' fully phased-in treatment for these capital items beginning January 1, 2018.
2017-11-17RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauPayday, Vehicle Title, and Certain High-Cost Installment LoansThe Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule establishing regulations creating consumer protections for certain consumer credit products and the official interpretations to the rule. First, the rule identifies...2017-21808"https://www.gpo.gov/fdsys/pkg/FR-2017-11-17/pdf/2017-21808.pdfhttps://www.federalregister.gov/documents/2017/11/17/2017-21808/payday-vehicle-title-and-certain-high-cost-installment-loansThe Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule establishing regulations creating consumer protections for certain consumer credit products and the official interpretations to the rule. First, the rule identifies it as an unfair and abusive practice for a lender to make covered short-term or longer- term balloon-payment loans, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay the loans according to their terms. The rule exempts certain loans from the underwriting criteria prescribed in the rule if they have specific consumer protections. Second, for the same set of loans along with certain other high-cost longer-term loans, the rule identifies it as an unfair and abusive practice to make attempts to withdraw payment from consumers' accounts after two consecutive payment attempts have failed, unless the consumer provides a new and specific authorization to do so. Finally, the rule prescribes notices to consumers before attempting to withdraw payments from their account, as well as processes and criteria for registration of information systems, for requirements to furnish and obtain information from them, and for compliance programs and record retention. The rule prohibits evasions and operates as a floor leaving State and local jurisdictions to adopt further regulatory measures (whether a usury limit or other protections) as appropriate to protect consumers.
2017-11-13RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemFederal Reserve Bank Capital StockThe Board of Governors (Board) is publishing a final rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I. Federal Reserve Bank (Reserve Bank) stockholders that have total consolidated assets above...2017-24553"https://www.gpo.gov/fdsys/pkg/FR-2017-11-13/pdf/2017-24553.pdfhttps://www.federalregister.gov/documents/2017/11/13/2017-24553/federal-reserve-bank-capital-stockThe Board of Governors (Board) is publishing a final rule that applies an inflation adjustment to the threshold for total consolidated assets in Regulation I. Federal Reserve Bank (Reserve Bank) stockholders that have total consolidated assets above the threshold receive a different dividend rate on their Reserve Bank stock than stockholders with total consolidated assets at or below the threshold. The Federal Reserve Act requires that the Board annually adjust the total consolidated asset threshold to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis (BEA). Based on the change in the Gross Domestic Product Price Index as of September 28, 2017, the total consolidated asset threshold will be $10,283,000,000 through December 31, 2018.
2017-11-09RuleDEPARTMENT OF THE TREASURYTreasury DepartmentAppraisals for Higher-Priced Mortgage Loans Exemption ThresholdThe OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for...2017-24443"https://www.gpo.gov/fdsys/pkg/FR-2017-11-09/pdf/2017-24443.pdfhttps://www.federalregister.gov/documents/2017/11/09/2017-24443/appraisals-for-higher-priced-mortgage-loans-exemption-thresholdThe OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for ``higher-risk mortgages,'' termed ``higher-priced mortgage loans'' or ``HPMLs'' in the agencies' regulations. The OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies) issued joint final rules implementing these requirements, effective January 18, 2014. The Agencies' rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the OCC, the Board, and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage increase in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the CPI-W in effect as of June 1, 2017, the exemption threshold will increase from $25,500 to $26,000 effective January 1, 2018.
2017-11-09RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemConsumer Leasing (Regulation M)The Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...2017-24411"https://www.gpo.gov/fdsys/pkg/FR-2017-11-09/pdf/2017-24411.pdfhttps://www.federalregister.gov/documents/2017/11/09/2017-24411/consumer-leasing-regulation-mThe Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the annual percentage increase in the CPI-W as of June 1, 2017, the exemption threshold will increase from $54,600 to $55,800 effective January 1, 2018. Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Truth in Lending Act elsewhere in this issue of the Federal Register.
2017-11-09RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemTruth in Lending (Regulation Z)The Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd- Frank Wall Street Reform and Consumer Protection Act...2017-24445"https://www.gpo.gov/fdsys/pkg/FR-2017-11-09/pdf/2017-24445.pdfhttps://www.federalregister.gov/documents/2017/11/09/2017-24445/truth-in-lending-regulation-zThe Board and the Bureau are publishing final rules amending the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd- Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and the Bureau will not adjust this exemption threshold from the prior year. However, in years following a year in which the exemption threshold was not adjusted, the threshold is calculated by applying the annual percentage change in the CPI-W to the dollar amount that would have resulted, after rounding, if the decreases and any subsequent increases in the CPI-W had been taken into account. Based on the annual percentage increase in the CPI-W as of June 1, 2017, the exemption threshold will increase from $54,600 to $55,800 effective January 1, 2018. Because the Dodd-Frank Act also requires similar adjustments in the Consumer Leasing Act's threshold for exempt consumer leases, the Board and the Bureau are making similar amendments to each of their respective regulations implementing the Consumer Leasing Act elsewhere in this issue of the Federal Register.
2017-11-08RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D; Docket No. OP-1582; Reserve Requirements of Depository InstitutionsThe Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2018. The Regulation D amendments set the amount of total...2017-24297"https://www.gpo.gov/fdsys/pkg/FR-2017-11-08/pdf/2017-24297.pdfhttps://www.federalregister.gov/documents/2017/11/08/2017-24297/regulation-d-docket-no-op-1582-reserve-requirements-of-depository-institutionsThe Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2018. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2018 at $16.0 million (up from $15.5 million in 2017). This amount is known as the reserve requirement exemption amount. The Regulation D amendments also set the amount of net transaction accounts at each depository institution (over the reserve requirement exemption amount) that is subject to a three percent reserve requirement in 2018 at $122.3 million (up from $115.1 million in 2017). This amount is known as the low reserve tranche. The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act. The Board is also announcing changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency at which depository institutions must submit deposit reports.
2017-10-30RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationSupervisory Review Committee; Procedures for Appealing Material Supervisory DeterminationsThe NCUA Board (Board) is adopting regulatory procedures for appealing material supervisory determinations to the NCUA's Supervisory Review Committee (SRC). These procedures significantly expand the number of material supervisory determinations...2017-23213"https://www.gpo.gov/fdsys/pkg/FR-2017-10-30/pdf/2017-23213.pdfhttps://www.federalregister.gov/documents/2017/10/30/2017-23213/supervisory-review-committee-procedures-for-appealing-material-supervisory-determinationsThe NCUA Board (Board) is adopting regulatory procedures for appealing material supervisory determinations to the NCUA's Supervisory Review Committee (SRC). These procedures significantly expand the number of material supervisory determinations appealable to the SRC to include most agency decisions that could significantly affect capital, earnings, operating flexibility, or the nature or level of supervisory oversight of a federally insured credit union (FICU). Furthermore, the procedures contain a number of safeguards designed to provide FICUs with enhanced due process and promote greater consistency with the practices of the Federal banking agencies.
2017-10-30RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationAppeals ProceduresThe NCUA Board (Board) is adopting this final rule to establish procedures to govern appeals to the Board. The rule establishes a uniform procedure that will apply to agency regulations that currently have their own embedded appeals provisions....2017-23211"https://www.gpo.gov/fdsys/pkg/FR-2017-10-30/pdf/2017-23211.pdfhttps://www.federalregister.gov/documents/2017/10/30/2017-23211/appeals-proceduresThe NCUA Board (Board) is adopting this final rule to establish procedures to govern appeals to the Board. The rule establishes a uniform procedure that will apply to agency regulations that currently have their own embedded appeals provisions. Accordingly, this final rule will replace those current provisions. The procedures will apply in cases in which a decision rendered by a regional director or other program office director is subject to appeal to the Board. The procedures will result in greater efficiency, consistency, and a better understanding of the way in which matters under covered regulations may be appealed to the Board.
2017-10-30RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRestrictions on Qualified Financial Contracts of Certain FDIC-Supervised Institutions; Revisions to the Definition of Qualifying Master Netting Agreement and Related DefinitionsThe FDIC is adding regulations to improve the resolvability of systemically important U.S. banking organizations and systemically important foreign banking organizations and enhance the resilience and the safety and soundness of certain State savings...2017-21951"https://www.gpo.gov/fdsys/pkg/FR-2017-10-30/pdf/2017-21951.pdfhttps://www.federalregister.gov/documents/2017/10/30/2017-21951/restrictions-on-qualified-financial-contracts-of-certain-fdic-supervised-institutions-revisions-toThe FDIC is adding regulations to improve the resolvability of systemically important U.S. banking organizations and systemically important foreign banking organizations and enhance the resilience and the safety and soundness of certain State savings associations and State-chartered banks that are not members of the Federal Reserve System (``State non-member banks'' or ``SNMBs'') for which the FDIC is the primary Federal regulator (together, ``FSIs'' or ``FDIC-supervised institutions''). This final rule requires that FSIs and their subsidiaries (``covered FSIs'') ensure that covered qualified financial contracts (QFCs) to which they are a party provide that any default rights and restrictions on the transfer of the QFCs are limited to the same extent as they would be under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Federal Deposit Insurance Act (FDI Act). In addition, covered FSIs are generally prohibited from being party to QFCs that would allow a QFC counterparty to exercise default rights against the covered FSI based on the entry into a resolution proceeding under the FDI Act, or any other resolution proceeding of an affiliate of the covered FSI. The final rule also amends the definition of ``qualifying master netting agreement'' in the FDIC's capital and liquidity rules, and certain related terms in the FDIC's capital rules. These amendments are intended to ensure that the regulatory capital and liquidity treatment of QFCs to which a covered FSI is party would not be affected by the restrictions on such QFCs.
2017-10-30Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCapital Planning and Supervisory Stress TestingThe NCUA Board (``Board'') proposes to amend its regulations regarding capital planning and stress testing for federally insured credit unions with $10 billion or more in assets (covered credit unions). The proposal would reduce regulatory burden by...2017-23212"https://www.gpo.gov/fdsys/pkg/FR-2017-10-30/pdf/2017-23212.pdfhttps://www.federalregister.gov/documents/2017/10/30/2017-23212/capital-planning-and-supervisory-stress-testingThe NCUA Board (``Board'') proposes to amend its regulations regarding capital planning and stress testing for federally insured credit unions with $10 billion or more in assets (covered credit unions). The proposal would reduce regulatory burden by removing some of the capital planning and stress testing requirements currently applicable to certain covered credit unions. The proposal would also make the NCUA's capital planning and stress testing requirements more efficient for covered credit unions and the NCUA by, among other things, authorizing credit unions to conduct their own stress tests in accordance with the NCUA's requirements and allowing those credit unions to incorporate the stress test results into their capital plan submissions.
2017-10-27Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentAnnual Stress Test-Technical and Conforming ChangesThe Office of the Comptroller of the Currency (OCC) is inviting comment on a proposed rule that would make several revisions to its stress testing rule. The proposed rule would change the range of possible ``as-of'' dates used in the global market...2017-23353"https://www.gpo.gov/fdsys/pkg/FR-2017-10-27/pdf/2017-23353.pdfhttps://www.federalregister.gov/documents/2017/10/27/2017-23353/annual-stress-test-technical-and-conforming-changesThe Office of the Comptroller of the Currency (OCC) is inviting comment on a proposed rule that would make several revisions to its stress testing rule. The proposed rule would change the range of possible ``as-of'' dates used in the global market shock component to conform to changes recently made by the Board of Governors of the Federal Reserve System (Board) to its stress testing regulations. The proposed rule would also change the transition process for covered institutions with $50 billion or more in assets. Under the proposed rule, a covered institution that becomes an over $50 billion covered institution, as that term is defined in the OCC stress testing regulation, before September 30 would become subject to the requirements applicable to an over $50 billion covered institution beginning on January 1 of the second calendar year after the covered institution becomes an over $50 billion covered institution, and a covered institution that becomes an over $50 billion covered institution after September 30 would become subject to the requirements applicable to an over $50 billion covered institution beginning on January 1 of the third calendar year after the covered institution becomes an over $50 billion covered institution. The proposed rule would also make certain technical changes to clarify the requirements of the OCC's stress testing regulation.
2017-10-27Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentSimplifications to the Capital Rule Pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996In March 2017, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) submitted a report to Congress pursuant to the Economic...2017-22093"https://www.gpo.gov/fdsys/pkg/FR-2017-10-27/pdf/2017-22093.pdfhttps://www.federalregister.gov/documents/2017/10/27/2017-22093/simplifications-to-the-capital-rule-pursuant-to-the-economic-growth-and-regulatory-paperworkIn March 2017, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) submitted a report to Congress pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996, in which they committed to meaningfully reduce regulatory burden, especially on community banking organizations. Consistent with that commitment, the agencies are inviting public comment on a notice of proposed rulemaking that would simplify compliance with certain aspects of the capital rule. A majority of the proposed simplifications would apply solely to banking organizations that are not subject to the advanced approaches capital rule (non-advanced approaches banking organizations). Specifically, the agencies are proposing that non-advanced approaches banking organizations apply a simpler regulatory capital treatment for: Mortgage servicing assets; certain deferred tax assets arising from temporary differences; investments in the capital of unconsolidated financial institutions; and capital issued by a consolidated subsidiary of a banking organization and held by third parties (minority interest). More generally, the proposal also includes revisions to the treatment of certain acquisition, development, or construction exposures that are designed to address comments regarding the current definition of high volatility commercial real estate exposure under the capital rule's standardized approach. Under the standardized approach, the proposed revisions to the treatment of acquisition, development, or construction exposures would not apply to existing exposures that are outstanding or committed prior to any final rule's effective date. In addition to the proposed simplifications, the agencies also are proposing various additional clarifications and technical amendments to the agencies' capital rule, which would apply to both non-advanced approaches banking organizations and advanced approaches banking organizations.
2017-10-25RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules Regarding Availability of InformationThe Board is finalizing its interim final rule amending its regulations for processing requests under the Freedom of Information Act (``FOIA'') pursuant to the FOIA Improvement Act of 2016 (the ``Act''). The amendments clarify and update procedures for...2017-23095"https://www.gpo.gov/fdsys/pkg/FR-2017-10-25/pdf/2017-23095.pdfhttps://www.federalregister.gov/documents/2017/10/25/2017-23095/rules-regarding-availability-of-informationThe Board is finalizing its interim final rule amending its regulations for processing requests under the Freedom of Information Act (``FOIA'') pursuant to the FOIA Improvement Act of 2016 (the ``Act''). The amendments clarify and update procedures for requesting information from the Board, extend the deadline for administrative appeals, and add information on dispute resolution services. The interim final rule became effective on December 27, 2016. This rulemaking finalizes the interim rule with minor edits.
2017-10-24RuleDEPARTMENT OF THE TREASURYTreasury DepartmentTemporary Exceptions to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) Appraisal Requirements in Areas Affected by Severe Storms and Flooding Related to Hurricanes Harvey, Irma, and MariaSection 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the agencies to make exceptions to statutory and regulatory appraisal requirements under Title XI of FIRREA. The exceptions are available for transactions involving...2017-22957"https://www.gpo.gov/fdsys/pkg/FR-2017-10-24/pdf/2017-22957.pdfhttps://www.federalregister.gov/documents/2017/10/24/2017-22957/temporary-exceptions-to-the-financial-institutions-reform-recovery-and-enforcement-act-of-1989Section 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the agencies to make exceptions to statutory and regulatory appraisal requirements under Title XI of FIRREA. The exceptions are available for transactions involving real property located within an area in a state or territory declared to be a major disaster by the President if the agencies determine, and describe by publication of a regulation or order, that the exceptions would facilitate recovery from the disaster and would be consistent with safety and soundness. In this statement and order, the agencies exercise their authority to grant temporary exceptions to the FIRREA appraisal requirements for real estate-related financial transactions, provided certain criteria are met, in areas of Florida, Georgia, Puerto Rico, Texas, and the U.S. Virgin Islands that have been declared major disasters by President Trump as a result of the severe storms and flooding caused by Hurricanes Harvey, Irma, and Maria. The expiration date for the exceptions in each area is three years after the date the President declared the state or territory a major disaster.
2017-10-20RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationAssessment and Apportionment of Administrative ExpensesThe Farm Credit Administration (FCA or we) issues this direct final rule adopting technical amendments to eliminate language that is obsolete, confusing, and unnecessary to determine the annual assessment amount of Farm Credit System institutions.2017-22721"https://www.gpo.gov/fdsys/pkg/FR-2017-10-20/pdf/2017-22721.pdfhttps://www.federalregister.gov/documents/2017/10/20/2017-22721/assessment-and-apportionment-of-administrative-expensesThe Farm Credit Administration (FCA or we) issues this direct final rule adopting technical amendments to eliminate language that is obsolete, confusing, and unnecessary to determine the annual assessment amount of Farm Credit System institutions.
2017-10-18Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauMortgage Servicing Rules Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is proposing amendments to certain Regulation Z mortgage servicing rules issued in 2016 relating to the timing for servicers to transition to providing modified or unmodified periodic statements and...2017-21907"https://www.gpo.gov/fdsys/pkg/FR-2017-10-18/pdf/2017-21907.pdfhttps://www.federalregister.gov/documents/2017/10/18/2017-21907/mortgage-servicing-rules-under-the-truth-in-lending-act-regulation-zThe Bureau of Consumer Financial Protection (Bureau) is proposing amendments to certain Regulation Z mortgage servicing rules issued in 2016 relating to the timing for servicers to transition to providing modified or unmodified periodic statements and coupon books in connection with a consumer's bankruptcy case. The Bureau requests public comment on these proposed changes.
2017-10-16RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauMortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X)The Bureau of Consumer Financial Protection (Bureau) is issuing an interim final rule amending a provision of the Regulation X mortgage servicing rules issued in 2016 relating to the timing for servicers to provide modified written early intervention...2017-21912"https://www.gpo.gov/fdsys/pkg/FR-2017-10-16/pdf/2017-21912.pdfhttps://www.federalregister.gov/documents/2017/10/16/2017-21912/mortgage-servicing-rules-under-the-real-estate-settlement-procedures-act-regulation-xThe Bureau of Consumer Financial Protection (Bureau) is issuing an interim final rule amending a provision of the Regulation X mortgage servicing rules issued in 2016 relating to the timing for servicers to provide modified written early intervention notices to borrowers who have invoked their cease communication rights under the Fair Debt Collection Practices Act. The Bureau requests public comment on this interim final rule.
2017-10-11Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemLarge Financial Institution Rating System; Regulations K and LLOn August 17, 2017, the Board published in the Federal Register a proposed new rating system for its supervision of large financial institutions. To facilitate effective public comment, the Board has determined that an extension of the public comment...2017-21860"https://www.gpo.gov/fdsys/pkg/FR-2017-10-11/pdf/2017-21860.pdfhttps://www.federalregister.gov/documents/2017/10/11/2017-21860/large-financial-institution-rating-system-regulations-k-and-llOn August 17, 2017, the Board published in the Federal Register a proposed new rating system for its supervision of large financial institutions. To facilitate effective public comment, the Board has determined that an extension of the public comment period until November 30, 2017, is appropriate. This action will allow interested persons additional time to analyze the proposal and prepare their comments.
2017-10-04Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationAccuracy of Advertising and Notice of Insured StatusThe NCUA Board (Board) proposes to revise certain provisions of NCUA's advertising rule to provide regulatory relief to federally insured credit unions (FICUs). The advertising rule requires FICUs to use NCUA's ``official advertisement statement'' when...2017-21316"https://www.gpo.gov/fdsys/pkg/FR-2017-10-04/pdf/2017-21316.pdfhttps://www.federalregister.gov/documents/2017/10/04/2017-21316/accuracy-of-advertising-and-notice-of-insured-statusThe NCUA Board (Board) proposes to revise certain provisions of NCUA's advertising rule to provide regulatory relief to federally insured credit unions (FICUs). The advertising rule requires FICUs to use NCUA's ``official advertisement statement'' when advertising. In addition to being permitted to use any of the three current versions of the official advertising statement, the Board proposes to allow FICUs the option of using a fourth version, namely by stating ``Insured by NCUA.'' To provide additional regulatory relief, the Board proposes to expand a current exemption from the advertising statement requirement regarding radio and television advertisements, and eliminate the requirement to include the official advertising statement on statements of condition required to be published by law.
2017-10-02RuleFEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCILFederal Financial Institutions Examination CouncilDescription of Office, Procedures, and Public InformationThe Federal Financial Institutions Examination Council (FFIEC or Council) is adopting as a final rule the interim final rule published July 3, 2017. The interim final rule announced revisions and additions to the Council's information disclosure...2017-21050"https://www.gpo.gov/fdsys/pkg/FR-2017-10-02/pdf/2017-21050.pdfhttps://www.federalregister.gov/documents/2017/10/02/2017-21050/description-of-office-procedures-and-public-informationThe Federal Financial Institutions Examination Council (FFIEC or Council) is adopting as a final rule the interim final rule published July 3, 2017. The interim final rule announced revisions and additions to the Council's information disclosure regulations under the Freedom of Information Act (FOIA Regulations). The interim final rule also replaced the interim final rule published on December 27, 2016. The revisions in the interim final rule implement recent statutory amendments to the FOIA that are mandated by the FOIA Improvement Act of 2016, as well as update the language of the Council's regulations to more closely mirror the language of the FOIA and to reflect the Council's current FOIA procedures.
2017-10-02RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules Regarding Availability of InformationThe Federal Open Market Committee (``Committee'') is finalizing its interim final rule amending the Committee's regulations under the Freedom of Information Act (``FOIA''). The FOIA Improvement Act of 2016 (``Improvement Act'') amended the FOIA and...2017-21071"https://www.gpo.gov/fdsys/pkg/FR-2017-10-02/pdf/2017-21071.pdfhttps://www.federalregister.gov/documents/2017/10/02/2017-21071/rules-regarding-availability-of-informationThe Federal Open Market Committee (``Committee'') is finalizing its interim final rule amending the Committee's regulations under the Freedom of Information Act (``FOIA''). The FOIA Improvement Act of 2016 (``Improvement Act'') amended the FOIA and required each federal agency to review its FOIA regulations and to issue certain revisions by December 27, 2016. Substantive revisions to the Committee's Rules Regarding Availability of Information (``Rules'') were made to conform to the Improvement Act, and the Committee made other technical changes to the Rules in order to clarify the existing procedures for requesting information and to update contact information. The interim final rule became effective on December 27, 2016. This rulemaking finalizes the interim rule with minor edits for consistency and clarification.
2017-10-02RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauEqual Credit Opportunity Act (Regulation B) Ethnicity and Race Information CollectionThe Bureau of Consumer Financial Protection (Bureau) is issuing a final rule that amends Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, adds certain model...2017-20417"https://www.gpo.gov/fdsys/pkg/FR-2017-10-02/pdf/2017-20417.pdfhttps://www.federalregister.gov/documents/2017/10/02/2017-20417/equal-credit-opportunity-act-regulation-b-ethnicity-and-race-information-collectionThe Bureau of Consumer Financial Protection (Bureau) is issuing a final rule that amends Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, adds certain model forms and removes others from Regulation B, and makes various other amendments to Regulation B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants.
2017-09-25RuleFEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCILFederal Financial Institutions Examination CouncilCollection and Transmission of Annual AMC Registry FeesThe ASC is adopting a final rule to implement collection and transmission of appraisal management company (AMC) annual registry fees in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act) to be applied by State appraiser...2017-20400"https://www.gpo.gov/fdsys/pkg/FR-2017-09-25/pdf/2017-20400.pdfhttps://www.federalregister.gov/documents/2017/09/25/2017-20400/collection-and-transmission-of-annual-amc-registry-feesThe ASC is adopting a final rule to implement collection and transmission of appraisal management company (AMC) annual registry fees in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd- Frank Act) to be applied by State appraiser certifying and licensing agencies that elect to register and supervise AMCs, pursuant to 12 U.S.C. 3353 and the regulations promulgated thereunder.
