OCC

OCC Extends Dodd-Frank Act Stress Test Requirements Through November 25

 

The Office of the Comptroller of the Currency (OCC) announced that the deadline to comply with Dodd-Frank Act Stress Test (DFAST) requirements will be extended to November 25, and thereafter will be discontinued. The OCC believes that sufficient stress testing programs have been adopted and integrated into the risk management policies of banks and federal savings institutions to which the DFAST rules apply. Press Release.

OCC Issues Final Rule Allowing Federal Savings Associations to Exercise National Bank Powers

 

On May 24, the Office of the Comptroller of the Currency (OCC) issued a final rule permitting federal savings associations with total consolidated assets of $20 billion or less to elect to operate as “covered savings associations” with the rights and privileges of national banks. A covered savings association will retain its federal savings association charter and existing governance framework, but will be subject to the same duties, restrictions, penalties, liabilities, conditions and limitations as a national bank. The final rule implements section 206 of the Economic Growth, Regulatory Relief and Consumer Protection Act. Release.

Federal Reserve Board Releases Scenarios for 2019 Stress Test Exercises

 

On February 5, the Federal Reserve Board and Office of Comptroller of Currency released the stress scenarios for the 2019 stress test cycle for domestic bank holding companies and foreign bank intermediate bank holding companies with more than $100 billion in total consolidated assets. Banks are required to submit the results of their stress tests to the Federal Reserve by April 5, and the Federal Reserve will release results of its supervisory stress tests by June 30. The Federal Reserve Board announced that banks with consolidated assets between $100 and $250 billion will be relieved from the 2019 cycle. Release.

Agencies Approve Amendments to Swap Margin Rule

 

On September 21, the Farm Credit Administration, the FDIC, the Federal Housing Finance Agency, the Federal Reserve and the OCC approved final amendments to swap margin requirements to conform with recent rule changes that impose new restrictions on certain qualified financial contracts of systemically important banking organizations. These amendments established minimum margin requirements for swaps and security-based swaps that are not cleared through a clearinghouse. The margin requirements are designed to help ensure the safety and soundness of swap entities and reduce risks to the stability of the financial system associated with non-cleared swaps activity. Rule.

Agencies Issue Interim Final Rules Expanding Examination Cycles for Qualifying Small Banks and U.S. Branches and Agencies of Foreign Banks

 

On August 23, 2018, the Board of Governors of the Federal Reserve System (“Federal Reserve Board“), the Federal Deposit Insurance Corporation (“FDIC“) and the Office of the Comptroller of the Currency (“OCC“) “issued interim final rules to expand the number of insured depository institutions and U.S. branches and agencies of foreign banks eligible for an 18-month on-site examination cycle.” Once the interim final rules are published in the Federal Register, there will be 60 days available to provide comments. Federal Reserve Board Press Release. FDIC Press Release. OCC Press Release.