Federal and state banking regulators encouraged financial institutions to work with borrowers who may not be able to satisfy their financial obligations due to the outbreak of COVID-19.
The Federal Financial Institutions Examination Council reminded financial institutions that their business continuity plans should include preparations in the event of a pandemic outbreak.
The OCC, Federal Reserve Board, FDIC and National Credit Union Administration proposed (i) a policy statement on allowances for credit losses and (ii) guidance on credit risk review systems.
Bank regulators and FinCEN clarified their risk-focused approach for assessing bank compliance under Bank Secrecy Act and anti-money laundering regulations.
The National Credit Union Administration requested comments on current regulations limiting the compensation of credit union officials and employees connected to loans and lines of credit to members.
The Federal Reserve Board, the Office of the Comptroller of the Currency, the FDIC and the National Credit Union Administration updated its FAQ on the new credit losses accounting standard.
The Federal Reserve Board, the Office of the Comptroller of the Currency, the FDIC, the Consumer Financial Protection Bureau, the National Credit Union Administration and the Conference of State Bank Supervisors encouraged financial institutions to work with consumers impacted by the federal government shutdown.
Federal banking regulators testified before the U.S. Senate Committee on Banking, Housing and Urban Affairs on progress toward implementing the Economic Growth, Regulatory Relief and Consumer Protection Act.
In an interagency statement, several banking agencies addressed instances in which banks may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act and anti-money laundering obligations.
Bank regulators, with the concurrence of FinCEN, granted an exemption to banks and bank subsidiaries from the requirements of the customer identification program rules for premium finance lending.
In a Joint Report submitted to Congress, member agencies of the Federal Financial Institutions Examination Council and the National Credit Union Administration outlined interagency and agency actions to reduce regulatory burdens on financial institutions.
The Board of Governors of the Federal Reserve System, FDIC, National Credit Union Administration and the Office of the Comptroller of the Currency provided guidance on a new accounting standard introducing a methodology for estimating allowances for credit losses.
Multiple agencies requested comment on a joint proposal that would limit incentive-based compensation arrangements at covered institutions. The request for comment was published in the Federal Register.
The Office of the Comptroller of the Currency, the CFPB, the FDIC, and the National Credit Union Administration outlined supervisory expectations regarding deposit reconciliation practices for customer accounts.
Six regulatory agencies requested comment on a proposed rule regulating incentive-based compensation arrangements at covered institutions as required by the Dodd-Frank Act.
The Board of Governors of the Federal Reserve System, FDIC, National Credit Union Administration, Office of the Comptroller of the Currency and U.S. Treasury Financial Crimes Enforcement Network issued guidance on applying customer identification program requirements to prepaid cards issued by banks.
