Joint Rulemaking Issued on Financial Data Transparency Act Data Standards
Today, the Federal Housing Finance Agency (FHFA) joined eight other agencies to announce that it is seeking comment on a proposed rule to establish data standards for certain information collected by financial regulatory agencies. FHFA joins the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National…
Federal Reserve: Comments Requested on Proposed Rule to Establish Data Standards for Certain Information Collections
The Federal Reserve Board on Friday requested comment on a proposed rule that would establish data standards for certain information collections submitted to financial regulatory agencies. In addition to the Board, the standards have been proposed by several other federal financial regulatory agencies. The proposal would promote interoperability of data collected by financial regulatory agencies…
Agencies Remind Banks of Potential Risks Associated with Third-Party Deposit Arrangements and Request Additional Information on Bank-Fintech Arrangements
The federal bank regulatory agencies today issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services. The agencies support responsible innovation and banks engaging in these arrangements in a safe and sound manner and in compliance with applicable law. While these arrangements can provide benefits, supervisory…
Agencies Announce Public Outreach Meeting on September 25th as Part of Review of Regulations
Federal bank regulatory agencies will hold a virtual public outreach meeting on September 25, 2024, as part of their review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA). EGRPRA requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify…
Federal Banking Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
The federal bank regulatory agencies today announced their second notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their…
Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the…
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated valuation models…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Federal bank regulatory agencies today released the 2024 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit. Under the CRA, the agencies assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and…
Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today jointly issued updated host state loan-to-deposit ratios that are used to evaluate compliance with the Riegle-Neal Interstate Banking and Branching Efficiency Act. Each respective host state loan-to-deposit ratio shows the ratio of total loans in a state to total deposits in the state for all banks that have that state…
Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices
Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships. Community banks engage with third parties to help compete in and respond to an evolving financial services landscape. Third-party relationships present varied risks that community banks are expected to appropriately identify, assess, monitor, and control to…