2017-09-20Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCommunity Reinvestment Act RegulationsThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) propose to amend their regulations implementing the...2017-19765"https://www.gpo.gov/fdsys/pkg/FR-2017-09-20/pdf/2017-19765.pdfhttps://www.federalregister.gov/documents/2017/09/20/2017-19765/community-reinvestment-act-regulationsThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Agencies) propose to amend their regulations implementing the Community Reinvestment Act (CRA) to update the existing definitions of ``home mortgage loan'' and ``consumer loan,'' related cross references, and the public file content requirements to conform recent revisions made by the Consumer Financial Protection Bureau (Bureau) to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), and to remove obsolete references to the Neighborhood Stabilization Program (NSP).
2017-09-13RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauHome Mortgage Disclosure (Regulation C)The Bureau of Consumer Financial Protection (Bureau) is amending Regulation C to make technical corrections to and to clarify certain requirements adopted by the Bureau's Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule), which...2017-18284"https://www.gpo.gov/fdsys/pkg/FR-2017-09-13/pdf/2017-18284.pdfhttps://www.federalregister.gov/documents/2017/09/13/2017-18284/home-mortgage-disclosure-regulation-cThe Bureau of Consumer Financial Protection (Bureau) is amending Regulation C to make technical corrections to and to clarify certain requirements adopted by the Bureau's Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule), which was published in the Federal Register on October 28, 2015. The Bureau is also amending Regulation C to increase the threshold for collecting and reporting data about open-end lines of credit for a period of two years so that financial institutions originating fewer than 500 open-end lines of credit in either of the preceding two years would not be required to begin collecting such data until January 1, 2020. The Bureau also is adopting a new reporting exclusion.
2017-09-12RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRestrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related DefinitionsThe Board is adopting a final rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking organizations and systemically important foreign banking organizations pursuant to section 165...2017-19053"https://www.gpo.gov/fdsys/pkg/FR-2017-09-12/pdf/2017-19053.pdfhttps://www.federalregister.gov/documents/2017/09/12/2017-19053/restrictions-on-qualified-financial-contracts-of-systemically-important-us-banking-organizations-andThe Board is adopting a final rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking organizations and systemically important foreign banking organizations pursuant to section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the final rule, any U.S. top-tier bank holding company identified by the Board as a global systemically important banking organization (GSIB), the subsidiaries of any U.S. GSIB (other than national banks, federal savings associations, state nonmember banks, and state savings associations), and the U.S. operations of any foreign GSIB (other than national banks, federal savings associations, state nonmember banks, and state savings associations) would be subjected to restrictions regarding the terms of their non-cleared qualified financial contracts (QFCs). First, a covered entity generally is required to ensure that QFCs to which it is party provide that any default rights and restrictions on the transfer of the QFCs are limited to the same extent as they would be under the Dodd-Frank Act and the Federal Deposit Insurance Act. Second, a covered entity generally is prohibited from being party to QFCs that would allow a QFC counterparty to exercise default rights against the covered entity, directly or indirectly, based on the entry into a resolution proceeding under the Dodd-Frank Act or Federal Deposit Insurance Act, or any other resolution proceeding, of an affiliate of the covered entity. The final rule also amends certain definitions in the Board's capital and liquidity rules; these amendments are intended to ensure that the regulatory capital and liquidity treatment of QFCs to which a covered entity is party is not affected by the final rule's restrictions on such QFCs. The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are expected to issue final rules that would subject GSIB subsidiaries for which the OCC and FDIC are the appropriate Federal banking agency to requirements substantively identical to those in this final rule.
2017-09-11Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentSecurities Transaction Settlement CycleThe OCC and the FDIC (``Agencies'') are proposing to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and FDIC-supervised institutions. The Agencies' proposal is consistent with an...2017-19008"https://www.gpo.gov/fdsys/pkg/FR-2017-09-11/pdf/2017-19008.pdfhttps://www.federalregister.gov/documents/2017/09/11/2017-19008/securities-transaction-settlement-cycleThe OCC and the FDIC (``Agencies'') are proposing to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and FDIC-supervised institutions. The Agencies' proposal is consistent with an industry- wide transition to a two-business-day settlement cycle, which is designed to reduce settlement exposure and align settlement practices across all market participants.
2017-08-30RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauTruth in Lending (Regulation Z) Annual Threshold Adjustments (Credit Cards, HOEPA, and ATR/QM)The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts...2017-18003"https://www.gpo.gov/fdsys/pkg/FR-2017-08-30/pdf/2017-18003.pdfhttps://www.federalregister.gov/documents/2017/08/30/2017-18003/truth-in-lending-regulation-z-annual-threshold-adjustments-credit-cards-hoepa-and-atrqmThe Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Bureau is adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index (CPI) in effect on June 1, 2017.
2017-08-25Proposed RuleDEPARTMENT OF TREASURYTreasury DepartmentRegulatory Capital Rules: Retention of Certain Existing Transition Provisions for Banking Organizations That Are Not Subject to the Advanced Approaches Capital RulesThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are inviting public comment on a notice of proposed...2017-17822"https://www.gpo.gov/fdsys/pkg/FR-2017-08-25/pdf/2017-17822.pdfhttps://www.federalregister.gov/documents/2017/08/25/2017-17822/regulatory-capital-rules-retention-of-certain-existing-transition-provisions-for-bankingThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are inviting public comment on a notice of proposed rulemaking (NPR) that would extend the current treatment under the regulatory capital rules (capital rules) for certain regulatory capital deductions and risk weights and certain minority interest requirements, as they apply to banking organizations that are not subject to the advanced approaches capital rules (non-advanced approaches banking organizations). Specifically, for non-advanced approaches banking organizations, the agencies propose to extend the current regulatory capital treatment of: Mortgage servicing assets; deferred tax assets arising from temporary differences that could not be realized through net operating loss carrybacks; significant investments in the capital of unconsolidated financial institutions in the form of common stock; non-significant investments in the capital of unconsolidated financial institutions; significant investments in the capital of unconsolidated financial institutions that are not in the form of common stock; and common equity tier 1 minority interest, tier 1 minority interest, and total capital minority interest exceeding the capital rules' minority interest limitations. The agencies expect in the near term to issue a separate NPR seeking public comment on a proposal to simplify the regulatory capital treatment of these items. Providing the proposed extension to non-advanced approaches banking organizations for these items would avoid potential burden on banking organizations that may be subject in the near future to a different regulatory capital treatment for these items.
2017-08-17Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemLarge Financial Institution Rating System; Regulations K and LLThe Board is seeking comment on a proposed new rating system for its supervision of large financial institutions. The proposed ``Large Financial Institution Rating System'' is closely aligned with the Federal Reserve's new supervisory program for large...2017-16736"https://www.gpo.gov/fdsys/pkg/FR-2017-08-17/pdf/2017-16736.pdfhttps://www.federalregister.gov/documents/2017/08/17/2017-16736/large-financial-institution-rating-system-regulations-k-and-llThe Board is seeking comment on a proposed new rating system for its supervision of large financial institutions. The proposed ``Large Financial Institution Rating System'' is closely aligned with the Federal Reserve's new supervisory program for large financial institutions. The proposed rating system would apply to all bank holding companies with total consolidated assets of $50 billion or more; all non-insurance, non-commercial savings and loan holding companies with total consolidated assets of $50 billion or more; and U.S. intermediate holding companies of foreign banking organizations established pursuant to the Federal Reserve's Regulation YY. The proposed rating system includes a new rating scale under which component ratings would be assigned for capital planning and positions, liquidity risk management and positions, and governance and controls; however, a standalone composite rating would not be assigned. The Federal Reserve proposes to assign initial ratings under the new rating system during 2018. The Federal Reserve is also seeking comment on proposed revisions to existing provisions in Regulations K and LL so they would remain consistent with certain features of the proposed rating system.
2017-08-11RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is modifying the Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. This rule memorializes the...2017-15764"https://www.gpo.gov/fdsys/pkg/FR-2017-08-11/pdf/2017-15764.pdfhttps://www.federalregister.gov/documents/2017/08/11/2017-15764/amendments-to-federal-mortgage-disclosure-requirements-under-the-truth-in-lending-act-regulation-zThe Bureau of Consumer Financial Protection (Bureau) is modifying the Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. This rule memorializes the Bureau's informal guidance on various issues and makes additional clarifications and technical amendments. This rule also creates tolerances for the total of payments, adjusts a partial exemption mainly affecting housing finance agencies and nonprofits, extends coverage of the TILA-RESPA integrated disclosure (integrated disclosure) requirements to all cooperative units, and provides guidance on sharing the integrated disclosures with various parties involved in the mortgage origination process.
2017-08-11Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. The proposed...2017-15763"https://www.gpo.gov/fdsys/pkg/FR-2017-08-11/pdf/2017-15763.pdfhttps://www.federalregister.gov/documents/2017/08/11/2017-15763/amendments-to-federal-mortgage-disclosure-requirements-under-the-truth-in-lending-act-regulation-zThe Bureau of Consumer Financial Protection (Bureau) is proposing to amend Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. The proposed amendments relate to when a creditor may compare charges paid by or imposed on the consumer to amounts disclosed on a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith. Specifically, the proposed amendments would permit creditors to do so regardless of when the Closing Disclosure is provided relative to consummation.
2017-08-07Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentProprietary Trading and Certain Interests in and Relationships With Covered Funds (Volcker Rule); Request for Public InputThe OCC is seeking the public's input with this request for information to assist in determining how the final rule implementing section 13 of the Bank Holding Company Act (commonly referred to as the ``Volcker Rule'') should be revised to better...2017-16556"https://www.gpo.gov/fdsys/pkg/FR-2017-08-07/pdf/2017-16556.pdfhttps://www.federalregister.gov/documents/2017/08/07/2017-16556/proprietary-trading-and-certain-interests-in-and-relationships-with-covered-funds-volcker-ruleThe OCC is seeking the public's input with this request for information to assist in determining how the final rule implementing section 13 of the Bank Holding Company Act (commonly referred to as the ``Volcker Rule'') should be revised to better accomplish the purposes of the statute. The OCC also solicits comments suggesting improvements in the ways in which the final rule has been applied and administered to date. This OCC request is limited to regulatory actions that may be undertaken to achieve these objectives. The OCC is not requesting comment on changes to the underlying Volcker statute. The OCC recognizes that any revision to the final rule or the administration of that rule must be done consistent with the constraints of the statute and requests that commenters provide input that fits within the contours of that structure.
2017-08-01Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationRequirements for Insurance; National Credit Union Share Insurance Fund Equity DistributionsThe NCUA Board (Board) proposes to amend its share insurance requirements rule to provide federally insured credit unions (FICUs) with greater transparency regarding the calculation of a FICU's proportionate share of a declared equity distribution from...2017-15687"https://www.gpo.gov/fdsys/pkg/FR-2017-08-01/pdf/2017-15687.pdfhttps://www.federalregister.gov/documents/2017/08/01/2017-15687/requirements-for-insurance-national-credit-union-share-insurance-fund-equity-distributionsThe NCUA Board (Board) proposes to amend its share insurance requirements rule to provide federally insured credit unions (FICUs) with greater transparency regarding the calculation of a FICU's proportionate share of a declared equity distribution from the National Credit Union Share Insurance Fund (NCUSIF) and to add a temporary provision to govern NCUSIF equity distributions resulting from the Corporate System Resolution Program. The Board also proposes to prohibit a FICU that terminates federal share insurance coverage during a particular calendar year from receiving an NCUSIF equity distribution for that calendar year to provide greater fairness to FICUs that remain federally insured. The Board proposes to make technical and conforming amendments to other aspects of the share insurance requirements rule in light of these proposed changes.
2017-07-31RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRecordkeeping Requirements for Qualified Financial ContractsThe FDIC is amending its regulations regarding Recordkeeping Requirements for Qualified Financial Contracts (``Part 371''), which require insured depository institutions (``IDIs'') in a troubled condition to keep records relating to qualified financial...2017-15488"https://www.gpo.gov/fdsys/pkg/FR-2017-07-31/pdf/2017-15488.pdfhttps://www.federalregister.gov/documents/2017/07/31/2017-15488/recordkeeping-requirements-for-qualified-financial-contractsThe FDIC is amending its regulations regarding Recordkeeping Requirements for Qualified Financial Contracts (``Part 371''), which require insured depository institutions (``IDIs'') in a troubled condition to keep records relating to qualified financial contracts (``QFCs'') to which they are party. The final rule augments the scope of QFC records required to be maintained by an IDI that is subject to the FDIC's recordkeeping requirements and that has total consolidated assets equal to or greater than $50 billion or is a consolidated affiliate of a member of a corporate group one or more members of which are subject to the QFC recordkeeping requirements set forth in the regulations adopted by the Department of the Treasury (a ``full scope entity''); for all other IDIs subject to the FDIC's QFC recordkeeping requirements, adds and deletes a limited number of data requirements and makes certain formatting changes with respect to the QFC recordkeeping requirements; requires full scope entities to keep QFC records of certain of their subsidiaries; provides an exemption process; and includes certain other changes, including changes that provide additional time for certain IDIs in a troubled condition to comply with the regulations.
2017-07-31Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationEmergency Mergers-Chartering and Field of MembershipThe NCUA Board (Board) proposes to amend in its Chartering and Field of Membership Manual the definition of the term ``in danger of insolvency'' for emergency merger purposes. The current definition requires a credit union to fall into at least one of...2017-15685"https://www.gpo.gov/fdsys/pkg/FR-2017-07-31/pdf/2017-15685.pdfhttps://www.federalregister.gov/documents/2017/07/31/2017-15685/emergency-mergers-chartering-and-field-of-membershipThe NCUA Board (Board) proposes to amend in its Chartering and Field of Membership Manual the definition of the term ``in danger of insolvency'' for emergency merger purposes. The current definition requires a credit union to fall into at least one of three net worth categories over a period of time to be ``in danger of insolvency.'' For two of the three categories, the Board proposes to lengthen by six months the forecast horizons, the time period in which NCUA projects a credit union's net worth will decline to the point that it falls into one of the categories. This will extend the time period in which a credit union's net worth is projected to either render it insolvent or drop below two percent from 24 to 30 months and from 12 to 18 months, respectively. Additionally, the Board proposes to add a fourth category to the three existing net worth categories to include credit unions that have been granted or received assistance under section 208 of the Federal Credit Union Act (FCU Act) in the 15 months prior to the Region's determination that the credit union is in danger of insolvency.
2017-07-31Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentReal Estate AppraisalsThe OCC, Board, and FDIC (collectively, the agencies) are inviting comment on a proposed rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The proposal would increase the threshold level at or below...2017-15748"https://www.gpo.gov/fdsys/pkg/FR-2017-07-31/pdf/2017-15748.pdfhttps://www.federalregister.gov/documents/2017/07/31/2017-15748/real-estate-appraisalsThe OCC, Board, and FDIC (collectively, the agencies) are inviting comment on a proposed rule to amend the agencies' regulations requiring appraisals of real estate for certain transactions. The proposal would increase the threshold level at or below which appraisals would not be required for commercial real estate transactions from $250,000 to $400,000. This proposed change to the appraisal threshold reflects comments the agencies received through the regulatory review process required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) and completed in early 2017. For commercial real estate transactions with a value at or below the proposed threshold, the amended rule would require institutions to obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices if the institution does not obtain an appraisal by a state certified or licensed appraiser.
2017-07-25RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyMinority and Women Inclusion AmendmentsThe Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to require the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan...2017-15075"https://www.gpo.gov/fdsys/pkg/FR-2017-07-25/pdf/2017-15075.pdfhttps://www.federalregister.gov/documents/2017/07/25/2017-15075/minority-and-women-inclusion-amendmentsThe Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to require the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the Enterprises), and the Federal Home Loan Banks (Banks or Bank System) and the Bank System's Office of Finance (collectively, the regulated entities) to promote diversity and ensure the inclusion of minorities and women in all business and activities at all levels, including management, employment, and contracting. The Federal Housing Finance Agency (FHFA) is issuing this final rule amending its regulations on minority and women inclusion (MWI) to clarify the scope of the regulated entities' obligation. The final rule requires the regulated entities to: Adopt strategic plans to promote the inclusion of minorities-, women-, and disabled individuals, and the businesses they own (MWDOB); amend their policies on equal employment opportunity (EEO) to include sexual orientation, gender identity, and status as a parent; and enhance the usefulness of information the regulated entities report to FHFA on their efforts to advance diversity and inclusion (D&I).
2017-07-20Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauHome Mortgage Disclosure (Regulation C) Temporary Increase in Institutional and Transactional Coverage Thresholds for Open-End Lines of CreditThe Bureau of Consumer Financial Protection (Bureau or CFPB) proposes amendments to Regulation C that would, for a period of two years, increase the threshold for collecting and reporting data with respect to open-end lines of credit so that financial...2017-15220"https://www.gpo.gov/fdsys/pkg/FR-2017-07-20/pdf/2017-15220.pdfhttps://www.federalregister.gov/documents/2017/07/20/2017-15220/home-mortgage-disclosure-regulation-c-temporary-increase-in-institutional-and-transactional-coverageThe Bureau of Consumer Financial Protection (Bureau or CFPB) proposes amendments to Regulation C that would, for a period of two years, increase the threshold for collecting and reporting data with respect to open-end lines of credit so that financial institutions originating fewer than 500 open-end lines of credit in either of the preceding two years would not be required to begin collecting such data until January 1, 2020.
2017-07-19RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauArbitration AgreementsPursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to regulate arbitration agreements in contracts for specified consumer...2017-14225"https://www.gpo.gov/fdsys/pkg/FR-2017-07-19/pdf/2017-14225.pdfhttps://www.federalregister.gov/documents/2017/07/19/2017-14225/arbitration-agreementsPursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Bureau of Consumer Financial Protection (Bureau) is issuing this final rule to regulate arbitration agreements in contracts for specified consumer financial product and services. First, the final rule prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action concerning the covered consumer financial product or service. Second, the final rule requires covered providers that are involved in an arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau and also to submit specified court records. The Bureau is also adopting official interpretations to the regulation.
2017-07-07Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance Agency2018-2020 Enterprise Housing GoalsC1-2017-14039"https://www.gpo.gov/fdsys/pkg/FR-2017-07-07/pdf/C1-2017-14039.pdfhttps://www.federalregister.gov/documents/2017/07/07/C1-2017-14039/2018-2020-enterprise-housing-goals
2017-07-07Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance Agency2018-2020 Enterprise Housing GoalsThe Federal Housing Finance Agency (FHFA) is issuing a proposed rule with request for comments on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The Federal Housing Enterprises Financial Safety and Soundness...2017-14286"https://www.gpo.gov/fdsys/pkg/FR-2017-07-07/pdf/2017-14286.pdfhttps://www.federalregister.gov/documents/2017/07/07/2017-14286/2018-2020-enterprise-housing-goalsThe Federal Housing Finance Agency (FHFA) is issuing a proposed rule with request for comments on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Safety and Soundness Act) requires FHFA to establish annual housing goals for mortgages purchased by the Enterprises. The housing goals include separate categories for single- family and multifamily mortgages on housing that is affordable to low- income and very low-income families, among other categories. The existing housing goals for the Enterprises include benchmark levels for each housing goal through the end of 2017. This proposed rule would establish benchmark levels for each of the housing goals and subgoals for 2018 through 2020. In addition, the proposed rule would make a number of clarifying and conforming changes, including revisions to the requirements for the housing plan that an Enterprise may be required to submit in response to a failure to achieve one or more of the housing goals.
2017-07-05RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z); CorrectionThe Bureau of Consumer Financial Protection (Bureau) is making several corrections to the final rule it issued in August 2016 (2016 Mortgage Servicing Final Rule) amending certain of the Bureau's mortgage servicing rules. First, the Bureau is...2017-13796"https://www.gpo.gov/fdsys/pkg/FR-2017-07-05/pdf/2017-13796.pdfhttps://www.federalregister.gov/documents/2017/07/05/2017-13796/amendments-to-the-2013-mortgage-rules-under-the-real-estate-settlement-procedures-act-regulation-xThe Bureau of Consumer Financial Protection (Bureau) is making several corrections to the final rule it issued in August 2016 (2016 Mortgage Servicing Final Rule) amending certain of the Bureau's mortgage servicing rules. First, the Bureau is correcting two typographical errors relating to the early intervention requirements. Second, the Bureau is making corrections relating to the effective date of official commentary relating to servicers' ability to remove certain language in periodic statement sample forms as an option when, for example, communicating with confirmed successors in interest; sample periodic statement forms that servicers may use for certain consumers in bankruptcy; and official commentary relating to the bankruptcy periodic statement exemptions and modified statements. The corrected effective date for the sample periodic statement forms and commentary will be April 19, 2018. Third, the Bureau is amending the Bureau's authority citation for Regulation Z.
2017-07-05Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance Agency2018-2020 Enterprise Housing GoalsThe Federal Housing Finance Agency (FHFA) is issuing a proposed rule with request for comments on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The Federal Housing Enterprises Financial Safety and Soundness...2017-14039"https://www.gpo.gov/fdsys/pkg/FR-2017-07-05/pdf/2017-14039.pdfhttps://www.federalregister.gov/documents/2017/07/05/2017-14039/2018-2020-enterprise-housing-goalsThe Federal Housing Finance Agency (FHFA) is issuing a proposed rule with request for comments on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (the Safety and Soundness Act) requires FHFA to establish annual housing goals for mortgages purchased by the Enterprises. The housing goals include separate categories for single-family and multifamily mortgages on housing that is affordable to low-income and very low- income families, among other categories. The existing housing goals for the Enterprises include benchmark levels for each housing goal through the end of 2017. This proposed rule would establish benchmark levels for each of the housing goals and subgoals for 2018 through 2020. In addition, the proposed rule would make a number of clarifying and conforming changes, including revisions to the requirements for the housing plan that an Enterprise may be required to submit in response to a failure to achieve one or more of the housing goals.
2017-07-03Proposed RuleFEDERAL HOUSING FINANCE BOARDFederal Housing Finance BoardFederal Home Loan Bank Capital RequirementsThe Federal Housing Finance Agency (FHFA) is proposing to adopt, with amendments, the regulations of the Federal Housing Finance Board (Finance Board) pertaining to the capital requirements for the Federal Home Loan Banks (Banks). The proposed rule...2017-13560"https://www.gpo.gov/fdsys/pkg/FR-2017-07-03/pdf/2017-13560.pdfhttps://www.federalregister.gov/documents/2017/07/03/2017-13560/federal-home-loan-bank-capital-requirementsThe Federal Housing Finance Agency (FHFA) is proposing to adopt, with amendments, the regulations of the Federal Housing Finance Board (Finance Board) pertaining to the capital requirements for the Federal Home Loan Banks (Banks). The proposed rule would carry over most of the existing regulations without material change, but would substantively revise the credit risk component of the risk-based capital requirement, as well as the limitations on extensions of unsecured credit. The principal revisions to those provisions would remove requirements that the Banks calculate credit risk capital charges and unsecured credit limits based on ratings issued by a Nationally Recognized Statistical Rating Organization (NRSRO), and would instead require that the Banks use their own internal rating methodology. The proposed rule also would revise the percentages used in the tables to calculate the credit risk capital charges for advances and non-mortgage assets. FHFA would retain the percentages used in the existing table to calculate the capital charges for mortgage-related assets, but intends to address the appropriate methodology for determining the credit risk capital charges for residential mortgage assets as part of a subsequent rulemaking.
