OCC Revises Subordinated Debt Guidance, Sample Notes
The OCC on Friday released revised and reorganized guidance for subordinated debt issued by national banks and federal savings associations.
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ABA Invites Comments on Expanded EGRPRA Regulatory Review
Responding to concerns from ABA and others, the Federal Reserve, FDIC and OCC announced today that moving forward, their once-a-decade regulatory review will be expanded to include recently issued final regulations, which were previously excluded from the EGRPRA review.
CFPB Reviews Consumer Complaint Trends
The Consumer Financial Protection Bureau released a report on Monday on consumer complaint trends in 2014. While complaint volume rose 53 percent from 2013 to 2014, the steady monthly increase in 2013 tapered off in 2014, averaging about 20,000 per month.
Curry Backs ABA-Advocated Thrift Charter Legislation
Comptroller of the Currency Thomas Curry today urged Congress to pass ABA-supported legislation that would provide federal savings associations with more flexibility to serve their customers while retaining their unique charter.
White House to Impose Sanctions on Foreign Cyber Criminals
President Obama today issued an executive order that authorizes the Treasury Department to impose financial sanctions on foreign cyber attackers — both individuals and corporate entities.
Oregon Newspaper Tackles CU Tax Exemption
An investigative story in today’s issue of Willamette Week, a newspaper in Portland, Oregon, critically examined whether Oregon’s credit unions are serving individuals of modest means.
FASB to Defer Effective Date of Revenue Recognition Standard
The Financial Accounting Standards Board has approved an exposure draft that would defer the effective date of its new revenue recognition standard by one year.
OCC: 2014 Trading Revenue Improves
Commercial banks reported total trading revenue of $22.7 billion in 2014, 3 percent higher than in 2013, according to the OCC’s Quarterly Report on Bank Trading and Derivatives Activities released today.
Judge Orders BHC to Produce Examination and Enforcement Documents
Does the federal bank examination privilege control whether a bank holding company must produce examination and enforcement documents?
CFPB Releases Customer Guide to Accompany TILA-RESPA Forms
The Consumer Financial Protection Bureau yesterday released a new toolkit to “help consumers take full advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August.”