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- September 6, 2017On Wednesday, September 6, 2017, the OCC, the Board of Governors of the Federal Reserve, the FDIC, and the National Credit Union Administration published additional frequently asked questions to assist financial institutions and examiners with the new accounting standard, Accounting Standards Update 2016-13, Topic 326, “Financial Instruments–Credit Losses,” issued by the Financial Accounting...September 6, 2017On Wednesday, September 6, 2017, the CFPB took action against Zero Parallel , LLC, an online lead aggregator,claiming the company pushed consumers towards lenders who offered illegal or unlicensed loans often void in the customer’s state. The Bureau claims Zero Parallel sold consumers’ payday and installment loan applications to lenders it knew were likely to make void loans the lenders had no...September 5, 2017On Tuesday, September 5, 2017, the FDIC issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in June 2017.September 5, 2017On Tuesday, September 5, 2017, the OCC issued a proclamation allowing national banks and federal savings associations affected by Hurricane Irma to close. In issuing the proclamation, the OCC expects that only those bank offices directly affected by the extreme weather will close. Those offices should make every effort to reopen as quickly as possible to address the banking needs of their...September 1, 2017On Friday, September 1, 2017, the OCC and the FDIC issued a notice of proposed rulemaking to shorten the standard settlement cycle for securities purchased or sold by national banks, federal savings associations, and FDIC-supervised institutions. The agencies note that the industry-wide standards established by the applicable securities and self-regulatory organizations’ rules for T+2 securities...September 1, 2017On Friday, September 1, 2017, the OCC issued the “ Change in Bank Control ” booklet of the Comptroller’s Licensing Manual. This booklet replaces one of the same title issued in January of 2007. The revised booklet incorporates updated procedures and requirements following the integration of the Office of Thrift Supervision (OTS) into the OCC in 2011 and the issuance of revised regulations (12 CFR...September 1, 2017On Friday, September 1, 2017, the Federal Reserve Board adopted a final rule to enhance financial stability by requiring U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend qualified financial contracts to prevent their immediate cancellation or termination if the firm enters bankruptcy or a resolution process. The final rule contains...September 1, 2017On Friday, September 1, 2017, the OCC released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of August 1, 2017 through August 31, 2017. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to...August 30, 2017On Wednesday, August 30, 2017, the FDIC released the Summer 2017 issue of Supervisory Insights , which includes articles on liquidity risk trends at community banks and the Bank Secrecy Act (BSA) supervision program. “Community Bank Liquidity Risk: Trends and Observations from Recent Examinations” emphasizes the importance of liquidity risk management and describes contingency funding strategies...August 30, 2017On Wednesday, August 30, 2017, the Federal Reserve Board announced the members of its Community Depository Institutions Advisory Council (CDIAC) and the president and vice president of the council for 2018. Gilda M. Nogueira, President and Chief Executive Officer of East Cambridge Savings Bank, Cambridge, MA, will serve as CDIAC President in 2018. Christopher D. Maher, President and Chief...