Agenices Finalize Rule Updating and Modernizing the Community Reinvestment Act
On October 24, 2023, the FDIC Board voted to approve a final rule, to be issued jointly with the Board of Governors of the Federal Reserve System (Federal Reserve) and the Office of the Comptroller of the Currency (OCC), that makes comprehensive regulatory amendments to the FDIC’s regulation implementing the Community Reinvestment Act of 1977…
FDIC: CRA Examination Schedules for First Quarter 2024 and Second Quarter 2024 Issued
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the first quarter 2024 and second quarter 2024. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter. …
Agencies Extend Comment Period on Proposed Rule to Require Large Banks to Maintain Long-Term Debt
Federal bank regulatory agencies announced today that they will extend until January 16, 2024, the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability. The agencies extended the comment period to allow interested parties more time to analyze the issues and prepare their comments. Comments on the…
FDIC: Board of Directors Issues a Final Rule on Special Assessment Pursuant to Systemic Risk Determination
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action…
FDIC: Iowa Trust & Savings Bank, Emmetsburg, IA, Assumes All of the Deposits of Citizens Bank, Sac City, IA
Citizens Bank, Sac City, Iowa, was closed today by the Iowa Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a Purchase and Assumption Agreement with Iowa Trust & Savings Bank, Emmetsburg, Iowa, to assume all of the deposits of Citizens Bank. The two…
FDIC: Advisory Committee on Economic Inclusion to Meet Next Week
Two New Members also Announced The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, November 2, 2023, to discuss updates from Committee members about key challenges facing their communities and organizations. Panel presentations will discuss the final Community Reinvestment Act (CRA) rule, research informing the next FDIC multi-year…
FDIC: Notice of Proposed Rulemaking to Revise FDIC Regulations Concerning Section 19 of the FDIA to Conform with the Fair Hiring in Banking Act
The Federal Deposit Insurance Corporation (FDIC) issued a proposal that would revise 12 C.F.R. part 303, subpart L, and part 308, subpart M, thereby updating the FDIC’s regulations concerning section 19 of the Federal Deposit Insurance Act to conform with the Fair Hiring in Banking Act (Act). On December 23, 2022, the James M. Inhofe…
FDIC: Agencies Issue Principles for Climate-Related Financial Risk Management for Large Financial Institutions
Federal bank regulatory agencies today jointly finalized principles that provide a high–level framework for the safe and sound management of exposures to climate–related financial risks for large financial institutions. The principles are consistent with the risk management framework described in the agencies’ existing rules and guidance. The principles are intended for the largest financial institutions,…
FDIC: Agencies Issue Final Rule to Strengthen and Modernize Community Reinvestment Act Regulations
Federal bank regulatory agencies today jointly issued a final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA) to better achieve the purposes of the law. The CRA is a landmark law enacted nearly 50 years ago to encourage banks to help meet the credit needs of their entire communities, especially in low– and…