Compliance Newshub
Federal Legislation

Garris Horn PLLC--Troy Garris

This blog post summarizes the impact of the recently signed presidential executive orders that seek to clarify and limit the role of non-binding agency guidance documents.

The OCC published a final rule to clarify and streamline its regulation on other real estate owned (OREO) for national banks and update the regulatory framework for OREO activities at Federal savings associations effective December 1, 2019.

Effective September 30, 2019, FDIC launched the new Enterprise File Exchange (EFX) module through FDICconnect for FDIC-insured institutions to exchange examination-related documentation with the FDIC and State banking authorities.

Federal banking agencies are requesting comments by December 15, 2019, on ways to modify the current requirements for reporting data on loans to small businesses and small farms in the Call Report. 

Four federal financial regulatory agencies are requesting comment on a proposed Interagency Policy Statement on Allowances for Credit Losses and on the proposed Interagency Guidance on Credit Risk Review Systems.

HousingWire--Ben Lane

Democratic Senators have issued a letter to FHFA Director Mark Calabria calling on the FHFA to keep the language preference question and housing counseling information on the main URLA form, as it was when the URLA originally redesigned in 2016.

The Office of the Comptroller of the Currency (OCC), Treasury; Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); and National Credit Union Administration (NCUA) have issued proposed guidance on sound management of credit risk, a system of independent, ongoing credit review, and appropriate communication regarding the performance of the institution's loan portfolio to its management and board of directors.

The Office of the Comptroller of the Currency (OCC), Treasury; Board of Governors of the Federal Reserve System (Board); Federal Deposit Insurance Corporation (FDIC); and National Credit Union Administration (NCUA) have issued a proposed interagency policy statement and request for comment on allowances for credit losses (ACLs).

President Trump signed an executive order providing that no person should be subjected to a civil administrative enforcement action or adjudication absent prior public notice of both the enforcing agency’s jurisdiction over particular conduct and the legal standards applicable to that conduct.

President Trump signed an Executive Order requiring that agencies treat guidance documents as non-binding both in law and in practice, except as incorporated into a contract, take public input into account when appropriate in formulating guidance documents, and make guidance documents readily available to the public.

The Consolidated Reports of Condition and Income for the September 30, 2019 report date must be submitted to the agencies' Central Data Repository by Wednesday, October 30, 2019.

The CFPB issued its semi-annual report to Congress covering the Bureau’s work from October 1, 2018 to March 31, 2019, highlighting that the Bureau will continue to use the tools provided by Congress to protect consumers, including “vigorous and even-handed enforcement” with a focus on prevention of harm.