Agencies Issue Proposal on Incentive-Based Compensation
The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956). The National Credit…
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…
OCC: Acting Comptroller Discusses Creating Economic Opportunity for New Americans
Acting Comptroller of the Currency Michael J. Hsu today discussed the value of financial literacy for new Americans in remarks during the Financial Literacy and Education Commission’s Public Meeting. In his remarks, Mr. Hsu acknowledged that immigrants are important drivers of our economy, including through entrepreneurship and innovation; however, they are also more likely to…
OCC: Comment Period Extended for Proposed Rulemaking and Policy Statement of Bank Mergers
The Office of the Comptroller of the Currency (OCC) announced today that it will extend until June 15, 2024, the comment period on its proposal to update its rules for business combinations to allow interested parties more time to provide comments. The proposal also includes a policy statement to clarify the OCC’s review of applications…
OCC: Acting Comptroller Discusses Elevating Fairness in Banking
Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024. Mr. Hsu highlighted bank progress in overdraft protection program reforms since the OCC issued guidance last April and provided an update on Project REACh accomplishments regarding credit invisibles,…
OCC: National Financial Capability Month Celebrated in April
The Office of the Comptroller of the Currency (OCC) supports National Financial Capability Month in April, and encourages national banks and federal savings associations (collectively, banks) to support this annual commemoration by recommitting their focus on improving the financial capability and financial health of their customers. Banks can promote financial capability through high-quality financial literacy…
OCC: Minority Depository Institutions Advisory Committee Meeting Scheduled for April 16th
The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, April 16, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….
Agencies Extend Applicability Date of Certain Provision of the CRA Final Rule
Federal bank regulatory agencies today jointly issued an interim final rule that extends the applicability date of certain provisions in their Community Reinvestment Act (CRA) final rule issued in October 2023. The agencies also requested comment on the extension. To promote clarity and consistency, the agencies extended the applicability date of the facility-based assessment areas…