Agencies Propose Guidance to Enhance Resolution Planning at Large Banks
The Federal Deposit Insurance Corporation and Federal Reserve Board today invited public comment on proposed guidance to help certain large bank holding companies further develop their Dodd-Frank Act Title I resolution plans. These resolution plans, also known as “living wills,” describe a bank holding company’s strategy for rapid and orderly resolution under bankruptcy in the…
FDIC: Proposed Rule Issued to Strengthen Resolution Planning for Large Banks
Action part of broader work among regulators to improve resolution of large regional banks The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking to strengthen resolution planning for insured depository institutions (IDIs) with at least $100 billion in total assets. In addition, the FDIC’s Board joined with other…
Agencies Request Comment on Proposed Rule to Require Large Banks to Maintain Long-Term Debt to Improve Financial Stability and Resolution
Federal bank regulatory agencies today requested comment on a proposal that would require large banks with total assets of $100 billion or more to maintain a layer of long-term debt, which would improve financial stability by increasing the resolvability and resiliency of such institutions. This proposal follows an advance notice of proposed rulemaking issued in…
ABA & TBA Call on CFPB to Extend 1071 Stay to All FDIC-Insured Banks
In a new letter to CFPB Director Rohit Chopra, the Texas Bankers Association (TBA) and American Bankers Association (ABA) called on the Consumer Financial Protection Bureau to extend U.S. District Court Judge Randy Crane’s recent court order pausing the CFPB’s 1071 Final Rule implementation to all FDIC-insured banks. “As you know, we requested relief for every entity subject to…
CDFI Fund: CDFI Award Recipients Required to Comply with New Civil Rights Act Compliance Reporting Requirements
Award applicants required to complete a new Title VI Compliance Worksheet The Civil Rights Act of 1964, which ended segregation in public places and banned employment discrimination on the basis of race, color, religion, sex or national origin, also prohibits discrimination on the basis of race, color, or national origin in programs or activities receiving…
ABA: U.S. District Court Grants Injunction on CFPB Section 1071 Final Rule
Court Order Pauses Final Rule Implementation for Texas Bankers Association and American Bankers Association Members The Texas Bankers Association (TBA) and co-plaintiffs, Rio Bank of McAllen, Texas, and the American Bankers Association (ABA), have been successful in their motion to halt implementation of the Consumer Financial Protection Bureau’s (CFPB) Section 1071 Final Rule. In an order…
Agencies Request Comment on Proposed Rules to Strengthen Capital Requirements for Large Banks
Bank regulatory agencies today requested comment on a proposal to increase the strength and resilience of the banking system. The proposal would modify large bank capital requirements to better reflect underlying risks and increase the consistency of how banks measure their risks. The changes would implement the final components of the Basel III agreement, also…
SBA: SBIC Modernization Final Rule Issued to Support Reforms to Transform Public-Private Investment
Small Business Investment Company Program modernization will seed America’s next generation of fund managers while increasing funding for underserved and undercapitalized markets Today, Administrator Isabella Casillas Guzman announced the U.S. Small Business Administration (SBA)finalized a rule to modernize the Small Business Investment Company (SBIC) Program. Part of President Biden’s Investing in America Agenda, the SBIC Investment Diversification and Growth Rule will…
HUD: Public Housing Inspections to Begin Under New Rule to Strengthen Inspection Standards in HUD-Assisted and Insured Housing
NSPIRE Final Rule Effective July 1 for Public Housing, October 1 for remaining HUD Rental Assistance Programs As of July 1, the U.S. Department of Housing and Urban Development (HUD) has the authority to begin inspecting public housing under the Final Rule for the National Standards for the Physical Inspection of Real Estate (NSPIRE) after…
FHFA: Notice of Proposed Rulemaking Issued to Amend the Suspended Counterparty Program Regulation
Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comment on a proposed rule that would amend the Suspended Counterparty Program (SCP) regulation. The SCP regulation requires any of FHFA’s regulated entities to submit a report to FHFA if the regulated entity becomes aware that an individual or institution with which it…