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.
