The Consumer Financial Protection Bureau (CFPB)

CFPB Issues Final HMDA to Relieve Smaller Institutions

The Consumer financial protection bureau issued a final rule regarding its Notice of Proposed Rule Making for the Home Mortgage Disclosure Act (HMDA). The rule extends the current threshold for collecting and reporting data about open-end lines of credit under HMDA by two years. The rule also clarifies certain HMDA exemptions regarding rules created by the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Office of the Comptroller of Currency (OCC)

OCC and Other Agencies Seek Comment for Statement on Allowances for Credit Losses and for Guidance on Credit Risk Review Systems

The Office of the Comptroller of the Currency and three other federal agencies requested comments on a proposed Interagency Policy Statement on Allowances for Credit Losses. The goal of this statement is to make sure that the interpretation of the Financial Accounting Standards Board’s credit losses accounting standard is consistent. They also requested comment on a proposed Interagency Guidance on Credit Risk Review Systems, which gives the fundamentals of establishing an ongoing credit risk review in accord with safety standards.

Securities and Exchange Commission (SEC)

SEC Announces Proposed Rule Amendments to Exemptive Applications Procedures

The Securities and Exchange Commission announced that it has proposed rule changes to establish a faster review process for Investment Company Act applications that are notably similar to recent precedents. The rule changes would also establish a new procedure for handling applications that do not meet the new, faster process.

The Federal Deposit Insurance Company (FDIC)

FDIC and Other Agencies Finalize Volcker Rule Changes

The Federal Deposit Insurance Corporation and four other federal agencies announced that they have finalized revisions to the Volcker Rule. The goal of these changes was to simplify compliance requirements for institutions that do not have significant trading activities and make compliance requirements stricter for those that do have significant trading activities.

The Federal Reserve Board (FRB)

FRB Announces Final Rule to Tailor Domestic and Foreign Bank Regulation Based on Their Risk Profile

The Federal Reserve Board announces that I had finalized a rule that modifies regulations for both domestic and foreign banks, making these regulations fit the institution's risk profile. This rule will increase compliance requirements for banks with higher risk and reduces them for banks with lower risks.