FDIC – Regulatory Report

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[ September 20, 2019 ] WEEK AHEAD: Faster payments thoughts, insights from the Fed, ‘2nd chances’ on the agenda The Fed
[ September 20, 2019 ] Federal credit union agency board sets closed meeting for appeal NCUA
[ September 19, 2019 ] NCUA approves ‘PALs II’ allowing payday-alt loans up to $2,000 for 12 months NCUA
[ September 19, 2019 ] Accuracy of credit, background screening reports up for discussion in December CFPB
[ September 19, 2019 ] Kraninger gives outline of philosophy for bureau at opening of symposia session CFPB

FDIC ombudsman office takes over post-exam survey process; one aim is to boost response

September 19, 2019 0

The federal regulatory agency charged with insuring bank deposits has shifted its post-examination process for federally insured institutions to its ombudsman office, according to a Financial Institution Letter (FIL) issued Thursday. The survey was previously […]

Waters calls proposed swap margin rule changes a ‘$40 billion giveaway’ to Wall Street

September 18, 2019 0

The federal bank deposit insurer’s proposal Tuesday to ease collateral provisions of the interagency swap margin rule drew criticism and a warning from the chair of the House panel with jurisdiction over financial industry laws […]

Margin and Capital Requirements for Covered Swap Entities

September 18, 2019 0

Title: Margin and Capital Requirements for Covered Swap Entities Subject: Swaps Agency: FDIC Status: Proposed rule Summary: The OCC, Board, FDIC, FCA, and FHFA (each, an agency, and collectively, the agencies) request comment on a […]

CBLR final rule adopted at FDIC, retains 9% tier 1 leverage threshold

September 17, 2019 0

A final rule that gives qualifying community banks the option to use a “simplified” measure of capital adequacy instead of risk-based capital, beginning with their March 31, 2020, call reports, was approved Tuesday by the […]

With 1 dissenting, FDIC Board proposes changes in swap margin rule

September 17, 2019 0

Revisions to the current swap margin rule in place at federal banking regulators and others that would, among other things, address the expected phase-out of the London Interbank Offered Rate (LIBOR) and ease requirements for […]

Five seats on federal regulators’ boards still need to be filled – but little action on nominees

September 16, 2019 0

The confirmation last week of Michelle (“Miki”) Bowman to a full, 14-year term on the Federal Reserve Board (beginning in February) left five more appointments to terms on federal financial regulators remaining to be either […]

THIS WEEK: Powell remarks after FOMC meet; FDIC vote on CBLR; payday (PALs II) rule for CUs; 2nd CFPB symposium

September 13, 2019 0

(Updated Sept. 18, 2019) A vote on a final community bank leverage ratio (CBLR), a press conference featuring Federal Reserve Board Chair Jerome (“Jay”) Powell (following the close of a monetary policy setting session), and […]

Six bank receiverships terminated, two pending, FDIC says

September 13, 2019 0

The federal bank deposit insurer on Sept. 1 terminated six bank receiverships, stating in a Federal Register notice that it “has fulfilled its obligations and made all dividend distributions required by law.” The six just-terminated receiverships […]

Agency updates, with mid-year numbers, annual summary of deposits at bank, thrift branches

September 13, 2019 0

Deposit totals for the more than 86,000 branches of the nation’s 5,300 banks and thrifts (and U.S. branches of foreign banks) are detailed in the annual survey of federally insured banks and thrifts as of […]

Help wanted: Agency seeks ‘disruptor’ to lead new innovation office, head up tech lab

September 12, 2019 0

A “disruptor” who understands the need for transformative change and the process for developing and using new technologies in financial services is the ideal candidate for the new chief innovation officer (CINO) position at the […]

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WEEK AHEAD: Faster payments thoughts, insights from the Fed, ‘2nd chances’ on the agenda

September 20, 2019 0

Faster payments and speeches from Federal Reserve Board governors highlight the week ahead – along with some credit union comments due for “second chances.” Federal Reserve Board Vice Chairmen Richard H. Clarida and Randal Quarles speak on successive days about [...]
Federal credit union agency board sets closed meeting for appeal

September 20, 2019 0

A board appeal is the single agenda item slated for consideration by the National Credit Union Administration (NCUA) Board during a closed meeting Tuesday (Sept. 24) at 10 a.m. ET. NCUA says the meeting is closed under exemption (8) of [...]
NCUA approves ‘PALs II’ allowing payday-alt loans up to $2,000 for 12 months

September 19, 2019 0

Federally chartered credit unions will be permitted to provide their members “payday alternative loans” (PALs) of any amount up to $2,000, fully amortized over a term of one to 12 months, under a final rule approved Thursday on a 2-1 [...]
Accuracy of credit, background screening reports up for discussion in December

September 19, 2019 0

Issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports will be under discussion at an “accuracy in consumer reporting” workshop set for the second week of December, sponsored by two federal agencies that [...]
Kraninger gives outline of philosophy for bureau at opening of symposia session

September 19, 2019 0

Given its discretion to create rules for consumer protection in a new space outside of what Congress allows, the federal consumer financial protection agency should approach that responsibility “judiciously cognizant of unintended consequences,” the director of the agency said Thursday. [...]
Four prohibitions (and one pending) among comptroller’s August enforcement actions

September 19, 2019 0

A notice of charges for an order of prohibition and four consent orders for prohibition were issued last month by the Office of the Comptroller of the Currency (OCC), according to a release Thursday by the agency. According to the [...]
FDIC ombudsman office takes over post-exam survey process; one aim is to boost response

September 19, 2019 0

The federal regulatory agency charged with insuring bank deposits has shifted its post-examination process for federally insured institutions to its ombudsman office, according to a Financial Institution Letter (FIL) issued Thursday. The survey was previously administered by the Division of [...]
Fed terminates enforcement action with FL bank holding company

September 19, 2019 0

A 2010 enforcement action with Optimumbank Holdings, Inc., of Fort Lauderdale, Fla., was terminated Sept. 11 by the Federal Reserve Board, the Fed said in a release Thursday. The Fed said Optimumbank Holdings is a registered bank holding company that [...]
Powell: No political interference, negative interest rates ‘not at the top of our list’ of tools for economy

September 18, 2019 0

The independence of the nation’s central bank has served the public well, and the chairman of the bank’s board expects to continue his press conferences following meetings of interest rate policy-setting committees, he said Wednesday. He also said that negative [...]