The Federal Reserve Board, FDIC and OCC said they will continue to work towards aligning capital requirements for banks with the final set of "Basel III" standards.
Acting Comptroller of the Currency Michael J. Hsu addressed the threats posed to consumer trust in banking from inequality, digitalization, complacency and climate-related risk.
Acting Comptroller Michael J. Hsu warned that the digitalization of the banking industry poses significant challenges for community banks.
OCC Acting Comptroller Michael J. Hsu encouraged financial institutions to continue investing in cybersecurity risk mitigation efforts, and to collaborate through financial industry joint efforts aimed at information sharing and collective defense.
The OCC revised and replaced its 2013 policy statement on minority depository institutions to (i) update and streamline descriptions of its policies, procedures and programs and (ii) describe the range of programs it has in place to support MDIs.