OCC: Acting Comptroller Issues Statements on FDIC Board Meeting on CRA and Climate-Related Financial Risk Management
Acting Comptroller of the Currency Michael J. Hsu today issued statements at the Federal Deposit Insurance Corporation Board Meeting in support of rulemakings on the Community Reinvestment Act (CRA) and the finalization of interagency principles for climate-related financial risk management for large banks. In his remarks, Mr. Hsu discussed how modernizing and strengthening the CRA…
OCC: Agencies Issue Principle 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,…
OCC: Agencies Issue Final Rule to Strengthen and Modernize the Community Reinvestment Act
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…
OCC: Executive Director for Office of Minority and Women Inclusion Announced
The Office of the Comptroller of the Currency (OCC) today announced Shinu Shilesh as the Executive Director for the agency’s Office of Minority and Women Inclusion. In this role, Ms. Shilesh provides executive direction, sets policies, and oversees all agency matters relating to equal employment opportunity, diversity, equity, inclusion, and accessibility in management, employment, and…
OCC: Bank Supervision Operating Plan for Fiscal Year 2024 Released
The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2024. The plan outlines the OCC’s supervision priorities and objectives for the year. It also facilitates the implementation of supervisory strategies for individual national banks, federal savings associations, federal branches and agencies of foreign banking…
OCC: Verison 2.0 of Lease Financing Booklet Released
The Office of the Comptroller of the Currency (OCC) today issued version 2.0 of the “Lease Financing” booklet of the Comptroller’s Handbook. This booklet discusses risks and risk management practices associated with lease financing. This booklet also provides examiners with a framework for evaluating a bank’s1 lease financing activities. Rescissions The revised booklet replaces version 1.2 of…
OCC: Mortgage Performance Report for Second Quarter 2023 Released
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2023. The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, compared with…
Agencies Extend Favorable CRA Consideration for Revitalization Activities in Puerto Rico and U.S. Virgin islands Affected by Hurricane Maria
The federal bank regulatory agencies today announced they are extending the period for giving favorable consideration under their Community Reinvestment Act (CRA) regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria. The agencies have determined…
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Idalia
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, collectively the agencies, recognize the serious impact of Hurricane Idalia on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject…