Archive

OCC Publishes Essential CRA Information

On June 5, 2020, the Office of the Comptroller of the Currency (OCC) published a final rule revising its Community Reinvestment Act (CRA) regulation. The revised rule, which applies to national banks, federal savings associations, and federal branches of foreign banking organizations that are subject to the OCC’s regulations under CRA, was effective on October 1, 2020. Since June, the industry has been waiting for additional information essential for implementing the final rule. On January […]

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OCC FINALIZES FAIR ACCESS RULE

On January 14, 2021, Brian Brooks, Comptroller of the Currency, issued a final rule establishing standards that a bank must follow in fulfilling its obligation to provide fair access to financial services.  The final rule is effective on April 1, 2021. The final rule applies to banks with $100 billion or more in total assets. The OCC interprets “fair access to financial services” to recognize its broad responsibility to ensure that banks make decisions about […]

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OCC ISSUES CMP INFLATION ADJUSTMENTS FOR NATIONAL BANKS AND FEDERAL SAVINGS ASSOCIATIONS

The Office of the Comptroller of the Currency (OCC) has published a final rule announcing changes to the maximum amount of each civil money penalty (CMP), for national banks and Federal savings associations, to account for inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990 as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjustments serve to maintain the deterrent effect of civil penalties and to […]

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INTERAGENCY STATEMENT – CEASE ORIGINATION OF LIBOR-BASED CONTRACTS

On November 30, 2020, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the agencies) issued a statement to encourage banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition. […]

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UNUSUAL OCC FAIR ACCESS PROPOSAL ON FAST TRACK

On November 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPRM) that ensures that larger national banks and Federal savings associations offer and provide fair access to financial services. This is a most unusual proposal What The NPRM: Is a response to campaigns by political advocates who seek to achieve policy objectives by pressuring banks to stop providing financial services to customers (engaged in a lawful […]

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