The House Financial Services Committee considered (i) testimony from federal banking regulators, including the Federal Reserve Board ("FRB"), FDIC, OCC and the National Credit Union Administration ("NCUA") on a broad range of concerns, as well as (ii) several proposed bills imposing additional requirements on financial institutions.
FRB Vice Chair of Supervision Randal Quarles, FDIC Chair Jelena McWilliams, OCC Comptroller Joseph M. Otting and NCUA Chair Rodney E. Hood reflected on recent supervisory and regulatory developments in the banking sector (see here, here, here and here). Key takeaways include:
The Committee also considered the following bills:
The OCC proposed amendments clarifying that the transfer of a loan from a national bank to another entity does not affect the legality of the interest rate on the loan, so long as the rate was valid when made.
In a notice of proposed rulemaking, the Office of the Comptroller of the Currency requested feedback on the ways it could modernize the Community Reinvestment Act regulatory framework.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC adopted final rule amendments to exclude certain firms with consolidated assets equal to or less than $10 billion from the Volcker Rule.
The Federal Reserve Board, Farm Credit Administration, Federal Housing Finance Agency and OCC proposed rule amendments governing margin requirements for uncleared swaps and security-based swaps.