2017-07-03RuleFEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCILFederal Financial Institutions Examination CouncilDescription of Office, Procedures, and Public Information; CorrectionThe Federal Financial Institutions Examination Council (FFIEC or Council) is correcting an interim final rule announcing revisions and additions to its information disclosure regulations under the Freedom of Information Act (FOIA Regulations). This...2017-13723"https://www.gpo.gov/fdsys/pkg/FR-2017-07-03/pdf/2017-13723.pdfhttps://www.federalregister.gov/documents/2017/07/03/2017-13723/description-of-office-procedures-and-public-information-correctionThe Federal Financial Institutions Examination Council (FFIEC or Council) is correcting an interim final rule announcing revisions and additions to its information disclosure regulations under the Freedom of Information Act (FOIA Regulations). This interim final rule replaces the interim final rule published in the Federal Register on December 27, 2016. The Council invites comments on this interim final rule revising its regulations implementing the Freedom of Information Act (FOIA). These revisions implement recent statutory amendments to the FOIA that are mandated by the FOIA Improvement Act of 2016, as well as update the language of the Council's regulations to more closely mirror the language of the FOIA and to reflect the Council's current FOIA procedures. This interim final rule also corrects three typographical errors that occurred when the Council's FOIA Regulations were last amended by a final rule appearing in the Federal Register on November 22, 2010.
2017-07-03Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCorporate Credit UnionsThe NCUA Board (Board) proposes to amend its regulations governing corporate credit unions (corporates) and the scope of their activities. Specifically, the proposed amendments revise provisions on retained earnings and Tier 1 capital.2017-13642"https://www.gpo.gov/fdsys/pkg/FR-2017-07-03/pdf/2017-13642.pdfhttps://www.federalregister.gov/documents/2017/07/03/2017-13642/corporate-credit-unionsThe NCUA Board (Board) proposes to amend its regulations governing corporate credit unions (corporates) and the scope of their activities. Specifically, the proposed amendments revise provisions on retained earnings and Tier 1 capital.
2017-06-30RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauPolicy Guidance on Supervisory and Enforcement Priorities Regarding Early Compliance With the 2016 Amendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)The Consumer Financial Protection Bureau (Bureau) is issuing policy guidance on its supervisory and enforcement priorities regarding early compliance with the final rule it issued in August 2016 (2016 Mortgage Servicing Final Rule) amending certain of...2017-13799"https://www.gpo.gov/fdsys/pkg/FR-2017-06-30/pdf/2017-13799.pdfhttps://www.federalregister.gov/documents/2017/06/30/2017-13799/policy-guidance-on-supervisory-and-enforcement-priorities-regarding-early-compliance-with-the-2016The Consumer Financial Protection Bureau (Bureau) is issuing policy guidance on its supervisory and enforcement priorities regarding early compliance with the final rule it issued in August 2016 (2016 Mortgage Servicing Final Rule) amending certain of the Bureau's mortgage servicing rules.
2017-06-30RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCivil Monetary Penalty Inflation AdjustmentOn January 23, 2017, the NCUA Board (Board) published an interim final rule amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount...2017-13643"https://www.gpo.gov/fdsys/pkg/FR-2017-06-30/pdf/2017-13643.pdfhttps://www.federalregister.gov/documents/2017/06/30/2017-13643/civil-monetary-penalty-inflation-adjustmentOn January 23, 2017, the NCUA Board (Board) published an interim final rule amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This rule finalizes those amendments.
2017-06-30RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationSafe HarborThe NCUA Board (``Board'') is issuing this final rule to amend its regulations regarding the treatment by the Board, as liquidating agent or conservator (``liquidating agent'' or ``conservator,'' respectively) of a federally insured credit union...2017-13636"https://www.gpo.gov/fdsys/pkg/FR-2017-06-30/pdf/2017-13636.pdfhttps://www.federalregister.gov/documents/2017/06/30/2017-13636/safe-harborThe NCUA Board (``Board'') is issuing this final rule to amend its regulations regarding the treatment by the Board, as liquidating agent or conservator (``liquidating agent'' or ``conservator,'' respectively) of a federally insured credit union (``FICU''), of financial assets transferred by the credit union in connection with a securitization or a participation. The final rule replaces NCUA's current safe harbor for financial assets transferred in connection with securitizations and participations in which the financial assets were transferred in compliance with the existing regulation, and defines the conditions for safe harbor protection for securitizations and participations for which transfers of financial assets would be made after the effective date of this rule.
2017-06-30RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationRevisions to the Freedom of Information Act RegulationThe NCUA Board (Board) is finalizing its interim final rule amending its Freedom of Information Act (FOIA) regulation. The FOIA Improvement Act of 2016 amended the FOIA and required agencies to review their FOIA regulations and issue certain amendments...2017-13640"https://www.gpo.gov/fdsys/pkg/FR-2017-06-30/pdf/2017-13640.pdfhttps://www.federalregister.gov/documents/2017/06/30/2017-13640/revisions-to-the-freedom-of-information-act-regulationThe NCUA Board (Board) is finalizing its interim final rule amending its Freedom of Information Act (FOIA) regulation. The FOIA Improvement Act of 2016 amended the FOIA and required agencies to review their FOIA regulations and issue certain amendments by December 27, 2016. The amendments included revised procedures for disclosing records under the FOIA, assessing fees, and notifying requestors of options for resolving disputes through the NCUA FOIA Public Liaison and the Office of Government Information Services (OGIS) within the National Archives and Records Administration. The interim final rule became effective on December 22, 2016. This rulemaking finalizes the interim rule with minor edits for consistency and clarification.
2017-06-29Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to Rules Concerning Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and Regulation Z, which implements the Truth in Lending Act, and the official interpretations to those...2017-12845"https://www.gpo.gov/fdsys/pkg/FR-2017-06-29/pdf/2017-12845.pdfhttps://www.federalregister.gov/documents/2017/06/29/2017-12845/amendments-to-rules-concerning-prepaid-accounts-under-the-electronic-fund-transfer-act-regulation-eThe Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to amend Regulation E, which implements the Electronic Fund Transfer Act, and Regulation Z, which implements the Truth in Lending Act, and the official interpretations to those regulations. This proposal relates to a final rule, published in the Federal Register on November 22, 2016, as amended on April 25, 2017, regarding prepaid accounts under Regulations E and Z. This proposal requests comment on potential modifications to several aspects of that rule, including error resolution and limitations on liability for prepaid accounts where the financial institution has not completed its consumer identification and verification process; application of the rule's credit-related provisions to digital wallets that are capable of storing funds; certain other clarifications and minor adjustments; and two issues relating to the effective date of the rule.
2017-06-26RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at...2017-13106"https://www.gpo.gov/fdsys/pkg/FR-2017-06-26/pdf/2017-13106.pdfhttps://www.federalregister.gov/documents/2017/06/26/2017-13106/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
2017-06-26RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D: Reserve Requirements of Depository InstitutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'')...2017-13107"https://www.gpo.gov/fdsys/pkg/FR-2017-06-26/pdf/2017-13107.pdfhttps://www.federalregister.gov/documents/2017/06/26/2017-13107/regulation-d-reserve-requirements-of-depository-institutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'') and the rate of interest paid on excess balances (``IOER'') maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 1.25 percent and IOER is 1.25 percent, a 0.25 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee'').
2017-06-15RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemAvailability of Funds and Collection of ChecksThe Board is amending subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA Act), the Check Clearing for the 21st Century Act of 2003 (Check 21 Act),...2017-11379"https://www.gpo.gov/fdsys/pkg/FR-2017-06-15/pdf/2017-11379.pdfhttps://www.federalregister.gov/documents/2017/06/15/2017-11379/availability-of-funds-and-collection-of-checksThe Board is amending subparts A, C, and D of Regulation CC, Availability of Funds and Collection of Checks, which implements the Expedited Funds Availability Act of 1987 (EFA Act), the Check Clearing for the 21st Century Act of 2003 (Check 21 Act), and the official staff commentary to the regulation. In the final rule, the Board has modified the current check collection and return requirements to reflect the virtually all-electronic check collection and return environment and to encourage all depositary banks to receive, and paying banks to send, returned checks electronically. The Board has retained, without change, the current same-day settlement rule for paper checks. The Board is also applying Regulation CC's existing check warranties under subpart C to checks that are collected electronically, and in addition, has adopted new warranties and indemnities related to checks collected and returned electronically and to electronically-created items.
2017-06-08Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationBylaws; Bank Conversions and Mergers; and Voluntary Mergers of Federally Insured Credit UnionsThe NCUA Board (Board) proposes to revise the procedures a federal credit union (FCU) must follow to merge voluntarily with another credit union. The proposed changes: Revise and clarify the contents and format of the member notice; require merging...2017-11331"https://www.gpo.gov/fdsys/pkg/FR-2017-06-08/pdf/2017-11331.pdfhttps://www.federalregister.gov/documents/2017/06/08/2017-11331/bylaws-bank-conversions-and-mergers-and-voluntary-mergers-of-federally-insured-credit-unionsThe NCUA Board (Board) proposes to revise the procedures a federal credit union (FCU) must follow to merge voluntarily with another credit union. The proposed changes: Revise and clarify the contents and format of the member notice; require merging FCUs to disclose all merger-related financial arrangements for covered persons; increase the minimum member notice period; and provide procedures to allow reasonable member-to-member communications regarding the proposed merger. The proposed changes also make conforming amendments to NCUA regulations governing termination of federal share insurance when the continuing credit union is not an FCU.
2017-06-07Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationAppeals ProceduresThe NCUA Board (Board) proposes to adopt procedures to govern appeals to the Board that would apply to agency regulations that currently have their own embedded appeals provisions and will replace those current provisions. The procedures would apply in...2017-11319"https://www.gpo.gov/fdsys/pkg/FR-2017-06-07/pdf/2017-11319.pdfhttps://www.federalregister.gov/documents/2017/06/07/2017-11319/appeals-proceduresThe NCUA Board (Board) proposes to adopt procedures to govern appeals to the Board that would apply to agency regulations that currently have their own embedded appeals provisions and will replace those current provisions. The procedures would apply in cases in which a decision rendered by a regional director or other program office director is subject to appeal to the Board. The proposed procedures are intended to result in greater efficiency, consistency, and better understanding of the way in which matters under covered regulations may be appealed to the Board. Excluded from the scope of this proposal are formal adjudications required under the Administrative Procedure Act (APA) to be accompanied by ``notice and an opportunity for a hearing on the record.'' Matters that are not covered include formal enforcement actions, challenges to orders imposing prompt corrective action and matters that are within the jurisdiction of the NCUA's Supervisory Review Committee (SRC). With the issuance of this proposed rule, the Board is also proposing a new rule to govern the SRC, including the appeal to the Board of adverse determinations made by the SRC.
2017-06-07Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationSupervisory Review Committee; Procedures for Appealing Material Supervisory DeterminationsThe NCUA Board (Board) proposes to amend its procedures for appealing material supervisory determinations to the NCUA Supervisory Review Committee (SRC) to enhance due process and to be more consistent with the practices of the federal banking...2017-11320"https://www.gpo.gov/fdsys/pkg/FR-2017-06-07/pdf/2017-11320.pdfhttps://www.federalregister.gov/documents/2017/06/07/2017-11320/supervisory-review-committee-procedures-for-appealing-material-supervisory-determinationsThe NCUA Board (Board) proposes to amend its procedures for appealing material supervisory determinations to the NCUA Supervisory Review Committee (SRC) to enhance due process and to be more consistent with the practices of the federal banking agencies. The proposed rule would expand the number of supervisory determinations appealable to the SRC and provide credit unions with the opportunity for additional review by the Director of the Office of Examinations and Insurance (E&I). The Board proposes to codify these procedures of our regulations.
2017-06-05RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyFederal Home Loan Bank Membership for Non-Federally-Insured Credit UnionsThe Federal Housing Finance Agency (FHFA or Agency) is adopting a final rule revising its regulation governing Federal Home Loan Bank (Bank) membership to implement section 82001 of the Fixing America's Surface Transportation Act (FAST Act), which...2017-11207"https://www.gpo.gov/fdsys/pkg/FR-2017-06-05/pdf/2017-11207.pdfhttps://www.federalregister.gov/documents/2017/06/05/2017-11207/federal-home-loan-bank-membership-for-non-federally-insured-credit-unionsThe Federal Housing Finance Agency (FHFA or Agency) is adopting a final rule revising its regulation governing Federal Home Loan Bank (Bank) membership to implement section 82001 of the Fixing America's Surface Transportation Act (FAST Act), which amended the Federal Home Loan Bank Act (Bank Act) to authorize certain credit unions without Federal share insurance to become Bank members. The rule also makes appropriate conforming changes to FHFA's regulation on Bank membership. The final rule is substantially the same as the proposed rule, but includes one revision intended to streamline the application process for credit unions applying for Bank membership pursuant to the FAST Act provision.
2017-06-02Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemAvailability of Funds and Collection of ChecksThe Board is proposing to amend Regulation CC to address situations where there is a dispute as to whether a check has been altered or is a forgery, and the original paper check is not available for inspection. The proposed rule would adopt a...2017-11380"https://www.gpo.gov/fdsys/pkg/FR-2017-06-02/pdf/2017-11380.pdfhttps://www.federalregister.gov/documents/2017/06/02/2017-11380/availability-of-funds-and-collection-of-checksThe Board is proposing to amend Regulation CC to address situations where there is a dispute as to whether a check has been altered or is a forgery, and the original paper check is not available for inspection. The proposed rule would adopt a presumption of alteration for any dispute over whether the dollar amount or the payee on a substitute check or electronic check has been altered or whether the substitute check or electronic check is derived from an original check that is a forgery. This rule is intended to provide clarity as to the burden of proof in these situations.
2017-05-11Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauRequest for Information Regarding 2013 Real Estate Settlement Procedures Act Servicing Rule AssessmentThe Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X), as amended prior to January 10, 2014, in accordance with section 1022(d) of...2017-09361"https://www.gpo.gov/fdsys/pkg/FR-2017-05-11/pdf/2017-09361.pdfhttps://www.federalregister.gov/documents/2017/05/11/2017-09361/request-for-information-regarding-2013-real-estate-settlement-procedures-act-servicing-ruleThe Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of the Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X), as amended prior to January 10, 2014, in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is requesting public comment on its plans for assessing this rule as well as certain recommendations and information that may be useful in conducting the planned assessment.
2017-04-25Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauTechnical Corrections and Clarifying Amendments to the Home Mortgage Disclosure (Regulation C) October 2015 Final RuleThe Bureau of Consumer Financial Protection (Bureau) proposes amendments to Regulation C to make technical corrections to and to clarify certain requirements adopted by the Bureau's Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final...2017-07838"https://www.gpo.gov/fdsys/pkg/FR-2017-04-25/pdf/2017-07838.pdfhttps://www.federalregister.gov/documents/2017/04/25/2017-07838/technical-corrections-and-clarifying-amendments-to-the-home-mortgage-disclosure-regulation-c-octoberThe Bureau of Consumer Financial Protection (Bureau) proposes amendments to Regulation C to make technical corrections to and to clarify certain requirements adopted by the Bureau's Home Mortgage Disclosure (Regulation C) final rule (2015 HMDA Final Rule or the Final Rule), which was published in the Federal Register on October 28, 2015. The Bureau also proposes a new reporting exclusion.
2017-04-25RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauPrepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z); Delay of Effective DateThe Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending...2017-08341"https://www.gpo.gov/fdsys/pkg/FR-2017-04-25/pdf/2017-08341.pdfhttps://www.federalregister.gov/documents/2017/04/25/2017-08341/prepaid-accounts-under-the-electronic-fund-transfer-act-regulation-e-and-the-truth-in-lending-actThe Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) by six months, to April 1, 2018.
2017-04-18RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D: Reserve Requirements of Depository InstitutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'')...2017-07743"https://www.gpo.gov/fdsys/pkg/FR-2017-04-18/pdf/2017-07743.pdfhttps://www.federalregister.gov/documents/2017/04/18/2017-07743/regulation-d-reserve-requirements-of-depository-institutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'') and the rate of interest paid on excess balances (``IOER'') maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 1.00 percent and IOER is 1.00 percent, a 0.25 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee'').
2017-04-18RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at...2017-07742"https://www.gpo.gov/fdsys/pkg/FR-2017-04-18/pdf/2017-07742.pdfhttps://www.federalregister.gov/documents/2017/04/18/2017-07742/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
2017-04-14RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyOrders: Reporting by Regulated Entities of Stress Testing Results as of December 31, 2016; Summary Instructions and GuidanceIn this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 3, 2017, with respect to stress test reporting as of December 31, 2016, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and...2017-07519"https://www.gpo.gov/fdsys/pkg/FR-2017-04-14/pdf/2017-07519.pdfhttps://www.federalregister.gov/documents/2017/04/14/2017-07519/orders-reporting-by-regulated-entities-of-stress-testing-results-as-of-december-31-2016-summaryIn this document, the Federal Housing Finance Agency (FHFA) provides notice that it issued Orders, dated March 3, 2017, with respect to stress test reporting as of December 31, 2016, under section 165(i)(2) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Summary Instructions and Guidance accompanied the Orders to provide testing scenarios.
2017-04-04Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to Equal Credit Opportunity Act (Regulation B) Ethnicity and Race Information CollectionThe Bureau of Consumer Financial Protection (Bureau) proposes amendments to Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, to add certain model forms and...2017-06195"https://www.gpo.gov/fdsys/pkg/FR-2017-04-04/pdf/2017-06195.pdfhttps://www.federalregister.gov/documents/2017/04/04/2017-06195/amendments-to-equal-credit-opportunity-act-regulation-b-ethnicity-and-race-information-collectionThe Bureau of Consumer Financial Protection (Bureau) proposes amendments to Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, to add certain model forms and remove others from Regulation B, and to make various other amendments to Regulation B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants.
2017-03-24RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyMinority and Women Outreach ProgramThe Federal Housing Finance Agency (FHFA) is prescribing this final rule to establish its minority and women outreach program (MWOP), pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA); the Federal Housing...2017-05894"https://www.gpo.gov/fdsys/pkg/FR-2017-03-24/pdf/2017-05894.pdfhttps://www.federalregister.gov/documents/2017/03/24/2017-05894/minority-and-women-outreach-programThe Federal Housing Finance Agency (FHFA) is prescribing this final rule to establish its minority and women outreach program (MWOP), pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA); the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act); and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2008 (Dodd-Frank Act). This final rule also redesignates the current Minority and Women Inclusion (MWI) regulation (``Minority and Women Inclusion Final Rule,'' ``MWI Rule,'' or ``2010 Final Rule''), in the Code of Federal Regulations to subchapter B of FHFA's regulations.
2017-03-24Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauRequest for Information Regarding Remittance Rule AssessmentThe Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of certain of the Bureau's regulations related to consumer remittance transfers under the Electronic Fund Transfer Act (subpart B of Regulation E) in accordance with...2017-05681"https://www.gpo.gov/fdsys/pkg/FR-2017-03-24/pdf/2017-05681.pdfhttps://www.federalregister.gov/documents/2017/03/24/2017-05681/request-for-information-regarding-remittance-rule-assessmentThe Bureau of Consumer Financial Protection (Bureau) is conducting an assessment of certain of the Bureau's regulations related to consumer remittance transfers under the Electronic Fund Transfer Act (subpart B of Regulation E) in accordance with section 1022(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is requesting public comment on its plans for assessing these regulations as well as certain recommendations and information that may be useful in conducting the planned assessment.
2017-03-15RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyFreedom of Information Act ImplementationThe Federal Housing Finance Agency (FHFA) is issuing this interim final rule to amend its existing Freedom of Information Act (FOIA) regulation. The amendments incorporate the requirements of the FOIA Improvement Act of 2016 by giving notice of the...2017-04910"https://www.gpo.gov/fdsys/pkg/FR-2017-03-15/pdf/2017-04910.pdfhttps://www.federalregister.gov/documents/2017/03/15/2017-04910/freedom-of-information-act-implementationThe Federal Housing Finance Agency (FHFA) is issuing this interim final rule to amend its existing Freedom of Information Act (FOIA) regulation. The amendments incorporate the requirements of the FOIA Improvement Act of 2016 by giving notice of the circumstances under which FHFA may extend the time limit for responding to a FOIA request due to unusual circumstance; notifying a requester of their right to seek dispute resolution services; affording a requester a minimum of 90 days to file an administrative appeal; and clarifying and updating the existing regulation.
2017-03-15Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauPrepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z); Delay of Effective DateThe Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation...2017-05060"https://www.gpo.gov/fdsys/pkg/FR-2017-03-15/pdf/2017-05060.pdfhttps://www.federalregister.gov/documents/2017/03/15/2017-05060/prepaid-accounts-under-the-electronic-fund-transfer-act-regulation-e-and-the-truth-in-lending-actThe Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to delay the October 1, 2017 effective date of the rule governing Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) by six months, to April 1, 2018.
2017-02-24RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemFederal Reserve Bank Capital StockThe Board of Governors (Board) is publishing a final rule that applies an inflation adjustment to the $10 billion total consolidated asset threshold in Regulation I, which implements the provision of the ``Fixing America's Surface Transportation Act''...2017-03568"https://www.gpo.gov/fdsys/pkg/FR-2017-02-24/pdf/2017-03568.pdfhttps://www.federalregister.gov/documents/2017/02/24/2017-03568/federal-reserve-bank-capital-stockThe Board of Governors (Board) is publishing a final rule that applies an inflation adjustment to the $10 billion total consolidated asset threshold in Regulation I, which implements the provision of the ``Fixing America's Surface Transportation Act'' (FAST Act) that sets the dividend rate that member banks with more than $10 billion in total consolidated assets earn on their Federal Reserve Bank (Reserve Bank) stock. The FAST Act requires that the Board annually adjust the $10 billion total consolidated asset threshold to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis. Based on the change in the Gross Domestic Product Price Index as of September 29, 2016, the total consolidated asset threshold will be $10,122,000,000 through December 31, 2017.
2017-02-08Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationAlternative CapitalThe NCUA Board (Board) is issuing this advanced notice of proposed rulemaking (ANPR) to solicit comments on alternative forms of capital federally insured credit unions could use in meeting capital standards required by statute and regulation. For...2017-01713"https://www.gpo.gov/fdsys/pkg/FR-2017-02-08/pdf/2017-01713.pdfhttps://www.federalregister.gov/documents/2017/02/08/2017-01713/alternative-capitalThe NCUA Board (Board) is issuing this advanced notice of proposed rulemaking (ANPR) to solicit comments on alternative forms of capital federally insured credit unions could use in meeting capital standards required by statute and regulation. For purposes of this ANPR, alternative capital includes two different categories: Secondary capital and supplemental capital. Secondary capital is currently permissible under the Federal Credit Union Act (Act) only for low- income designated credit unions to issue and to be counted toward both the net worth ratio and the risk-based net worth requirement of NCUA's prompt corrective action standards. The Board is considering changes to the secondary capital regulation for low-income designated credit unions. There are no other forms of alternative capital currently authorized. However, the Board is also considering whether or not to authorize credit unions to issue supplemental capital instruments that would only count towards the risk-based net worth requirement.
