This section provides an overview of recently released regulations and other items of interest, arranged in reverse chronological order. Press Release (PR) and Financial Institution Letter (FIL) designations are included so the reader can obtain more information.
| ACRONYMS and DEFINITIONS | |
|---|---|
| CFPB | Consumer Financial Protection Bureau |
| FDIC | Federal Deposit Insurance Corporation |
| FFIEC | U.S. Department of the Treasury’s Financial Crimes Enforcement Network |
| FRB | Federal Reserve Board |
| NCUA | National Credit Union Administration |
| OCC | Office of the Comptroller of the Currency |
| Federal bank regulatory agencies | FDIC, FRB, and OCC |
| Federal financial institution regulatory agencies | CFPB, FDIC, FRB, NCUA, and OCC |
Regulatory and Supervisory Roundup
| Subject | Summary |
|---|---|
| Consolidated Reports of Condition and Income (FIL-39-2018, FIL-40-2018, July 17, 2018) | The federal bank regulatory agencies are implementing additional burden-reducing revisions that will be made to all three versions of the Call Report effective June 30, 2018. These revisions consist of removing or consolidating data items, adding new or raising certain existing reporting thresholds, and reducing the frequency of reporting certain data items. In addition, two sections of the Economic Growth, Regulatory Relief, and Consumer Protection Act affect reporting in the June 2018 Call Report. These sections apply to reciprocal deposits and acquisition, development, or construction loans for high volatility commercial real estate exposures. See https://www.fdic.gov/news/inactive-financial-institution-letters/2018/fil18040.html |
| Interagency Forms: Implementation of Updated Interagency Forms (FIL-38-2018, July 11, 2018) | The FDIC is implementing revisions to the Interagency Biographical and Financial Report, Interagency Bank Merger Act Application, Interagency Notice of Change in Control, and Interagency Notice of Change in Director or Senior Executive Officer based on recommendations from representatives of the federal bank regulatory agencies. Changes are being made to improve the clarity of the requests; reflect new laws, regulations, capital requirements, and accounting rules; delete information requests that have been determined to be unnecessary; and add transparency for filers. See https://www.fdic.gov/news/news/financial/2018/fil18038.html |
| Agencies Post Public Sections of July 2018 Plans (PR-45-2018, July 9, 2018) | The FRB and FDIC released the public portions of four foreign banking organizations’ resolution plans. The public portions of the resolution plans are available on the FDIC and FRB websites. In addition, the FDIC received and posted the public sections of separate resolution plans from 41 large insured deposit institutions. See https://www.fdic.gov/news/news/press/2018/pr18045.html |
| Agencies Issue Statement Regarding the Impact of the Economic Growth, Regulatory Relief, and Consumer Protection Act (PR-44-2018, July 6, 2018) | The federal bank regulatory agencies issued a statement detailing the rules and reporting requirements immediately affected by the enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The changes affect company-run stress testing, resolution plans, the Volcker Rule, capital rule risk weighting for high volatility commercial real estate exposures, extension of examination cycles for certain qualified institutions, the inclusion in liquidity coverage ratio rules of municipal obligations as high-quality liquid assets, and other provisions. See https://www.fdic.gov/news/news/press/2018/pr18044.html |
| Home Mortgage Disclosure Act: Statement on the Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (FIL-36-2018, July 5, 2018) | The FDIC is releasing a statement on the implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act amendments to the Home Mortgage Disclosure Act (HMDA). The statement provides information on the formatting and submission of HMDA data collected in 2018, as well as makes note of upcoming guidance that will be provided by the CFPB. See https://www.fdic.gov/news/news/financial/2018/fil18036.html |
| FDIC Announces Meeting of Advisory Committee on Community Banking (PR-42-2018, July 5, 2018) | The FDIC will hold a meeting of the Advisory Committee on Community Banking on July 11, 2018. FDIC senior staff will brief Committee members on recent legislation, as well as other regulatory burden-reduction initiatives. Staff will also discuss various supervisory policy issues and provide information on community bank research. The agenda for the meeting and a link to the webcast are available at https://www.fdic.gov/communitybanking/2018/2018-07-11-agenda.html. See https://www.fdic.gov/news/news/press/2018/pr18042.html |
