Bank Notes

  • November 20, 2017
    On Monday, November 20, 2017, the CFPB, Federal Reserve and OCC announced an increase to the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans. During 2018, the threshold will increase from $25,500 to $26,000 effective January 1, 2018, according to the Federal Register . The threshold change was based on the annual percentage increase in the...
  • November 20, 2017
    On Monday, November 20, 2017, the Federal Reserve, FDIC and OCC announced amendments to their respective Community Reinvestment Act (CRA) regulations. The changes conform to conforming to amendments made by the CFPB to Regulation C, implementing the Home Mortgage Disclosure Act (HMDA). In addition, the final rule contains technical corrections and removes obsolete references to the Neighborhood...
  • November 20, 2017
    On Monday, November 20, 2017, the CFPB took action against Conduent Business Services, formerly Xerox Business Services, LLC. The Bureau claims company software errors allegedly led to the reporting of incorrect consumer information about more than one million borrowers. The CFPB also claims the company failed to notify its auto lending clients about known software flaws which caused the...
  • November 17, 2017
    On Friday, November 17, 2017, the Federal Reserve Board (Fed) announced it would extend, until February 15, 2018, the comment periods for two related proposals allowing interested parties additional time to analyze the issues and respond. The proposals included Legal Financial Institution Rating System; Regulation K and LL ( Docket No. R-1569 ) and Proposed Guidance on Supervisory Expectations...
  • November 13, 2017
    On Monday, November 13, 2017, the Federal Reserve Board issued an announcement regarding the approval of fee schedules, effective January 2, 2018, for payment services the Federal Reserve Banks provide to depository institutions (priced services). According to the announcement, the Reserve Banks project that they will recover 100 percent of their priced services costs in 2018. The Reserve Banks...
  • November 9, 2017
    On Thursday, November 9, 2017, the OCC issued the “ Background Investigations ” booklet of the Comptroller’s Licensing Manual, which revises the booklet of the same title issued in April 2009. The revised booklet incorporates updated procedures and requirements following the integration of the functions of the Office of Thrift Supervision into the OCC in 2011, and the issuance of revised...
  • November 8, 2017
    On Wednesday, November 8, 2017, the OCC issued a bulletin on guidance to provide transparency regarding its framework for evaluating certain types of licensing applications when an applicant bank has an overall Community Reinvestment Act (CRA) rating of “Needs to Improve” or “Substantial Noncompliance” (together, less than satisfactory CRA performance rating) or a less than satisfactory CRA...
  • November 7, 2017
    On Tuesday, November 7, 2017, the OCC issued the “ Subordinated Debt ” booklet of the Comptroller’s Licensing Manual, replacing the booklet issued in November 2003 and the related guidance (OCC Bulletin 2015-22) issued April 3, 2015. The revised booklet incorporates updated requirements for issuing subordinated debt and including it as tier 2 capital, as well as revised sample notes for national...
  • November 6, 2017
    Quarles sworn in to Federal Reserve System, Vice Chair for Supervision On Monday, November 6, 2017, the Board of Governors of the Federal Reserve announced Randal K. Quarles was ceremonially sworn in as a member and as Vice Chair for Supervision in the atrium of the Board's Eccles building in Washington. Following his confirmation by the Senate, Vice Chair Quarles took office on October 13, 2017...
  • November 3, 2017
    On Friday, November 03, 2017, the FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings the FDIC assigned to institutions in August 2017. A consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, can be...

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