Overview of Selected Regulations and Supervisory Guidance
This section provides an overview of recently released regulations and supervisory guidance, 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
Federal Deposit Insurance Corporation
Federal Reserve Bank
Federal Financial Institutions Examination Council
Office of the Comptroller of the Currency
Office of Thrift Supervision
National Credit Union Administration
FDIC, FRB, and OCC
Federal bank and thrift regulatory agencies
FDIC, FRB, OCC, and OTS
Federal financial institution regulatory agencies
FDIC, FRB, OCC, OTS, and NCUA
FDIC Adopts Policy Statement on
Prudent Commercial Real Estate Loan
Workouts (PR-194-2009, October 30,
2009; FIL-61-2009, October 30, 2009)
The FDIC, in coordination with the other federal financial institution regulatory agencies and the
FFIEC State Liaison Committee, adopts a Policy Statement supporting prudent commercial real
estate workouts. This Statement replaces the Interagency Policy Statement on the Review and
Classification of Commercial Real Estate Loans promulgated in November 1991.
FDIC Seeks Comment on Proposed
Rulemaking Regarding Timing of Payment
of Quarterly Risk-Based Prepaid
Assessments (FIL-58-2009, September
The FDIC adopts a Notice of Proposed Rulemaking that
would require insured depository institutions to
prepay their quarterly risk-based assessments for fourth quarter 2009,
and for all of 2010,
2011, and 2012, on December 30, 2009, along with each institution's risk-based
deposit insurance assessment for third quarter 2009.
Comments were due by October 28, 2009.
Joint Agency Request for Comment
on Proposed Correspondent Concentration
Risks Guidance (FIL-55-2009,
September 25, 2009)
The federal financial institution regulatory agencies solicit comment on proposed guidance
addressing supervisory matters relating to identifying, monitoring, managing, and performing
appropriate due diligence of concentration risks of correspondent institutions.
Joint Agency Statement on Results of
2009 Shared National Credits Review
(PR-175-2009, September 24, 2009)
The federal financial institution regulatory agencies announce that credit quality declined
sharply for loan commitments of $20 million or more held by multiple federally supervised institutions,
according to the 32nd annual review of Shared National Credits.
FDIC Announces Launch of Foreclosure
Prevention Initiative (PR-171-
2009, September 16, 2009; FIL-54-2009,
September 16, 2009)
The FDIC launches an initiative to help consumers
and the banking industry avoid unnecessary foreclosures
and stop foreclosure "rescue" scams that promise
false hope to consumers at risk
of losing their homes. This initiative includes outreach, referral services,
and an informational
tool kit. See http://www.fdic.gov/news/news/financial/2009/fil09054.html.
FDIC Adopts Final Rule Concerning
Temporary Increase of Deposit Insurance
Coverage Amounts (FIL-53-2009,
September 9, 2009)
This FIL describes the FDIC's adoption of a final
rule to reflect the extension of the temporary increase
in the standard maximum deposit insurance amount
to $250,000 through December 31,
2013. The final rule also addresses 2008 interim rules regarding revocable trust
mortgage servicing accounts. See http://www.fdic.gov/news/news/financial/2009/fil09053.html.
FDIC Adopts Final Rule Regarding
Elimination of Three Transfer Sublimit
for Withdrawals from Savings Deposits
(FIL-52-2009, September 9, 2009)
This FIL describes the FDIC's adoption of a final
rule eliminating the monthly three transfer sublimit
for certain types of withdrawals from the savings deposits of FDIC-supervised
Under the final rule, the overall six-transfer limit on preauthorized or automatic
will continue to exist. See http://www.fdic.gov/news/news/financial/2009/fil09052.html.
FDIC Seeks Comment on Proposed
Rulemaking Regarding Alternatives
for Effectively Concluding Debt Guarantee
Program (PR-166-2009, September
9, 2009; FIL-51-2009, September 9,
The FDIC adopts a Notice of Proposed Rulemaking (NPR) that reaffirms the expiration of the
Debt Guarantee Program of the Temporary Liquidity Guarantee Program on October 31, 2009.