| Regulators Extend the Next Resolution Plan Filing Deadline for 14 Domestic Firms (PR-41-2018, July 2, 2018) | The FRB and FDIC extended the next resolution plan filing deadline for 14 domestic firms by one year to December 31, 2019, to allow additional time for the agencies to provide feedback to the firms on their last submissions and for the firms to produce their next plan submissions. See https://www.fdic.gov/news/news/press/2018/pr18041.html |
| Agencies Seek Comment on Proposed 2019 Resolution Plan Guidance (PR-40-2018, June 29, 2018) | The FDIC and FRB are seeking public comment on revised resolution plan guidance for the eight largest, most complex U.S. banks. The proposed guidance would apply beginning with the July 1, 2019, resolution plan submissions of the firms and updates the agencies’ expectations for how a firm’s resolution strategy should address derivatives and trading activities, as well as the firm’s payment, clearing, and settlement activities. See https://www.fdic.gov/news/news/press/2018/pr18040.html |
| Community Bank Webinar: Current Expected Credit Losses Methodology Q&A Webinar for Community Bankers (FIL-34-2018, June 26, 2018) | The federal bank regulatory agencies, in conjunction with the Financial Accounting Standards Board, the U.S. Securities and Exchange Commission, and the Conference of State Bank Supervisors, will host an interagency webinar on July 30, 2018, focusing on questions received from community bankers about the new credit losses accounting standard. https://www.fdic.gov/news/news/financial/2018/fil18034.html |
| Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies (PR-38-2018, June 25, 2018) | The federal bank regulatory agencies announced the availability of the 2018 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. The criteria for designating these areas in accordance with CRA regulations are available on the FFIEC website (https://www.ffiec.gov/cra). See https://www.fdic.gov/news/news/press/2018/pr18038.html |
| Agencies Issue Host State Loan-to-Deposit Ratios (PR-37-2018, June 15, 2018) | The federal bank regulatory agencies issued the host state loan-to-deposit ratios that will be used for determining compliance with Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios. Section 109
prohibits a bank from establishing or acquiring a branch or branches outside its home state primarily for the purpose of deposit production. See https://www.fdic.gov/news/news/press/2018/pr18037.html |
| Newly Formed Money Smart Advance Team Will Get Early Access to, Training on, Updated Money Smart for Adults (FIL-32-2018, June 7, 2018) | The FDIC formed the new Money Smart Advance Team (MSAT), which will operate through
Winter 2019. Banks that engage in financial education activities and join the MSAT will gain early
access to the updated instructor-led Money Smart for Adults curriculum, as well as other
(FIL-32-2018, June 7, 2018) benefits. See https://www.fdic.gov/news/news/financial/2018/fil18032.html |
| Volcker Rule: Prohibitions on Proprietary Trading and Certain Relationships with Hedge Funds or Private Equity Funds (FIL-31-2018 June 4, 2018) | The FDIC, FRB, OCC, U.S. Securities and Exchange Commission, and U.S. Commodity Futures Trading Commission have requested comment on a proposed rule that would amend the Volcker Rule to provide banking entities with clarity about what activities are prohibited, improve , supervision and implementation of the rule, and simplify compliance. This FIL is applicable to all FDIC-insured depository institutions that have, or are controlled by a company that has, $10
billion or more in total consolidated assets or total trading assets and trading liabilities that are more than 5 percent of total consolidated assets. See https://www.fdic.gov/news/news/financial/2018/fil18031.html |
| Joint Final Rule: Securities Transactions Settlement Cycle (FIL-30-2018, PR-33-2018, June 1, 2018) | The FDIC and OCC issued a final rule to shorten the standard settlement cycle for securities
purchased or sold by FDIC-supervised and OCC-supervised institutions from three days to two
days. The final rule mirrors the standard settlement cycle set out in a final rule adopted by the
U.S. Securities and Exchange Commission and is followed by registered brokered dealers in the
United States. See https://www.fdic.gov/news/news/financial/2018/fil18030.html |
| Summary of Deposits Survey: Filing for June 30, 2018 (FIL-27-2018, May 15, 2018) | The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices are required to submit the survey to the FFIEC’s Central Data Repository (CDR) by July 31, 2018. SOD Reporting Instructions and access to the CDR are available at https://www.fdic.gov/regulations/resources/call/sod.html. See https://www.fdic.gov/news/inactive-financial-institution-letters/2018/fil18027.html |
