During a meeting of the OCC’s Mutual Savings Association Advisory Committee today, OCC senior staff revealed their anticipated timeline for implementing a section of S. 2155 — the new regulatory reform law — that would permit certain federal savings associations to elect the rights and duties of national banks.
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In remarks at ABA’s Summer Leadership Meeting in Salt Lake City today, Federal Reserve Vice Chairman for Supervision Randal Quarles signaled that the Fed would act sooner than required by S. 2155 to tailor prudential standards for banks between $100 billion and $250 billion in assets.
The Federal Reserve will move to implement the provisions of S. 2155 — the new regulatory reform law — as quickly as possible, Federal Reserve Chairman Jerome Powell said in testimony before the Senate Banking Committee today.
The federal financial regulatory agencies have published in the Federal Register a long-awaited set of proposed changes to the Volcker Rule that are expected to simplify the rule’s compliance burden and better target its effects toward intended activities.
In addition to outlining their approach to company-run stress testing and enhanced prudential standards in light of the new regulatory reform law, the agencies today also announced how they intend to approach the implementation of several other provisions of S. 2155.
The Consumer Financial Protection Bureau, FDIC and OCC today each issued statements acknowledging the partial exemptions granted under S. 2155 — the new regulatory reform law — for certain Home Mortgage Disclosure Act data reporting requirements for some insured depository institutions and credit unions.