Federal Reseve: Bank Term Funding Program Will Cease Making New Loans on March 11th
The Federal Reserve Board on Wednesday announced that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11. The program will continue to make loans until that time and is available as an additional source of liquidity for eligible institutions. During a period of stress last spring, the Bank…
Federal Reserve: Five New Members of Community Advisory Council Announced
The Federal Reserve Board on Monday announced five new members of its Community Advisory Council, or CAC. The CAC is composed of a diverse group of experts and representatives of consumer, workforce, and community development organizations and interests. CAC members provide information, advice, and recommendations to the Board on relevant policy matters and emerging issues…
Federal Bank Regulatory Agencies Release Webinar on New CRA Regulations
The federal bank regulatory agencies today jointly issued a pre-recorded webinar on the interagency final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The nearly one-hour video provides an overview of the new CRA rule issued on October 24, 2023, and its objectives. Additional topics in the recording include assessment areas, community development, evaluation…
Federal Reserve: Designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2024 Announced
The Federal Reserve Board on Friday announced the designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2024. 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 Bank Regulatory Agencies Release 2022 Small Business, Small Farm, and Community Development Lending Data
The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2022. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The FFIEC also prepared aggregate disclosure statements of small business and small farm…
Agencies Release Annual Asset–Size Thresholds Under Community Reinvestment Act Regulations
The Federal Reserve Board and the Federal Deposit Insurance Corporation today announced the 2024 updated asset–size thresholds used to define “small bank” and “intermediate small bank” under their current Community Reinvestment Act (CRA) regulations. The CRA regulations establish the framework and criteria by which the relevant agencies assess a financial institution’s record of helping to…
Agencies 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…
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…
Agencies Announce Dollar Thresholds for Applicability of Truth in Lending and Consumer Leasing Rules for Consumer Credit and Lease Transactions
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements. By law, the agencies are required to adjust the thresholds annually based on…
Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400. The threshold amount will be effective January 1, 2024, and is based on the…