The Fed – Page 3 – Regulatory Report

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[ May 24, 2019 ] FinCEN’s new Innovation Hours Program will facilitate demos of tech products, services to enhance BSA/AML efforts Other
[ May 24, 2019 ] Large banks would be ‘comfortable’ with 40% less reserve balances, survey finds The Fed
[ May 23, 2019 ] Three in four say they are ‘doing OK’ financially, Fed survey results find – but financial distress still exists The Fed
[ May 23, 2019 ] Federal savings associations with $20 billion or less prior to 2018 can elect to operate as ‘covered’ institutions under OCC rule OCC
[ May 23, 2019 ] OCC advisory panel on minority institutions meets June 12 in Dallas OCC

2017 order citing BB&T Corp.’s BSA/AML deficiencies terminated

April 18, 2019 0

The Federal Reserve Board on Thursday announced the termination of a January 2017 cease-and-desist order against BB&T Corp. of Winston-Salem, N.C., over the firm’s “significant” Bank Secrecy Act/anti-money laundering (BSA/AML) deficiencies. The consent order, signed […]

Agencies set to publish proposed call report changes reflecting proposed CBLR

April 18, 2019 0

Proposed revisions to call reports that would reflect the proposed community bank leverage ratio (CBLR) are in the planning stages at the federal banking agencies, according to filings by the agencies Thursday. The Federal Deposit […]

Fed, FDIC invite comments until June 21 on big banks’ resolution plan rules

April 17, 2019 0

The Federal Reserve Board and the Federal Deposit Insurance Corp. (FDIC) are jointly seeking public comment on a proposal to modify their resolution plan – or “living will” – requirements for U.S. and foreign banking […]

‘Beige book’ cites continued, modest growth as of early April, results mixed on lending; trade, flooding remain concerns

April 17, 2019 0

An informal survey of trends throughout the Federal Reserve districts showed continued, slight-to-modest growth in economic activity, a somewhat tight labor market and modest price increases during March and early April, according to the Fed’s […]

Fed Board to consider proposal on control rules

April 16, 2019 0

The details of what sort of relationship constitutes control of a bank by another firm will be considered at an open meeting the Federal Reserve Board next week, the agency said Tuesday. The meeting, set […]

NJ holding companies in control of OH bank ordered to strengthen internal controls, more

April 16, 2019 0

Three holding companies in New Jersey that control the Resolute Bank in Maumee, Ohio, entered into a consent order April 4 with the Federal Reserve Bank of Philadelphia that require them to take steps to […]

Sweeping actions against Italian bank, U.S. subsidiaries, for sanctions violations results in $158 million fine

April 15, 2019 0

An Italian bank and two of its U.S. subsidiaries face a $158 million fine for unsafe and unsound practices related to inadequate sanctions controls and supervision of the subsidiaries. The Federal Reserve said Monday in […]

Fed releases transcripts of 50 interviews with former chairs, board members, key staff chronicling history of central bank

April 12, 2019 0

Transcripts of more than 50 interviews with former Federal Reserve chairs, board members and key professional staff that chronicle the history of the central bank are now publicly available, the agency announced Friday. In a […]

GAO outlines 10 ‘high priority’ recommendations for Fed to take action on, including stress testing

April 12, 2019 0

Ten priority recommendations for the Federal Reserve, in three areas, are identified in a letter to the central bank by the congressional watchdog that “could significantly improve the Federal Reserve’s efforts to more effectively oversee […]

Supervision must not hinder innovation, Fed governor asserts

April 12, 2019 0

Bank regulators need to create a supervisory environment that does not hinder integration of responsible innovation into the strategic direction a bank chooses, the Federal Reserve’s community bank representative said Thursday. “Supervisors need to recognize […]

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FinCEN’s new Innovation Hours Program will facilitate demos of tech products, services to enhance BSA/AML efforts

May 24, 2019 0

Treasury’s financial crimes unit on Friday announced a new program that will allow financial institutions, technology providers, and other firms involved in financial services the chance to present new, emerging innovative products and services and approaches designed to enhance anti-money [...]
Large banks would be ‘comfortable’ with 40% less reserve balances, survey finds

May 24, 2019 0

Large banks believe they could be holding much lower reserve balances – about 40% less – than they are holding now, largely because of the continued low-interest-rate environment, according to the results of a survey of senior financial officers released [...]
Three in four say they are ‘doing OK’ financially, Fed survey results find – but financial distress still exists

May 23, 2019 0

Three in four U.S. adults said in 2018 that, financially at least, they were “doing OK” or “living comfortably” – up 12 percentage points from 2013 – according to the results of a survey released Thursday by the Federal Reserve. [...]
Federal savings associations with $20 billion or less prior to 2018 can elect to operate as ‘covered’ institutions under OCC rule

May 23, 2019 0

Federal savings associations (FSAs) that had total consolidated assets of $20 billion or less as of Dec. 31, 2017, can elect to operate as “covered” savings associations and enjoy the same rights and privileges as a national bank under a [...]
OCC advisory panel on minority institutions meets June 12 in Dallas

May 23, 2019 0

A public meeting of the panel that advises the Office of the Comptroller of the Currency (OCC) on issues affecting minority depository institutions is set for 1 p.m. Central time in Dallas, the OCC announced Thursday. The Minority Depository Institutions [...]
Fed plans test operation of term deposit facility next week; ‘no implications for monetary policy’

May 23, 2019 0

One operation this month of the Term Deposit Facility (TDF) will be tested by the Federal Reserve, with the aim of ensuring its operational readiness and providing the institutions that may use it some degree of familiarity, the agency said [...]
More public unit and nonmember shares would be OK for credit unions under NCUA proposed rule

May 23, 2019 0

The basis for measuring the regulatory limit on nonmember and public unit shares that federally insured credit unions (FICUs) may hold would change – in many cases increasing the dollar amount that could be held – under a proposed rule [...]
Aids for credit union chartering, identifying low-income areas for service focus of CURE office at NCUA

May 23, 2019 0

The federal agency that charters and regulates federal credit unions says it’s planning to offer more resources for credit unions to identify low-income areas they might serve, and information for those seeking to charter a new credit union, through its [...]