2017-02-03RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemAmendments to the Capital Plan and Stress Test Rules; Regulations Y and YYThe Board is adopting a final rule that revises the capital plan and stress test rules for bank holding companies with $50 billion or more in total consolidated assets and U.S. intermediate holding companies (IHCs) of foreign banking organizations....2017-02257"https://www.gpo.gov/fdsys/pkg/FR-2017-02-03/pdf/2017-02257.pdfhttps://www.federalregister.gov/documents/2017/02/03/2017-02257/amendments-to-the-capital-plan-and-stress-test-rules-regulations-y-and-yyThe Board is adopting a final rule that revises the capital plan and stress test rules for bank holding companies with $50 billion or more in total consolidated assets and U.S. intermediate holding companies (IHCs) of foreign banking organizations. Under the final rule, large and noncomplex firms (those with total consolidated assets of at least $50 billion but less than $250 billion, nonbank assets of less than $75 billion, and that are not U.S. global-systemically important banks) are no longer subject to the provisions of the Board's capital plan rule whereby the Board may object to a capital plan on the basis of qualitative deficiencies in the firm's capital planning process. Accordingly, these firms will no longer be subject to the qualitative component of the annual Comprehensive Capital Analysis and Review (CCAR). The final rule also modifies certain regulatory reports to collect additional information on nonbank assets and to reduce reporting burdens for large and noncomplex firms. For all bank holding companies subject to the capital plan rule, the final rule simplifies the initial applicability provisions of both the capital plan and the stress test rules, reduces the amount of additional capital distributions that a bank holding company may make during a capital plan cycle without seeking the Board's prior approval, and extends the range of potential as-of dates the Board may use for the trading and counterparty scenario component used in the stress test rules. The final rule does not apply to bank holding companies with total consolidated assets of less than $50 billion or to any state member bank or savings and loan holding company.
2017-01-31RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationRules of Practice and Procedure; Adjusting Civil Money Penalties for InflationThis regulation implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit Administration (FCA) may impose or enforce pursuant to the Farm Credit Act of 1971, as amended (Farm Credit Act), and pursuant to the Flood Disaster...2017-01065"https://www.gpo.gov/fdsys/pkg/FR-2017-01-31/pdf/2017-01065.pdfhttps://www.federalregister.gov/documents/2017/01/31/2017-01065/rules-of-practice-and-procedure-adjusting-civil-money-penalties-for-inflationThis regulation implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit Administration (FCA) may impose or enforce pursuant to the Farm Credit Act of 1971, as amended (Farm Credit Act), and pursuant to the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994 (Reform Act), and further amended by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act).
2017-01-30RuleFARM CREDIT SYSTEM INSURANCE CORPORATIONFarm Credit System Insurance CorporationRules of Practice and Procedure; Adjusting Civil Money Penalties for InflationThis rule implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit System Insurance Corporation (FCSIC) may impose under the Farm Credit Act of 1971, as amended. These adjustments are required by 2015 amendments to the...2017-01033"https://www.gpo.gov/fdsys/pkg/FR-2017-01-30/pdf/2017-01033.pdfhttps://www.federalregister.gov/documents/2017/01/30/2017-01033/rules-of-practice-and-procedure-adjusting-civil-money-penalties-for-inflationThis rule implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit System Insurance Corporation (FCSIC) may impose under the Farm Credit Act of 1971, as amended. These adjustments are required by 2015 amendments to the Federal Civil Penalties Inflation Adjustment Act of 1990.
2017-01-27RuleDEPARTMENT OF THE TREASURYTreasury DepartmentRules of Practice and Procedure; Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation AdjustmentsThe Office of the Comptroller of the Currency (OCC) is amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to adjust the maximum amount of...2017-00592"https://www.gpo.gov/fdsys/pkg/FR-2017-01-27/pdf/2017-00592.pdfhttps://www.federalregister.gov/documents/2017/01/27/2017-00592/rules-of-practice-and-procedure-rules-of-practice-and-procedure-in-adjudicatory-proceedings-civilThe Office of the Comptroller of the Currency (OCC) is amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to adjust the maximum amount of each civil money penalty within its jurisdiction to administer to account for inflation. These actions implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2017-01-25RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules of Practice for HearingsThe Board of Governors of the Federal Reserve System (the ``Board'') is issuing a final rule amending its rules of practice and procedure to adjust the amount of each civil money penalty (``CMP'') provided by law within its jurisdiction to account for...2017-00595"https://www.gpo.gov/fdsys/pkg/FR-2017-01-25/pdf/2017-00595.pdfhttps://www.federalregister.gov/documents/2017/01/25/2017-00595/rules-of-practice-for-hearingsThe Board of Governors of the Federal Reserve System (the ``Board'') is issuing a final rule amending its rules of practice and procedure to adjust the amount of each civil money penalty (``CMP'') provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2017-01-24Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentEnhanced Cyber Risk Management StandardsOn October 26, 2016, the Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) published in the Federal Register...2017-01539"https://www.gpo.gov/fdsys/pkg/FR-2017-01-24/pdf/2017-01539.pdfhttps://www.federalregister.gov/documents/2017/01/24/2017-01539/enhanced-cyber-risk-management-standardsOn October 26, 2016, the Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) published in the Federal Register an advance notice of proposed rulemaking (ANPR) regarding enhanced cyber risk management standards (enhanced standards) for large and interconnected entities under their supervision and those entities' service providers. The ANPR addresses five categories of cyber standards: Cyber risk governance; cyber risk management; internal dependency management; external dependency management; and incident response, cyber resilience, and situational awareness. Due to the range and complexity of the issues addressed in the ANPR, the public comment period has been extended until February 17, 2017. This action will allow interested persons additional time to analyze the proposal and prepare their comments.
2017-01-24RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemTotal Loss-Absorbing Capacity, Long-Term Debt, and Clean Holding Company Requirements for Systemically Important U.S. Bank Holding Companies and Intermediate Holding Companies of Systemically Important Foreign Banking OrganizationsThe Board is adopting a final rule to require a U.S. top-tier bank holding company identified under the Board's rules as a global systemically important bank holding company (covered BHC) to maintain outstanding a minimum amount of loss-absorbing...2017-00431"https://www.gpo.gov/fdsys/pkg/FR-2017-01-24/pdf/2017-00431.pdfhttps://www.federalregister.gov/documents/2017/01/24/2017-00431/total-loss-absorbing-capacity-long-term-debt-and-clean-holding-company-requirements-for-systemicallyThe Board is adopting a final rule to require a U.S. top-tier bank holding company identified under the Board's rules as a global systemically important bank holding company (covered BHC) to maintain outstanding a minimum amount of loss-absorbing instruments, including a minimum amount of unsecured long-term debt. In addition, the final rule prescribes certain additional buffers, the breach of which would result in limitations on the capital distributions and discretionary bonus payments of a covered BHC. The final rule applies similar requirements to the top-tier U.S. intermediate holding company of a global systemically important foreign banking organization with $50 billion or more in U.S. non-branch assets (covered IHC). The final rule also imposes restrictions on other liabilities that a covered BHC or covered IHC may have outstanding in order to improve their resolvability and resiliency; these restrictions are referred to in the final rule as ``clean holding company requirements.''
2017-01-23RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation A: Extensions of Credit by Federal Reserve BanksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at...2017-00612"https://www.gpo.gov/fdsys/pkg/FR-2017-01-23/pdf/2017-00612.pdfhttps://www.federalregister.gov/documents/2017/01/23/2017-00612/regulation-a-extensions-of-credit-by-federal-reserve-banksThe Board of Governors of the Federal Reserve System (``Board'') has adopted final amendments to its Regulation A to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
2017-01-23RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D: Reserve Requirements of Depository InstitutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'')...2017-00613"https://www.gpo.gov/fdsys/pkg/FR-2017-01-23/pdf/2017-00613.pdfhttps://www.federalregister.gov/documents/2017/01/23/2017-00613/regulation-d-reserve-requirements-of-depository-institutionsThe Board of Governors of the Federal Reserve System (``Board'') is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (``IORR'') and the rate of interest paid on excess balances (``IOER'') maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 0.75 percent and IOER is 0.75 percent, a 0.25 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the Federal funds rate into the target range established by the Federal Open Market Committee (``FOMC'' or ``Committee'').
2017-01-23RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCivil Monetary Penalty Inflation AdjustmentThe NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal...2017-00473"https://www.gpo.gov/fdsys/pkg/FR-2017-01-23/pdf/2017-00473.pdfhttps://www.federalregister.gov/documents/2017/01/23/2017-00473/civil-monetary-penalty-inflation-adjustmentThe NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2017-01-23RuleDEPARTMENT OF THE TREASURYTreasury DepartmentEconomic Growth and Regulatory Paperwork Reduction Act of 1996 AmendmentsAs part of its review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, the Office of the Comptroller of the Currency (OCC) is revising certain of its rules to remove outdated or otherwise unnecessary provisions. Specifically,...2016-30502"https://www.gpo.gov/fdsys/pkg/FR-2017-01-23/pdf/2016-30502.pdfhttps://www.federalregister.gov/documents/2017/01/23/2016-30502/economic-growth-and-regulatory-paperwork-reduction-act-of-1996-amendmentsAs part of its review under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, the Office of the Comptroller of the Currency (OCC) is revising certain of its rules to remove outdated or otherwise unnecessary provisions. Specifically, the OCC is: revising certain licensing rules related to chartering applications, business combinations involving Federal mutual savings associations, and notices for changes in permanent capital; clarifying national bank director oath requirements; revising certain fiduciary activity requirements for national banks and Federal savings associations; removing certain financial disclosure regulations for national banks; removing certain unnecessary regulatory reporting, accounting, and management policy regulations for Federal savings associations; updating the electronic activities regulation for Federal savings associations; integrating and updating OCC regulations for national banks and Federal savings associations relating to municipal securities dealers, Securities Exchange Act disclosure rules, and securities offering disclosure rules; updating and revising recordkeeping and confirmation requirements for national banks' and Federal savings associations' securities transactions; integrating and updating regulations relating to insider and affiliate transactions; and making other technical and clarifying changes.
2017-01-18RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCommunity Reinvestment Act RegulationsThe OCC, the Board, and the FDIC (collectively, the Agencies) are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ``small bank'' or ``small savings association'' and ``intermediate small...2016-31928"https://www.gpo.gov/fdsys/pkg/FR-2017-01-18/pdf/2016-31928.pdfhttps://www.federalregister.gov/documents/2017/01/18/2016-31928/community-reinvestment-act-regulationsThe OCC, the Board, and the FDIC (collectively, the Agencies) are amending their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define ``small bank'' or ``small savings association'' and ``intermediate small bank'' or ``intermediate small savings association.'' As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The FDIC is also amending its CRA Notice requirements to reflect two technical changes concerning the manner in which the agency will receive public comments considered in the CRA examination process.
2017-01-12RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauCivil Penalty Inflation AdjustmentsThe Bureau of Consumer Financial Protection (Bureau) is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990...2017-00521"https://www.gpo.gov/fdsys/pkg/FR-2017-01-12/pdf/2017-00521.pdfhttps://www.federalregister.gov/documents/2017/01/12/2017-00521/civil-penalty-inflation-adjustmentsThe Bureau of Consumer Financial Protection (Bureau) is adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction. These adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Inflation Adjustment Act), as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The inflation adjustments mandated by the Inflation Adjustment Act serve to maintain the deterrent effect of civil penalties and to promote compliance with the law.
2017-01-09Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentAnnouncement Type: Notice and Request for InformationThe Community Development Financial Institutions Fund (CDFI Fund), Department of the Treasury, requests comments from the public regarding the current policies and procedures to certify an organization as a Community Development Financial Institution...2017-00013"https://www.gpo.gov/fdsys/pkg/FR-2017-01-09/pdf/2017-00013.pdfhttps://www.federalregister.gov/documents/2017/01/09/2017-00013/announcement-type-notice-and-request-for-informationThe Community Development Financial Institutions Fund (CDFI Fund), Department of the Treasury, requests comments from the public regarding the current policies and procedures to certify an organization as a Community Development Financial Institution (CDFI). Capitalized terms found in this notice are defined in the regulations that govern the CDFI Program, in our regulations.
2016-12-30RuleDEPARTMENT OF THE TREASURYTreasury DepartmentIndustrial and Commercial MetalsThe OCC is finalizing a rule to prohibit national banks and federal savings associations from dealing or investing in industrial or commercial metals.2016-31572"https://www.gpo.gov/fdsys/pkg/FR-2016-12-30/pdf/2016-31572.pdfhttps://www.federalregister.gov/documents/2016/12/30/2016-31572/industrial-and-commercial-metalsThe OCC is finalizing a rule to prohibit national banks and federal savings associations from dealing or investing in industrial or commercial metals.
2016-12-29RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyEnterprise Duty To Serve Underserved MarketsThe Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to establish a duty for the Federal National Mortgage Association (Fannie Mae) and the...2016-30284"https://www.gpo.gov/fdsys/pkg/FR-2016-12-29/pdf/2016-30284.pdfhttps://www.federalregister.gov/documents/2016/12/29/2016-30284/enterprise-duty-to-serve-underserved-marketsThe Housing and Economic Recovery Act of 2008 (HERA) amended the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act) to establish a duty for the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (collectively, the Enterprises) to serve three specified underserved markets--manufactured housing, affordable housing preservation, and rural markets--in order to increase the liquidity of mortgage investments and improve the distribution of investment capital available for mortgage financing for very low-, low-, and moderate-income families in those markets. The Federal Housing Finance Agency (FHFA) is issuing this final rule which specifies the scope of Enterprise activities that are eligible to receive Duty to Serve credit. These activities generally are those that facilitate a secondary market for mortgages related to: Manufactured homes titled as real property or personal property; blanket loans for certain categories of manufactured housing communities; preserving the affordability of housing for renters and homebuyers; and housing in rural markets. The final rule provides a framework for FHFA's method for evaluating and rating the Enterprises' compliance with the Duty to Serve each underserved market.
2016-12-28Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRecordkeeping Requirements for Qualified Financial ContractsThe FDIC proposes to amend its regulations regarding Recordkeeping Requirements for Qualified Financial Contracts (``Part 371''), which require insured depository institutions (``IDIs'') in a troubled condition to keep records relating to qualified...2016-30734"https://www.gpo.gov/fdsys/pkg/FR-2016-12-28/pdf/2016-30734.pdfhttps://www.federalregister.gov/documents/2016/12/28/2016-30734/recordkeeping-requirements-for-qualified-financial-contractsThe FDIC proposes to amend its regulations regarding Recordkeeping Requirements for Qualified Financial Contracts (``Part 371''), which require insured depository institutions (``IDIs'') in a troubled condition to keep records relating to qualified financial contracts (``QFCs'') to which they are party. The proposed rule would expand the scope of QFC records required to be maintained by an IDI that is subject to the FDIC's recordkeeping requirements and that has total consolidated assets equal to or greater than $50 billion or is a member of a corporate group where one or more affiliates is subject to the QFC recordkeeping requirements set forth in the regulations adopted by the Department of the Treasury (a ``full scope entity''); for all other IDIs subject to the FDIC's QFC recordkeeping requirements, add and delete a limited number of data requirements and make certain formatting changes with respect to the QFC recordkeeping requirements; require full scope entities to keep QFC records of certain of their subsidiaries; and include certain other changes, including changes that would provide additional time for certain IDIs in a troubled condition to comply with the regulations.
2016-12-28RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRules of Practice and ProcedureThe Federal Deposit Insurance Corporation (FDIC) is adjusting the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required by the Federal Civil Penalties Inflation Adjustment Act...2016-31240"https://www.gpo.gov/fdsys/pkg/FR-2016-12-28/pdf/2016-31240.pdfhttps://www.federalregister.gov/documents/2016/12/28/2016-31240/rules-of-practice-and-procedureThe Federal Deposit Insurance Corporation (FDIC) is adjusting the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act). The FDIC is also amending its rules of practice and procedure to correct a technical error from the previous inflation-adjustment rulemaking.
2016-12-27RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules Regarding Availability of InformationThe Federal Open Market Committee (Committee) invites comments on this interim final rule amending its Rules Regarding Availability of Information (Rules). These revisions conform to recent statutory amendments to the Freedom of Information Act (FOIA)...2016-30674"https://www.gpo.gov/fdsys/pkg/FR-2016-12-27/pdf/2016-30674.pdfhttps://www.federalregister.gov/documents/2016/12/27/2016-30674/rules-regarding-availability-of-informationThe Federal Open Market Committee (Committee) invites comments on this interim final rule amending its Rules Regarding Availability of Information (Rules). These revisions conform to recent statutory amendments to the Freedom of Information Act (FOIA) made by the FOIA Improvement Act of 2016 (FOIA Improvement Act), as well as other technical changes intended to clarify existing procedures for requesting information and updating contact information.
2016-12-27RuleFEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCILFederal Financial Institutions Examination CouncilDescription of Office, Procedures, and Public InformationThe Federal Financial Institutions Examination Council (FFIEC or Council), on behalf of its members, is amending its regulations to incorporate changes to the Freedom of Information Act (FOIA). This interim final rule reflects the required changes...2016-30696"https://www.gpo.gov/fdsys/pkg/FR-2016-12-27/pdf/2016-30696.pdfhttps://www.federalregister.gov/documents/2016/12/27/2016-30696/description-of-office-procedures-and-public-informationThe Federal Financial Institutions Examination Council (FFIEC or Council), on behalf of its members, is amending its regulations to incorporate changes to the Freedom of Information Act (FOIA). This interim final rule reflects the required changes necessitated by the FOIA Improvement Act of 2016 (Act) consisting of extending the deadline for administrative appeals, including information on dispute resolution services, and amends parts of the fee determination. This interim final rule also corrects a duplicate entry that occurred in the 2010 update of the regulations. The Council has reviewed the proposed regulations and adopt them in this interim final rule.
2016-12-27RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemLiquidity Coverage Ratio: Public Disclosure Requirements; Extension of Compliance Period for Certain Companies To Meet the Liquidity Coverage Ratio RequirementsThe Board of Governors of the Federal Reserve System (Board) is adopting a final rule to implement public disclosure requirements for the liquidity coverage ratio (LCR) rule. The final rule applies to all depository institution holding companies and...2016-30859"https://www.gpo.gov/fdsys/pkg/FR-2016-12-27/pdf/2016-30859.pdfhttps://www.federalregister.gov/documents/2016/12/27/2016-30859/liquidity-coverage-ratio-public-disclosure-requirements-extension-of-compliance-period-for-certainThe Board of Governors of the Federal Reserve System (Board) is adopting a final rule to implement public disclosure requirements for the liquidity coverage ratio (LCR) rule. The final rule applies to all depository institution holding companies and covered nonbank financial companies that are required to calculate an LCR under the Board's LCR rule (covered companies). Under the final rule, a covered company will be required to disclose publicly, on a quarterly basis, quantitative information about its LCR calculation and a discussion of the factors that have a significant effect on its LCR. The final rule also provides additional time for companies that become subject to the Board's modified LCR requirement in the future to come into compliance with the requirement.
2016-12-27RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules Regarding Availability of InformationThe Board is adopting, and inviting comment on, an interim final rule to amend its regulations for processing requests under the Freedom of Information Act (``FOIA'') pursuant to the FOIA Improvement Act of 2016 (the ``Act''). The amendments clarify...2016-30670"https://www.gpo.gov/fdsys/pkg/FR-2016-12-27/pdf/2016-30670.pdfhttps://www.federalregister.gov/documents/2016/12/27/2016-30670/rules-regarding-availability-of-informationThe Board is adopting, and inviting comment on, an interim final rule to amend its regulations for processing requests under the Freedom of Information Act (``FOIA'') pursuant to the FOIA Improvement Act of 2016 (the ``Act''). The amendments clarify and update procedures for requesting information from the Board, extend the deadline for administrative appeals, and add information on dispute resolution services.
2016-12-23Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRisk-Based Capital and Other Regulatory Requirements for Activities of Financial Holding Companies Related to Physical Commodities and Risk-Based Capital Requirements for Merchant Banking Investments, Regulations Q and YOn September 30, 2016, the Board published in the Federal Register a notice of proposed rulemaking (NPR) to adopt additional limitations on physical commodity trading activities conducted by financial holding companies under complementary authority...2016-30993"https://www.gpo.gov/fdsys/pkg/FR-2016-12-23/pdf/2016-30993.pdfhttps://www.federalregister.gov/documents/2016/12/23/2016-30993/risk-based-capital-and-other-regulatory-requirements-for-activities-of-financial-holding-companiesOn September 30, 2016, the Board published in the Federal Register a notice of proposed rulemaking (NPR) to adopt additional limitations on physical commodity trading activities conducted by financial holding companies under complementary authority granted pursuant to section 4(k) of the Bank Holding Company Act and clarify certain existing limitations on those activities; amend the Board's risk-based capital requirements to better reflect the risks associated with a financial holding company's physical commodity activities; rescind the findings underlying the Board orders authorizing certain financial holding companies to engage in energy management services and energy tolling; remove copper from the list of metals that bank holding companies are permitted to own and store as an activity closely related to banking; and increase transparency regarding physical commodity activities of financial holding companies through more comprehensive regulatory reporting. Due to the range and complexity of the issues addressed in the NPR, the public comment period has been extended until February 20, 2017. This action will allow interested persons additional time to analyze the proposal and prepare their comments.
2016-12-23RuleDEPARTMENT OF THE TREASURYTreasury DepartmentAvailability of Information Under the Freedom of Information ActThe Office of the Comptroller of the Currency (OCC) is amending its regulations governing the disclosure of information pursuant to requests made under the Freedom of Information Act (FOIA) to reflect changes to the FOIA made by the FOIA Improvement...2016-30725"https://www.gpo.gov/fdsys/pkg/FR-2016-12-23/pdf/2016-30725.pdfhttps://www.federalregister.gov/documents/2016/12/23/2016-30725/availability-of-information-under-the-freedom-of-information-actThe Office of the Comptroller of the Currency (OCC) is amending its regulations governing the disclosure of information pursuant to requests made under the Freedom of Information Act (FOIA) to reflect changes to the FOIA made by the FOIA Improvement Act of 2016 and the OPEN FOIA Act of 2009 and to make other technical changes that update the OCC's FOIA regulations.
2016-12-22RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationRevisions to the Freedom of Information Act RegulationThe NCUA Board (Board) is revising its Freedom of Information Act (FOIA) regulation. The FOIA Improvement Act of 2016 amended the FOIA and requires agencies to review their FOIA regulations and issue certain specified amendments by December 27, 2016....2016-30748"https://www.gpo.gov/fdsys/pkg/FR-2016-12-22/pdf/2016-30748.pdfhttps://www.federalregister.gov/documents/2016/12/22/2016-30748/revisions-to-the-freedom-of-information-act-regulationThe NCUA Board (Board) is revising its Freedom of Information Act (FOIA) regulation. The FOIA Improvement Act of 2016 amended the FOIA and requires agencies to review their FOIA regulations and issue certain specified amendments by December 27, 2016. Specifically, the regulatory amendments include new procedures for disclosing records under the FOIA, assessing fees, and notifying requestors of options for resolving disputes through the NCUA FOIA Public Liaison and the Office of Government Information Services (OGIS) within the National Archives and Records Administration.
2016-12-21RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauTruth in Lending Act (Regulation Z) Adjustment to Asset-Size Exemption ThresholdThe Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to...2016-30730"https://www.gpo.gov/fdsys/pkg/FR-2016-12-21/pdf/2016-30730.pdfhttps://www.federalregister.gov/documents/2016/12/21/2016-30730/truth-in-lending-act-regulation-z-adjustment-to-asset-size-exemption-thresholdThe Bureau is amending the official commentary that interprets the requirements of the Bureau's Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.069 billion from $2.052 billion. The adjustment is based on the .8 percent increase in the average of the CPI-W for the 12-month period ending in November 2016. Therefore, creditors with assets of less than $2.069 billion (including assets of certain affiliates) as of December 31, 2016, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2017. This asset limit will also apply during a grace period, in certain circumstances, with respect to transactions with applications received before April 1 of 2018. The adjustment to the escrows exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that have (together with certain affiliates) total assets below the threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.