| Bank Secrecy Act: Customer Due Diligence and Beneficial Ownership Examination Procedures (FIL-26-2018, May 18, 2018) | The FFIEC released the customer due diligence (CDD) and beneficial ownership sections of the FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual. The sections will be incorporated into the next manual update, but are available in advance at the following links: CDD https://www.fdic.gov/news/news/financial/2018/fil18026a.pdf Beneficial Ownership for Legal Entity Customers https://www.fdic.gov/news/news/financial/2018/fil18026b.pdf See https://www.fdic.gov/news/news/financial/2018/fil18026.html |
| Deposit Insurance Coverage Seminars: Free Nationwide Seminars for Bank Officers and Employees (FIL-25-2018, May 9, 2018) | The FDIC will conduct four identical live seminars on FDIC deposit insurance coverage for bank officers and employees between May 24, 2018 and November 26, 2018. In addition to a comprehensive overview of FDIC deposit insurance rules, the seminars include deposit insurance coverage information on signature card requirements for joint accounts, prepaid cards, bank trade names, health savings accounts, 529 plan accounts, and 529 Achieving a Better Life Experience plan accounts. The presentation will also provide an overview of the Electronic Deposit Insurance Estimator, the BankFind Directory, and the Financial Institution Employee’s Guide to Deposit Insurance. See https://www.fdic.gov/news/news/financial/2018/fil18025.html |
| Banker Teleconference: Implementation and Transition of the Current Expected Credit Losses (CECL) Methodology for Allowances and Related Adjustments to the Regulatory Capital Rules and Conforming Amendments to Other Regulations (FIL-23-2018, May 4, 2018) | The federal bank regulatory agencies will host an interagency conference call on May 15, 2018, to address certain proposed changes to the capital rules, including: (1) the definition of a new term, Allowance for Credit Losses; (2) revised definition of carry value for available-for-sale debt securities and purchased credit deteriorated assets; (3) mechanics of the proposed CECL transition provision; and (4) new disclosure and regulatory reporting requirements. See https://www.fdic.gov/news/news/financial/2018/fil18023.html |
| Advisory: FDIC Conducting Testing of Standardized Export of Imaged Loan Documents (FIL-22-2018, April 24, 2018) | The FDIC is developing and testing a standardized export of imaged loan documents to streamline examination processes. This initiative is anticipated to improve efficiencies during on-site examination activities and provide additional opportunities for conducting examination activities off-site. The FDIC will conduct a teleconference on May 16, 2018, for FDIC-supervised institutions interested in learning more about the project. See https://www.fdic.gov/news/news/financial/2018/fil18022.html |
| Electronic Fingerprinting for Background Checks Related to Applications (FIL-21-2018, April 17, 2018) | The FDIC is moving to electronic fingerprinting to facilitate background checks performed in connection with applications and notices submitted to the FDIC, including applications for federal deposit insurance, notices of acquisition of control, requests for participation in the banking industry by individuals with certain criminal conviction, and notices to replace board members or senior management in certain institutions. The FDIC will begin using the new process during second quarter 2018. See https://www.fdic.gov/news/news/financial/2018/fil18021.html |
| Regulatory Capital Rule: Implementation and Transition of the Current Expected Credit Losses (CECL) Methodology for Allowance and Related Adjustments to the Regulatory Capital Rules and Conforming Amendments to Other Regulations (FIL-20-2018, PR-26-2018, April 17, 2018) | The federal bank regulatory agencies are jointly issuing a notice of proposed rulemaking to amend the capital rules in response to forthcoming changes to U.S. generally accepted accounting principles set forth in Accounting Standards Update No. 2016-13, Topic 326, Financial Instruments – Credit Losses, which introduces the CECL methodology. The proposed rule adds allowance for credit losses as a newly defined term in the capital rules, revises the definition of carrying value to maintain the current treatment of credit losses on available-for-sale debt securities, provides an optional three-year transition arrangement that allows institutions to phase in any adverse day-one regulatory capital effects of CECL, amends the definition of eligible credit reserves, and revises disclosure requirements for certain banking organizations. An estimation tool to help community banking organizations evaluate the potential impact of the proposal on regulatory capital ratios is available at https://www.fdic.gov/regulations/capital/index.html. See https://www.fdic.gov/news/news/financial/2018/fil18020.html |
