Interagency Notice of Proposed Rulemaking Issued on Quality Control Standards for Automated Valuation Models
The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency (collectively, the agencies) are proposing a rule designed to implement quality control standards for…
FDIC: Clarification of Supervisory Approach Issued Regarding Supervisory Guidance on Multiple Re-Presentment NSF Fees
The FDIC has updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action when a violation of law is identified. Statement of Applicability: The contents of, and material referenced in, this FIL apply to all FDIC-supervised financial institutions. Highlights: Since the issuance of the Supervisory Guidance on Multiple Re-Presentment NSF Fees…
Interagency Guidance Proposed on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value (ROV) for residential real estate transactions. The proposed guidance advises on policies that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified…
Agencies Issue Final Guidance on Third-Party Risk Management
Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for banking organizations’ risk management of third-party relationships. The final guidance covers risk management practices for the stages in the life cycle…
Agencies Request Comment on Quality Control Standards for Automated Valuation Models Proposed Rule
Six federal regulatory agencies today requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations. In particular, the proposed rule would implement quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing…
FDIC: CRA Examination Schedules for Third Quarter 2023 and Fourth Quarter 2023 Issued
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third quarter 2023 and fourth quarter 2023. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter. …
FDIC: Eight New Members Named to Advisory Committee on Community Banking
June 1st meeting to address a wide range of community banking issues The Federal Deposit Insurance Corporation (FDIC) today announced eight new members of the agency’s Advisory Committee on Community Banking: Thomas Bates, President & CEO, Legends Bank, Clarksville, Tennessee Michael Culhane, President & CEO, North Cambridge Co-operative Bank, Cambridge, Massachusetts Anita Drentlaw, President & CEO,…
FDIC: Advisory Committee on Economic Inclusion to Meet on May 24th
One New Member also Announced The Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion (ComE–IN) will meet on Wednesday, May 24, 2023, to discuss updates from Committee members about key challenges facing their communities or organizations. There will also be panel discussions on opportunities for entities that administer government benefit programs to harness…
Banking Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace those from June 2022. By law, a bank is generally prohibited from establishing or acquiring branches outside of its home state…