The OCC, FRB, FDIC, and NCUA have published additional frequently asked questions (FAQs) to assist financial institutions and examiners with the new accounting standard, Accounting Standards Update (ASU) 2016-13, Topic 326, “Financial Instruments–Credit Losses” (ASU 2016-13), issued by the Financial Accounting Standards Board (FASB) on June 16, 2016. There are nine additional questions, updated responses to four existing questions, and a new appendix with links to relevant resources that are available to banks to assist […]
Category: OCC
AGENCIES DELAY CECL EFFECTIVE DATE
The OCC, Federal Reserve and FDIC have published a final rule delaying the effective date of their rule to address changes in credit loss accounting under U.S. generally accepted accounting principles, including banking organizations’ implementation of the current expected credit losses methodology (CECL). The final rule had an effective date of April 1, 2019, and provides that banking organizations may early adopt the final rule prior to that date. The agencies have determined that a delay […]
OCC FINES CITIBANK FOR FAIR HOUSING ACT VIOLATION
On March 19th, The Office of the Comptroller of the Currency (OCC) levied a $25 million civil money penalty against Citibank for violating the Fair Housing Act. The violation stems from inconsistent issuing of lender credits through their Relationship Loan Pricing (RLP) program. The OCC found that there were control weaknesses related to the program that resulted in eligible mortgage loan customers not receiving an interest rate reduction or a credit to their closing costs. […]
PRIVATE FLOOD INSURANCE FINAL RULE ANNOUNCED
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, National Credit Union Administration have issued a final rule amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Prior to implementing this final rule, the agencies issued two proposed rules addressing private flood […]
CRA SMALL BUSINESS, SMALL FARM AND COMMUNITY DEVELOPMENT DATA RELEASED
On October 25, 2018 the federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities today announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. The agencies releasing the data are the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the […]