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Sec. 620: Office of the Comptroller of the Currency (OCC)
ACTION: Final rule. [Office of the Comptroller of the Currency (OCC)]
SUMMARY: The OCC, pursuant to Section 620 of the Dodd-Frank Act, is finalizing a rule to prohibit national banks and federal savings associations from dealing or investing in industrial or commercial metals. In September 2016, the OCC issued a Notice of Proposed Rulemaking (NPRM) to prohibit national banks from dealing or investing in industrial or commercial metals. The OCC proposed to: (i) Exclude industrial and commercial metals from the terms ‘‘exchange,’’ ‘‘coin,’’ and ‘‘bullion’’ in the ‘‘powers clause’’ of the National Bank Act at 12 U.S.C. 24 (Seventh); and (ii) provide that dealing or investing in industrial or commercial metal is not part of, or incidental to, the business of banking. Now, the OCC is finalizing the NPRM and revising its regulations to prohibit national banks from dealing and investing in a metal (or alloy), including copper, in a form primarily suited to industrial or commercial use (industrial or commercial metal). The OCC has added a divestiture period to the final rule, provided clarifying language to the dealing and investing prohibition for national banks, and clarified federal savings associations’ authority to engage in activity that is not dealing or investing, but is otherwise finalizing the NPRM as proposed. The final rule: (i) Excludes industrial and commercial metals from the terms ‘‘exchange,’’ ‘‘coin,’’ and ‘‘bullion’’ in 12 U.S.C. 24 (Seventh); and (ii) provides that dealing or investing in industrial or commercial metal is not part of, or incidental to, the business of banking. Examples of metals and alloys in a form primarily suited for industrial or commercial use include copper cathodes, aluminum T-bars, and gold jewelry.
DATES: This final rule is effective April 1, 2017.
[81 Fed. Reg. 96353 (December 30, 2016)]
Sec. 1100E: Bureau of Consumer Financial Protection (CFPB)
ACTION: Final rule; official interpretation. [Bureau of Consumer Financial Protection (CFPB)]
SUMMARY: The CFPB is amending the official commentary that interprets the requirements of the CFPB’s Regulation Z (Truth in Lending) to reflect a change in the asset-size threshold for certain creditors to qualify for an exemption to the requirement to establish an escrow account for a higher-priced mortgage loan based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W) for the 12-month period ending in November. The exemption threshold is adjusted to increase to $2.069 billion from $2.052 billion. The adjustment is based on the .8 percent increase in the average of the CPI–W for the 12-month period ending in November 2016. Therefore, creditors with assets of less than $2.069 billion (including assets of certain affiliates) as of December 31, 2016, are exempt, if other requirements of Regulation Z also are met, from establishing escrow accounts for higher-priced mortgage loans in 2017. This asset limit will also apply during a grace period, in certain circumstances, with respect to transactions with applications received before April 1 of 2018. The adjustment to the escrows exemption asset-size threshold will also increase a similar threshold for small-creditor portfolio and balloon-payment qualified mortgages. Balloon-payment qualified mortgages that satisfy all applicable criteria, including being made by creditors that have (together with certain affiliates) total assets below the threshold, are also excepted from the prohibition on balloon payments for high-cost mortgages.
DATES: This final rule is effective January 1, 2017.
[81 Fed. Reg. 93581 (December 21, 2016)]
Sec. 1094: Bureau of Consumer Financial Protection (CFPB)
ACTION: Final rule; official commentary. [Bureau of Consumer Financial Protection (CFPB)]
SUMMARY: The CFPB is issuing a final rule amending the official commentary that interprets the requirements of the CFPB’s Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). Based on the 0.8 percent increase in the average of the CPI–W for the 12-month period ending in November 2016, the exemption threshold will remain at $44 million. Therefore, banks, savings associations, and credit unions with assets of $44 million or less as of December 31, 2016, are exempt from collecting data in 2017.
