OCC

The Office of the Comptroller of the Currency (OCC) issued a final rule to dramatically increase the threshold for national banks and federal savings associations to be covered by the OCC’s Dodd-Frank Act stress testing.

The agency considered recommendations pertaining to the testing requirements and the frequency with which the tests are conducted.

Read on for more information about the rule, which aligns with financial reform legislation passes last year.

Wells Fargo’s search for a new CEO ended with the announcement that Charles Scharf has been hired to succeed Tim Sloan in the role. Per settlements with federal regulators, Wells Fargo was required to receive approval from the Office of the Comptroller of the Currency (OCC) before its new CEO hiring could become official.

Scharf said that one of his top priorities as CEO is to “make sure we get the regulatory issues behind us,” and that he is grateful for the opportunity to lead the company as it continues to transform.

Find out more details about his appointment.

In a move that has major implications for mortgage lenders and appraisers, the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency finalized a joint rule to increase the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.

The Consumer Financial Protection Bureau’s required letter weighing in on the measure closely reflected contentions put forth by financial institutions and the trade associations.

Learn more details about the final rule and stakeholder reactions.

To enact the level of regulatory relief intended by Congress, several legislators and the Independent Community Bankers of America (ICBA) have demonstrated that they are in sync in believing federal banking regulators should finalize joint rulemaking setting the community bank leverage ratio (CBLR) at 8 percent.

Eighteen Republicans on the House Financial Services Committee wrote to federal regulators, urging them to enact the 8 percent CBLR, rather than the 9 percent ratio the agencies proposed in November 2018.

Read on for more details about their reasoning.

For the second time in the span of a year, a federal court has ruled that the Conference of State Bank Supervisors lacked standing in its legal challenge of the Office of the Comptroller of the Currency’s (OCC) authority to accept charter applications from non-bank entities.

The organization’s decision to re-file the case in the same court was driven by its hope for a different outcome given that the OCC since has come under new leadership and released policy guidance on fintech charters.

Find out more details about the ruling.

Bankers’ calls for a tailored, streamlined approach to enforcing the regulatory framework implementing Section 619 of the Dodd-Frank Act provision, commonly known as the “Volcker Rule,” have been answered by a newly finalized joint agency rule revising provisions governing banks’ ability to engage in proprietary investment activities.

Regulators and banking industry advocates assert that the final rule will bring appropriate regulatory relief to the banking industry without compromising safety and soundness. However, credit union advocates and consumer groups have cast doubts on the latter notion.

Learn more details about the newly finalized rule.

The Office of the Comptroller of the Currency (OCC) has announced plans to amend its rules for assessing partial refunds owed to national banks, federal thrifts and federal branches of foreign banks that leave OCC jurisdiction before the end of the six-month assessment period.

The American Bankers Association said the rule would improve fairness in the refund policy.

Find out more details about the amendments.

Republicans on the Senate Banking Committee recently wrote to federal banking regulators to urge the swifter adoption of changes made from recent regulatory financial reform in S. 2155.

“More can still be done to support the economic expansion,” the senators, led by Chairman Mike Crapo (R-Idaho), said in the letter.

Read on for details of where the senators want regulators to focus their efforts to hasten regulatory relief.

At a time when the president is being criticized over Twitter comments he made about a group of freshman House representatives, two administration officials have been in the news for their roles in fair lending violations. 

A complaint filed by the California Reinvestment Coalition (CRC) alleged that, from 2014 to at least 2017, OneWest Bank/CIT Bank discriminated against minority borrowers. Treasury Department Secretary Steven Mnuchin and Comptroller of the Currency Joseph Otting are former top executives of OneWest Bank.

Learn more details about the matter.

Federal regulators recently outlined a new risk-based approach to assess banks for Bank Secrecy Act/anti-money laundering (BSA/AML) rule compliance as part of an ongoing effort to increase transparency regarding their supervisory process.

Through its risk-focused approach, the federal agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said they intend to better tailor examination plans and procedures based on the unique risk profiles of individual banks in a joint statement.

Find out more about the new risk-based approach.