Events listed in Dodd-Frank Act
Agencies request comment on proposed rule to require large banks to maintain ...
ID 24754
On August 29, 2023, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FED), and the Federal Deposit Insurance Corporation (FDIC) (collectively referred to as the „agencies“ or „regulators“) jointly issued a notice of proposed rulemaking. **This proposal aims to mandate certain large depository institution holding companies, U.S. intermediate holding companies of foreign banking organizations ...
Agencies propose guidance to enhance resolution planning at large banks
ID 24752
The Board of Governors of the Federal Reserve System (FED) and Federal Deposit Insurance Corporation (FDIC) have jointly published a press release to inform that they are launching consultations on a new Guidance for Resolution Plan Submissions of Domestic Triennial Full Filers and Guidance for Resolution Plan Submissions of Foreign Triennial Full Filers which are expected to provide comprehensive guidance to large (foreign) financial ...
Acting Comptroller Issues Statements at FDIC Board Meeting on Proposals to Improve ...
ID 24750
The Office of the Comptroller of the Currency (OCC) has published various statements made by the Acting Comptroller of the OCC, Michael J. Hsu, on recently published drafts or „announcements of proposed rulemaking“ in which he expressed his strong support for the proposals. These rules aim to enhance financial stability and the ability to resolve large banks. Specifically, Mr. Hsu endorsed rules establishing a ...
Agency Information Collection Activities: Announcement of Board Approval Under ...
ID 24670
Following the consultation in March 2023, FED has released amendments. Please see eventid=20378 for more information. Financial Statements for Holding Companies (FR Y–9 reports; OMB No. 7100–0128) will be extended for the next 3 years, as per FED’s decision. Under the current law, holding companies (HC) are required to submit their yearly financial reporting via FR Y–9 reports in order to identify and monitor ...
Loan Purchase Activities: Legal Lending Limit Guidance
ID 24589
The OCC has published guidance to banks regarding the applicability of the legal lending limit (LLL) to purchased loans. Under the current law, there are limits applied on credit institutions regarding the amount of loans and credit extensions per borrower (i.e. they are subject to LLL). The guidelines specify that „Aggregate exposures attributable to a single seller must be within the bank’s LLL“. According ...
Federal Reserve Board releases results of annual bank stress test, which ...
ID 23908
The Board of Governors of the Federal Reserve System (FED) has published the results of this year’s stress tests of large banks operating in the U.S (including subsidiaries of foreign banks). The test evaluated the resilience of in-scope institutions by assessing their capital levels, potential losses, revenue, and expenses under a hypothetical recession and financial market shock. In detail, the stress tests 2023 included ...
Treasury’s Federal Insurance Office Releases Report Assessing Climate-Related Risk, ...
ID 23891
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has released a report on the supervision and regulation of climate-related risks in the insurance industry. Specifically, the report, prompted by President Biden’s Executive Order 14030 on Climate-Related Financial Risk, examines the existing efforts and gaps in incorporating climate-related risk into state insurance regulation and supervision. While FIO acknowledges that the *National Associatio ...
Asset Management: Updated Comptroller’s Handbook Booklet and Rescissions
ID 23832
The Office of the Comptroller of the Currency (OCC) has published a revised ‚Asset Management‘ booklet. This booklet focuses on identifying and analyzing risks of (covered) institutions associated with various types of asset management, including retail investment brokerage, custodial services, bank trust, and investment company services. It subsequently provides methods to assess the quality of institution’s risk management practices in relation to asset ma ...
Quality Control Standards for Automated Valuation Models
ID 23797
As previously announced on June 1, 2023, several U.S. banking regulators, including the Board of Governors of the Federal Reserve System (FED), the Office of the Comptroller of the Currency (OCC), and others have now published in the Federal Register a new consultation in connection with the use of automated valuation models (AVMs) when assessing the value of collaterals involving mortgages. Specifically, the regulators ...
CFTC Whistleblower Office Issues Alert Seeking Tips Relating to Carbon Markets ...
ID 23776
In view of the increasing significance of carbon markets in an effort to reach the climate goals of the Paris agreement, the Commodity Futures Trading Commission, CFTC, has issued a press statement in this context. Specifically, the CFTC announces the issuance of an alert to encourage whistleblowing on market misconduct relating to energy trading and specifically to carbon markets trading. The alert thereby describes ...