Search Results for agency_names:"Comptroller of the Currency"

The Office of the Comptroller of the Currency (OCC) is requesting comments from the public and other federal agencies on renewing an information collection known as the "Bank Appeals Follow-Up Questionnaire." This is part of a broader effort to reduce paperwork and respondent burden under the Paperwork Reduction Act of 1995 (PRA). The information gathered will assess the effectiveness of the OCC's appeals process for banks and help improve it. Comments on the need, accuracy, and potential improvements of this information collection are invited, and they must be submitted by April 19, 2021.

The Office of the Comptroller of the Currency (OCC) is proposing a new rule that would allow exemptions from certain requirements tied to Suspicious Activity Reports (SARs), which banks and savings associations must file. This rule aims to give national banks and federal savings associations some flexibility if they come up with new, more efficient ways to comply with anti-money laundering laws, while still being reviewed for safety and soundness. The proposal includes guidelines on how banks can apply for these exemptions and factors that will be considered in granting them, like consistency with the Bank Secrecy Act and any supervisory concerns. The OCC is inviting public comments on this proposed rule until February 22, 2021.

The Depository Institutions Disaster Relief Act of 1992 (DIDRA) allows agencies to temporarily suspend some appraisal requirements under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) for real estate transactions in disaster areas. Following the President's declaration of a major disaster in Los Angeles County, California due to wildfires and straight-line winds starting January 7, 2025, these exceptions have been granted for affected real estate transactions until January 8, 2028. The exceptions aim to facilitate recovery and are consistent with safe banking practices, as long as certain conditions are met, like having a commitment to fund transactions and ensuring the property's value is supportive.

The Office of the Comptroller of the Currency (OCC) announced adjustments to its maximum civil money penalties to account for inflation. These changes are in line with the Federal Civil Penalties Inflation Adjustment Act of 1990, updated by the Improvements Act of 2015. The updates apply to penalties assessed starting January 10, 2025, for violations occurring on or after November 2, 2015. The OCC used guidance from the Office of Management and Budget to apply the inflation multiplier required for the adjustment.

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) have finalized a rule concerning the treatment of certain debt investments by advanced banking organizations. The rule requires these organizations to deduct from their regulatory capital any investments in unsecured debt instruments issued by systemically important banks, known as GSIBs, to meet specific capacity requirements. This rule aims to reduce interconnectedness and systemic risks within the financial system and includes adjustments following public comments on the proposal. Additionally, the rule incorporates several technical amendments and new definitions to its regulatory framework.

The Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC are requesting public comments on proposed revisions and extensions to specific reports, aiming to update the guidelines for reporting certain types of deposits, such as brokered and sweep deposits. These revisions align with regulations like the Net Stable Funding Ratio and address exceptions in the revised definition of brokered deposits. Public feedback is sought on whether these updates improve the agencies' ability to monitor financial institutions and assess related risks. The changes are set to take effect beginning with the report date of June 30, 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 Office of the Comptroller of the Currency (OCC) is seeking public and agency comments on the renewal of an information collection called the "Examination Survey," as required by the Paperwork Reduction Act. This survey collects feedback from banks regarding the OCC's supervisory activities and aims to improve the examination process through responses on communication, data requests, and examiner professionalism. Comments are due by February 10, 2021, and can be submitted via email, mail, fax, or courier. The survey helps the OCC in enhancing examination quality and targeting examiner training.

The Office of the Comptroller of the Currency (OCC), a part of the Treasury Department, has announced a request for public comments on a revised information collection about Appraisal Management Companies as required by the Paperwork Reduction Act of 1995. This collection involves recordkeeping requirements for managing appraisal companies, as directed by the Dodd-Frank Act. The deadline for submitting comments is January 21, 2025. The OCC has reduced the estimated annual paperwork burden from 2,455 hours in 2021 to 1,991 hours due to fewer respondents.

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively known as "the agencies") are reviewing regulations affecting insured depository institutions. This review, under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, aims to identify rules that are outdated, unnecessary, or too burdensome. The agencies are seeking public comments on specific categories of regulations, including Rules of Procedure, Safety and Soundness, and Securities, in hopes of reducing the regulatory impact, especially on community banks. Public comments are invited until March 11, 2025, and the agencies will use these to help decide if any regulations should be adjusted or removed.