2016-12-21RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationFederal Credit Union Occupancy, Planning, and Disposal of Acquired and Abandoned Premises; Incidental PowersAs part of NCUA's Regulatory Modernization Initiative, the NCUA Board (Board) is finalizing amendments to its regulation governing federal credit union (FCU) occupancy, planning, and disposal of acquired and abandoned premises, and its regulation...2016-30657"https://www.gpo.gov/fdsys/pkg/FR-2016-12-21/pdf/2016-30657.pdfhttps://www.federalregister.gov/documents/2016/12/21/2016-30657/federal-credit-union-occupancy-planning-and-disposal-of-acquired-and-abandoned-premises-incidentalAs part of NCUA's Regulatory Modernization Initiative, the NCUA Board (Board) is finalizing amendments to its regulation governing federal credit union (FCU) occupancy, planning, and disposal of acquired and abandoned premises, and its regulation regarding incidental powers. To provide regulatory relief to FCUs, this final rule eliminates a requirement in the current occupancy rule (formerly known as the fixed assets rule) that an FCU must plan for, and eventually achieve, full occupancy of acquired premises. The final rule generally retains the current regulatory timeframes for partial occupancy. However, it modifies the definition of ``partially occupy'' to mean occupation and use, on a full-time basis, of at least fifty percent of the premises by the FCU, or by a combination of the FCU and a credit union service organization (CUSO) in which the FCU has a controlling interest in accordance with Generally Accepted Accounting Principles (GAAP). The final rule also amends the excess capacity provision in NCUA's incidental powers rule to clarify that an FCU may lease or sell excess capacity in its facilities, but it need not anticipate that such excess capacity will be fully occupied by the FCU in the future. However, the sale or lease of excess capacity in equipment or services, including employee-sharing and data processing for third parties, continues to be limited to circumstances where an FCU reasonably anticipates that such excess capacity will be taken up by the future expansion of services to members.
2016-12-21RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauHome Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption ThresholdThe Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for...2016-30731"https://www.gpo.gov/fdsys/pkg/FR-2016-12-21/pdf/2016-30731.pdfhttps://www.federalregister.gov/documents/2016/12/21/2016-30731/home-mortgage-disclosure-regulation-c-adjustment-to-asset-size-exemption-thresholdThe Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau's Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Based on the 0.8 percent increase in the average of the CPI-W for the 12-month period ending in November 2016, the exemption threshold will remain at $44 million. Therefore, banks, savings associations, and credit unions with assets of $44 million or less as of December 31, 2016, are exempt from collecting data in 2017.
2016-12-20RuleDEPARTMENT OF THE TREASURYTreasury DepartmentReceiverships for Uninsured National BanksThe Office of the Comptroller of the Currency (OCC) is adopting a final rule addressing the conduct of receiverships for national banks that are not insured by the Federal Deposit Insurance Corporation (FDIC) (uninsured banks) and for which the FDIC...2016-30666"https://www.gpo.gov/fdsys/pkg/FR-2016-12-20/pdf/2016-30666.pdfhttps://www.federalregister.gov/documents/2016/12/20/2016-30666/receiverships-for-uninsured-national-banksThe Office of the Comptroller of the Currency (OCC) is adopting a final rule addressing the conduct of receiverships for national banks that are not insured by the Federal Deposit Insurance Corporation (FDIC) (uninsured banks) and for which the FDIC would not be appointed as receiver. The final rule implements the provisions of the National Bank Act (NBA) that provide the legal framework for receiverships of such institutions. The final rule adopts the rule as proposed without change.
2016-12-19RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulation D; Reserve Requirements of Depository InstitutionsThe Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2017. The Regulation D amendments set the amount of total...2016-30320"https://www.gpo.gov/fdsys/pkg/FR-2016-12-19/pdf/2016-30320.pdfhttps://www.federalregister.gov/documents/2016/12/19/2016-30320/regulation-d-reserve-requirements-of-depository-institutionsThe Board is amending Regulation D, Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2017. The Regulation D amendments set the amount of total reservable liabilities of each depository institution that is subject to a zero percent reserve requirement in 2017 at $15.5 million (up from $15.2 million in 2016). This amount is known as the reserve requirement exemption amount. The Regulation D amendments also set the amount of net transaction accounts at each depository institution (over the reserve requirement exemption amount) that is subject to a three percent reserve requirement in 2017 at $115.1 million (up from $110.2 million in 2016). This amount is known as the low reserve tranche. The adjustments to both of these amounts are derived using statutory formulas specified in the Federal Reserve Act. The Board is also announcing changes in two other amounts, the nonexempt deposit cutoff level and the reduced reporting limit, that are used to determine the frequency at which depository institutions must submit deposit reports.
2016-12-19RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyFederal Home Loan Bank New Business ActivitiesThe Federal Housing Finance Agency (FHFA) is amending its regulations addressing requirements for the Federal Home Loan Banks' (Banks) new business activity (NBA) notices. The final rule reduces the scope of activities requiring submission of an NBA...2016-30245"https://www.gpo.gov/fdsys/pkg/FR-2016-12-19/pdf/2016-30245.pdfhttps://www.federalregister.gov/documents/2016/12/19/2016-30245/federal-home-loan-bank-new-business-activitiesThe Federal Housing Finance Agency (FHFA) is amending its regulations addressing requirements for the Federal Home Loan Banks' (Banks) new business activity (NBA) notices. The final rule reduces the scope of activities requiring submission of an NBA notice, modifies the submission requirements, and establishes new timelines for agency review and approval of such notices. The final rule also reorganizes a part of the regulations to clarify the protocol for FHFA review of NBA notices.
2016-12-19RuleFEDERAL HOUSING FINANCE BOARDFederal Housing Finance BoardAcquired Member AssetsThe Federal Housing Finance Agency (FHFA) is issuing this final rule to reorganize and relocate the current regulation governing the Federal Home Loan Banks' (Banks) Acquired Member Asset (AMA) programs. More significantly, as required by the...2016-30161"https://www.gpo.gov/fdsys/pkg/FR-2016-12-19/pdf/2016-30161.pdfhttps://www.federalregister.gov/documents/2016/12/19/2016-30161/acquired-member-assetsThe Federal Housing Finance Agency (FHFA) is issuing this final rule to reorganize and relocate the current regulation governing the Federal Home Loan Banks' (Banks) Acquired Member Asset (AMA) programs. More significantly, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), it removes and replaces references in the current regulation to, and requirements based on, ratings issued by a Nationally Recognized Statistical Ratings Organization (NRSRO). It also provides a Bank greater flexibility in choosing the model it can use to estimate the credit enhancement required for AMA loans. Additionally, the final rule adds a provision allowing a Bank to authorize the transfer of mortgage servicing rights on AMA loans to any institution, including a nonmember of the Federal Home Loan Bank System (Bank System). The final rule allows the Banks to acquire mortgage loans that exceed the conforming loan limits if they are guaranteed or insured by a department or agency of the U.S. government. The final rule excludes a proposed provision that would have eliminated the use of private, loan-level, supplemental mortgage insurance (SMI) in the member credit enhancement structure required by the AMA regulation, but does require Banks to establish financial and operational standards that insurers must meet to be qualified to provide insurance on AMA loans. Finally, the final rule deletes some obsolete provisions from the current regulation, and clarifies certain other provisions.
2016-12-16RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulatory Capital Rules: Implementation of Capital Requirements for Global Systemically Important Bank Holding CompaniesThe Board of Governors of the Federal Reserve System (Board) is adopting a final rule to make several revisions to its rule regarding risk-based capital surcharges for U.S.-based global systemically important bank holding companies (GSIB surcharge...2016-29966"https://www.gpo.gov/fdsys/pkg/FR-2016-12-16/pdf/2016-29966.pdfhttps://www.federalregister.gov/documents/2016/12/16/2016-29966/regulatory-capital-rules-implementation-of-capital-requirements-for-global-systemically-importantThe Board of Governors of the Federal Reserve System (Board) is adopting a final rule to make several revisions to its rule regarding risk-based capital surcharges for U.S.-based global systemically important bank holding companies (GSIB surcharge rule). The final rule modifies the GSIB surcharge rule to provide that a bank holding company subject to the rule should continue to calculate its method 1 score and method 2 score under the rule annually using data reported on the firm's Banking Organization Systemic Risk Report (FR Y- 15) as of December 31 of the previous calendar year. In addition, the final rule clarifies that a bank holding company subject to the GSIB surcharge rule must calculate its method 2 score using systemic indicator amounts expressed in billions of dollars.
2016-12-16RuleDEPARTMENT OF TREASURYTreasury DepartmentExpanded Examination Cycle for Certain Small Insured Depository Institutions and U.S. Branches and Agencies of Foreign BanksThe OCC, Board, and FDIC (collectively, the agencies) are jointly adopting as final and without change the agencies' interim final rules published in the Federal Register on February 29, 2016, that implemented section 83001 of the Fixing America's...2016-30133"https://www.gpo.gov/fdsys/pkg/FR-2016-12-16/pdf/2016-30133.pdfhttps://www.federalregister.gov/documents/2016/12/16/2016-30133/expanded-examination-cycle-for-certain-small-insured-depository-institutions-and-us-branches-andThe OCC, Board, and FDIC (collectively, the agencies) are jointly adopting as final and without change the agencies' interim final rules published in the Federal Register on February 29, 2016, that implemented section 83001 of the Fixing America's Surface Transportation Act (FAST Act). Section 83001 of the FAST Act permits the agencies to conduct a full-scope, on-site examination of qualifying insured depository institutions with less than $1 billion in total assets no less than once during each 18-month period. Prior to enactment of the FAST Act, only qualifying insured depository institutions with less than $500 million in total assets were eligible for an 18-month on-site examination cycle. The final rules, like the interim final rules, generally allow well capitalized and well managed institutions with less than $1 billion in total assets to benefit from the extended 18-month examination schedule. In addition, the final rules adopt as final parallel changes to the agencies' regulations governing the on-site examination cycle for U.S. branches and agencies of foreign banks, consistent with the International Banking Act of 1978. Finally, through this rulemaking, the FDIC has integrated its regulations regarding the frequency of safety and soundness examinations for State nonmember banks and State savings associations.
2016-12-09RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationReleasing Information; Availability of Records of the Farm Credit Administration; FOIA FeesThe Farm Credit Administration (FCA or Agency) issued a final rule amending its regulations to reflect changes to the Freedom of Information Act (FOIA). The FOIA Improvement Act of 2016 requires FCA to amend its FOIA regulations to extend the deadline...2016-29555"https://www.gpo.gov/fdsys/pkg/FR-2016-12-09/pdf/2016-29555.pdfhttps://www.federalregister.gov/documents/2016/12/09/2016-29555/releasing-information-availability-of-records-of-the-farm-credit-administration-foia-feesThe Farm Credit Administration (FCA or Agency) issued a final rule amending its regulations to reflect changes to the Freedom of Information Act (FOIA). The FOIA Improvement Act of 2016 requires FCA to amend its FOIA regulations to extend the deadline for administrative appeals, to add information on dispute resolution services, and to amend the way FCA charges fees. In accordance with the law, the effective date of the rule is no earlier than 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session.
2016-12-07RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationChartering and Field of Membership ManualThe NCUA Board is comprehensively amending its chartering and field of membership rules to maximize access to federal credit union services to the extent permitted by law, and to organize the rules in a more efficient framework. The amendments will...2016-26956"https://www.gpo.gov/fdsys/pkg/FR-2016-12-07/pdf/2016-26956.pdfhttps://www.federalregister.gov/documents/2016/12/07/2016-26956/chartering-and-field-of-membership-manualThe NCUA Board is comprehensively amending its chartering and field of membership rules to maximize access to federal credit union services to the extent permitted by law, and to organize the rules in a more efficient framework. The amendments will implement changes in policy affecting: The definition of a local community, a rural district, and an underserved area; the chartering and expansion of a multiple common bond credit union; the expansion of a single common bond credit union that serves a trade, industry or profession; and the process for applying to charter, or to expand, a federal credit union.
2016-12-05RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRecordkeeping for Timely Deposit Insurance DeterminationThe FDIC is adopting a final rule to facilitate prompt payment of FDIC-insured deposits when large insured depository institutions fail. The final rule requires each insured depository institution that has two million or more deposit accounts to (1)...2016-28396"https://www.gpo.gov/fdsys/pkg/FR-2016-12-05/pdf/2016-28396.pdfhttps://www.federalregister.gov/documents/2016/12/05/2016-28396/recordkeeping-for-timely-deposit-insurance-determinationThe FDIC is adopting a final rule to facilitate prompt payment of FDIC-insured deposits when large insured depository institutions fail. The final rule requires each insured depository institution that has two million or more deposit accounts to (1) configure its information technology system to be capable of calculating the insured and uninsured amount in each deposit account by ownership right and capacity, which would be used by the FDIC to make deposit insurance determinations in the event of the institution's failure, and (2) maintain complete and accurate information needed by the FDIC to determine deposit insurance coverage with respect to each deposit account, except as otherwise provided.
2016-11-30RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemConsumer Leasing (Regulation M)The Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...2016-28710"https://www.gpo.gov/fdsys/pkg/FR-2016-11-30/pdf/2016-28710.pdfhttps://www.federalregister.gov/documents/2016/11/30/2016-28710/consumer-leasing-regulation-mThe Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and Bureau will not adjust this exemption threshold from the prior year. The final rule memorializes this as well as the agencies' calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI-W. Based on the CPI-W in effect as of June 1, 2016, the exemption threshold will remain at $54,600 through 2017. The Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions. Accordingly, the Board and the Bureau are adopting similar amendments to the commentaries to each of their respective regulations implementing the Truth in Lending Act elsewhere in this issue of the Federal Register.
2016-11-30RuleDEPARTMENT OF THE TREASURYTreasury DepartmentAppraisals for Higher-Priced Mortgage Loans Exemption ThresholdThe OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for...2016-28699"https://www.gpo.gov/fdsys/pkg/FR-2016-11-30/pdf/2016-28699.pdfhttps://www.federalregister.gov/documents/2016/11/30/2016-28699/appraisals-for-higher-priced-mortgage-loans-exemption-thresholdThe OCC, the Board, and the Bureau are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for ``higher-risk mortgages,'' termed ``higher-priced mortgage loans'' or ``HPMLs'' in the agencies' regulations. The OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies) issued joint final rules implementing these requirements, effective January 18, 2014. The Agencies' rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the OCC, the Board and the Bureau will not adjust this exemption threshold from the prior year. The final rule will memorialize this as well as the agencies' calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI-W. Based on the CPI-W in effect as of June 1, 2016, the exemption threshold will remain at $25,500 through 2017.
2016-11-30RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemTruth in Lending (Regulation Z)The Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...2016-28718"https://www.gpo.gov/fdsys/pkg/FR-2016-11-30/pdf/2016-28718.pdfhttps://www.federalregister.gov/documents/2016/11/30/2016-28718/truth-in-lending-regulation-zThe Board and the Bureau are finalizing amendments to the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and Bureau will not adjust this exemption threshold from the prior year. The final rule memorializes this as well as the agencies' calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI-W. Based on the CPI-W in effect as of June 1, 2016, the exemption threshold will remain at $54,600 through 2017. The Dodd-Frank Act also requires similar adjustments in the Consumer Leasing Act's threshold for exempt consumer leases. Accordingly, the Board and the Bureau are adopting similar amendments to the commentaries to each of their respective regulations implementing the Consumer Leasing Act elsewhere in this issue of the Federal Register.
2016-11-28RuleFINANCIAL STABILITY OVERSIGHT COUNCILFinancial Stability Oversight CouncilRevision of Freedom of Information Act RegulationsThis rule makes revisions to the regulations of the Financial Stability Oversight Council (the ``Council'') under the Freedom of Information Act (``FOIA'') as required by the FOIA Improvement Act of 2016.2016-28413"https://www.gpo.gov/fdsys/pkg/FR-2016-11-28/pdf/2016-28413.pdfhttps://www.federalregister.gov/documents/2016/11/28/2016-28413/revision-of-freedom-of-information-act-regulationsThis rule makes revisions to the regulations of the Financial Stability Oversight Council (the ``Council'') under the Freedom of Information Act (``FOIA'') as required by the FOIA Improvement Act of 2016.
2016-11-25RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCommunity Development Revolving Loan FundThe NCUA Board (Board) is finalizing a rule to make several technical amendments to NCUA's rule governing the Community Development Revolving Loan Fund (CDRLF). The amendments will make the rule more succinct and improve its transparency, organization,...2016-28229"https://www.gpo.gov/fdsys/pkg/FR-2016-11-25/pdf/2016-28229.pdfhttps://www.federalregister.gov/documents/2016/11/25/2016-28229/community-development-revolving-loan-fundThe NCUA Board (Board) is finalizing a rule to make several technical amendments to NCUA's rule governing the Community Development Revolving Loan Fund (CDRLF). The amendments will make the rule more succinct and improve its transparency, organization, and ease of use by credit unions.
2016-11-23RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemFederal Reserve Bank Capital StockThe Board of Governors (Board) is adopting, in final form and without change, an interim final rule amending Regulation I. The final rule establishes procedures for payment of dividends by the Federal Reserve Banks (Reserve Banks) to implement the...2016-28231"https://www.gpo.gov/fdsys/pkg/FR-2016-11-23/pdf/2016-28231.pdfhttps://www.federalregister.gov/documents/2016/11/23/2016-28231/federal-reserve-bank-capital-stockThe Board of Governors (Board) is adopting, in final form and without change, an interim final rule amending Regulation I. The final rule establishes procedures for payment of dividends by the Federal Reserve Banks (Reserve Banks) to implement the provisions of section 32203 of the ``Fixing America's Surface Transportation Act.'' The final rule sets out the dividend rates applicable to Reserve Bank depository institution stockholders and amends provisions of Regulation I regarding treatment of accrued dividends when a Reserve Bank issues or cancels Federal Reserve Bank capital stock.
2016-11-22RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRevision of the FDIC's Freedom of Information Act RegulationsThis rule amends the Federal Deposit Insurance Corporation's (FDIC) regulations under the Freedom of Information Act (FOIA) to incorporate certain changes made to the FOIA by the FOIA Improvement Act of 2016 (FOIA Improvement Act). In addition, this...2016-27961"https://www.gpo.gov/fdsys/pkg/FR-2016-11-22/pdf/2016-27961.pdfhttps://www.federalregister.gov/documents/2016/11/22/2016-27961/revision-of-the-fdics-freedom-of-information-act-regulationsThis rule amends the Federal Deposit Insurance Corporation's (FDIC) regulations under the Freedom of Information Act (FOIA) to incorporate certain changes made to the FOIA by the FOIA Improvement Act of 2016 (FOIA Improvement Act). In addition, this rule amends certain provisions to reflect changes brought about by prior amendments to the FOIA that had been incorporated into agency practice and corrects inaccurate contact information and adjusts numbering and lettering of current provisions because of additions to the regulations.
2016-11-22RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauPrepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule to create comprehensive consumer protections for prepaid accounts under Regulation E, which implements the Electronic Fund Transfer Act; Regulation Z, which...2016-24503"https://www.gpo.gov/fdsys/pkg/FR-2016-11-22/pdf/2016-24503.pdfhttps://www.federalregister.gov/documents/2016/11/22/2016-24503/prepaid-accounts-under-the-electronic-fund-transfer-act-regulation-e-and-the-truth-in-lending-actThe Bureau of Consumer Financial Protection (Bureau or CFPB) is issuing this final rule to create comprehensive consumer protections for prepaid accounts under Regulation E, which implements the Electronic Fund Transfer Act; Regulation Z, which implements the Truth in Lending Act; and the official interpretations to those regulations. The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and adds new requirements regarding the posting of account agreements. Additionally, the final rule regulates overdraft credit features that may be offered in conjunction with prepaid accounts. Subject to certain exceptions, such credit features will be covered under Regulation Z where the credit feature is offered by the prepaid account issuer, its affiliate, or its business partner and credit can be accessed in the course of a transaction conducted with a prepaid card.
2016-11-21Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRemoval of Transferred OTS Regulations Regarding Consumer Protection in Sales of Insurance and Amendments to FDIC Consumer Protection in Sales of Insurance RegulationIn this notice of proposed rulemaking, the Federal Deposit Insurance Corporation (``FDIC'') proposes to rescind and remove from the Code of Federal Regulations the subpart entitled ``Consumer Protection in Sales of Insurance'' (``the subpart'') that...2016-27898"https://www.gpo.gov/fdsys/pkg/FR-2016-11-21/pdf/2016-27898.pdfhttps://www.federalregister.gov/documents/2016/11/21/2016-27898/removal-of-transferred-ots-regulations-regarding-consumer-protection-in-sales-of-insurance-andIn this notice of proposed rulemaking, the Federal Deposit Insurance Corporation (``FDIC'') proposes to rescind and remove from the Code of Federal Regulations the subpart entitled ``Consumer Protection in Sales of Insurance'' (``the subpart'') that was included in the regulations transferred to the FDIC from the Office of Thrift Supervision (``OTS'') on July 21, 2011 in connection with the implementation of applicable provisions of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''). The requirements for State savings associations in this subpart are substantively similar to the requirements in the FDIC's part which is also entitled ``Consumer Protection in Sales of Insurance'' (``the part'') and is applicable for all insured depository institutions (``IDIs'') for which the FDIC has been designated the appropriate Federal banking agency. The FDIC proposes to rescind in its entirety the subpart and to modify the scope of the part to include State savings associations and their subsidiaries to conform to and reflect the scope of the FDIC's current supervisory responsibilities as the appropriate Federal banking agency. The FDIC also proposes to define ``FDIC-supervised insured depository institution or institution'' and ``State savings association.'' Finally, the FDIC proposes to transfer an anticoercion and antitying provision from the subpart that is applicable to State savings associations. Upon removal of the subpart, the Consumer Protection in Sales of Insurance, regulations applicable for all IDIs for which the FDIC has been designated the appropriate Federal banking agency will be found in the part.
2016-11-09Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationChartering and Field of Membership ManualThe NCUA Board proposes to amend its chartering and field of membership rules to give applicants for community charter approval, expansion or conversion the option, in lieu of a presumptive community, to submit a narrative to establish common interests...2016-26921"https://www.gpo.gov/fdsys/pkg/FR-2016-11-09/pdf/2016-26921.pdfhttps://www.federalregister.gov/documents/2016/11/09/2016-26921/chartering-and-field-of-membership-manualThe NCUA Board proposes to amend its chartering and field of membership rules to give applicants for community charter approval, expansion or conversion the option, in lieu of a presumptive community, to submit a narrative to establish common interests or interaction among residents of the area it proposes to serve, thus qualifying the area as a well-defined local community. The Board also proposes to increase up to 10 million the population limit on a community consisting of a statistical area or a portion thereof. Finally, when such an area is subdivided into metropolitan divisions, the Board will permit a credit union to designate a portion of the area as its community without regard to division boundaries.
