Search Results for keywords:"financial institutions"

The Federal Housing Finance Agency (FHFA) has announced an adjustment to the cap on average total assets to determine if a Federal Home Loan Bank member qualifies as a "community financial institution" (CFI). This cap has been set at $1.5 billion, reflecting a 2.7% increase based on changes in the Consumer Price Index for all urban consumers (CPI-U) from November 2023 to November 2024. This adjustment, effective from January 1, 2025, allows CFI status to be determined using unadjusted CPI-U data, as it is less prone to revisions than adjusted data.

The Federal Deposit Insurance Corporation (FDIC) has announced that it is granting temporary relief to certain financial institutions. These institutions, which manage mortgage servicing accounts, are being given until March 31, 2022, to meet specific technology and recordkeeping requirements necessary for calculating deposit insurance. This relief period is intended to allow these institutions more time to improve their systems and processing capabilities. The FDIC will continue to monitor the situation and may change or withdraw the relief if needed.

The Financial Crimes Enforcement Network (FinCEN), part of the Treasury Department, has proposed a new rule to prohibit U.S. financial institutions from opening or maintaining correspondent accounts for Huione Group. This is because Huione Group, a Cambodian financial institution, has been identified as a serious risk for money laundering, particularly concerning illicit proceeds from cybercrimes and activities linked to North Korea's operations. U.S. financial institutions must also take special measures to ensure they are not processing transactions that involve Huione Group. The public has 30 days to comment on this proposal.

The Federal Reserve Board has proposed a rule change to stabilize the capital requirements for large financial institutions. The changes would calculate the stress capital buffer requirement by averaging the capital declines from the past two years of stress tests, instead of just one, to reduce volatility. Additionally, the implementation date for the new requirements would be moved from October 1 to January 1, giving firms extra time to comply. These adjustments aim to make capital planning easier and lower regulatory burdens without significantly affecting overall capital demands.

The Board of Governors of the Federal Reserve System has agreed to continue, for three more years, the existing disclosure requirements related to the Consumer Financial Protection Bureau's Regulation DD, without making any changes. These requirements involve financial institutions providing specific account information, including fees and terms, to help consumers make informed decisions when comparing deposit accounts. Though the Board requested public comment on this extension, only one comment was received, which did not pertain to the matter at hand. The Board officially adopted this extension as initially proposed.

The Internal Revenue Service (IRS) is inviting comments from the public and other federal agencies regarding two forms: Form 56, which relates to fiduciary relationships, and Form 56-F, specific to financial institutions. This request is part of IRS's ongoing effort to lessen paperwork as required by the Paperwork Reduction Act of 1995. Comments on these forms, which help the IRS manage the establishment or changes in fiduciary relationships, are sought to assess their necessity, benefit, and any potential improvements. The forms are necessary for both businesses and individuals, with roughly 174,050 responses expected annually. Comments must be submitted by May 19, 2025.

The Department of the Treasury is seeking public feedback on their information collection requests related to the sale of financial instruments like bank checks and money orders. These rules are part of efforts to comply with the Bank Secrecy Act, which requires record-keeping for transactions involving $3,000 or more to prevent illegal activities. The public is invited to provide comments by January 2, 2025. This collection primarily impacts businesses and aims to track large cash transactions more effectively.

The Bureau of Consumer Financial Protection has issued an Advisory Opinion to clarify rules under Regulation B of the Equal Credit Opportunity Act regarding special purpose credit programs. This opinion provides guidance to for-profit organizations on how to develop credit programs that serve specific social needs and explains what information must be included in programs' written plans. It aims to address regulatory uncertainties and encourage financial institutions to create programs that improve credit access for disadvantaged groups. The Advisory Opinion became effective on January 15, 2021.

The Office of the Comptroller of the Currency (OCC) is inviting comments on the proposed renewal of an information collection, as required by the Paperwork Reduction Act. This involves a revision of their annual stress test reporting template for financial institutions with assets of $250 billion or more, under the Dodd-Frank Act. The proposed updates aim to align with existing Federal Reserve reporting forms and exclude outdated or unnecessary components. Public comments are encouraged and can be submitted by various methods outlined in the notice until March 7, 2025.

The Board of Governors of the Federal Reserve System is asking for public comments on a proposal to extend, without any changes, the rules on recordkeeping related to leveraged lending for the next three years. This affects banks and financial institutions that make high-risk loans, helping them ensure such loans are done safely. The public has until June 27, 2025, to submit their opinions on various aspects of the proposal, such as its necessity, accuracy, and potential improvements. This effort aims to maintain fairness and reduce risks in the financial system while considering the operational costs for institutions.