FDIC: Proposal Approved to Implement GENIUS Act Requirements and Standards
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking that would implement certain requirements and standards under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposed rule would establish a prudential framework for FDIC-supervised permitted payment stablecoins issuers, including requirements related to reserve assets, redemption,…
Agencies Issue Final Rule to Prohibit Use of Reputation Risk by Regulators
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies) today jointly issued a final rule that codifies the elimination of reputation risk from their supervisory programs. The rule defines “reputation risk” and prohibits the agencies from criticizing or taking adverse action against an institution on the basis of…
Treasury: Public Comment Sought on GENIUS Act Notice of Proposed Rulemaking Concerning State-Level Regulatory Regimes
Today, the U.S. Department of the Treasury issued a notice of proposed rulemaking (NPRM) seeking public comment related to Treasury’s implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The NPRM is the first regulation Treasury has proposed to implement the GENIUS Act. Under the GENIUS Act, payment stablecoin issuers with…
OCC: Final Rule Issued to Rescind Recovery Planning Guidelines
The Office of the Comptroller of the Currency (OCC) today announced a final rule to rescind its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches (banks). “Recovery planning guidelines that require large banks to engage in prescriptive planning activities do little to improve their ability to manage through…
Treasury: Financial Stability Oversight Council Issues Proposed Guidance on Nonbank Financial Company Designations
The Financial Stability Oversight Council (Council) today voted unanimously to issue for public comment proposed interpretative guidance on nonbank financial company designations. This proposed guidance would reinstitute a number of elements first introduced by the Council’s 2019 interpretive guidance and would add critical enhancements that reflect the Council’s current understanding of financial stability, underscoring the…
ICBA: ICBA Thanks Lawmakers for Introducing New Bills Advancing the Deposit Insurance Debate
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the introduction of several bills in the House opens in a new taband Senate opens in a new tabto reform the nation’s deposit insurance system. “ICBA and the nation’s community bankers thank members of Congress for introducing several bills that continue advancing…
OCC: Comptroller Gould Issues Statement at Financial Stability Oversight Council Meeting Regarding Nonbank Financial Company Designations
Comptroller of the Currency Jonathan V. Gould today issued remarks at the Financial Stability Oversight Council (FSOC) meeting about the FSOC’s framework for considering the designation of a nonbank financial company. In his remarks, Comptroller Gould shared the OCC’s support for the proposed framework, which wisely reverts to a common-sense approach consistent with the law….
FDIC: Board of Directors Rescinds Statement of Policy on Qualifications for Failed Bank Acquisitions
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved the rescission of a Statement of Policy on Qualifications for Failed Bank Acquisitions (Statement of Policy) issued in 2009 and related questions and answers issued in 2010. The Statement of Policy applied to private investments in certain companies that sought to assume deposit liabilities…
Agencies Request Comment on Proposals to Modernize the Regulatory Capital Framework and Maintain the Strength of the Banking System
The federal bank regulatory agencies today requested comment on three proposals to modernize the regulatory capital framework for banks of all sizes. The proposals would streamline capital requirements and better align regulatory capital with risk while maintaining the safety and soundness of the banking system. The federal bank regulatory agencies today requested comment on three proposals…
HUD: Secretary Turner Applauds President Trump for Cutting Red Tape, Restoring Housing Affordability, and Increasing Access to Home Loans
HUD Attacks Barriers to Building Homes and Mortgage Credit Secretary Scott Turner applauds President Trump’s Executive Orders (EO), “Removing Regulatory Barriers to Affordable Home Construction” and “Promoting Access to Mortgage Credit.” The first EO terminates burdensome regulations that stall housing construction, deplete supply, and increase housing costs for hardworking American families. The second reduces regulatory…