2016-11-07Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentLoans in Areas Having Special Flood Hazards-Private Flood InsuranceThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration...2016-26411"https://www.gpo.gov/fdsys/pkg/FR-2016-11-07/pdf/2016-26411.pdfhttps://www.federalregister.gov/documents/2016/11/07/2016-26411/loans-in-areas-having-special-flood-hazards-private-flood-insuranceThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration (FCA), and the National Credit Union Administration (NCUA) are issuing a new proposal to amend their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Specifically, the proposed rule would require regulated lending institutions to accept policies that meet the statutory definition of private flood insurance in the Biggert-Waters Act and permit regulated lending institutions to accept flood insurance provided by private insurers that does not meet the statutory definition of ``private flood insurance'' on a discretionary basis, subject to certain restrictions.
2016-11-07RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCivil Monetary Penalty Inflation AdjustmentOn June 21, 2016, the NCUA Board (Board) published an interim final rule amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of...2016-26712"https://www.gpo.gov/fdsys/pkg/FR-2016-11-07/pdf/2016-26712.pdfhttps://www.federalregister.gov/documents/2016/11/07/2016-26712/civil-monetary-penalty-inflation-adjustmentOn June 21, 2016, the NCUA Board (Board) published an interim final rule amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This final rule confirms those amendments while making a clarification regarding the prospective effect of the 2015 legislation.
2016-11-03RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationOffice Name ChangeThe NCUA Board (``Board'') is issuing a final rule to rename its Office of Consumer Protection to provide additional clarity about the function and role of the office. The new name will be the Office of Consumer Financial Protection and Access.2016-26495"https://www.gpo.gov/fdsys/pkg/FR-2016-11-03/pdf/2016-26495.pdfhttps://www.federalregister.gov/documents/2016/11/03/2016-26495/office-name-changeThe NCUA Board (``Board'') is issuing a final rule to rename its Office of Consumer Protection to provide additional clarity about the function and role of the office. The new name will be the Office of Consumer Financial Protection and Access.
2016-11-02RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyTechnical and Conforming Changes and Corrections to FHFA RegulationsThe Federal Housing Finance Agency (FHFA) is amending its rules to make a number of conforming changes and corrections intended to fix citations, provide for consistent use of terminology, and remove duplicative definitions. FHFA is also removing...2016-26022"https://www.gpo.gov/fdsys/pkg/FR-2016-11-02/pdf/2016-26022.pdfhttps://www.federalregister.gov/documents/2016/11/02/2016-26022/technical-and-conforming-changes-and-corrections-to-fhfa-regulationsThe Federal Housing Finance Agency (FHFA) is amending its rules to make a number of conforming changes and corrections intended to fix citations, provide for consistent use of terminology, and remove duplicative definitions. FHFA is also removing provisions that are no longer applicable, clarifying other provisions by incorporating language to implement existing FHFA regulatory interpretations, and making other changes and corrections.
2016-11-01Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRemoval of Transferred OTS Regulations Regarding Minimum Security Procedures Amendments to FDIC RegulationsIn this notice of proposed rulemaking (``NPR'' or ``Proposed Rule''), the Federal Deposit Insurance Corporation (``FDIC'') proposes to rescind and remove a part from the Code of Federal Regulations entitled ``Security Procedures'' and to amend FDIC...2016-26062"https://www.gpo.gov/fdsys/pkg/FR-2016-11-01/pdf/2016-26062.pdfhttps://www.federalregister.gov/documents/2016/11/01/2016-26062/removal-of-transferred-ots-regulations-regarding-minimum-security-procedures-amendments-to-fdicIn this notice of proposed rulemaking (``NPR'' or ``Proposed Rule''), the Federal Deposit Insurance Corporation (``FDIC'') proposes to rescind and remove a part from the Code of Federal Regulations entitled ``Security Procedures'' and to amend FDIC regulations to make the removed Office of Thrift Supervision (``OTS'') regulations applicable to state savings associations.
2016-10-31RuleDEPARTMENT OF THE TREASURYTreasury DepartmentTemporary Exceptions to FIRREA Appraisal Requirements in Areas Affected by Severe Storms and Flooding in LouisianaSection 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the Agencies to make exceptions to statutory and regulatory appraisal requirements under Title XI of the Financial Institutions Reform, Recovery, and Enforcement...2016-26234"https://www.gpo.gov/fdsys/pkg/FR-2016-10-31/pdf/2016-26234.pdfhttps://www.federalregister.gov/documents/2016/10/31/2016-26234/temporary-exceptions-to-firrea-appraisal-requirements-in-areas-affected-by-severe-storms-andSection 2 of the Depository Institutions Disaster Relief Act of 1992 (DIDRA) authorizes the Agencies to make exceptions to statutory and regulatory appraisal requirements under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). The exceptions are available for transactions involving real property located within an area declared to be a major disaster area by the President if the Agencies determine, and describe by publication of a regulation or order, that the exceptions would facilitate recovery from the disaster and would be consistent with safety and soundness. In this statement and order, the Agencies exercise their authority to grant temporary exceptions to the FIRREA appraisal requirements for real estate related transactions, provided certain criteria are met, in the Louisiana parishes declared a major disaster area by President Obama on August 14, 2016, as a result of the severe storms and flooding in Louisiana. The expiration date for the exceptions is December 31, 2017.
2016-10-27Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyMinority and Women Inclusion AmendmentsThe Federal Housing Finance Agency (FHFA or Agency) is issuing notice and providing an opportunity for the public to comment on proposed amendments to its regulations on minority and women inclusion. Those regulations, require the Federal National...2016-25726"https://www.gpo.gov/fdsys/pkg/FR-2016-10-27/pdf/2016-25726.pdfhttps://www.federalregister.gov/documents/2016/10/27/2016-25726/minority-and-women-inclusion-amendmentsThe Federal Housing Finance Agency (FHFA or Agency) is issuing notice and providing an opportunity for the public to comment on proposed amendments to its regulations on minority and women inclusion. Those regulations, require the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, Enterprises), and the Federal Home Loan Banks (Banks or Bank System) (collectively, the regulated entities) and the Bank System's Office of Finance to promote diversity and ensure the inclusion and utilization of minorities, women, and individuals with disabilities and minority-, women-, and disabled-owned businesses in all business and activities at all levels, including management, employment, and contracting. The proposed amendments would clarify the scope of the regulated entities' obligation to promote diversity and ensure the inclusion and utilization of minorities, women, and individuals with disabilities in all business and activities; require each regulated entity to develop and adopt strategies for promoting diversity and ensuring the inclusion of minorities, women, and individuals with disabilities; and improve the usefulness and comparability of the information the regulated entities report to FHFA about their efforts to advance diversity and inclusion.
2016-10-27Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyIndemnification Payments; Correction and Extension of Comment PeriodThe Federal Housing Finance Agency (FHFA) is correcting the regulatory text, and extending the comment period for, the proposed rule published in the Federal Register on September 20, 2016, regarding Golden Parachute and Indemnification Payments. FHFA...2016-26028"https://www.gpo.gov/fdsys/pkg/FR-2016-10-27/pdf/2016-26028.pdfhttps://www.federalregister.gov/documents/2016/10/27/2016-26028/indemnification-payments-correction-and-extension-of-comment-periodThe Federal Housing Finance Agency (FHFA) is correcting the regulatory text, and extending the comment period for, the proposed rule published in the Federal Register on September 20, 2016, regarding Golden Parachute and Indemnification Payments. FHFA is taking this action to correct and to extend the comment period to allow interested persons additional time to submit comments on the proposed rule.
2016-10-26Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentEnhanced Cyber Risk Management StandardsThe Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are inviting comment on an advance notice of proposed...2016-25871"https://www.gpo.gov/fdsys/pkg/FR-2016-10-26/pdf/2016-25871.pdfhttps://www.federalregister.gov/documents/2016/10/26/2016-25871/enhanced-cyber-risk-management-standardsThe Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) are inviting comment on an advance notice of proposed rulemaking (ANPR) regarding enhanced cyber risk management standards (enhanced standards) for large and interconnected entities under their supervision and those entities' service providers. The agencies are considering establishing enhanced standards to increase the operational resilience of these entities and reduce the impact on the financial system in case of a cyber event experienced by one of these entities. The ANPR addresses five categories of cyber standards: Cyber risk governance; cyber risk management; internal dependency management; external dependency management; and incident response, cyber resilience, and situational awareness. The agencies are considering implementing the enhanced standards in a tiered manner, imposing more stringent standards on the systems of those entities that are critical to the functioning of the financial sector.
2016-10-26Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRestrictions on Qualified Financial Contracts of Certain FDIC-Supervised Institutions; Revisions to the Definition of Qualifying Master Netting Agreement and Related DefinitionsThe FDIC is proposing to add a new part to its rules to improve the resolvability of systemically important U.S. banking organizations and systemically important foreign banking organizations and enhance the resilience and the safety and soundness of...2016-25605"https://www.gpo.gov/fdsys/pkg/FR-2016-10-26/pdf/2016-25605.pdfhttps://www.federalregister.gov/documents/2016/10/26/2016-25605/restrictions-on-qualified-financial-contracts-of-certain-fdic-supervised-institutions-revisions-toThe FDIC is proposing to add a new part to its rules to improve the resolvability of systemically important U.S. banking organizations and systemically important foreign banking organizations and enhance the resilience and the safety and soundness of certain state savings associations and state-chartered banks that are not members of the Federal Reserve System (``state non-member banks'' or ``SNMBs'') for which the FDIC is the primary federal regulator (together, ``FSIs'' or ``FDIC-supervised institutions''). Under this proposed rule, covered FSIs would be required to ensure that covered qualified financial contracts (QFCs) to which they are a party provide that any default rights and restrictions on the transfer of the QFCs are limited to the same extent as they would be under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Federal Deposit Insurance Act (FDI Act). In addition, covered FSIs would generally be prohibited from being party to QFCs that would allow a QFC counterparty to exercise default rights against the covered FSI based on the entry into a resolution proceeding under the FDI Act, or any other resolution proceeding of an affiliate of the covered FSI. The proposal would also amend the definition of ``qualifying master netting agreement'' in the FDIC's capital and liquidity rules, and certain related terms in the FDIC's capital rules. These proposed amendments are intended to ensure that the regulatory capital and liquidity treatment of QFCs to which a covered FSI is party would not be affected by the proposed restrictions on such QFCs. The requirements of this proposed rule are substantively identical to those contained in the notice of proposed rulemaking issued by the Board of Governors of the Federal Reserve System (FRB) on May 3, 2016 (FRB NPRM) regarding ``covered entities'', and the notice of proposed rulemaking issued by the Office of the Comptroller of the Currency (OCC) on August 19, 2016 (OCC NPRM), regarding ``covered banks''.
2016-10-19RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to the 2013 Mortgage Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is amending certain mortgage servicing rules issued by the Bureau in 2013. This final rule clarifies, revises, or amends provisions regarding force-placed insurance notices, policies and procedures,...2016-18901"https://www.gpo.gov/fdsys/pkg/FR-2016-10-19/pdf/2016-18901.pdfhttps://www.federalregister.gov/documents/2016/10/19/2016-18901/amendments-to-the-2013-mortgage-rules-under-the-real-estate-settlement-procedures-act-regulation-xThe Bureau of Consumer Financial Protection (Bureau) is amending certain mortgage servicing rules issued by the Bureau in 2013. This final rule clarifies, revises, or amends provisions regarding force-placed insurance notices, policies and procedures, early intervention, and loss mitigation requirements under Regulation X's servicing provisions; and prompt crediting and periodic statement requirements under Regulation Z's servicing provisions. The final rule also addresses proper compliance regarding certain servicing requirements when a person is a potential or confirmed successor in interest, is a debtor in bankruptcy, or sends a cease communication request under the Fair Debt Collection Practices Act. The final rule also makes technical corrections to several provisions of Regulations X and Z. The Bureau is issuing concurrently with this final rule an interpretive rule under the Fair Debt Collection Practices Act relating to servicers' compliance with certain mortgage servicing rules.
2016-10-19RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauSafe Harbors From Liability Under the Fair Debt Collection Practices Act for Certain Actions Taken in Compliance With Mortgage Servicing Rules Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is issuing this interpretive rule under the Fair Debt Collection Practices Act (FDCPA) to clarify the interaction of the FDCPA and specified mortgage servicing rules in Regulations X and Z. This...2016-18902"https://www.gpo.gov/fdsys/pkg/FR-2016-10-19/pdf/2016-18902.pdfhttps://www.federalregister.gov/documents/2016/10/19/2016-18902/safe-harbors-from-liability-under-the-fair-debt-collection-practices-act-for-certain-actions-takenThe Bureau of Consumer Financial Protection (Bureau) is issuing this interpretive rule under the Fair Debt Collection Practices Act (FDCPA) to clarify the interaction of the FDCPA and specified mortgage servicing rules in Regulations X and Z. This interpretive rule constitutes an advisory opinion for purposes of the FDCPA and provides safe harbors from liability for servicers acting in compliance with specified mortgage servicing rules in three situations: Servicers do not violate FDCPA section 805(b) when communicating about the mortgage loan with confirmed successors in interest in compliance with specified mortgage servicing rules in Regulation X or Z; servicers do not violate FDCPA section 805(c) with respect to the mortgage loan when providing the written early intervention notice required by Regulation X to a borrower who has invoked the cease communication right under FDCPA section 805(c); and servicers do not violate FDCPA section 805(c) when responding to borrower-initiated communications concerning loss mitigation after the borrower has invoked the cease communication right under FDCPA section 805(c).
2016-10-17RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRegulatory Capital Rules, Liquidity Coverage Ratio: Revisions to the Definition of Qualifying Master Netting Agreement and Related DefinitionsThe FDIC is adopting a final rule that amends the definition of ``qualifying master netting agreement'' under the regulatory capital rules and the liquidity coverage ratio rule. In this final rule, the FDIC also is amending the definitions of...2016-25021"https://www.gpo.gov/fdsys/pkg/FR-2016-10-17/pdf/2016-25021.pdfhttps://www.federalregister.gov/documents/2016/10/17/2016-25021/regulatory-capital-rules-liquidity-coverage-ratio-revisions-to-the-definition-of-qualifying-masterThe FDIC is adopting a final rule that amends the definition of ``qualifying master netting agreement'' under the regulatory capital rules and the liquidity coverage ratio rule. In this final rule, the FDIC also is amending the definitions of ``collateral agreement,'' ``eligible margin loan,'' and ``repo-style transaction'' under the regulatory capital rules. These amendments are designed to ensure that the regulatory capital and liquidity treatment of certain financial contracts generally would not be affected by implementation of special resolution regimes in non-U.S. jurisdictions that are substantially similar to the U.S. resolution framework or by changes to the International Swaps and Derivative Association (ISDA) Master Agreement that provide for contractual submission to such regimes. The Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve System (Federal Reserve) issued in December 2014, a joint interim final rule that is substantially identical to this final rule.
2016-10-17RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationFederal Agricultural Mortgage Corporation Governance; Standards of Conduct; Risk Management; and Disclosure and ReportingThe Farm Credit Administration (FCA, we, Agency or our) amended our regulations to related to the Federal Agricultural Mortgage Corporation's (Farmer Mac or Corporation) risk governance and making enhancements to existing disclosure and reporting...2016-25050"https://www.gpo.gov/fdsys/pkg/FR-2016-10-17/pdf/2016-25050.pdfhttps://www.federalregister.gov/documents/2016/10/17/2016-25050/federal-agricultural-mortgage-corporation-governance-standards-of-conduct-risk-management-andThe Farm Credit Administration (FCA, we, Agency or our) amended our regulations to related to the Federal Agricultural Mortgage Corporation's (Farmer Mac or Corporation) risk governance and making enhancements to existing disclosure and reporting requirements. The risk governance regulations require the Corporation to establish and maintain a board-level risk management committee and a risk officer, as well as risk management policies and internal controls. The changes to disclosure and reporting requirements remove repetitive reporting and allow for electronic filing of reports. We also finalized rules on the examination and enforcement authorities held by the FCA Office of Secondary Market Oversight over the Corporation. In accordance with the law, the effective date of the rule is no earlier than 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session.
2016-10-12RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauElectronic Fund Transfers (Regulation E)The Bureau of Consumer Financial Protection (Bureau) is making certain clerical and non-substantive corrections to errors it has identified in Regulation E, which implements the Electronic Fund Transfer Act.2016-24506"https://www.gpo.gov/fdsys/pkg/FR-2016-10-12/pdf/2016-24506.pdfhttps://www.federalregister.gov/documents/2016/10/12/2016-24506/electronic-fund-transfers-regulation-eThe Bureau of Consumer Financial Protection (Bureau) is making certain clerical and non-substantive corrections to errors it has identified in Regulation E, which implements the Electronic Fund Transfer Act.
2016-10-07RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationFCA Organization; Updates and Technical CorrectionsThe Farm Credit Administration (FCA, we, Agency or our) amended our regulations to reflect changes to the FCA's organizational structure and correct the zip code for the field office located in Irving, TX. In addition, references in our regulations to...2016-24313"https://www.gpo.gov/fdsys/pkg/FR-2016-10-07/pdf/2016-24313.pdfhttps://www.federalregister.gov/documents/2016/10/07/2016-24313/fca-organization-updates-and-technical-correctionsThe Farm Credit Administration (FCA, we, Agency or our) amended our regulations to reflect changes to the FCA's organizational structure and correct the zip code for the field office located in Irving, TX. In addition, references in our regulations to various FCA offices, which have changed, have been revised. We also re-ordered the list of FCA offices into a more logical progression that is consistent with FCA's organizational chart. In accordance with the law, the effective date of the rule is no earlier than 30 days from the date of publication in the Federal Register during which either or both Houses of Congress are in session.
2016-09-30Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulations Q and Y; Risk-Based Capital and Other Regulatory Requirements for Activities of Financial Holding Companies Related to Physical Commodities and Risk-Based Capital Requirements for Merchant Banking InvestmentsThe Board is seeking comment on a proposal to adopt additional limitations on physical commodity trading activities conducted by financial holding companies under complementary authority granted pursuant to section 4(k) of the Bank Holding Company Act...2016-23349"https://www.gpo.gov/fdsys/pkg/FR-2016-09-30/pdf/2016-23349.pdfhttps://www.federalregister.gov/documents/2016/09/30/2016-23349/regulations-q-and-y-risk-based-capital-and-other-regulatory-requirements-for-activities-of-financialThe Board is seeking comment on a proposal to adopt additional limitations on physical commodity trading activities conducted by financial holding companies under complementary authority granted pursuant to section 4(k) of the Bank Holding Company Act and clarify certain existing limitations on those activities; amend the Board's risk-based capital requirements to better reflect the risks associated with a financial holding company's physical commodity activities; rescind the findings underlying the Board orders authorizing certain financial holding companies to engage in energy management services and energy tolling; remove copper from the list of metals that bank holding companies are permitted to own and store as an activity closely related to banking; and increase transparency regarding physical commodity activities of financial holding companies through more comprehensive regulatory reporting.
2016-09-30Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemAmendments to the Capital Plan and Stress Test RulesThe Board is inviting comment on a notice of proposed rulemaking to revise the capital plan and stress test rules for bank holding companies with $50 billion or more in total consolidated assets and U.S. intermediate holding companies of foreign banks....2016-23629"https://www.gpo.gov/fdsys/pkg/FR-2016-09-30/pdf/2016-23629.pdfhttps://www.federalregister.gov/documents/2016/09/30/2016-23629/amendments-to-the-capital-plan-and-stress-test-rulesThe Board is inviting comment on a notice of proposed rulemaking to revise the capital plan and stress test rules for bank holding companies with $50 billion or more in total consolidated assets and U.S. intermediate holding companies of foreign banks. Under the proposal, large and noncomplex firms, defined below, would no longer be subject to the provisions of the Board's capital plan rule whereby the Board may object to a capital plan on the basis of qualitative deficiencies in the firm's capital planning process. In connection with this modification, large and noncomplex firms would no longer be subject to the qualitative assessment in Comprehensive Capital Analysis and Review (CCAR), but would remain subject to a quantitative assessment in CCAR. The qualitative assessment of the capital plans of large and noncomplex firms instead would be conducted outside of CCAR through the supervisory review process. For purposes of the proposal, a bank holding company or U.S. intermediate holding company with total consolidated assets of $50 billion or greater but less than $250 billion, on-balance sheet foreign exposure of less than $10 billion, and nonbank assets of less than $75 billion would be considered a large and noncomplex firm. The proposal would also modify reporting requirements for large and noncomplex firms to reduce burdens by raising materiality thresholds, reducing the scope of the data collection on these firms' stress test results, and reducing supporting documentation requirements. For all bank holding companies subject to the capital plan rule, the proposal would simplify the initial applicability provisions for the capital plan and stress test rules, reduce the amount of additional capital distributions that a bank holding company may make during a capital plan cycle without seeking the Board's prior approval, and extend the range of potential as-of dates for the trading and counterparty scenario component used in the stress test rules. The proposal would also amend the Parent Company Only Financial Statements for Large Holding Companies (FR Y-9LP) to include new line item 17 of PC-B Memoranda (Total nonbank assets of a holding company that is subject to the Federal Reserve Board's capital plan rule) for purposes of identifying the large and noncomplex firms. All other bank holding companies subject to the capital plan rule that are not large and noncomplex firms would remain subject to objection to their capital plan based on qualitative deficiencies under the rule. The proposal would not apply to bank holding companies with total consolidated assets of less than $50 billion or to any state member bank or savings and loan holding company.
2016-09-29RuleDEPARTMENT OF THE TREASURYTreasury DepartmentOCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches; Technical AmendmentsThe Office of the Comptroller of the Currency (OCC) is adopting enforceable guidelines establishing standards for recovery planning by insured national banks, insured Federal savings associations, and insured Federal branches of foreign banks with...2016-23366"https://www.gpo.gov/fdsys/pkg/FR-2016-09-29/pdf/2016-23366.pdfhttps://www.federalregister.gov/documents/2016/09/29/2016-23366/occ-guidelines-establishing-standards-for-recovery-planning-by-certain-large-insured-national-banksThe Office of the Comptroller of the Currency (OCC) is adopting enforceable guidelines establishing standards for recovery planning by insured national banks, insured Federal savings associations, and insured Federal branches of foreign banks with average total consolidated assets of $50 billion or more (Final Guidelines). The OCC is issuing the Final Guidelines as an appendix to its safety and soundness standards regulations, and the Final Guidelines will be enforceable by the terms of the Federal statute that authorizes the OCC to prescribe operational and managerial standards for national banks and Federal savings associations. The OCC is also adopting technical changes to the safety and soundness standards regulations that are made necessary by the addition of the Final Guidelines.
2016-09-28Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyFederal Home Loan Bank Membership for Non-Federally-Insured Credit UnionsThe Federal Housing Finance Agency (FHFA or Agency) is proposing to amend its regulations governing Federal Home Loan Bank (Bank) membership to implement section 82001 of the Fixing America's Surface Transportation Act, which amended section 4(a) of...2016-23289"https://www.gpo.gov/fdsys/pkg/FR-2016-09-28/pdf/2016-23289.pdfhttps://www.federalregister.gov/documents/2016/09/28/2016-23289/federal-home-loan-bank-membership-for-non-federally-insured-credit-unionsThe Federal Housing Finance Agency (FHFA or Agency) is proposing to amend its regulations governing Federal Home Loan Bank (Bank) membership to implement section 82001 of the Fixing America's Surface Transportation Act, which amended section 4(a) of the Federal Home Loan Bank Act (Bank Act) to authorize certain credit unions without Federal share insurance to become Bank members. This proposed rule also would make appropriate conforming changes to FHFA's membership regulations.
