On December 8, 2021, Acting Comptroller of the Currency Michael J. Hsu shared his thoughts regarding overdraft practices at the Consumer Federation of America’s 34th Annual Financial Services Conference. Mr. Hsu stated, “As we all know, it is expensive to be poor. And a significant part of that expense comes from the products and services offered by banks themselves. As the Brookings Institution has noted recently, ‘The existing system is regressive (reverse Robin Hood), creating […]
Tag: OCC
AGENCIES INCREASE REGULATION M AND Z THRESHOLDS
On November 29, 2021 the Office of the Comptroller of the Currency, Treasury (OCC); Board of Governors of the Federal Reserve System (Board); and Bureau of Consumer Financial Protection (Bureau) announced new coverage thresholds for: Consumer Leasing (Regulation M) – Based on the annual percentage increase in the CPI-W as of June 1, 2021, the exemption threshold will increase from $58,300 to $61,000 effective January 1, 2022. Appraisal for Higher-Priced Mortgage Loans Exemption Threshold – […]
INTERAGENCY FINAL RULE ON COMPUTER-SECURITY INCIDENCE NOTIFICATION REQUIREMENTS
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 […]
AS COVID RAGES ON, THE REGULATORS REENGAGE
On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the state financial regulators (collectively, agencies) issued a joint statement to communicate to mortgage servicers the agencies’ supervisory and enforcement approach as risks associated with the Coronavirus Disease (COVID-19) pandemic continue to change. On April 3, 2020, the agencies […]
OCC FAQS ON RESCINDED FINAL CRA RULE
On October 26, the Office of the Comptroller of the Currency (OCC) took the unusual step of issuing frequently asked questions (Bulletin 2021-50) about a notice of proposed rulemaking (NPRM) soliciting comments on the proposal to rescind the OCC’s Community Reinvestment Act (CRA) rule issued on June 5, 2020. The NPRM, which was published in the Federal Register on September 17, 2021, proposes that the June 2020 CRA rule largely be replaced with the rules adopted jointly by the […]