Office of the Comptroller of Currency

OCC to Provide Extended Notice for Scheduled CRA Evaluations

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On May 31, 2017, the Office of the Comptroller of the Currency (“OCC“) announced it will extend the notification timeline for upcoming Community Reinvestment Act (“CRA“) evaluations. Beginning with the third quarter notification for 2017, the OCC will post the list of financial institutions for which CRA will be coming due over the next two quarters, to allow more time for interested parties to review and provide meaningful comments on a financial institution’s performance before CRA examination. The current regulations require the OCC to publish the quarterly CRA evaluation schedule at least 30 days before the beginning of each quarter. Even though the OCC will publish two quarters of upcoming CRA evaluations, the schedule is subject to change. Release.

The SEC is Seeking Comment on a Joint Agency Proposed Rule Relating to Incentive-based Compensation Arrangements

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On May 6, 2016, the Office of the Comptroller of the Currency, Treasury (OCC), the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), the National Credit Union Administration (NCUA), and the U.S. Securities and Exchange Commission (SEC) issued and sought comment on a joint proposed rule to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) relating to the prohibition on and the disclosure of information of incentive-based compensation arrangements.  The deadline for comments is July 22, 2016.  Notice of Proposed Rulemaking and Request for Comment.

Michael Brickman Named Deputy Comptroller for Special Supervision

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On January 26, 2015 Michael Brickman was named Deputy Comptroller for Special Supervision at the OCC.  As Deputy Comptroller of Special Supervision, Mr. Brickman will oversee the supervision of the OCC’s most critical problem midsize and community banks as well as the development and implementation of rehabilitation or resolution strategies for assigned banks and savings associations, including the orderly management of closings, when necessary.  Release.

Credit Risk Retention – Joint Regulatory Proposed Rules

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On March 28, 2011, the Office of the Comptroller of Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Securities and Exchange Commission, the Department of Housing and Urban Development and the Federal Housing Finance Agency released a joint notice of proposed rulemaking to implement the credit risk retention requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The paper linked below provides an in-depth examination of the proposed rules and their implications for financial markets. Click here to read more.