2016-09-20Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyIndemnification PaymentsThe Federal Housing Finance Agency (FHFA) is issuing a Notice of Proposed Rulemaking that would establish standards for identifying whether an indemnification payment by the Federal National Mortgage Association, the Federal Home Loan Mortgage...2016-22483"https://www.gpo.gov/fdsys/pkg/FR-2016-09-20/pdf/2016-22483.pdfhttps://www.federalregister.gov/documents/2016/09/20/2016-22483/indemnification-paymentsThe Federal Housing Finance Agency (FHFA) is issuing a Notice of Proposed Rulemaking that would establish standards for identifying whether an indemnification payment by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, any of the Federal Home Loan Banks (regulated entities), or the Federal Home Loan Bank System's Office of Finance (OF) to an entity-affiliated party in connection with an administrative proceeding or civil action instituted by FHFA is prohibited or permissible. This proposed rule would not apply to a regulated entity operating in conservatorship or receivership, or to a limited-life regulated entity. It would apply to all regulated entities, each Federal Home Loan Bank, the OF, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Association, when not in conservatorship or receivership. This proposed rule takes into account public comments received by FHFA at various stages of the regulation's rulemaking process, including after the initial proposal published in 2009.
2016-09-16RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRegulatory Capital Rules: The Federal Reserve Board's Framework for Implementing the U.S. Basel III Countercyclical Capital BufferThe Board of Governors of the Federal Reserve System (Board) is adopting a final policy statement (Policy Statement) describing the framework that the Board will follow under its Regulation Q in setting the amount of the U.S. countercyclical capital...2016-21970"https://www.gpo.gov/fdsys/pkg/FR-2016-09-16/pdf/2016-21970.pdfhttps://www.federalregister.gov/documents/2016/09/16/2016-21970/regulatory-capital-rules-the-federal-reserve-boards-framework-for-implementing-the-us-basel-iiiThe Board of Governors of the Federal Reserve System (Board) is adopting a final policy statement (Policy Statement) describing the framework that the Board will follow under its Regulation Q in setting the amount of the U.S. countercyclical capital buffer for advanced approaches bank holding companies, savings and loan holding companies, and state member banks.
2016-09-15RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationReleasing Information; Availability of Records of the Farm Credit Administration; FOIA FeesThe Farm Credit Administration (FCA or Agency) issues a final rule amending its regulations to reflect changes to the Freedom of Information Act (FOIA). The FOIA Improvement Act of 2016 requires FCA to amend its FOIA regulations to extend the deadline...2016-22107"https://www.gpo.gov/fdsys/pkg/FR-2016-09-15/pdf/2016-22107.pdfhttps://www.federalregister.gov/documents/2016/09/15/2016-22107/releasing-information-availability-of-records-of-the-farm-credit-administration-foia-feesThe Farm Credit Administration (FCA or Agency) issues a final rule amending its regulations to reflect changes to the Freedom of Information Act (FOIA). The FOIA Improvement Act of 2016 requires FCA to amend its FOIA regulations to extend the deadline for administrative appeals, to add information on dispute resolution services, and to amend the way FCA charges fees.
2016-09-15Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentIndustrial and Commercial MetalsThe OCC is proposing to prohibit national banks and federal savings associations from dealing and investing in industrial and commercial metal.2016-22017"https://www.gpo.gov/fdsys/pkg/FR-2016-09-15/pdf/2016-22017.pdfhttps://www.federalregister.gov/documents/2016/09/15/2016-22017/industrial-and-commercial-metalsThe OCC is proposing to prohibit national banks and federal savings associations from dealing and investing in industrial and commercial metal.
2016-09-13Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentReceiverships for Uninsured National BanksThe Office of the Comptroller of the Currency (OCC) is proposing a rule addressing the conduct of receiverships for national banks that are not insured by the Federal Deposit Insurance Corporation (FDIC) (uninsured banks) and for which the FDIC would...2016-21846"https://www.gpo.gov/fdsys/pkg/FR-2016-09-13/pdf/2016-21846.pdfhttps://www.federalregister.gov/documents/2016/09/13/2016-21846/receiverships-for-uninsured-national-banksThe Office of the Comptroller of the Currency (OCC) is proposing a rule addressing the conduct of receiverships for national banks that are not insured by the Federal Deposit Insurance Corporation (FDIC) (uninsured banks) and for which the FDIC would not be appointed as receiver. The proposed rule would implement the provisions of the National Bank Act (NBA) that provide the legal framework for receiverships of such institutions.
2016-08-30RuleFARM CREDIT SYSTEM INSURANCE CORPORATIONFarm Credit System Insurance CorporationReleasing Information; Availability of Records of the Farm Credit System Insurance Corporation; Fees for Provision of InformationThe Farm Credit System Insurance Corporation (Corporation) issues a final rule amending its regulations to reflect changes to the Freedom of Information Act (FOIA). The FOIA Improvement Act of 2016 requires the Corporation to amend its FOIA regulations...2016-20767"https://www.gpo.gov/fdsys/pkg/FR-2016-08-30/pdf/2016-20767.pdfhttps://www.federalregister.gov/documents/2016/08/30/2016-20767/releasing-information-availability-of-records-of-the-farm-credit-system-insurance-corporation-feesThe Farm Credit System Insurance Corporation (Corporation) issues a final rule amending its regulations to reflect changes to the Freedom of Information Act (FOIA). The FOIA Improvement Act of 2016 requires the Corporation to amend its FOIA regulations to extend the deadline for administrative appeals, to add information on dispute resolution services, and to amend the way the Corporation charges fees.
2016-08-25RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRemoval of FDIC Regulations Regarding Fair Credit Reporting Transferred to the Consumer Financial Protection BureauThe Federal Deposit Insurance Corporation (``FDIC'') is correcting a Final Rule that appeared in the Federal Register on October 28, 2015, regarding removal of certain FDIC regulations regarding Fair Credit Reporting transferred to the Consumer...2016-20328"https://www.gpo.gov/fdsys/pkg/FR-2016-08-25/pdf/2016-20328.pdfhttps://www.federalregister.gov/documents/2016/08/25/2016-20328/removal-of-fdic-regulations-regarding-fair-credit-reporting-transferred-to-the-consumer-financialThe Federal Deposit Insurance Corporation (``FDIC'') is correcting a Final Rule that appeared in the Federal Register on October 28, 2015, regarding removal of certain FDIC regulations regarding Fair Credit Reporting transferred to the Consumer Financial Protection Bureau in Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
2016-08-24Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments Relating to Disclosure of Records and InformationThe Bureau of Consumer Financial Protection (Bureau) proposes amendments to the procedures used by the public to obtain information from the Bureau under the Freedom of Information Act, the Privacy Act of 1974, and in legal proceedings. The Bureau also...2016-19594"https://www.gpo.gov/fdsys/pkg/FR-2016-08-24/pdf/2016-19594.pdfhttps://www.federalregister.gov/documents/2016/08/24/2016-19594/amendments-relating-to-disclosure-of-records-and-informationThe Bureau of Consumer Financial Protection (Bureau) proposes amendments to the procedures used by the public to obtain information from the Bureau under the Freedom of Information Act, the Privacy Act of 1974, and in legal proceedings. The Bureau also proposes amendments to its rule regarding the confidential treatment of information obtained from persons in connection with the exercise of its authorities under Federal consumer financial law.
2016-08-23Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyFederal Home Loan Bank New Business ActivitiesThe proposed rule would modify a part of the Federal Housing Finance Agency (FHFA) regulations, which addresses requirements for the Federal Home Loan Banks' (Banks) new business activities (NBAs). The proposed rule would reduce the scope of NBAs for...2016-19858"https://www.gpo.gov/fdsys/pkg/FR-2016-08-23/pdf/2016-19858.pdfhttps://www.federalregister.gov/documents/2016/08/23/2016-19858/federal-home-loan-bank-new-business-activitiesThe proposed rule would modify a part of the Federal Housing Finance Agency (FHFA) regulations, which addresses requirements for the Federal Home Loan Banks' (Banks) new business activities (NBAs). The proposed rule would reduce the scope of NBAs for which the Banks must seek approval from FHFA and would establish new timelines for agency review and approval of NBA notices. The proposed rule also would reorganize a part of our regulations to clarify the protocol for FHFA review of NBAs.
2016-08-19Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentMandatory Contractual Stay Requirements for Qualified Financial ContractsThe OCC is proposing to add a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of certain financial...2016-19671"https://www.gpo.gov/fdsys/pkg/FR-2016-08-19/pdf/2016-19671.pdfhttps://www.federalregister.gov/documents/2016/08/19/2016-19671/mandatory-contractual-stay-requirements-for-qualified-financial-contractsThe OCC is proposing to add a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Under this proposed rule, a covered bank would be required to ensure that a covered qualified financial contract (1) contains a contractual stay-and-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the Dodd-Frank Act and in the Federal Deposit Insurance Act, and (2) limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. In addition, this proposed rule would make conforming amendments to the OCC's Capital Adequacy Standards and the Liquidity Risk Measurement Standards in its regulations. The requirements of this proposed rule are substantively identical to those contained in a notice of proposed rulemaking issued by the Board of Governors of the Federal Reserve System on May 3, 2016.
2016-08-15Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to Federal Mortgage Disclosure Requirements Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is proposing various amendments to Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. The...2016-18426"https://www.gpo.gov/fdsys/pkg/FR-2016-08-15/pdf/2016-18426.pdfhttps://www.federalregister.gov/documents/2016/08/15/2016-18426/amendments-to-federal-mortgage-disclosure-requirements-under-the-truth-in-lending-act-regulation-zThe Bureau of Consumer Financial Protection (Bureau) is proposing various amendments to Federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z. The proposed amendments memorialize the Bureau's informal guidance on various issues and include clarifications and technical amendments. The Bureau is also proposing tolerance provisions for the total of payments, an adjustment to a partial exemption mainly affecting housing finance agencies and nonprofits, extension of coverage of the integrated disclosure requirements to all cooperative units, and guidance on sharing the disclosures with various parties involved in the mortgage origination process.
2016-08-10RuleDEPARTMENT OF THE TREASURYTreasury DepartmentBank Enterprise Award ProgramThe Department of the Treasury is issuing a revised interim rule implementing the Bank Enterprise Award Program (BEA Program), administered by the Community Development Financial Institutions Fund (CDFI Fund). This revised interim rule reflects the...2016-18694"https://www.gpo.gov/fdsys/pkg/FR-2016-08-10/pdf/2016-18694.pdfhttps://www.federalregister.gov/documents/2016/08/10/2016-18694/bank-enterprise-award-programThe Department of the Treasury is issuing a revised interim rule implementing the Bank Enterprise Award Program (BEA Program), administered by the Community Development Financial Institutions Fund (CDFI Fund). This revised interim rule reflects the CDFI Fund's programmatic decision to create two subcategories within the Distressed Community Financing Activities category of Qualified Activities in order to differentiate between: Consumer Loans and Commercial Loans and Investments. This revised interim rule includes revisions necessary to implement this modification to the Distressed Community Financing Activities category, as well as to make certain technical corrections and other updates to the current rule.
2016-08-04Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemConsumer Leasing (Regulation M)The Board and the Bureau are proposing to amend the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)...2016-18059"https://www.gpo.gov/fdsys/pkg/FR-2016-08-04/pdf/2016-18059.pdfhttps://www.federalregister.gov/documents/2016/08/04/2016-18059/consumer-leasing-regulation-mThe Board and the Bureau are proposing to amend the official interpretations and commentary for the agencies' regulations that implement the Consumer Leasing Act (CLA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and Bureau will not adjust this exemption threshold from the prior year. The proposal would memorialize this as well as the agencies' calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI-W. Because the Dodd-Frank Act also requires similar adjustments in the Truth in Lending Act's threshold for exempt consumer credit transactions, the Board and the Bureau are proposing similar amendments to the commentaries to each of their respective regulations implementing the Truth in Lending Act elsewhere in the Federal Register.
2016-08-04Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentAppraisals for Higher-Priced Mortgage Loans Exemption ThresholdThe OCC, the Board and the Bureau are publishing proposed rules amending the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements...2016-18058"https://www.gpo.gov/fdsys/pkg/FR-2016-08-04/pdf/2016-18058.pdfhttps://www.federalregister.gov/documents/2016/08/04/2016-18058/appraisals-for-higher-priced-mortgage-loans-exemption-thresholdThe OCC, the Board and the Bureau are publishing proposed rules amending the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for ``higher-risk mortgages,'' termed ``higher-priced mortgage loans'' or ``HPMLs'' in the agencies' regulations. The OCC, the Board, the Bureau, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies) issued joint final rules implementing these requirements, effective January 18, 2014. The Agencies' rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the OCC, the Board and the Bureau will not adjust this exemption threshold from the prior year. The proposal would memorialize this as well as the agencies' calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI-W.
2016-08-04Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemTruth in Lending (Regulation Z)The Board and the Bureau are proposing to amend the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act)...2016-18062"https://www.gpo.gov/fdsys/pkg/FR-2016-08-04/pdf/2016-18062.pdfhttps://www.federalregister.gov/documents/2016/08/04/2016-18062/truth-in-lending-regulation-zThe Board and the Bureau are proposing to amend the official interpretations and commentary for the agencies' regulations that implement the Truth in Lending Act (TILA). The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the Board and Bureau will not adjust this exemption threshold from the prior year. The proposal would memorialize this as well as the agencies' calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI-W. Because the Dodd-Frank Act also requires similar adjustments in the Consumer Leasing Act's threshold for exempt consumer leases, the Board and the Bureau are proposing similar amendments to the commentaries to each of their respective regulations implementing the Consumer Leasing Act elsewhere in the Federal Register.
2016-08-02RuleDEPARTMENT OF THE TREASURYTreasury DepartmentMargin and Capital Requirements for Covered Swap EntitiesThe OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting exemptions from the initial and variation margin requirements published by the Agencies in November 2015 pursuant to sections 731 and 764 of the...2016-18193"https://www.gpo.gov/fdsys/pkg/FR-2016-08-02/pdf/2016-18193.pdfhttps://www.federalregister.gov/documents/2016/08/02/2016-18193/margin-and-capital-requirements-for-covered-swap-entitiesThe OCC, Board, FDIC, FCA, and FHFA (each an ``Agency'' and, collectively, the ``Agencies'') are adopting exemptions from the initial and variation margin requirements published by the Agencies in November 2015 pursuant to sections 731 and 764 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or the ``Act''). Pursuant to Title III of the Terrorism Risk Insurance Program Reauthorization Act of 2015 (``TRIPRA''), this final rule exempts certain non-cleared swaps and non-cleared security-based swaps with certain financial and non-financial end users that qualify for an exception or exemption from clearing.
2016-07-29RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauTruth in Lending (Regulation Z)2016-18050"https://www.gpo.gov/fdsys/pkg/FR-2016-07-29/pdf/2016-18050.pdfhttps://www.federalregister.gov/documents/2016/07/29/2016-18050/truth-in-lending-regulation-z
2016-07-28RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationRegulatory Capital Rules: Regulatory Capital, Implementation of Tier 1/Tier 2 FrameworkThe Farm Credit Administration (FCA or we) is adopting a final rule that revises our regulatory capital requirements for Farm Credit System (System) institutions to include tier 1 and tier 2 risk-based capital ratio requirements (replacing core surplus...2016-12072"https://www.gpo.gov/fdsys/pkg/FR-2016-07-28/pdf/2016-12072.pdfhttps://www.federalregister.gov/documents/2016/07/28/2016-12072/regulatory-capital-rules-regulatory-capital-implementation-of-tier-1tier-2-frameworkThe Farm Credit Administration (FCA or we) is adopting a final rule that revises our regulatory capital requirements for Farm Credit System (System) institutions to include tier 1 and tier 2 risk-based capital ratio requirements (replacing core surplus and total surplus requirements), a tier 1 leverage requirement (replacing a net collateral requirement for System banks), a capital conservation buffer and a leverage buffer, revised risk weightings, and additional public disclosure requirements. The revisions to the risk weightings include alternatives to the use of credit ratings, as required by section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
2016-07-27RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationFederal Agricultural Mortgage Corporation Governance; Standards of Conduct; Risk Management; and Disclosure and ReportingThe Farm Credit Administration (FCA, we, or our) is finalizing new regulations related to the Federal Agricultural Mortgage Corporation's (Farmer Mac or Corporation) risk governance and making enhancements to existing disclosure and reporting...2016-17455"https://www.gpo.gov/fdsys/pkg/FR-2016-07-27/pdf/2016-17455.pdfhttps://www.federalregister.gov/documents/2016/07/27/2016-17455/federal-agricultural-mortgage-corporation-governance-standards-of-conduct-risk-management-andThe Farm Credit Administration (FCA, we, or our) is finalizing new regulations related to the Federal Agricultural Mortgage Corporation's (Farmer Mac or Corporation) risk governance and making enhancements to existing disclosure and reporting requirements. The risk governance regulations require the Corporation to establish and maintain a board-level risk management committee and a risk officer, as well as risk management policies and internal controls. The changes to disclosure and reporting requirements remove repetitive reporting and allow for electronic filing of reports. We also finalize rules on the examination and enforcement authorities held by the FCA Office of Secondary Market Oversight (OSMO) over the Corporation.
2016-07-25RuleDEPARTMENT OF THE TREASURYTreasury DepartmentCommunity Reinvestment Act; Interagency Questions and Answers Regarding Community Reinvestment; GuidanceThe OCC, Board, and FDIC (the Agencies) are adopting as final revisions to the Interagency Questions and Answers Regarding Community Reinvestment (Questions and Answers) based on the proposal issued on September 10, 2014 addressing alternative systems...2016-16693"https://www.gpo.gov/fdsys/pkg/FR-2016-07-25/pdf/2016-16693.pdfhttps://www.federalregister.gov/documents/2016/07/25/2016-16693/community-reinvestment-act-interagency-questions-and-answers-regarding-community-reinvestmentThe OCC, Board, and FDIC (the Agencies) are adopting as final revisions to the Interagency Questions and Answers Regarding Community Reinvestment (Questions and Answers) based on the proposal issued on September 10, 2014 addressing alternative systems for delivering retail banking services; community development-related issues; and the qualitative aspects of performance, including innovative or flexible lending practices and the responsiveness and innovativeness of an institution's loans, qualified investments, and community development services. The Agencies are clarifying nine of the 10 proposed questions and answers (Q&A), revising four existing Q&As for consistency, and adopting two new Q&As. The Agencies are not adopting one of the proposed revisions to guidance that addressed the availability and effectiveness of retail banking services. Finally, the Agencies are making technical corrections to the Questions and Answers to update cross-references and remove references related to the Office of Thrift Supervision (OTS) as obsolete. The Agencies are publishing all of the new and revised Q&As, as well as those Q&As that were published in 2010 and 2013 and that remain in effect in this final guidance.
2016-07-22Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauPayday, Vehicle Title, and Certain High-Cost Installment LoansThe Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to establish 12 CFR 1041, which would contain regulations creating consumer protections for certain consumer credit products. The proposed regulations would cover payday, vehicle...2016-13490"https://www.gpo.gov/fdsys/pkg/FR-2016-07-22/pdf/2016-13490.pdfhttps://www.federalregister.gov/documents/2016/07/22/2016-13490/payday-vehicle-title-and-certain-high-cost-installment-loansThe Bureau of Consumer Financial Protection (Bureau or CFPB) is proposing to establish 12 CFR 1041, which would contain regulations creating consumer protections for certain consumer credit products. The proposed regulations would cover payday, vehicle title, and certain high-cost installment loans.
2016-07-22RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationFCA Organization; Updates and Technical CorrectionsThe Farm Credit Administration (FCA or Agency) issues a final rule amending its regulations to reflect changes in the Agency's organizational structure and correct the zip code for the field office located in Irving, TX.2016-16962"https://www.gpo.gov/fdsys/pkg/FR-2016-07-22/pdf/2016-16962.pdfhttps://www.federalregister.gov/documents/2016/07/22/2016-16962/fca-organization-updates-and-technical-correctionsThe Farm Credit Administration (FCA or Agency) issues a final rule amending its regulations to reflect changes in the Agency's organizational structure and correct the zip code for the field office located in Irving, TX.
2016-07-20RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRules of Practice for HearingsThe Board of Governors of the Federal Reserve System (the ``Board'') is issuing an interim final rule amending its rules of practice and procedure to adjust the amount of each civil monetary penalty (``CMP'') provided by law within its jurisdiction to...2016-16969"https://www.gpo.gov/fdsys/pkg/FR-2016-07-20/pdf/2016-16969.pdfhttps://www.federalregister.gov/documents/2016/07/20/2016-16969/rules-of-practice-for-hearingsThe Board of Governors of the Federal Reserve System (the ``Board'') is issuing an interim final rule amending its rules of practice and procedure to adjust the amount of each civil monetary penalty (``CMP'') provided by law within its jurisdiction to account for inflation as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2016-07-11Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAnnual Privacy Notice Requirement Under the Gramm-Leach-Bliley Act (Regulation P)The Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The...2016-16132"https://www.gpo.gov/fdsys/pkg/FR-2016-07-11/pdf/2016-16132.pdfhttps://www.federalregister.gov/documents/2016/07/11/2016-16132/annual-privacy-notice-requirement-under-the-gramm-leach-bliley-act-regulation-pThe Bureau of Consumer Financial Protection (Bureau) is proposing to amend Regulation P, which requires, among other things, that financial institutions provide an annual notice describing their privacy policies and practices to their customers. The amendment would implement a December 2015 statutory amendment to the Gramm-Leach-Bliley Act providing an exception to this annual notice requirement for financial institutions that meet certain conditions.
2016-07-11RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauEqual Credit Opportunity Act (Regulation B)2016-16301"https://www.gpo.gov/fdsys/pkg/FR-2016-07-11/pdf/2016-16301.pdfhttps://www.federalregister.gov/documents/2016/07/11/2016-16301/equal-credit-opportunity-act-regulation-b
2016-07-05Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyIncentive-Based Compensation ArrangementsThis document corrects a typographical error to the ``Dated:'' line of the Federal Housing Finance Agency's (FHFA) signatory block of the Notice of Proposed Rulemaking and Request for Comment (Proposed Rule) issued jointly by the Office of the...2016-15596"https://www.gpo.gov/fdsys/pkg/FR-2016-07-05/pdf/2016-15596.pdfhttps://www.federalregister.gov/documents/2016/07/05/2016-15596/incentive-based-compensation-arrangementsThis document corrects a typographical error to the ``Dated:'' line of the Federal Housing Finance Agency's (FHFA) signatory block of the Notice of Proposed Rulemaking and Request for Comment (Proposed Rule) issued jointly by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Corporation, National Credit Union Administration, FHFA, and the U.S. Securities Exchange Commission. The Proposed Rule was published in the Federal Register on Friday, June 10, 2016 (FR Doc. 2016-11788; 81 FR 37669), and concerned Incentive-based Compensation Arrangements.
2016-07-01RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyRules of Practice and Procedure; Civil Money Penalty Inflation AdjustmentThe Federal Housing Finance Agency (FHFA) is issuing this interim final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the...2016-15619"https://www.gpo.gov/fdsys/pkg/FR-2016-07-01/pdf/2016-15619.pdfhttps://www.federalregister.gov/documents/2016/07/01/2016-15619/rules-of-practice-and-procedure-civil-money-penalty-inflation-adjustmentThe Federal Housing Finance Agency (FHFA) is issuing this interim final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. If, prior to the effective date of the interim final rule, FHFA does not receive any comments from which FHFA concludes that the rule should be revised, this rule will become final without further action by FHFA.