DATES: This final rule is effective January 1, 2017
[81 Fed. Reg. 93650 (December 21, 2016)]
Sec. 165: Board of Governors of the Federal Reserve System (FRB)
ACTION: Final rule. [Board of Governors of the Federal Reserve System (FRB)]
SUMMARY: Pursuant to Section 165 of the Dodd-Frank Act, the FRB is adopting a final rule to make several revisions to its rule regarding risk-based capital surcharges for U.S.-based global systemically important bank holding companies (GSIB surcharge rule). The final rule modifies the GSIB surcharge rule to provide that a bank holding company subject to the rule should continue to calculate its method 1 score and method 2 score under the rule annually using data reported on the firm’s Banking Organization Systemic Risk Report as of December 31 of the previous calendar year. In addition, the final rule clarifies that a bank holding company subject to the GSIB surcharge rule must calculate its method 2 score using systemic indicator amounts expressed in billions of dollars.
DATES: This final rule is effective January 17, 2017
[81 Fed. Reg. 90952 (December 16, 2016)]
Sec. 1022: Consumer Financial Protection Bureau (CFPB)
ACTION: Final rule [Consumer Financial Protection Bureau (CFPB)]
SUMMARY: Pursuant to sections 1022 and 1032 of the Dodd-Frank Act, the CFPB is issuing this final rule to create comprehensive consumer protections for prepaid accounts under Regulation E, which implements the Electronic Fund Transfer Act; Regulation Z, which implements the Truth in Lending Act; and the official interpretations to those regulations. The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and adds new requirements regarding the posting of account agreements. Additionally, the final rule regulates overdraft credit features that may be offered in conjunction with prepaid accounts. Subject to certain exceptions, such credit features will be covered under Regulation Z where the credit feature is offered by the prepaid account issuer, its affiliate, or its business partner and credit can be accessed in the course of a transaction conducted with a prepaid card.
*See also Sec. 1032
DATES: This rule is effective on October 1, 2017, except for the addition of § 1005.19(b), which is delayed until October 1, 2018.
[81 Fed. Reg. 83934 (November 22, 2016)]
Sec. 1024: Board of Governors of the Federal Reserve System (FRB); Bureau of Consumer Financial Protection (CFPB) and Office of the Comptroller of the Currency (OCC)
ACTION: Final rule [Board of Governors of the Federal Reserve System (FRB); Bureau of Consumer Financial Protection (CFPB) and Office of the Comptroller of the Currency (OCC)]
SUMMARY: Pursuant to section 1024 of the Dodd-Frank Act, the OCC, FRB and CFPB are finalizing amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). Section 129H of TILA establishes special appraisal requirements for ‘‘higher-risk mortgages,’’ termed ‘‘higher-priced mortgage loans’’ or ‘‘HPMLs’’ in the agencies’ regulations. The OCC, FRB, CFPB, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Federal Housing Finance Agency (collectively, the Agencies) issued joint final rules implementing these requirements, effective January 18, 2014. The Agencies’ rules exempted, among other loan types, transactions of $25,000 or less, and required that this loan amount be adjusted annually based on any annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). If there is no annual percentage increase in the CPI–W, the OCC, the FRB and the CFPB will not adjust this exemption threshold from the prior year. The final rule will memorialize this as well as the agencies’ calculation method for determining the adjustment in years following a year in which there is no annual percentage increase in the CPI–W. Based on the CPI–W in effect as of June 1, 2016, the exemption threshold will remain at $25,500 through 2017.
DATES: This final rule is effective January 1, 2017.
