Links in “OCC”

The OCC has released the schedule of CRA examinations to be conducted during the first quarter of 2015. Public comment on the institutions scheduled for review is strongly encouraged and will be considered as part of the examination. [12/3/14]

The long-awaited day has arrived! The FFIEC has released the revised BSA/AML Examination Manual. Among the revisions are new CTR and SAR E-Filing requirements, guidance on the extension of SAR filing for continuing activity, and guidance related to currency transaction aggregation for businesses and exemptions. The online manual is available here. [12/3/14]

The OCC announced that it will raise fees for all asset categories starting January 1, 2015. The announced fee hikes are an effort to offset increased supervisory obligations incurred under the Dodd-Frank Wall Street Reform Act and the Consumer Protection Act. [12/2/14]

The OCC comptroller, Thomas J. Curry, gave a speech which highlights the importance of culture and supervision, stating that “banks should never wait for regulators when it comes to protecting their own safety and soundness or reputation.” Click here for the full speech. [11/24/14]

The OCC reiterated its position on not directing banks regarding customer acceptance or non-acceptance with particular emphasis on MSB account management. The OCC noted that MSBs are not de facto high risk and promoted continued use of appropriate oversight to evaluate risks and assign appropriate risk ratings for all accounts. [11/21/14]

On the same day, both the FDIC and the OCC (see this) issued guidance in the form of Q&As for guiding potential applicants regarding deposit insurance and licensing. [11/21/14]

The finalized risk retention rule from the FDIC, FRB, OCC, SEC, HUD, and FHFA reduces the risk retention requirements for ABS collaterlized by commercial, commercial real estate, or auto loans and includes a prohibition of hedging and the transfer of risk retention. [11/20/14]

The OCC hit Bank of America, Citibank, and JPMorgan Chase Bank with civil money penalties totaling in $950 million and cease and desist orders. The banks failed to prevent employee misconduct relating to foreign exchange sales and trading. Between 2008 and 2013, a number of the banks' traders went to online chat rooms to coordinate foreign exchange trading strategies in the attempt to benefit traders or the bank. [11/13/14]

The FDIC, FRB, and OCC responded to a number of FAQs regarding the leveraged lending guidance released in March 2013. Responses include clarification on underwriting standards, institution applicability, and the definition of "leveraged loan." [11/13/14]

The OCC has selected Kris Kiefer and Blake Paulson to act as deputy comptrollers for the Northeastern and Central Districts. It is anticipated that both will "contribute greatly to the OCC's strategic goals and objectives." [11/12/14]