Search Results for keywords:"Dodd-Frank Act"

The Federal Deposit Insurance Corporation (FDIC) is proposing changes to its regulations concerning securities offerings by State savings associations and State nonmember banks. The FDIC plans to streamline regulations by removing outdated rules transferred from the Office of Thrift Supervision and creating a new unified regulation for securities disclosures. This new rule aims to simplify and align requirements with current securities laws, ensuring both State savings associations and State nonmember banks are subject to the same rules. The proposed rule also includes technical amendments and invites public comments on these changes until April 5, 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 The proposed updates aim to align with existing Federal Reserve reporting forms and exclude outdated or unnecessary components.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 Securities and Exchange Commission (SEC) has requested an extension for the collection of information related to Form PF from the Office of Management and Budget, as required by the Paperwork Reduction Act. Form PF is used by private fund advisers with significant assets under management to report certain information to facilitate the monitoring of systemic risk in the private fund industry. The SEC divides these advisers into two groups: Large Private Fund Advisers and smaller private fund advisers, and estimates varying annual burden hours for each group based on their size and filing history. Public comments on the information collection can be submitted within 30 days of the notice's publication.

The Federal Deposit Insurance Corporation (FDIC) has implemented a final rule to remove outdated and duplicative regulations related to "Prompt Corrective Action" that were inherited from the Office of Thrift Supervision (OTS). The goal is to streamline regulations and ensure clarity by consolidating these rules into existing FDIC regulations. This change affects state savings associations, making it clear that all FDIC-supervised institutions will follow the same regulations. These adjustments are not expected to have substantial impacts on small entities, as the rules remain consistent with existing FDIC standards.

The Consumer Financial Protection Bureau (CFPB) has finalized changes to the regulation known as Regulation Z, which enforces the Truth in Lending Act (TILA). These updates adjust the dollar amounts tied to several loan thresholds, including those for high-cost mortgages, qualified mortgages, and credit card interest disclosures. The adjustments are based on the 3.4% increase in the Consumer Price Index (CPI) from April 2023 to April 2024 and will take effect on January 1, 2025. The changes ensure that the thresholds reflect current economic conditions, making it easier for consumers to understand loan costs and requirements.

The Federal Deposit Insurance Corporation (FDIC) has finalized a rule to remove certain regulations that were transferred from the Office of Thrift Supervision (OTS) to the FDIC in 2011 under the Dodd-Frank Act. These regulations mainly dealt with the supervision of State savings associations. The final rule, effective March 5, 2021, aims to simplify regulations by rescinding unnecessary ones and making technical changes so that State savings associations follow similar filing requirements as other FDIC-supervised institutions. The FDIC expects these changes to have minimal impact on the affected institutions.

The Office of the Comptroller of the Currency (OCC) is inviting public and federal agency comments on a proposed revision to an information collection requirement under the Paperwork Reduction Act. This involves updating reporting requirements for national banks and federal savings associations, particularly those with assets of $250 billion or more, to align with stress test templates used by the Federal Reserve. The goal is to minimize the burden on these institutions while ensuring effective stress testing practices. Comments on the proposal are requested by March 29, 2021, and the OCC encourages electronic submissions.

The Federal Housing Finance Agency (FHFA) has issued Orders for stress test reporting by regulated entities, effective March 4, 2025. These Orders require financial companies with over $250 billion in assets to report their stress test results, ensuring they have enough capital to withstand severe economic conditions. The guidance includes detailed instructions on how the reports should be formatted and submitted. The Orders and instructions can be accessed online through the FHFA’s website.

The Commodity Futures Trading Commission has issued a notice for an Information Collection Request (ICR) under the Paperwork Reduction Act of 1995, seeking public comments by January 15, 2025. This request involves extending an existing data collection related to swap data access provisions, required by the Dodd-Frank Act. The collection impacts four respondents, with an average annual burden of 19,679.5 hours each, totaling 78,718 hours overall. The ongoing costs per respondent are estimated to be around $2 million, with no initial start-up costs.

The Federal Deposit Insurance Corporation (FDIC) has issued a final rule to remove obsolete regulations related to subordinate organizations of State savings associations, which were originally transferred from the Office of Thrift Supervision (OTS) following the Dodd-Frank Act. These regulations, found in 12 CFR part 390, subpart O, were deemed unnecessary because their requirements are largely duplicated by other existing Federal Deposit Insurance Act (FDI Act) provisions. By removing these regulations, the FDIC aims to simplify its rules, making them easier for the public and State savings associations to understand and follow. The changes are set to take effect on March 5, 2021.