The OCC, FRB and FDIC requested comment on a set of rules as part of a process to identify "outdated" or "unnecessary" regulatory requirements on insured depository institutions and their holding companies.
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A joint Federal Reserve Board, OCC and FDIC interim final rule went into effect relieving community banks impacted by COVID-19 policy responses from the regulatory requirements applicable to institutions with over $10 billion in assets.
The Federal Reserve Board, the OCC and the FDIC issued an interim final rule to excuse community banks that were affected by government policy responses to COVID-19 from the regulatory requirements that apply to institutions with over $10 billion in assets.
An investment firm was fined $2.9 billion by several authorities for its failure to (i) properly oversee its operations, (i) maintain internal controls and (iii) conduct proper risk management, with regard to its employees' involvement in improper payments to foreign officials.
Federal Reserve Board Vice Chair for Supervision Randal Quarles described the vulnerabilities of nonbank financial intermediation, revealed by COVID-19 related shocks to the financial markets.