OCC Finalizes ‘True Lender’ Rule
The OCC today issued a long-awaited final rule establishing a “clear test” to determine when a bank making a loan is considered the “true lender” in the context of a partnership between a bank and a third party.
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As CRA Rule Takes Effect, OCC Issues Compliance Resources
As the OCC’s revised Community Reinvestment Act rules took effect today, the OCC issued several compliance resources including a small bank compliance guide, an initial illustrative list of qualifying CRA activities and a form that banks and stakeholders can use to request the addition of an item to the list of qualifying activities.
ABA Opposes OCC’s Proposed Payments Charters
The American Bankers Association today said it has “serious concerns” about the OCC’s intention to issue a payments charter that would allow non-depository institutions to access the payments system.
OCC: Mortgage Performance Declines Amid Pandemic
The share of current and performing first-lien mortgages in the second quarter of 2020 was 91.1%, down from 96.1% a year ago, according to the Mortgage Metrics Report released by the OCC today.
OCC Gives Banks Green Light to Hold Deposits Backing Stablecoins
In an interpretive letter, the OCC gave institutions under its supervision the greenlight to hold deposits that serve as reserves for “stablecoins.”
OCC Issues Proposals on Bank Activities, Innovation
The OCC today proposed changes to its rules for national bank and federal savings association activities and operations to ensure that they can continue to meet the shifting needs of consumers, businesses and communities.
Otting Announces Departure from OCC; Brooks to Serve as Acting Comptroller
As reported by several media outlets earlier this week, Comptroller of the Currency Joseph Otting today announced that he would step down from office on May 29.
Agencies Find Improved Credit Quality, Lingering Risk in SNC Program
The federal banking agencies have found improved credit quality in the Shared National Credit portfolio, a bundle of large syndicated bank loans that includes 8,571 credit facilities and 5,314 borrowers — and totals $4.4 trillion, according to the SNC Review released today. Despite the improvement, however, risk remains elevated compared to prior economic cycles, they
OCC Encourages Banks to Promote EITC Awareness
To increase use of the Earned Income Tax Credit by qualified working families, the OCC promoted EITC Awareness Day on January 25. With only 80 percent of eligible taxpayers claiming the EITC, the OCC encouraged banks to educate their local communities about the credit. In addition, the OCC suggested that banks provide low-cost products and
OCC Revises Guidelines for Recovery Planning
The OCC yesterday announced revisions to its guidelines on recovery planning for the large financial institutions it regulates. Specifically, the agency has increased the threshold at which banks are covered by the guidance from $50 billion to $250 billion, and it has decreased the time within which a bank should comply with the guidelines from