Under the NPR, the FDIC solicits comments on whether a temporary emergency facility should
be retained for six months after the expiration of the current program. Comments were due
September 24, 2009. See http://www.fdic.gov/news/news/financial/2009/fil09051.html.
FDIC Announces Enhanced Supervisory
Procedures for Newly Insured
FDIC-Supervised Institutions (FIL-50-
2009, August 28, 2009)
This FIL describes supervisory changes for state nonmember institutions insured for seven or
fewer years (de novo period). The FDIC will now extend the de novo period from the current
three-year period to seven years for examinations, capital, and other requirements.
Joint Agency Request for Comment on
Proposed Regulatory Capital Standards
Related to Adoption of FASB
No. 166 and FASB 167 (PR-151-2009,
August 26, 2009; FIL-49-2009, August
The federal financial institution regulatory agencies solicit comment on a proposal to better align
capital requirements with the actual risk of certain exposures and obtain public comment on the
effect on regulatory capital that will result from the implementation of the Financial Accounting
Standards Boards Statement of Financial Accounting Standards Nos. 166 and 167. Comments
were due September 26, 2009. See http://www.fdic.gov/news/news/financial/2009/fil09049.html.
FDIC Adopts Final Rule Extending the
Transaction Account Guarantee Program
(FIL-48-2009, August 27, 2009)
This FIL describes the FDICs adoption of a final
rule extending the Transaction Account Guarantee
portion of the Temporary Liquidity Guarantee Program for six months, through
June 30, 2010.
For institutions that elect to remain in the program, the fee will be raised
and adjusted to reflect
the institution's risk. See http://www.fdic.gov/news/news/financial/2009/fil09048.html.
FDIC Board Approves Final Statement
of Policy on the Acquisition of Failed
Depository Institutions (PR-152-2009,
August 26, 2009)
This Policy Statement provides guidance to investors interested in acquiring or investing in the
deposit liabilities of banks or thrifts about the standards they will be expected to meet to qualify
to bid on a failed institution. See http://www.fdic.gov/news/news/press/2009/pr09152.html.
FDIC Announces Nationwide Seminars
for Bank Officers and Employees
(FIL-46-2009, August 10, 2009)
This FIL describes a series of six seminars for bank officers and employees that will provide
guidance on how to calculate FDIC deposit insurance coverage for their customers. The seminars
will be conducted between August 24 and December 9, 2009.
Notice of Changes to Regulation Z
Regarding Open-End Consumer Credit:
Immediate and 90-day Changes (FIL-
44-2009, August 6, 2009)
This Notice describes amendments to the Truth in Lending Act (Regulation Z) to establish fair
and transparent practices for open-end credit plans. The FDIC expects the institutions it supervises
to take appropriate steps to ensure compliance with these new requirements.
Statement on Allowance for Loan and
Lease Losses; Residential Mortgages
Secured by Junior Liens (FIL-43-2009,
August 3, 2009)
This FIL reiterates the need for financial institutions to consider all factors that affect collectability
of loans secured by junior liens on one- to four-family residential properties in areas where
the value of such properties has declined.
FDIC Announces Testing of Funding
Mechanism for Legacy Loan Program
(PR-131-2009, July 31, 2009)
Joint Agency Release of Revised
Questions and Answers Regarding
Flood Insurance (PR-127-2009, July 21,
2009; FIL-42-2009, July 21, 2009)
The federal financial institution regulatory agencies and the Farm Credit System are issuing five
new frequently asked questions to help financial institutions meet compliance responsibilities
under the federal flood insurance laws and regulations.
Joint Statement by Secretary of the
Treasury Timothy F. Geithner, Chairman
of the Board of Governors of
the Federal Reserve System Ben S.
