OCC: Flagstar Bank, N.A. Receives Conditional Approval to Purchase and Assume Deposits of Signature Bridge Bank, N.A.
The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved Flagstar Bank, N.A., Hicksville, New York, to purchase assets and assume certain liabilities of Signature Bridge Bank, N.A., New York, New York. The transaction includes the purchase by Flagstar Bank of certain loan portfolios from Signature Bridge Bank, N.A.,…
Joint Statement by the Department of the Treasury, Federal Reserve, FDIC and OCC Regarding First Republic Bank
The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu: Today, 11 banks announced $30 billion in deposits into First Republic Bank. This show of support by a group of large…
Federal Reserve: 2024 National Interagency Community Reinvestment Conference Announced
Monday, March 4 – Thursday, March 7, 2024Oregon Convention CenterPortland, Oregon Save the date! The next National Interagency Community Reinvestment Conference (NICRC) is coming to Portland, Oregon on March 4, 2024. As the premier conference for community development, our program will offer insights, emerging ideas, and best practices in community development shared by experts from…
OCC: Second and Third Quarter 2023 CRA Evaluation Schedule Issued
The Office of the Comptroller of the Currency (OCC) today released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second and third quarters of 2023. The OCC encourages public comment on the national banks and federal savings associations (collectively, banks) scheduled to be evaluated under the CRA. Public comments should…
Agencies Issue 2022 Shared National Credit Program Review
The federal bank regulatory agencies today reported in the 2022 Shared National Credit (SNC) report that credit quality associated with large syndicated bank loans improved in 2022, but noted the results do not fully reflect increasing interest rates and softening economic conditions that began to impact borrowers in the second half of 2022. Overall, the…
ABA: New Webpage Launched Highlighting Programs Designed to Improve Access to Capital for Underserved Small Businesses
The American Bankers Association today launched a new webpage providing information on special purpose credit programs (SPCPs) and highlighting the role they can play in meeting the credit needs of economically disadvantaged small businesses. In support of the Office of the Comptroller of the Currency’s Project REACh, ABA is making this online resource available for banks and other…
FRB: Federal Reserve Board Policy Statement Issued to Promote a Level Playing Field for All Banks with a Federal Supervisor Regardless of Deposit Insurance Status
The Federal Reserve Board on Friday issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such…