The Government Accountability Office ("GAO") reported that community banks, credit unions and industry associations cited an increase in the compliance burden from the Dodd-Frank Act. The GAO report stated that the full impact of the Dodd-Frank Act "remains uncertain because many of its rules have yet to be implemented and insufficient time has passed to evaluate others." The GAO report examined: (i) regulatory analyses by federal agencies and interagency coordination, and (ii) the impact of selected Dodd-Frank provisions and related implementing rules on financial stability. From interviews
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The Board of Governors of the Federal Reserve System, the FDIC and the Office of the Comptroller of the Currency ("OCC" and, collectively, the "agencies") expressed their support of the March 2014 guidance on the "external audits of banks" by the Basel Committee on Banking Supervision ("BCBS"). While recognizing that the existing practices in the United States are broadly consistent with the BCBS guidance, the agencies also acknowledged that "differences exist between the standards and practices followed in the United States and the principles and expectations" in the BCBS guidance. For that
The FDIC, Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System jointly adopted and requested comment on interim final rules permitting certain insured depository institutions.
Executive Vice President of the Federal Reserve Bank of New York Kevin Stiroh discussed the concept of supervision (as opposed to regulation) and outlined three areas of recent supervisory focus: cybersecurity, FinTech and reputational risk.
The Office of the Comptroller of the Currency reminded national banks and federal savings associations of their obligations concerning (i) the maintenance of records, (ii) records retention and (iii) examiner access.