guidelines

The OCC Publishes Final Guidelines on Recovery Planning

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On September 29, 2016, the Office of the Comptroller of the Currency (the “OCC”) published final guidelines establishing enforceable standards for recovery planning. The final guidelines generally apply to banks with average total consolidated assets of $50 billion or more (“covered banks”). If a covered bank fails to meet a guideline, the OCC may require such bank to submit a plan specifying steps the bank would take to comply with the guideline. If, after being notified that it is in violation of a guideline, a covered bank fails to submit an acceptable compliance plan or fails to materially comply with a plan approved by the OCC, the OCC may issue an order enforceable under section 8 of the Federal Deposit Insurance Act. Press Release. Final Guidelines.

CFPB Proposed Mortgage Servicing Guidelines

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On August 10, the CFPB announced two notices of proposed rulemaking regarding mortgage servicing.  The proposed rules relate to: (i) monthly mortgage statements; (ii) warnings before interest rate adjustments; (iii) force-placed insurance; (iv) early outreach for delinquent borrowers; (v) prompt crediting of payments; (vi) accurate information management; (vii) error resolution and information requests; (viii) direct and ongoing access to servicer personnel; and (ix) evaluation for alternatives to foreclosure.  Comments must be submitted by October 9.  CFPB Release.    

Asia in Focus: NDRC has Issued 11 Guidelines to Implement Mandatory Filings of RMB Funds

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On March 21, the National Development and Reform Commission of China issued 11 guidelines to implement certain filing requirements of RMB funds in six pilot locations, following its issuance of the Circular on Further Regulating the Development, and the Administration on Filings, of Equity Investment Enterprises in Pilot Locations in January. Click here to read more.