FRB

News & Analysis as of

FFIEC Establishes Cybersecurity Web Page and Announces Commencement of Cybersecurity Assessment Program of Community Banks

The Federal Financial Institutions Examination Council (the “FFIEC”) announced that it had established a web page on cybersecurity (the “Web Page”), which is designed to serve as a central repository for current and future...more

FRB Governor Tarullo Offers Retrospective and Perspective on Supervisory Stress Testing

In remarks delivered to the FRB’s Third Annual Stress Test Modeling Symposium FRB Governor Daniel K. Tarullo focused on the “qualitative assessment of [large] firms’ capital planning processes” that the FRB conducts “in...more

Federal Banking Agencies Issue Final Version of Addendum to Interagency Policy Statement on Income Tax Allocation

The FRB, FDIC and OCC (collectively, the “Agencies”) issued a final version of an addendum (the “Addendum”) to their “Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure” (the “Policy...more

FRB Approves Capital Plans of 25 Large Banking Holding Companies, but Rejects Capital Plans of Five Other Large Banking...

The FRB released the results of its annual large bank holding company capital assessment exercise known as the Comprehensive Capital Analysis and Review (“CCAR”). The FRB evaluated the capital adequacy and planning processes...more

OCC, FRB and FDIC Issue Joint Stress Test Guidance for Medium-Sized Banking Firms

The OCC, FRB and FDIC (collectively, the “Agencies”) issued joint final guidance (the “Final Guidance”) concerning the Agencies’ key supervisory expectations regarding how medium-sized banking organizations--those with more...more

"Outsourcing by Financial Services Companies: Impact of the OCC and FRB Guidelines"

Outsourcing has become a critical component of financial institutions’ management of their business operations and control of their costs. In addition, institutions are outsourcing increasingly complex and sensitive banking...more

Federal Agencies Reviewing Treatment under Volcker Rule of Collateralized Debt Obligations Backed by TruPS

On December 27, 2013, the FRB, FDIC, OCC and SEC (the “Agencies”) jointly issued a statement which advised financial institutions that the Agencies were reviewing, in response to concerns expressed by community banks and...more

Banking Regulators Say That Volcker Rule Does Not Require Immediate Sale of Collateralized Debt Obligations Backed by Trust...

The FRB, the FDIC, and the OCC (the “Agencies”) issued a joint FAQ clarifying certain aspects of the treatment of interests in collateralized debt obligations backed by trust preferred securities (“TruPS CDOs”) under the...more

FRB, FDIC and OCC Propose Addendum to Income Tax Allocation Policy; Agencies Provide Standard Provision to be Included in Tax...

The FRB, FDIC and OCC (the “Agencies”) jointly issued a Goodwin Procter proposed addendum (the “Proposed Addendum”) to the Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure (the “Policy...more

Federal Banking Agencies Issue Interagency Statement on Supervisory Approach to Qualified Mortgage Loans

The FDIC, OCC, NCUA and FRB issued an interagency statement on the supervisory approach to originating qualified mortgages under the CFPB’s ability-to-repay and qualified mortgage rule finalized in January 2013 and...more

FFEIC Releases Guidance on Applicability of Consumer Protection Laws to Social Media

The Federal Financial Institutions Examination Council, which is comprised of the OCC, FRB, FDIC, NCUA, CFPB, and a state liaison committee, issued guidance addressing the applicability of federal consumer protection laws to...more

FRB Issues Guidance on Managing Risks from the Use of Third Party Service Providers

The FRB issued guidance on managing outsourcing risks (the “Guidance”), intended to highlight the potential risks arising from the use of third-party service providers, describe the components of an appropriate service...more

OCC and FRB Final Rule Revising Regulatory Capital Requirements Published in Federal Register

The OCC’s and FRB’s final rule (the “Final Rule”) that revises and replaces their existing risk-based and leverage capital requirements was published in the October 11, 2013 issue of the Federal Register. ...more

FRB Issues Two Interim Final Rules Concerning Incorporation of Basel III Regulatory Capital Plans and Stress Tests

The FRB issued two interim final rules concerning incorporation of Basel III regulatory capital reforms into covered banking organizations’ capital and business projections used in the organization’s capital plan and stress...more

Federal Reserve Banks Aim to Improve US Payment System

On September 10, 2013, the Federal Reserve Banks published a public consultation paper designed to start a conversation and ultimately aimed at improving the US payment system. In the face of rapidly evolving technology, the...more

FRB Reserve Banks Issue Consultation Paper Seeking Public Comments on Ways to Improve Payment System

The FRB’s Financial Services Policy Committee, a committee of the conference of presidents of the FRB’s Reserve Banks, announced that the Federal Reserve Banks (the “Reserve Banks”) had published a public consultation paper...more

Agencies Re-Propose Rule Implementing Risk Retention Requirements of Dodd-Frank Act

On August 28, 2013, the FDIC, OCC, FRB, SEC, Federal Housing Finance Agency, and Department of Housing and Urban Development (collectively, the “Agencies”) issued a second Notice of Proposed Rulemaking (the “revised...more

Federal Regulators Issue Proposal to Revise Qualified Residential Mortgage Rule

Collectively, the FDIC, the OCC, FRB, SEC, FHFA, and HUD issued a second proposal Notice of Proposed Rulemaking to implement the risk retention requirements of the Dodd-Frank Act. Section 941 of the Dodd-Frank Act amended...more

FRB Issues Paper on Capital Planning at Large Bank Holding Companies

The FRB issued a paper (the “Paper”) entitled “Capital Planning at Large Bank Holding Companies: Supervisory Expectations and Range of Current Practice.” The FRB’s capital planning rule requires all U.S.-domiciled, top-tier...more

Federal District Court Gives Federal Reserve Deadline To Decide Interchange Fee Rule

On August 14, the U.S. District Court for the District of Columbia reportedly gave the Federal Reserve Board (FRB) one week to determine whether it will write an interim final rule to replace the interchange fee rule recently...more

Financial Services Bulletin: Action at the FRB, CFPB and OCC

Agencies Propose Rule Exempting Certain Mortgages from Appraisal Requirements - On Wednesday, July 10, 2013, the Board of Governors of the Federal Reserve System (the “Fed”), Bureau of Consumer Financial Protection,...more

Financial Services Bulletin: Action At The SEC, FRB, FDIC, And OCC

The SEC Adopts First JOBS Act Rules - On Wednesday, July 10, 2013, the Securities and Exchange Commission (the “SEC”) adopted amendments to Rule 506 of Regulation D and Rule 144A under the Securities Act of 1933 to...more

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