| Consolidated Reports of Condition and Income (FIL-18-2018, April 12, 2018) | The federal bank regulatory agencies are implementing revisions to several Call Report schedules this quarter in response to changes in the accounting for equity securities and other equity investments. The instructions for Schedule RC-R, Regulatory Capital, have been revised to incorporate the banking agencies’ November 2017 final rule extending the transition provisions applicable during 2017 for certain regulatory capital deductions, risk weights, and minority interest limitations for non-advanced approaches institutions. See https://www.fdic.gov/news/inactive-financial-institution-letters/2018/fil18018.html |
| FFIEC Issues Joint Statement: Cyber Insurance and its Potential Role in Risk Management Programs (FIL-16-2018, April 10, 2018) | The FFIEC issued a statement to provide awareness of the potential role of cyber insurance in financial institutions’ risk management programs. The statement does not contain any new regulatory expectations, but discusses the benefits of cyber insurance that may not be fully covered through a general liability policy. The statement is available at https://www.fdic.gov/news/news/financial/2018/fil18016a.pdf. See https://www.fdic.gov/news/news/financial/2018/fil18016.html |
| FDIC Forum: Use of Technology in the Business of Banking (FIL-15-2018, April 5, 2018) | The FDIC will host a forum on the Use of Technology in the Business of Banking on May 7, 2018 in the FDIC’s Sheila C. Bair Auditorium, 3501 Fairfax Drive, Arlington, VA. The forum will be webcast live and recorded for on-demand access after the event. Panels will focus on emerging technologies that are transforming banking operations, the impact of emerging technologies on retail banking, and consumer financial data access. Additional information on the forum is available at https://www.fdic.gov/news/events/techforum/. See https://www.fdic.gov/news/inactive-financial-institution-letters/2018/fil18015.html |
| Appraisal Threshold for Commercial Real Estate Loans (FIL-14-2018, PR-23-2018, April 2, 2018) | The federal bank regulatory agencies jointly adopted a final rule titled Real Estate Appraisals that amended the previous rule on real estate appraisals. The final rule increases the appraisal threshold for commercial real estate transactions. Under prior thresholds, all real estate-related financial transactions with a value of $250,000 or less, as well as qualifying business loans secured by real estate that are $1 million or less, did not require appraisals. The final rule creates a new definition of, and separate category for, commercial real estate transactions and raises the threshold for requiring an appraisal from $250,000 to $500,000 for those transactions. The final rule is available at https://www.fdic.gov/news/board/2018/2018-03-20-notice-sum-c-fr.pdf. See https://www.fdic.gov/news/news/financial/2018/fil18014.html |
| Revisions to the Consolidated Reports of Condition and Income for June 2018; Webinar on April 5, 2018 (FIL-12-2018, FIL-13-2018, March 30, 2018) | The federal bank regulatory agencies have finalized additional burden-reducing revisions that will be made to all three versions of the Call Report effective June 30, 2018. The agencies will conduct a banker webinar on April 5, 2018, to discuss the upcoming changes, including revisions to the reporting of equity securities taking effect March 31, 2018, instructional changes resulting from the regulatory capital transitions rule, and reporting implications of the recently enacted tax lax. See https://www.fdic.gov/news/inactive-financial-institution-letters/2018/fil18013.html |
| FFIEC Provides Update on Examination Modernization Project (FIL-11-2018, March 22, 2018) | The FFIEC announced an update on the status of its Examination Modernization Project, which seeks to identify and assess ways to improve the community bank safety-and-soundness examination process. FFIEC members plan to highlight and reinforce regulator communication objectives before, during, and after examinations; leverage technology and shift, as appropriate, examination work from on-site to off-site; continue to tailor examinations based on risk; and improve electronic file transfer systems to facilitate the secure exchange of information between institutions and supervisory offices or examiners. Further information on the Examination Modernization Project is available at https://www.ffiec.gov/press/pr032218.htm.
