Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by the California Wildfires and Straight-Line Winds
The California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of the California wildfires and straight-line winds on the customers and operations of many financial institutions and…
Federal Reserve: Chairs and Deputy Chairs of the 12 Federal Reserve Banks Announced for 2025
The Federal Reserve Board on Monday announced the designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2025. Each Reserve Bank has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as Chair and a…
Federal Reserve: Michael S. Barr to Step Down as FRB Vice Chair for Supervision on February 28th but Will Continue to Serve as Governor
The Federal Reserve Board announced on Monday that Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, or such earlier time as a successor is confirmed. Barr will continue to serve as a member of the Federal Reserve Board of Governors. Barr, who…
ABA: Banks and Business Groups File Legal Challenge Against Federal Reserve Over Flawed Stress Testing Framework
The Bank Policy Institute, along with the American Bankers Association, the U.S. Chamber of Commerce, the Ohio Bankers League and the Ohio Chamber of Commerce today announced that they are filing litigation against the Federal Reserve, challenging the opaque aspects of the stress testing framework. While stress testing is an important risk management tool for banks and…
Federal Reserve: Public Comments Sought on Significant Changes to Improve Transparency of Bank Stress Tests
Due to evolving legal landscape & changes in the framework of administrative law, Federal Reserve Board will soon seek public comment on significant changes to improve transparency of bank stress tests & reduce volatility of resulting capital requirements n view of the evolving legal landscape, the Federal Reserve Board will soon seek public comment on…
Agencies Release Annual Asset-Size Thresholds Under CRA Regulations
The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2025 updated Community Reinvestment Act (CRA) “small bank” and “intermediate small bank” asset-size thresholds. The CRA regulations establish the framework and criteria by which the relevant agencies assess a financial institution’s record of meeting the credit needs of its entire community, including…
Agencies Issue Statement on Elder Financial Exploitation
Five federal financial regulatory agencies, the Financial Crimes Enforcement Network (FinCEN), and state financial regulators issued a statement today to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. Older adults who experience financial exploitation can lose their life savings and financial security and face other…
Federal Banking Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden
The federal bank regulatory agencies today announced their third 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 at least once every 10 years to identify outdated or otherwise unnecessary regulatory…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Milton
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, collectively the agencies, recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Consumer Financial Protection Bureau and the Federal Reserve Board today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2025 are subject to certain protections under Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based…