June 2019 - Compliance Alert
The Consumer Financial Protection Bureau (CFPB)
CFPB Holds First Symposium on June 25
The Consumer Financial Protection Bureau announced that it would hold its first symposium at 9AM on June 25. This will be part of a series that was announced earlier this year. The symposium will focus on the prohibition of abusive acts or practices in the Dodd-Frank Act and will be broadcast on the CFPB’s website.
Office of the Comptroller of Currency (OCC)
OCC Extends DFAST Requirements
The Office of the Comptroller of the Currency has extended the Dodd-Frank Act Stress Test (DFAST) deadline for compliance to November 25, 2019. This decision was made considering that national banks and federal savings associations with consolidated assets between $100 billion and $250 billion are not subject to the DFAST requirements as of November 24, 2019, in order to avoid unnecessary regulatory burden on these institutions.
Securities and Exchange Commission (SEC)
SEC Will Host 2019 Government-Business Forum in Omaha
The Security and Exchange Commission announced that it will host the 38th annual Government-Business Forum. The forum will be held in Omaha, Nebraska on August 14, 2019. The forum will give a platform to point out potential problems for capital formation and help produce recommendations to improve the atmosphere for small businesses.
The Federal Deposit Insurance Company (FDIC)
FDIC and Other Agencies Release Distressed or Underserved Nonmetropolitan Middle-Income Geographies List
The Federal Deposit Insurance Corporation and several other agencies released the 2019 list of distressed or underserved nonmetropolitan middle-income geographies. The communities highlighted on the list are eligible for Community Reinvestment Act (CRA) consideration. You can find the criteria used to designate these areas on the FFIEC website.
Federal Reserve Board (FRB)
FRB and Other Agencies Issue Rule Streamlining Regulatory Reporting Requirements
The Federal Reserve Board and the other two federal bank regulatory agencies issued a final rule that will streamline regulatory reporting requirements for small institutions. The changes made to the rule would allow certain institutions with total assets of less than $5 billion to file the simplest version of the Call Report.