See https://www.fdic.gov/news/news/financial/2018/fil18011.html |
| FFIEC Revised A Guide to HMDA Reporting: Getting It Right! (FIL-10-2018, March 5, 2018) | The FFIEC revised A Guide to HMDA Reporting: Getting It Right! to reflect the October 2015 Home Mortgage Disclosure Act (HMDA) final rule, as amended in 2017. The Guide provides a summary of key HMDA provisions, including information about data collection, reporting, and disclosure requirements, and is available at https://www.ffiec.gov/hmda/pdf/2018guide.pdf. See https://www.fdic.gov/news/news/financial/2018/fil18010.html |
| FDIC Consumer News Features Tips on Protecting Assets (PR-17-2018, March 5, 2018) | The Winter 2018 FDIC Consumer News includes information about protecting valuables using safe deposit boxes and home safes, guarding against criminals who place hidden recording devices near automated teller machines and retailer checkout registers, and new credit reporting standards that may help consumers improve credit scores and qualify for loans under more favorable terms. The Winter 2018 FDIC Consumer News is available at https://www.fdic.gov/consumers/consumer/news/cnwin18/. See https://www.fdic.gov/news/news/press/2018/pr18017.html |
| FDIC Provides Q&As for Consumers as Part of National Consumer Protection Week (PR-16-2018, March 5, 2018) | The FDIC will post a question and answer (Q&A) on a different banking topic each weekday of National Consumer Protection Week, which runs from March 4 through March 10, 2018. The five Q&As, covering mobile banking, credit and debit card security precautions, safe deposit boxes, credit reports, and debt collectors, along with other consumer information, are accessible at https://www.fdic.gov/consumers/consumer/information/ncpw/index.html. See https://www.fdic.gov/news/news/press/2018/pr18016.html |
| Agencies Communicate Updated Expectations for Next Resolution Plans for Two Domestic Banks (PR-15-2018, March 1, 2018) | The FDIC and FRB communicated updated expectations for the next resolution plans of two domestic bank holding companies, CIT and Citizens Financial Group. As with the expectations issued to the 16 domestic firms in March 2017, the agencies are requiring the firms to focus on progress made in addressing service disruptions and firm employee departures during a potential resolution. The two firms’ next resolution plans are due on December 31, 2018. https://www.fdic.gov/news/news/press/2018/pr18015.htm |
| FDIC Encourages Consumers of All Ages to Set and Achieve Savings Goals (PR-11-2018, February 23, 2018) | The FDIC is encouraging people to use America Saves Week, which runs between February 26 and March 3, 2018, as an opportunity to develop or review their financial goals. The FDIC offers resources to institutions interested in supporting savings and to individuals of all ages who are interested in learning more about saving. Information about America Saves Week and savings- related resources from the FDIC is available at https://www.fdic.gov/consumers/assistance/protection/depaccounts/savings/savings.html. See https://www.fdic.gov/news/news/press/2018/pr18011.html |
| Final Rule to Remove References to Credit Ratings from the FDIC’s International Banking Regulations (FIL-9-2018, February 15, 2018) | On February 14, 2018, the FDIC Board of Directors adopted a final rule amending the FDIC’s international banking regulations related to permissible investment activities and the pledging of assets. The final rule removes references to external credit ratings and replaces them with appropriate standards of creditworthiness. The changes in the FDIC Rules and Regulations Part 347, Subparts A and B, are consistent with Section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). See https://www.fdic.gov/news/news/financial/2018/fil18009.html |
