The New York State Department of Financial Services provided temporary regulatory relief for New York-chartered financial institutions concerning (i) conducting in-person meetings and (ii) holding annual stockholder meetings.
An article on the effective date for the Federal Reserve Board, OCC and FDIC joint final rule increasing the major asset prohibition thresholds for the management interlock rule misstated the effective date as October 9, 2019. The correct effective date is October 10, 2019.
The Office of the Comptroller of the Currency, Federal Reserve Board and FDIC joint final rule to increase the major asset prohibition thresholds for management interlock rule was published in the Federal Register.
House Financial Services Committee Chair Maxine Waters and Senate Banking Committee Ranking Member Sherrod Brown called on Comptroller of the Currency Joseph Otting to disclose his plans for the Federal Housing Finance Agency.
In a semiannual risk report, the Office of the Comptroller of the Currency reported on the operating environment, performance, emerging risk, trends and supervisory actions at national banks and federal savings associations.
The Federal Reserve Board Division of Consumer and Community Affairs introduced a new publication that is intended to provide industry members with guidance on relevant supervisory issues related to consumer protection.
A national bank agreed to pay a total of $1 billion to settle charges with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau regarding its comprehensive risk management program and certain home mortgage and auto loan policies.
A mortgage banker agreed to pay a $5 million fine to settle charges brought by the New York State Department of Financial Services for failure to develop certain controls and keep records as required under state banking law.