FDIC

Federal Deposit Insurance Corp. (FDIC) Board Vice Chairman Thomas M. Hoenig recently announced that he would be stepping down upon completion of the sixth and final year of his term.

Hoenig has expressed support for certain provisions of S. 2155 that benefit community and regional banks, but noted concerns about its proposal to roll back heightened restrictions placed on the country’s largest financial entities.

Find out more about Hoenig and his retirement from the board.

The frequency of cyberattacks is causing many financial entities to consider ways of effectively insuring their assets against the risk of such an event.

That is why the Federal Financial Institutions Examination Council members recently issued a joint statement to describe matters that financial institutions should be mindful of when considering using cyberinsurance as a component of their risk management programs.

Find out what the council recommends companies keep in mind when considering obtaining cyberinsurance.

Responding, in part, to concerns from the financial industry that the current threshold for commercial real estate transactions requiring an appraisal has not kept pace with price appreciation, the federal banking agencies have finalized a rule doubling it.

The Federal Reserve Board of Governors, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency proposed to raise the threshold in July 2017, and pumped up their initial proposed increase by $100,000 in the final rule.

Find out more details about why the industry supports the threshold increase.

As part of its continuing effort to shift toward more risk-based supervisory standards and utilize technology to improve oversight efficiency, the Federal Financial Institutions Examination Council (FFIEC) recently announced steps it is taking to update its Examination Modernization Project. 

The FFIEC’s Examination Modernization Project was initiated as a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act.

Read on to learn more about how the council plans to focus its efforts moving forward.

Industry and consumer advocates did not hold back during a recent hearing about securing consumer financial information held by the House Financial Services Committee.

Attendees also discussed two bills geared toward increasing accountability standards for companies that gather and store consumer information, which have gained industry support.

Find out more about what was discussed during the hearing and what is included in the bills.

The Federal Deposit Insurance Corp. announced that the Deposit Insurance Fund is on pace to reach its statutorily required reserve ratio before the end of 2018, two years ahead of schedule.

That would mean considerable reimbursements for more than 93 percent of small banks.

Read on to find out more details from the agency’s report and how the fund has been rebuilt since its low point at the end of 2009.

After months of advocacy, financial trade associations were pleased by the Senate’s 67-31 vote in favor of S. 2155, also known as the Economic Growth, Regulatory Relief and Consumer Protection Act.

The Senate also passed amendments to the bill which, among other things, would apply to international banks with more than $250 billion in total assets.

Find out what provisions various trade associations support as the bill heads to the House and what Financial Services Committee Chairman Jeb Hensarling (R-Texas) hopes can be done with it before it is passed on to the president.

After conducting research to identify regulatory challenges facing community banks and credit unions, the Government Accountability Office released a report detailing recommendations for executive actions that could alleviate some of the most burdensome policies implemented since the Dodd-Frank Act’s passage.

The report also noted limitations to Economic Growth and Regulatory Paperwork Reduction Act reviews and how they may be addressed.

Find out what specific regulations the report highlights as being particularly burdensome and what it advises federal regulators to do.

The Treasury Department recently released a report detailing recommendations for reforming the Federal Deposit Insurance Corp.’s Orderly Liquidation Authority (OLA).

The report was commissioned to determine ways to align OLA with President Donald Trump’s executive order outlining “Core Principles for Financial Regulation,” and whether the U.S. Bankruptcy Code should be reformed to enable better resolution of financial companies.

Find out what the Treasury is recommending and what House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has said about the report.

Multiple financial trade associations are throwing support behind bipartisan legislation proposing to require federal banking regulators to review existing regulations more frequently, and roll back regulations determined to be obsolete.

H.R. 4607, also known as the “Comprehensive Regulatory Review Act,” recently was approved by a 38-17 vote in the House Financial Services Committee.

Find out more details about the potential impact of the bill and why it has gained support in the financial industry.