[81 Fed. Reg. 86250 (November 30, 2016)]
OCC/FRB/FDIC/CFPB/FTC* Final Actions implementing Dodd-Frank provisions
(*SEC/CFTC not included)
Alternative mortgage transaction preemption
Appraisals for higher-priced mortgage loans
Appraisal management companies
Assessments for Large Holding Companies
Asset sales by FDIC
Asset size determination for Supervision and Enforcement
ATM fee notices
Capital requirements – FDIC/OCC/FRB
Capital – risk-based capital floors – “Collins Amendment”
CFPB/OCC/FRB/FDIC/NCUA Supervisory Coordination
CFPB – Civil Money Penalties
CFPB – Confidential supervisory information
CFPB – Confidential treatment of privileged information
CFPB – Consumer Complaints
CFPB – HMDA coverage and compliance
CFPB –Supervision of “Larger Participants”
CFPB – ECOA Examination Procedures for Mortgages
CFPB/FTC Enforcement and Rulemaking Coordination
CFPB – Fair Lending Enforcement
CFPB – Loan Originator Compensation
CFPB – Mortgage Loan Disclosures
CFPB – Mortgage Origination Examination Procedures
CFPB – Amendments to Mortgage Rules
CFPB – Mortgage Rules Readiness Guide
CFPB – Mortgage Servicing Examination Procedures
CFPB – Mortgage Servicing Rules under RESPA
CFPB – Mortgage Servicing Rules under TILA
CFPB – Mortgage Servicing Transfers
CFPB – Payday Lending Examination Procedures
CFPB – Prepaid Accounts
CFPB – Privacy Rules
CFPB – S.A.F.E. Act Examination Procedures
CFPB – Service provider compliance standards
CFPB – Rural area designation process
CFPB Supervision and Examination Manual
CFPB – Supervisory Authority Over Nonbanks
CFPB – TILA Examination Procedures for Mortgages
CFPB – TILA-RESPA integrated disclosures
Concentration limits on financial companies
Consumer credit transaction threshold – Reg Z
Consumer lease threshold – Reg M
Consumer regulations – republishing by CFPB
Consumer regulations – rescission by FTC
Credit card banks/industrial banks/trust banks
Credit card fees and disclosures
Credit ratings for investments by national banks
Credit ratings for investments by insured savings associations
Credit risk retention
Credit score disclosure
Debit card interchange fees – “Durbin Amendment”
Definitions of key terms
Deposit funds availability – Reg CC
Deposit insurance assessments
Deposit insurance coverage – maximum
Deposit insurance coverage – transaction accounts
Deposit insurance coverage – foreign branch deposits
Escrows for higher-priced mortgages
Foreign currency transactions
Interest on demand deposits – Reg Q
Lending limits on derivatives/repos/securities lending
Living Wills – FDIC Resolution Plans for large/complex insured depository institutions
Living Wills – FRB Resolution Plans for large/complex nonbank financial companies
Mortgage rules – Interagency examination procedures
Mortgages – Small creditors and rural areas
Municipal securities advisor registration
Orderly liquidation of SIFI’s
Orderly liquidation of covered financial companies — calculation of maximum obligation limitation
Orderly liquidation – definition of predominantly engaged in financial activities
Preemption and visitorial powers
Qualified Mortgages (QM) and Ability to Repay (ATR)
Remittance transfers – Reg E
Risk Governance/Heightened Standards – OCC
Stress Tests – OCC
Stress Tests – FDIC
Stress Tests – FRB
Swaps –Margin and capital requirements
“Volcker Rule” – Proprietary Trading/Investment in Funds
Women/Minority-Owned Business and Small Business
Bank Regulation Updater
Designed for the busy banker and bank counsel, the BRU summarizes and highlights final actions of the federal bank regulatory agencies – final regulations and official guidance – matching them with the Dodd-Frank sections they implement. Hyperlinks throughout the BRU connect all actions to original sources for convenient reference and complete detail.
Get the Latest Updates
Proposed AML Rulemaking
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FinCEN FAQs Clarify Customer
Due Diligence Regulations
Two months after amending its customer due diligence (CDD) regulations requiring financial institutions to identify and verify beneficial owners of their legal entity customers, FinCEN has issued frequently asked questions (FAQs) designed to improve understanding and facilitate compliance ...
A Timely FDIC Reminder
on Examination Findings
The Reminder pointedly recognizes cooperative, continuing communication between examination staff and bank management as a critical element of effective bank supervision ...
Prepaid Banking Products To Be Regulated Like Credit Cards
Amidst growing regulatory concern over the exponential growth in the use of prepaid cards and other forms of prepaid accounts, the Consumer Financial Protection Bureau (CFPB) recently issued a final rule (New Regulation) expanding the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) ...
OCC Extends Comment Period for ‘Money Laundering Risk’ Reporting Plan
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Respected Financial Services
Attorney Joins Dinsmore in D.C.
Veteran financial services attorney John Bowman joins Dinsmore from Venable LLP, where he spent four years advising banks and financial services firms on regulatory, compliance, enforcement and policy issues ...