Five federal agencies ("the Agencies") published interim and final rules on margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants. The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Farm Credit Administration ("FCA") and the Federal Housing Finance Agency ("FHFA") published the rules in the Federal Register. The final rule implements Dodd-Frank Sections 731 ("Registration
The Office of the Comptroller of the Currency ("OCC") issued a report titled "Semiannual Risk Perspective for Fall 2015." According to the report, risks associated with underwriting and cybersecurity are increasing, while strategic, compliance and interest rate risks remain stable. The report addresses key issues faced by banks and presents the following findings: The Operating Environment. Competitive pressures, the search for revenue growth and an ongoing low-interest-rate environment continue to challenge bank risk management and influence appetites for risk. In this environment, banks have
The Office of the Comptroller of the Currency ("OCC") solicited comments on a proposed rule to establish guidelines for recovery planning by banks. The guidelines would apply to insured national banks, insured federal savings associations and insured federal branches of foreign banks with average total consolidated assets of $50 billion or more ("covered banks"). The OCC emphasized that due to "recent large-scale operational events, such as destructive cyber attacks," institutions must plan how to address significant stress events before they occur. Highlights of the proposal include the
The OCC, the Board of Governors of the Federal Reserve System and the FDIC made annual adjustments in the asset-size thresholds used to define "small bank," "small savings association," "intermediate small bank," and "intermediate small savings association" under the Community Reinvestment Act (CRA). The adjustments were published in the Federal Register. The agencies also made technical edits to remove obsolete references to the Office of Thrift Supervision and update cross-references to regulations implementing certain Federal consumer financial laws in their CRA regulations. The adjustments
The Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve released three supervisory scenarios for upcoming stress tests of certain financial institutions with total consolidated assets of more than $10 billion.