| FDIC Releases Economic Scenarios for 2018 Stress Testing (PR-9-2018, February 6, 2018) | The FDIC released the economic scenarios that will be used by certain financial institutions with total consolidated assets of more than $10 billion for stress tests required under the Dodd-Frank Act. The baseline, adverse, and severely adverse scenarios include key variables that reflect economic activity, including unemployment, exchange rates, prices, income, interest rates, and other salient aspects of the economy and financial markets. See https://www.fdic.gov/news/news/press/2018/pr18009.html |
| Agencies Seek Comment on Proposed Amendments to Swap Margin Rule (PR-08-2018, February 5, 2018) | The FRB, FDIC, OCC, Farm Credit Administration, and Federal Housing Finance Agency issued a notice of proposed rulemaking to amend swap margin requirements to conform with recent rule changes that impose new restrictions on certain qualified financial contracts (QFCs) of systemically important banking organizations. Under the proposed amendments, legacy swaps entered into before the applicable compliance date would not become subject to the margin requirements if they are amended solely to comply with the requirements of the QFC Rules. The deadline for submitting comments is April 23, 2018. See https://www.fdic.gov/news/news/press/2018/pr18008.html |
| Community Bank Webinar: Implementation Examples for the Current Expected Credit Losses Methodology (FIL-8-2018, February 2, 2018) | The FDIC and FRB, in conjunction with the Financial Accounting Standards Board, the U.S. Securities and Exchange Commission, and the Conference of State Bank Supervisors, will host a webinar to discuss how smaller, less complex community institutions can implement the Current Expected Credit Losses methodology. The webinar is scheduled for February 27, 2018, and materials will be archived for future viewing. See https://www.fdic.gov/news/news/financial/2018/fil18008.html |
| Agencies Complete Assessment of Resolution Plans of 19 Foreign-Based Banks (PR-06-2016, January 29, 2018) | The FRB and FDIC communicated their expectations to 19 foreign-based banking organizations for the firms’ next resolution plans. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. The 19 foreign banking organizations submitted plans in December 2015, and the next resolution plans for these companies are due no later than December 31, 2018. See https://www.fdic.gov/news/news/press/2018/pr18006.html |
| CRA Consideration for Community Development Activities in the U.S. Virgin Islands and Puerto Rico Following Hurricane Maria (FIL-7-2018, PR-4-2018, January 25, 2018) | The FDIC, in coordination with the FRB and OCC, is issuing a statement to clarify that a financial institution located outside the U.S. Virgin Islands and Puerto Rico, designated as disaster areas, will receive consideration for community development activities that revitalize or stabilize these areas, as long as the institution has been responsive to the community development needs and opportunities of its own assessment area(s). https://www.fdic.gov/news/news/financial/2018/fil18007.html |
| New Tax Law: Accounting and Reporting Instructions (FIL-6-2018, January 18, 2018) | The federal bank regulatory agencies are issuing an Interagency Statement to provide guidance to institutions on certain accounting and reporting implications of the new tax law, which was enacted on December 22, 2017. In accordance with U.S. generally accepted accounting principles, the changes enacted in the new tax law are relevant to the preparation of financial statements and regulatory reports (e.g., the Consolidated Reports of Condition and Income or Call Report) for December 31, 2017. See https://www.fdic.gov/news/news/financial/2018/fil18006.html |
| Supervisory Insights Journal: Winter 2017 Issue Now Available (FIL-5-2018, PR-2-2018, January 10, 2018) | The Winter 2017 issue of Supervisory Insights features two articles of interest to examiners, bankers, and supervisors. The first article illustrates how banks may strengthen their credit Management Information Systems, and the second article summarizes results of the FDIC’s Credit and Consumer Products/Services Survey. Supervisory Insights – Winter 2017 issue is available at www.fdic.gov/supervisoryinsights.