Bernanke, and Chairman of the FDIC
Sheila Bair (PR-121-2009, July 8, 2009)
On March 29, 2009, the Treasury Department, the FRB,
and the FDIC announced the designs of the Legacy
Loan and Legacy Securities Programs. This Statement describes the continuing
progress on implementing these programs, including Treasury's launch of the Legacy
Public-Private Investment Program.
Interagency Statement on California
Registered Warrants (FIL-41-2009,
July 8, 2009)
This Statement issued by the federal financial institution regulatory agencies provides guidance
for financial institutions regarding the regulatory capital treatment for registered warrants issued
by the state of California as payment for certain obligations.
FFIEC Statement on Regulatory Conversions
(FIL-40-2009, July 7, 2009)
This FFIEC Statement reaffirms that charter conversions or changes in the primary federal
should be conducted only for legitimate business and strategic reasons. Institutions
that intend to change their charter or banking supervisor will continue to seek approval through
an application process with the prospective chartering authority and primary federal regulator,
in consultation with state authorities.
Frequently Asked Questions on Sweep
Account Disclosure Requirements
(FIL-39-2009, July 6, 2009)
FDIC Board Approves Proposed Policy
Statement on Qualifications for Failed
Bank Acquisitions (PR-112-2009, July
This proposed Policy Statement would provide guidance to private capital investors interested in
acquiring or investing in the assets and liabilities of failed banks or thrifts regarding the terms
and conditions of potential acquisitions or investments.
Joint Agency Release Publishing
Final Rules and Guidelines to Promote
Accurate Reports About Consumers
(PR-111-2009, July 2, 2009)
The federal financial regulatory agencies and the Federal Trade Commission published final
rules and guidelines to promote the accuracy and integrity of information furnished to credit
bureaus and other credit-reporting agencies.
Joint Agency Statement Seeking
Comment on Proposed Interagency
Guidance on Funding And Liquidity
Risk Management (PR-107-2009, June
30, 2009; FIL-37-2009, June 30, 2009)
The federal financial institution regulatory agencies issue this proposed guidance to communicate
consistent expectations on sound practices for the management of funding and liquidity
risks and strengthening liquidity risk management practices. The proposed guidance, when finalized,
will apply to all domestic institutions, including banks, thrifts, and credit unions. Comments
were due August 29, 2009. See http://www.fdic.gov/news/news/financial/2009/fil09037.html.
Joint Agency Release of Interim Final
Rule for Mortgage Loans Modified
Under the "Making Home Affordable"
Program (PR-100-209, June 26, 2009;
FIL 36-2009, June 26, 2009)
In March 2009, the Treasury announced guidelines under the Making Home Affordable Program
(MHAP) to promote sustainable loan modifications for homeowners at risk of losing their homes
to foreclosure. The interim final rule would provide a common interagency capital treatment for
loans modified under the MHAP. See http://www.fdic.gov/news/news/financial/2009/fil09036.html.
Joint Agency Request for Comment on
Proposed Revisions to CRA Regulations
(PR-98-2009, June 24, 2009; FIL-
35-2009, June 24, 2009)
The federal bank and thrift regulatory agencies issued
proposed revisions to regulations implementing the
Community Reinvestment Act to require agencies to
consider low-cost education loans provided to low-income
borrowers when assessing a financial institution's
record of meeting community credit needs. Comments
were due by July 24,
Notice of Proposed Extension of the
Transaction Account Guarantee Program
(FIL-34-2009, June 23, 2009)
FDIC Statement on Third-Party Referrals
Promising Above-Market Rates
on Certificates of Deposit (FIL-32-2009,
June 19, 2009)
This Statement alerts FDIC-insured institutions to be aware of any unsolicited deposits through
third-party referrals. Certain insurance companies and other financial firms (third parties) are
advertising above-market rates to attract customers while misrepresenting the presence of FDIC
insurance coverage. See http://www.fdic.gov/news/news/financial/2009/fil09032.html.
