Proposals Articles

The OCC released a proposed rule to implement the Genius Act, including how it would handle the law’s prohibition on paying interest or yield on payment stablecoins. The post OCC releases proposed rule to implement payment stablecoin legislation appeared first on ABA Banking Journal .

Treasury Department is "particularly interested" in nominations from community banks, and nominees who can offer insights on modernizing the BSA framework and implementing the GENIUS Act, The post FinCEN seeking nominations for Bank Secrecy Act advisory group appeared first on ABA Banking Journal .

The Office of the Comptroller of the Currency (OCC) today issued a proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

The cross-border platform joins the influx of fintechs seeking banking licenses to issue and custody stablecoins. The OCC has conditionally approved at least seven trust bank charters since December.

The NCUA Board (Board) is publishing this proposed rule to remove a provision of NCUA regulations regarding federal credit unions' (FCUs) statutory lien authority. The Board believes it is redundant to continue to include a definition of the term "except as otherwise provided by law or except as otherwise provided by federal law" when it is axiomatic that a law that supersedes this regulation would be controlling. The provision does not provide any assistance to FCUs in determining whether such statutory or case law exists, therefore it has no material value.

The NCUA Board (Board) is proposing to revise its regulations governing the organization and operation of federal credit unions (FCUs) by eliminating a provision related to credit union service contracts. The Board intends to reduce administrative costs and compliance complexity with this revision, enabling FCUs to serve their members more efficiently.

The NCUA Board (Board) is issuing for public comment a proposal to rescind its regulation that addresses the refund of interest to members. This regulation is redundant, as it restates the authority already granted to a federal credit union's (FCU's) board of directors by the Federal Credit Union Act (FCU Act) section 113(9).

The NCUA Board (Board) solicits public comment on a proposal to streamline its regulations governing the purchase, sale, and pledge of eligible obligations. The Board proposes to remove the prescriptive lists of items that must be addressed in the written policies adopted by a federal credit union (FCU). Although FCUs would still be required to maintain written policies, removing the mandated items will enable a more efficient and principles-based approach. The Board also proposes to remove detailed requirements regarding conflicts of interest and compensation. These regulatory provisions are unnecessary since FCUs are already governed by broader conflict of interest provisions in their bylaws and by the fiduciary duties of their officials.

The NCUA Board (Board) is issuing for public comment a proposal to amend the NCUA's regulation that limits a federally insured credit union (FICU) official and employee compensation in connection with loans to members and lines of credit to members. These regulations have generated confusion and are unduly restrictive. To provide clearer and more flexible standards, the proposed rule would expressly permit incentive and bonuses to employees, including senior management, to incorporate lending metrics as part of compensation based on a credit union's overall financial performance.

The NCUA Board (Board) solicits public comment on a proposal to eliminate the regulatory requirement that each director of a federal credit union (FCU) attain a working familiarity with finance and accounting within 6 months after election or appointment. The Board believes the regulation is unnecessarily prescriptive.

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Reg E-- Prepaid Accounts." The OCC also is giving notice that it has sent the collection to OMB for review.

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) requests the Office of Management and Budget's (OMB's) extension of an information collection titled "Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance (Regulation I)" approved under OMB Control Number 3170-0062.

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) requests the Office of Management and Budget's (OMB's) extension of an information collection titled "Home Mortgage Disclosure Act (Regulation C)" approved under OMB Control Number 3170-0008.

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) requests the Office of Management and Budget's (OMB's) extension of an information collection titled "Registration of Mortgage Loan Originators (Regulation G)" approved under OMB Control Number 3170- 0005.

In accordance with the Paperwork Reduction Act of 1995 (PRA), the Consumer Financial Protection Bureau (CFPB or Bureau) requests the Office of Management and Budget's (OMB's) extension of an information collection titled "Truth in Savings (Regulation DD)" approved under OMB Control Number 3170-0004.

The Federal Reserve is seeking public comment on a proposal to codify its recent decision to remove the use of reputational risk from its bank supervision. The post Fed seeks input on removing reputational risk from bank supervision appeared first on ABA Banking Journal .

An OCC proposal to make Community Reinvestment Act strategic plans more accessible for community banks is increasingly important as the institutions pursue fintech partnerships and niche lending strategies that often do not align neatly with the traditional CRA framework, ABA said. The post ABA offers recommendations for ‘simplified’ CRA planning option for community banks appeared first on ABA Banking Journal .

In accordance with the Privacy Act of 1974, as amended, the Federal Deposit Insurance Corporation (FDIC) is modifying an existing system of records, FDIC-035, Identity, Credential, and Access Management Records. This system of records is used by FDIC to manage the safety and security of FDIC resources, facilities, information technology systems, and other Federal government agency facilities and systems, as well as the occupants of those facilities. The FDIC is updating this system of records to rename it "Credentialing, Facility Access, and Visitor Management Records" and to modify numerous sections of the notice, including the Categories of Individuals; Categories of Records; Record Sources; Routine Uses; Policies and Practices for Storage, Retention and Disposition of Records; and Record Access, Contesting Records, and Notification Procedures. Additionally, this notice includes non-substantive changes to simplify the formatting, clarify the text of the previously published notice, and improve consistency across FDIC system of record notices.

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Recordkeeping Requirements for Securities Transactions."

The Federal Reserve will hold a hybrid public hearing in March as part of a congressionally mandated review to identify outdated and burdensome regulations. The post Fed to hold public hearing on reducing regulatory burden appeared first on ABA Banking Journal .

Federal Reserve Board announces it will hold a hybrid public outreach meeting on Thursday, March 26, as part of its review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA)

The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites comment on a continuing information collection, as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The OCC is soliciting comment concerning the renewal of its information collection titled, "Financial Management Policies--Interest Rate Risk," which is applicable only to Federal savings associations. The OCC also is giving notice that it has sent the collection to OMB for review.

The Office of the Comptroller of the Currency is proposing several revisions to its supervisory appeals process, including the creation of a new board to review appeals. The post OCC proposes changes to supervisory appeals process, creating appeals board appeared first on ABA Banking Journal .

Banks have lost their hold on mortgage originations in recent years to nonbanks. The Fed is looking at regulatory changes to bring mortgages back into the banking fold, according to Michelle Bowman.

The Office of the Comptroller of the Currency (OCC) today requested comment on a proposal to establish revised procedures and policies for appeals by OCC-supervised entities of material supervisory determinations.