Policy

OCC Proposes Limits on Qualified Financial Contracts

The OCC today proposed a rule that would establish restrictions on qualified financial contracts -- such as derivative transactions, repurchase agreements, reverse repurchase agreements, and securities lending and borrowing agreements -- of national banks and federal thrifts that are subsidiaries of U.S. and foreign-based global systemically important banks.

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Yellen: Agencies Exploring Ways to Reduce Capital, Appraisal Burdens

As part of its response to the recently concluded Economic Growth and Regulatory Paperwork Reduction Act review process, the federal banking agencies are looking to reduce burdens of appraisal requirements and to simplify regulatory capital rules for community banks, Federal Reserve Chairman Janet Yellen told the House Financial Services Committee today.

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OCC to Issue ‘Best Practices’ Guidance on AML/BSA Risk Management

In response to the “derisking” trend in anti-money laundering and Bank Secrecy Act compliance, the OCC will soon issue guidance that articulates its expectations for banks to routinely evaluate risk in their foreign correspondent banking portfolios, Comptroller of the Currency Thomas Curry said today.

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ABA Supports Proposed Legislation on Brokered Deposits

In advance of a congressional hearing on consumer access to banking services this week, ABA today wrote to leaders of the House subcommittee on financial institutions and consumer credit voicing its support for several bills that would provide increased flexibility for brokered and reciprocal deposits.

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