On May 14, 2019 staff from the Farm Credit Administration, Federal Deposit Insurance Corporation, Federal Reserve Board, , National Credit Union Administration and the Office of the Comptroller of the Currency are reviewing the recently released rules regarding Private Flood Insurance in a one-hour Outlook Live webinar. The webinar begins at 2 p.m. EDT. Agency personnel will explain: Mandatory acceptance of private flood insurance; Mandatory acceptance Compliance Aid; Discretionary acceptance of private flood insurance; Flood […]
Tag: Federal Reserve
STATUS OF CRA REVISIONS
The federal banking regulatory agencies are making progress in development of a proposal to revise the Community Reinvestment Act regulations. Senior officials at the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve briefed industry leaders on the topic at a recent Consumer Bankers Association conference. The officials indicated that, after preliminary talks and a review of public comments submitted to the OCC, the agencies are ready to start writing […]
AGENCIES PUBLISH ADDITIONAL CECL FAQS
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 […]
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 […]
GUIDANCE ON VOLUNTARY PRIVATE EDUCATION LOAN REHABILITATION PROGRAMS
On February 4, 2019 the Federal Deposit Insurance Corporation (FDIC) issued a Financial Institution letter (FIL-5-2019) dealing with voluntary private education loon rehabilitation programs. The notice was issued jointly with the Board of Governors of the Federal Reserve System (Fed). The FIL is designed to make financial institutions aware of an amendment to section 623 of the Fair Credit Reporting Act (FCRA). This amendment is contained in section 602 of the Economic, Growth, Regulatory Relief […]