Joint Agency Release of Frequently
Asked Questions on Identity Theft
Red Flags, Address Discrepancies,
and Change of Address Regulations
(PR-88-2009, June 11, 2009; FIL-30-2009,
June 11, 2009)
The federal financial institution regulatory agencies and the Federal Trade Commission are
frequently asked questions to help financial institutions, creditors, users of consumer
reports, and issuers of credit cards and debit cards comply with federal regulations on identity
theft and discrepancies in change of address.
FDIC Statement on the Status of the
Legacy Loan Program (PR-84-2009,
June 3, 2009)
Joint Notice of Proposed Rulemaking
on Secure and Fair Enforcement for
the Mortgage Licensing Act of 2008
(SAFE Act) (FIL-28-2009, June 3, 2009)
The federal financial institution regulatory agencies and the Farm Credit Administration seek
comment on the proposed rule regarding the SAFE Act designed to improve accountability and
tracking of mortgage loan originators, enhance consumer protection, and reduce fraud.
Comments were due July 3, 2009.
Joint Agency Release on Proposed
Rule Implementing SAFE Act Mortgage
Loan Originator Registration
Requirements (PR-83-2009, June 1,
This proposed rule would establish the registration requirements for mortgage loan originators
employed by the agency-related institutions, including national and state banks, savings associations,
credit unions, Farm Credit System institutions, and certain subsidiaries. The proposed
rule also sets forth certain requirements for these institutions, including the adoption of policies
and procedures to ensure compliance with the SAFE Act. Comments were due July 1, 2009.
Regulation Z (Truth in Lending); Early
Disclosure Requirements (FIL-26-2009,
June 1, 2009)
Revisions to Regulation Z closed-end mortgage early disclosure requirements were superseded
by the enactment of the Mortgage Disclosure Improvement Act (MDIA). As a result, the Federal
Reserve has revised Regulation Z to incorporate the MDIA amendments.
FDIC Tightens and Clarifies Interest
Rate Restrictions on Institutions
That Are Less Than Well Capitalized
(PR-82-2009, May 29, 2009; FIL-25-2009,
May 29, 2009)
This release describes a final rule changing the way the FDIC administers its statutory restrictions
on the deposit interest rates paid by banks that are less than well capitalized. The new rule
is designed to eliminate any subjectivity in the establishment of maximum deposit rates.
Consideration of the Special Assessment
When Analyzing and Rating
Financial Institutions (FIL-24-2009,
May 22, 2009)
The FDIC issues this guidance to alert insured financial institutions that the special assessment
(as described in FIL-23-2009) is not expected to affect the supervisory component or composite
ratings that FDIC examiners assign to institutions.
FDIC Adopts Final Rule Imposing a
Special Assessment on Insured Depository
Institutions (PR-74-2009, May
22, 2009; FIL-23-2009, May 22, 2009)
The FDIC Board voted to levy a special assessment
on insured institutions as part of the agency's efforts
to rebuild the Deposit Insurance Fund and maintain
public confidence in the banking
system. The special assessment of 5 basis points on each institution's assets,
minus its Tier 1 capital as of June 30, 2009, will
be collected September 30, 2009.
FDIC Insurance Coverage: Extension
of Temporary Increase in Standard
Maximum Deposit Insurance Amount
(FIL-22-2009, May 22, 2009)
Participants in Debt Guarantee Component
of FDICs Temporary Liquidity
Guarantee Program: Inclusion of Minority-
and Women-Owned Businesses
for Contracting and Underwriting
Needs (FIL-21-2009, May 7, 2009)
The FDIC encourages participants in the debt guarantee
component of the FDIC's Temporary Liquidity Guarantee
Program to consider using qualified minority- and women-owned businesses
to support their contracting and underwriting needs.
FDIC Announces Expansion of Ombudsmans
Office to Assist Customers
with Loans at Failed Banks (PR-65-
2009, May 5, 2009)
The FDIC announces the creation of a new unit within the Office of the Ombudsman to assist
customers with loans at failed banks. The unit will complement the FDICs efforts to address
questions or concerns of borrowers of failed banks.
Statement on Risk Management of
Investments in Structured Credit
(FIL-20-2009, April 30, 2009)