OCC: Proposed True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…
OCC: Acting Comptroller Brooks Promotes Access to Capital in Underserved Areas
Acting Comptroller of the Currency Brian Brooks today joined Senator Tim Scott and Secretary of Housing and Urban Development Ben Carson to raise awareness of investment and lending related to Opportunity Zones, which also may receive credit under the Office of the Comptroller of the Currency’s (OCC) new Community Reinvestment Act (CRA) rule. “Today, bankers,…
OCC: Members Sought for Minority Depository Institutions Advisory Committee
The Office of the Comptroller of the Currency (OCC) is seeking nominations for members of its Minority Depository Institutions Advisory Committee (MDIAC). The MDIAC assists the OCC in assessing the needs and challenges facing minority depository institutions. The OCC is seeking nominations of officers or directors of OCC-regulated minority depository institutions, or officers or directors…
OCC: Minority Depository Institutions Advisory Committee Charter Renewed
The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions. “The Minority Depository Institutions Advisory Committee provides the OCC with important insight on the issues affecting minority depository institutions and their customers,”…
OCC: Project REACh Announced to Promote Greater Access to Capital and Credit for Underserved Populations
The Office of the Comptroller of the Currency today announced the launch of Project REACh to promote financial inclusion through greater access to credit and capital. REACh stands for Roundtable for Economic Access and Change and brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers…
OCC: Agency Highlights Key Risks for Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2020. Banks entered the national health emergency related to COVID-19 in sound condition but face weak economic conditions…
Regulatory Agencies Issue Examiner Guidance for Assessing Safety and Soundness Effect of COVID-19 Pandemic
The four federal agencies in conjunction with the state bank and credit union regulators today issued examiner guidance to promote consistency and flexibility in the supervision and examination of financial institutions affected by the COVID-19 pandemic. No action on the part of supervised institutions is required. Stresses caused by the spread of COVID-19 have led…
OCC: Bank Preemption from COVID-19 Relief Programs
OCC Bulletin 2020-62| June 17, 2020 Summary Federal, state, and local governments have taken many actions to respond to the economic disruption caused by the spread of COVID-19. While the Office of the Comptroller of the Currency (OCC) recognizes that a wide range of stakeholders, including state and local governments, have an important role to play in…
OCC: Report Shows Mortgage Performance Remains Stable in First Quarter 2020
The Office of the Comptroller of the Currency (OCC) reported the performance of first-lien mortgages in the federal banking system remained stable during the first quarter of 2020. The OCC Mortgage Metrics Report, First Quarter 2020 showed 96.5 percent of mortgages included in the report were current and performing at the end of the quarter, compared to…