2016-07-01RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyImplementation of the Program Fraud Civil Remedies Act of 1986The Federal Housing Finance Agency (FHFA) is adopting an interim final rule to implement the Program Fraud Civil Remedies Act of 1986 (31 U.S.C. 3801 et seq.) (PFCRA), by establishing administrative procedures for imposing civil penalties and...2016-15620"https://www.gpo.gov/fdsys/pkg/FR-2016-07-01/pdf/2016-15620.pdfhttps://www.federalregister.gov/documents/2016/07/01/2016-15620/implementation-of-the-program-fraud-civil-remedies-act-of-1986The Federal Housing Finance Agency (FHFA) is adopting an interim final rule to implement the Program Fraud Civil Remedies Act of 1986 (31 U.S.C. 3801 et seq.) (PFCRA), by establishing administrative procedures for imposing civil penalties and assessments against persons who make false, fictitious, or fraudulent claims or written statements to FHFA in the context of its contracting or employment activities, where the amount of money or the value of property or services involved or requested from FHFA is $150,000 or less. FHFA previously issued a notice of proposed rulemaking to implement PFCRA. This rule is issued as an interim final rule rather than as a final rule because it increases the maximum penalty amount set forth in the proposed rule as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (Adjustment Improvements Act), and that Act also requires that such ``catch up'' adjustments be published in the form of an interim final rule. If, prior to the effective date of the interim final rule, FHFA does not receive any comments from which FHFA concludes that the rule should be revised, this rule will become final without further action by FHFA.
2016-07-01RuleDEPARTMENT OF THE TREASURYTreasury DepartmentRules of Practice and Procedure; Rules of Practice and Procedure in Adjudicatory Proceedings; Civil Money Penalty Inflation AdjustmentsThe Office of the Comptroller of the Currency (OCC) is amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to publish the maximum amount,...2016-15376"https://www.gpo.gov/fdsys/pkg/FR-2016-07-01/pdf/2016-15376.pdfhttps://www.federalregister.gov/documents/2016/07/01/2016-15376/rules-of-practice-and-procedure-rules-of-practice-and-procedure-in-adjudicatory-proceedings-civilThe Office of the Comptroller of the Currency (OCC) is amending its rules of practice and procedure for national banks and its rules of practice and procedure in adjudicatory proceedings for Federal savings associations to publish the maximum amount, adjusted for inflation, of each civil money penalty within its jurisdiction to administer. These actions are required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2016-06-29RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRules of Practice and ProcedureThe Federal Deposit Insurance Corporation (FDIC) is amending its rules of practice and procedure under to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required by the...2016-15027"https://www.gpo.gov/fdsys/pkg/FR-2016-06-29/pdf/2016-15027.pdfhttps://www.federalregister.gov/documents/2016/06/29/2016-15027/rules-of-practice-and-procedureThe Federal Deposit Insurance Corporation (FDIC) is amending its rules of practice and procedure under to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction to account for inflation. This action is required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act).
2016-06-28Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationAlternatives to References to Credit Ratings With Respect to Permissible Activities for Foreign Branches of Insured State Nonmember Banks and Pledge of Assets by Insured Domestic Branches of Foreign BanksThe FDIC is seeking public comment on a proposed rule to amend its international banking regulations (``Part 347'') consistent with section 939A (``section 939A'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'')...2016-15096"https://www.gpo.gov/fdsys/pkg/FR-2016-06-28/pdf/2016-15096.pdfhttps://www.federalregister.gov/documents/2016/06/28/2016-15096/alternatives-to-references-to-credit-ratings-with-respect-to-permissible-activities-for-foreignThe FDIC is seeking public comment on a proposed rule to amend its international banking regulations (``Part 347'') consistent with section 939A (``section 939A'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'') and the FDIC's authority under section 5(c) of the Federal Deposit Insurance Act (``FDI Act''). Section 939A directs each federal agency to review and modify regulations that reference credit ratings. The proposed rule would amend the provisions of subparts A and B of Part 347 that reference credit ratings. Subpart A, which sets forth the FDIC's requirements for insured state nonmember banks that operate foreign branches, would be amended to replace references to credit ratings in the definition of ``investment grade'' with a standard of creditworthiness that has been adopted in other federal regulations that conform with section 939A. Subpart B would be amended to revise the FDIC's asset pledge requirement for insured U.S. branches of foreign banks. The eligibility criteria for the types of assets that foreign banks may pledge would be amended by replacing the references to credit ratings with the revised definition of ``investment grade.'' The proposed rule would apply this investment grade standard to each type of pledgeable asset, establish a liquidity requirement for such assets, and subject them to a fair value discount. The proposed rule would also introduce cash as a new asset type that foreign banks may pledge under subpart B and create a separate asset category expressly for debt securities issued by government sponsored enterprises.
2016-06-27RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationTreatment of Financial Assets Transferred in Connection With a Securitization or ParticipationThe FDIC is revising a provision of its Securitization Safe Harbor Rule, which relates to the treatment of financial assets transferred in connection with a securitization or participation, in order to clarify a requirement as to loss mitigation by...2016-15019"https://www.gpo.gov/fdsys/pkg/FR-2016-06-27/pdf/2016-15019.pdfhttps://www.federalregister.gov/documents/2016/06/27/2016-15019/treatment-of-financial-assets-transferred-in-connection-with-a-securitization-or-participationThe FDIC is revising a provision of its Securitization Safe Harbor Rule, which relates to the treatment of financial assets transferred in connection with a securitization or participation, in order to clarify a requirement as to loss mitigation by servicers of residential mortgage loans.
2016-06-27RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauTruth in Lending (Regulation Z) Annual Threshold Adjustments (CARD Act, HOEPA and ATR/QM)The Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulatory text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually...2016-14782"https://www.gpo.gov/fdsys/pkg/FR-2016-06-27/pdf/2016-14782.pdfhttps://www.federalregister.gov/documents/2016/06/27/2016-14782/truth-in-lending-regulation-z-annual-threshold-adjustments-card-act-hoepa-and-atrqmThe Bureau of Consumer Financial Protection (Bureau) is issuing this final rule amending the regulatory text and official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule revises, as applicable, the dollar amounts for provisions implementing amendments to TILA under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). In addition to adjusting these amounts, where appropriate, based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2016, the Bureau is correcting a calculation error pertaining to the 2016 subsequent violation penalty safe harbor fee.
2016-06-27RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRecord Retention RequirementsThe Federal Deposit Insurance Corporation (the ``FDIC'') is adopting a final rule that implements section 210(a)(16)(D) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the ``Dodd-Frank Act'' or the ``Act''). This statutory...2016-15020"https://www.gpo.gov/fdsys/pkg/FR-2016-06-27/pdf/2016-15020.pdfhttps://www.federalregister.gov/documents/2016/06/27/2016-15020/record-retention-requirementsThe Federal Deposit Insurance Corporation (the ``FDIC'') is adopting a final rule that implements section 210(a)(16)(D) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the ``Dodd-Frank Act'' or the ``Act''). This statutory provision requires the promulgation of a regulation establishing schedules for the retention by the FDIC of the records of a covered financial company (i.e., a financial company for which the necessary determination has been made for the appointment of the FDIC as receiver pursuant to Title II of the Dodd-Frank Act) as well as for the records generated or maintained by the FDIC that relate to its exercise of its Title II orderly liquidation authorities as receiver with respect to such covered financial company.
2016-06-21Proposed RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCommunity Development Revolving Loan FundThe NCUA Board (Board) proposes to make several technical amendments to NCUA's rule governing the Community Development Revolving Loan Fund (CDRLF). The proposed amendments would make the rule more succinct and update it to improve its transparency,...2016-14718"https://www.gpo.gov/fdsys/pkg/FR-2016-06-21/pdf/2016-14718.pdfhttps://www.federalregister.gov/documents/2016/06/21/2016-14718/community-development-revolving-loan-fundThe NCUA Board (Board) proposes to make several technical amendments to NCUA's rule governing the Community Development Revolving Loan Fund (CDRLF). The proposed amendments would make the rule more succinct and update it to improve its transparency, organization, and ease of use by credit unions.
2016-06-21RuleNATIONAL CREDIT UNION ADMINISTRATIONNational Credit Union AdministrationCivil Monetary Penalty Inflation AdjustmentThe NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal...2016-14719"https://www.gpo.gov/fdsys/pkg/FR-2016-06-21/pdf/2016-14719.pdfhttps://www.federalregister.gov/documents/2016/06/21/2016-14719/civil-monetary-penalty-inflation-adjustmentThe NCUA Board (Board) is amending its regulations to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
2016-06-14Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemEnhanced Prudential Standards for Systemically Important Insurance CompaniesPursuant to section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Board of Governors of the Federal Reserve System is inviting public comment on the proposed application of enhanced prudential standards to certain nonbank...2016-14005"https://www.gpo.gov/fdsys/pkg/FR-2016-06-14/pdf/2016-14005.pdfhttps://www.federalregister.gov/documents/2016/06/14/2016-14005/enhanced-prudential-standards-for-systemically-important-insurance-companiesPursuant to section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Board of Governors of the Federal Reserve System is inviting public comment on the proposed application of enhanced prudential standards to certain nonbank financial companies that the Financial Stability Oversight Council has determined should be supervised by the Board. The Board is proposing corporate governance, risk-management, and liquidity risk-management standards that are tailored to the business models, capital structures, risk profiles, and systemic footprints of the nonbank financial companies with significant insurance activities.
2016-06-14RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauCivil Penalty Inflation AdjustmentsThe Bureau of Consumer Financial Protection (Bureau) is publishing for public comment an interim final rule to adjust the civil monetary penalties within the Bureau's jurisdiction for inflation, as required by the Federal Civil Penalties Inflation...2016-14031"https://www.gpo.gov/fdsys/pkg/FR-2016-06-14/pdf/2016-14031.pdfhttps://www.federalregister.gov/documents/2016/06/14/2016-14031/civil-penalty-inflation-adjustmentsThe Bureau of Consumer Financial Protection (Bureau) is publishing for public comment an interim final rule to adjust the civil monetary penalties within the Bureau's jurisdiction for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act of 1990 (the Inflation Adjustment Act or the Act), as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Act).
2016-06-10Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentIncentive-Based Compensation ArrangementsThe OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the...2016-11788"https://www.gpo.gov/fdsys/pkg/FR-2016-06-10/pdf/2016-11788.pdfhttps://www.federalregister.gov/documents/2016/06/10/2016-11788/incentive-based-compensation-arrangementsThe OCC, Board, FDIC, FHFA, NCUA, and SEC (the Agencies) are seeking comment on a joint proposed rule (the proposed rule) to revise the proposed rule the Agencies published in the Federal Register on April 14, 2011, and to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Section 956 generally requires that the Agencies jointly issue regulations or guidelines: (1) Prohibiting incentive-based payment arrangements that the Agencies determine encourage inappropriate risks by certain financial institutions by providing excessive compensation or that could lead to material financial loss; and (2) requiring those financial institutions to disclose information concerning incentive- based compensation arrangements to the appropriate Federal regulator.
2016-06-01Proposed RuleDEPARTMENT OF THE TREASURYTreasury DepartmentNet Stable Funding Ratio: Liquidity Risk Measurement Standards and Disclosure RequirementsThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are inviting comment on a proposed rule that would implement a stable funding...2016-11505"https://www.gpo.gov/fdsys/pkg/FR-2016-06-01/pdf/2016-11505.pdfhttps://www.federalregister.gov/documents/2016/06/01/2016-11505/net-stable-funding-ratio-liquidity-risk-measurement-standards-and-disclosure-requirementsThe Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) are inviting comment on a proposed rule that would implement a stable funding requirement, the net stable funding ratio (NSFR), for large and internationally active banking organizations. The proposed NSFR requirement is designed to reduce the likelihood that disruptions to a banking organization's regular sources of funding will compromise its liquidity position, as well as to promote improvements in the measurement and management of liquidity risk. The proposed rule would also amend certain definitions in the liquidity coverage ratio rule that are also applicable to the NSFR. The proposed NSFR requirement would apply beginning on January 1, 2018, to bank holding companies, certain savings and loan holding companies, and depository institutions that, in each case, have $250 billion or more in total consolidated assets or $10 billion or more in total on-balance sheet foreign exposure, and to their consolidated subsidiaries that are depository institutions with $10 billion or more in total consolidated assets. In addition, the Board is proposing a modified NSFR requirement for bank holding companies and certain savings and loan holding companies that, in each case, have $50 billion or more, but less than $250 billion, in total consolidated assets and less than $10 billion in total on-balance sheet foreign exposure. Neither the proposed NSFR requirement nor the proposed modified NSFR requirement would apply to banking organizations with consolidated assets of less than $50 billion and total on-balance sheet foreign exposure of less than $10 billion. A bank holding company or savings and loan holding company subject to the proposed NSFR requirement or modified NSFR requirement would be required to publicly disclose the company's NSFR and the components of its NSFR each calendar quarter.
2016-05-26Proposed RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRecordkeeping for Timely Deposit Insurance DeterminationOn February 26, 2016, the FDIC published in the Federal Register a notice of proposed rulemaking entitled ``Recordkeeping for Timely Deposit Insurance Determination'' and solicited public comment. To allow the public more time to consider this proposed...2016-12325"https://www.gpo.gov/fdsys/pkg/FR-2016-05-26/pdf/2016-12325.pdfhttps://www.federalregister.gov/documents/2016/05/26/2016-12325/recordkeeping-for-timely-deposit-insurance-determinationOn February 26, 2016, the FDIC published in the Federal Register a notice of proposed rulemaking entitled ``Recordkeeping for Timely Deposit Insurance Determination'' and solicited public comment. To allow the public more time to consider this proposed rulemaking and the issues and questions posed for comment, particularly those related to the estimated cost of compliance, the FDIC has determined that an extension of the comment period for an additional 30-day period ending June 27, 2016, is appropriate.
2016-05-26Proposed RuleFEDERAL HOUSING FINANCE AGENCYFederal Housing Finance AgencyTechnical and Conforming Changes and Corrections to FHFA RegulationsThe Federal Housing Finance Agency (FHFA) proposes to amend its rules to make a number of conforming changes and corrections intended to fix citations, provide for consistent use of terminology, and remove outdated or duplicative rule provisions and...2016-12066"https://www.gpo.gov/fdsys/pkg/FR-2016-05-26/pdf/2016-12066.pdfhttps://www.federalregister.gov/documents/2016/05/26/2016-12066/technical-and-conforming-changes-and-corrections-to-fhfa-regulationsThe Federal Housing Finance Agency (FHFA) proposes to amend its rules to make a number of conforming changes and corrections intended to fix citations, provide for consistent use of terminology, and remove outdated or duplicative rule provisions and definitions. FHFA also proposes to remove provisions that FHFA believes are no longer applicable, clarify other provisions by incorporating language that would implement existing FHFA regulatory interpretations, and make other changes and corrections.
2016-05-24Proposed RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauArbitration AgreementsPursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203), the Bureau of Consumer Financial Protection (Bureau) is proposing to establish 12 CFR part 1040, which would contain regulations governing...2016-10961"https://www.gpo.gov/fdsys/pkg/FR-2016-05-24/pdf/2016-10961.pdfhttps://www.federalregister.gov/documents/2016/05/24/2016-10961/arbitration-agreementsPursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203), the Bureau of Consumer Financial Protection (Bureau) is proposing to establish 12 CFR part 1040, which would contain regulations governing two aspects of consumer finance dispute resolution. First, the proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action with respect to the covered consumer financial product or service. Second, the proposal would require a covered provider that is involved in an arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau. The Bureau proposes that the rulemaking would apply to certain consumer financial products and services. The Bureau is also proposing to adopt official interpretations to the proposed regulation.
2016-05-24RuleFARM CREDIT ADMINISTRATIONFarm Credit AdministrationRules of Practice and Procedure; Adjusting Civil Money Penalties for InflationThis regulation implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit Administration (FCA) may impose or enforce pursuant to the Farm Credit Act of 1971, as amended (Farm Credit Act), and pursuant to the Flood Disaster...2016-11862"https://www.gpo.gov/fdsys/pkg/FR-2016-05-24/pdf/2016-11862.pdfhttps://www.federalregister.gov/documents/2016/05/24/2016-11862/rules-of-practice-and-procedure-adjusting-civil-money-penalties-for-inflationThis regulation implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit Administration (FCA) may impose or enforce pursuant to the Farm Credit Act of 1971, as amended (Farm Credit Act), and pursuant to the Flood Disaster Protection Act of 1973, as amended by the National Flood Insurance Reform Act of 1994 (Reform Act), and further amended by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). The Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 (1996 Act) and the Federal Civil Penalties Inflation Adjustment Act of 2015 (2015 Act) (collectively, 1990 Act, as amended), requires all Federal agencies with the authority to enforce CMPs to evaluate those CMPs each year to ensure that they continue to maintain their deterrent value and promote compliance with the law.
2016-05-20RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationAssessmentsThe FDIC is amending its rules to refine the deposit insurance assessment system for small insured depository institutions that have been federally insured for at least five years (established small banks) by: Revising the financial ratios method so...2016-11181"https://www.gpo.gov/fdsys/pkg/FR-2016-05-20/pdf/2016-11181.pdfhttps://www.federalregister.gov/documents/2016/05/20/2016-11181/assessmentsThe FDIC is amending its rules to refine the deposit insurance assessment system for small insured depository institutions that have been federally insured for at least five years (established small banks) by: Revising the financial ratios method so that it is based on a statistical model estimating the probability of failure over three years; updating the financial measures used in the financial ratios method consistent with the statistical model; and eliminating risk categories for established small banks and using the financial ratios method to determine assessment rates for all such banks (subject to minimum or maximum initial assessment rates based upon a bank's CAMELS composite rating). Under current regulations, deposit insurance assessment rates will decrease once the deposit insurance fund (DIF or fund) reserve ratio reaches 1.15 percent. The final rule preserves the range of initial assessment rates authorized under current regulations.
2016-05-20Proposed RuleFEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCILFederal Financial Institutions Examination CouncilAppraisal Subcommittee; Notice of Proposed Rulemaking To Implement Collection and Transmission of Annual AMC Registry FeesThe Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC) is proposing a rule pursuant to authority granted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to implement collection and...2016-11914"https://www.gpo.gov/fdsys/pkg/FR-2016-05-20/pdf/2016-11914.pdfhttps://www.federalregister.gov/documents/2016/05/20/2016-11914/appraisal-subcommittee-notice-of-proposed-rulemaking-to-implement-collection-and-transmission-ofThe Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC) is proposing a rule pursuant to authority granted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to implement collection and transmission of appraisal management company (AMC) annual registry fees by State appraiser certifying and licensing agencies that elect to register and supervise AMCs. The ASC requests comment on all aspects of this Notice.
2016-05-17RuleFARM CREDIT SYSTEM INSURANCE CORPORATIONFarm Credit System Insurance CorporationRules of Practice and Procedure; Adjusting Civil Money Penalties for InflationThis rule implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit System Insurance Corporation (FCSIC) may impose under the Farm Credit Act of 1971, as amended. These adjustments are required by 2015 amendments to the...2016-11675"https://www.gpo.gov/fdsys/pkg/FR-2016-05-17/pdf/2016-11675.pdfhttps://www.federalregister.gov/documents/2016/05/17/2016-11675/rules-of-practice-and-procedure-adjusting-civil-money-penalties-for-inflationThis rule implements inflation adjustments to civil money penalties (CMPs) that the Farm Credit System Insurance Corporation (FCSIC) may impose under the Farm Credit Act of 1971, as amended. These adjustments are required by 2015 amendments to the Federal Civil Penalties Inflation Adjustment Act of 1990.
2016-05-11RuleBUREAU OF CONSUMER FINANCIAL PROTECTIONConsumer Financial Protection BureauAmendments to Filing Requirements Under the Interstate Land Sales Full Disclosure Act (Regulations J and L)The Bureau of Consumer Financial Protection (Bureau) is amending Regulations J and L to permit the electronic submission of filings under the Interstate Land Sales Full Disclosure Act. The Bureau is also making non-substantive corrections to regulatory...2016-10715"https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-10715.pdfhttps://www.federalregister.gov/documents/2016/05/11/2016-10715/amendments-to-filing-requirements-under-the-interstate-land-sales-full-disclosure-act-regulations-jThe Bureau of Consumer Financial Protection (Bureau) is amending Regulations J and L to permit the electronic submission of filings under the Interstate Land Sales Full Disclosure Act. The Bureau is also making non-substantive corrections to regulatory and statutory citations and other technical changes.
2016-05-11Proposed RuleFEDERAL RESERVE SYSTEMFederal Reserve SystemRestrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related DefinitionsThe Board is inviting comment on a proposed rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking organizations and systemically important foreign banking organizations pursuant to...2016-11209"https://www.gpo.gov/fdsys/pkg/FR-2016-05-11/pdf/2016-11209.pdfhttps://www.federalregister.gov/documents/2016/05/11/2016-11209/restrictions-on-qualified-financial-contracts-of-systemically-important-us-banking-organizations-andThe Board is inviting comment on a proposed rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking organizations and systemically important foreign banking organizations pursuant to section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the proposed rule, any U.S. top-tier bank holding company identified by the Board as a global systemically important banking organization (GSIB), the subsidiaries of any U.S. GSIB (other than national banks and federal savings associations), and the U.S. operations of any foreign GSIB (other than national banks and federal savings associations) would be subjected to restrictions regarding the terms of their non-cleared qualified financial contracts (QFCs). First, a covered entity would generally be required to ensure that QFCs to which it is party, including QFCs entered into outside the United States, provide that any default rights and restrictions on the transfer of the QFCs are limited to the same extent as they would be under the Dodd-Frank Act and the Federal Deposit Insurance Act. Second, a covered entity would generally be prohibited from being party to QFCs that would allow a QFC counterparty to exercise default rights against the covered entity based on the entry into a resolution proceeding under the Dodd-Frank Act, Federal Deposit Insurance Act, or any other resolution proceeding of an affiliate of the covered entity. The proposal would also amend certain definitions in the Board's capital and liquidity rules; these amendments are intended to ensure that the regulatory capital and liquidity treatment of QFCs to which a covered entity is party is not affected by the proposed restrictions on such QFCs. The Office of the Comptroller of the Currency is expected to issue a proposed rule that would subject national banks and federal savings associations that are GSIB subsidiaries to requirements substantively identical to those proposed here.
2016-05-06RuleFEDERAL DEPOSIT INSURANCE CORPORATIONFederal Deposit Insurance CorporationRegistration of Securities Transfer AgentsOn December 22, 2015, the FDIC published a notice of proposed rulemaking in the Federal Register for public comment to amend its regulations requiring insured State nonmember banks, or subsidiaries of such banks, that act as transfer agents for...2016-10529"https://www.gpo.gov/fdsys/pkg/FR-2016-05-06/pdf/2016-10529.pdfhttps://www.federalregister.gov/documents/2016/05/06/2016-10529/registration-of-securities-transfer-agentsOn December 22, 2015, the FDIC published a notice of proposed rulemaking in the Federal Register for public comment to amend its regulations requiring insured State nonmember banks, or subsidiaries of such banks, that act as transfer agents for qualifying securities under section 12 of the Securities Exchange Act of 1934 ('34 Act) to register with the FDIC (proposed rule). The FDIC is now issuing that proposed rule as final and without change (final rule). The final rule requires insured State savings associations and subsidiaries of such State savings associations that act as transfer agents for qualifying securities to register with the FDIC, similar to the registration requirements applicable to insured State nonmember banks and subsidiaries of such banks. Second, the final rule revises the definition of qualifying securities to reflect statutory changes to the '34 Act made by the Jumpstart Our Business Startups Act (JOBS Act). The final rule is consistent with the FDIC's continuing review of its regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
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