By Neil Bloomfield. In another sign of progress, the Federal Deposit Insurance Corporation (FDIC) proposed easing a rule that requires banks to put cash aside to safeguard derivatives trades among affiliates. The proposal would remove the current requirement for members…
Archives for News
U.S. Regulator Suggests Easing Post-Crisis Derivatives Rules
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FHFA Removes Preferred Language Question from URLA
By Nicole Schiavo. Earlier this month the Federal Housing Finance Agency (FHFA) announced that it had directed Fannie Mae and Freddie Mac to make several changes to the Uniform Residential Loan Application (URLA), including the removal of a question asking…
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Revised Interagency Examination Procedures for the Flood Disaster Protection Act
By Neil Bloomfield. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council (FFIEC) recently published the modified interagency examination procedures for the Flood Disaster Protection Act (FDPA) designed to promote consistency and communication of supervisory expectations…
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CFPB’s ANPR Calls for the End of the GSE Patch
By Nicole Schiavo. Late last month the CFPB reignited debate when it issued an Advance Notice of Proposed Rulemaking (“ANPR”) stating its intention to allow the “GSE Patch” to expire in January 2021. The GSE Patch allows what would otherwise…
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CFPB’s ANPR Calls for the End of the GSE Patch
By Nicole Schiavo. Late last month the CFPB reignited debate when it issued an Advance Notice of Proposed Rulemaking (“ANPR”) stating its intention to allow the “GSE Patch” to expire in January 2021. The GSE Patch allows what would otherwise…
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Federal Reserve Discloses Plan for “FedNow” a Real Time Payment System
By Neil Bloomfield. The Federal Reserve Board (Federal Reserve) recently announced it will develop a “new round-the-clock real-time payment and settlement service”, named the FedNow℠Service to support faster payments in the United States. FedNow will be a national instant payment…
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Enhancing Transparency in the Agencies’ Approach to BSA/AML Examinations
By Barbara Meeks and Kristina Whittaker. Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance with Bank Secrecy Act/Anti-money…
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Enhancing Transparency in the Agencies’ Approach to BSA/AML Examinations
By Barbara Meeks and Kristina Whittaker. Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance with Bank Secrecy Act/Anti-money…
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OCC Releases Bulletin on Fraud Risk Management Principles
In the aftermath of sales practices, the Office of the Comptroller of the Currency (OCC) recently published a bulletin on fraud risk management principles that are applicable to all federally chartered financial institutions. The bulletin supplements existing OCC and interagency…
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WCIRA News Clips: SEC Staff Issues Statement on Preparing for Impending LIBOR Transition
As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, our goal is to serve as a leading-edge resource for companies navigating these waters. Moore & Van Allen’s WCIRA News Clips…
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