The OCC, Federal Reserve Board, FDIC and National Credit Union Administration revised an interagency policy statement on allowances for credit losses. The revisions were in response to amendments the Financial Accounting Standards Board made to GAAP accounting standards on the topic in March, 2022.
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Acting Comptroller of the Currency Michael J. Hsu evaluated the potential impact of open banking on the financial industry and consumers.
The Federal Financial Institutions Examination Council revised its guidance for banks on compliance with the Home Mortgage Disclosure Act and related regulations.
Acting Comptroller of the Currency Michael J. Hsu warned of “persistent inequality” within the banking system that can "erode trust" and cause underserved and financially vulnerable populations to turn to nonbank entities that have "less stringent safety and soundness requirements."
The FDIC entered into a purchase and assumption agreement with Flagstar Bank, N.A. to sell most deposits and certain loan portfolios of Signature Bridge Bank, N.A.