See https://www.fdic.gov/news/news/financial/2018/fil18005.html |
| Revisions to the Consolidated Reports of Condition and Income for March and June 2018 (FIL-2-2018, FIL-4-2018, January 5, 2018) | The federal bank regulatory agencies have finalized additional burden-reducing revisions that will be made to all three versions of the Call Report effective June 30, 2018. Call Report revisions to address changes in the accounting for equity securities and other equity investments will take effect March 31, 2018. See https://www.fdic.gov/news/inactive-financial-institution-letters/2018/fil18004.html |
| Consolidated Reports of Condition and Income for Fourth Quarter 2017 (FIL-1-2018, January 2, 2018) | The federal bank regulatory agencies have issued supplemental instructions pertaining to the Consolidated Reports of Condition and Income for the December 31, 2017, report date. One new topic, Credit Losses on Financial Instruments, was added to the supplemental instructions for December 2017. See https://www.fdic.gov/news/inactive-financial-institution-letters/2018/fil18001.html |
| Collaborative Relationships with Minority Depository Institutions (FIL-64-2017, PR-102-2017, December 22, 2017) | The FDIC has developed a resource guide to describe ways that financial institutions, including community banks, can partner with minority depository institutions to the benefit of all institutions involved, as well as the communities they serve. The resource guide is available at https://www.fdic.gov/regulations/resources/minority/collaboration/resource-guide.pdf. See https://www.fdic.gov/news/news/financial/2017/fil17064.html |
| Home Mortgage Disclosure Act: Statement on Institutions’ Good Faith Compliance Efforts (FIL-63-2017, December 21, 2017) | The FDIC issued a statement regarding the evaluation of financial institutions’ compliance with HMDA. For HMDA data collected in 2018 and reported in 2019, the FDIC does not intend to require data resubmission unless data errors are material. In addition, the FDIC does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019. FDIC examination staff will give credit to institutions’ good faith compliance efforts, and the approach will help institutions identify compliance weaknesses. See https://www.fdic.gov/news/news/financial/2017/fil17063.html |
| Agencies Announce Shared National Credit Definition Change (PR-101-2017, December 21, 2017) | The federal bank regulatory agencies announced that, effective January 1, 2018, the aggregate loan commitment threshold for inclusion in the Shared Nation Credit (SNC) program will increase from $20 million to $100 million. Further, starting in 2018, annual SNC results will be reported after the third quarter examination, reflecting data as of June 30.
See https://www.fdic.gov/news/news/press/2017/pr17101.html |
| Agencies Release Annual CRA Asset- Size Threshold Adjustments for Small and Intermediate Small Institutions (PR-100-2017, December 21, 2017) | The federal bank regulatory agencies announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act regulations. The asset-size threshold adjustments are effective January 1, 2018. Current and historical asset-size thresholds are posted on the FFIEC’s website at https://www.ffiec.gov/cra.
See https://www.fdic.gov/news/news/press/2017/pr17100.html |
| Agencies Announce Joint Determination for Living Wills (PR-99-2017, December 19, 2017) | The FDIC and FRB announced that the resolution plans of the eight largest and most complex domestic banking organizations did not have weaknesses severe enough to trigger a resubmission process that could result in more stringent requirements. The agencies also jointly determined that the plans of four firms have “shortcomings,” which are less-severe weaknesses that require additional work in their next plan. See https://www.fdic.gov/news/news/press/2017/pr17099.html |
| FDIC Releases History of Agency’s Response to the Financial Crisis (PR-97-2017, December 18, 2017) | The FDIC released a history of the financial crisis focusing on the agency’s response and lessons learned from its experience. The history, titled Crisis and Response: An FDIC History, 2008-2013, is organized into two parts. The first is an account of the origins of the crisis and the FDIC’s unprecedented use of emergency authorities to respond to financial market illiquidity and the problems of systemically important financial institutions. The second documents the FDIC’s responses to the challenges the agency faced in carrying out its core missions of bank supervision, deposit insurance, and failed-bank resolution. Crisis and Response is available on the FDIC’s website at https://www.fdic.gov/bank/historical/crisis/index.html. See https://www.fdic.gov/news/news/press/2017/pr17097.html |
| Major Disaster Examiner Guidance (FIL-62-2017, December 15, 2017) | The federal financial institution regulatory agencies, in consultation with the Conference of State Bank Supervisors, have jointly issued guidance outlining the supervisory practices to be followed in assessing the financial condition of insured depository institutions affected by a disaster that results in the President declaring an area a major disaster with individual assistance. See https://www.fdic.gov/news/news/financial/2017/fil17062.html |
| Single Resolution Board and Federal Deposit Insurance Corporation sign Cooperation Arrangement (PR-95-2017, December 14, 2017) | The FDIC and the Single Resolution Board, the central resolution authority within the European Banking Union, have concluded a Cooperation Arrangement. This arrangement provides a basis for the exchange of information and cooperation in resolution planning and the implementation of such planning for financial institutions with cross-border operations. See https://www.fdic.gov/news/news/press/2017/pr17095.html |