On July 1, 2022 the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the availability of the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration pursuant to the definition of community development under the agencies’ regulations. Revitalization or stabilization activities in these geographies are eligible to […]
Tag: Federal Reserve
NEW INTERAGENCY QUESTIONS AND ANSWERS REGARDING FLOOD INSURANCE – FINALLY
On May 11, 2022, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (jointly, the agencies) issued revised questions and answers (Q&As) regarding federal flood insurance law and the agencies’ implementing regulations. The Q&As: Replace those originally published by the agencies in 2009 and 2011 and consolidate Q&As proposed by the agencies […]
INTERAGENCY CRA PROPOSAL PUBLISHED
On May 5, 2022, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the agencies) jointly issued a proposal to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The 629-page proposal is intended to: Expand access to credit, investment, and basic banking services in low- and moderate-income communities. Under the proposal, the agencies would evaluate bank performance across the varied activities […]
AGENCIES SCHEDULE WEBINAR ON COMPUTER INCIDENT NOTIFICATION RULE
The FDIC, OCC and Federal Reserve scheduled a webinar entitled Ask the Regulators: Computer-Security Incident Notification Rule for Thursday, April 28, 2022, at 2:00 p.m. EDT. The rule requires a banking organization to notify its primary federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification incident has occurred. The regulators will respond […]
COMPUTER SECURITY INCIDENTS – WHO TO CONTACT?
On November 17, 2021, the Office of the Comptroller of the Currency (OCC), Treasury; the Board of Governors of the Federal Reserve System (Board); and the Federal Deposit Insurance Corporation (FDIC) released a final rule that requires a banking organization to notify its primary federal regulator of any “computer-security incident” that rises to the level of a “notification incident,” as soon as possible and no later than 36 hours after the banking organization determines that a notification […]