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- August 21, 2017On Monday, August 21, 2017, the OCC issued a bulletin providing guidance to spur community revitalization through prudent higher-loan-to-value mortgage lending in targeted areas. This bulletin provides guidance regarding the circumstances under which banks may establish a program to originate certain higher-LTV loans and the OCC’s supervisory considerations regarding such programs. “Banks and...August 18, 2017On Monday, August 14, 2017, the Board of Governors of the Federal Reserve System, FDIC, and OCC issued interagency guidance on the regulatory capital treatment of certain centrally cleared derivative contracts in light of recent changes to the rulebooks of certain central counterparties. Highlights included: For a derivative contract structured such that on specified dates any outstanding...August 16, 2017The CFPB released two report this week outlining challenges with student loan repayment and repayment programs. The first report, entitled “ CFPB Data Point: Student Loan Repayment ,” found nearly half of student loan borrowers leave school owing at least $20,000 – double the share of borrowers a decade ago. The Bureau also found more borrowers are taking out student loans later in life, and...August 15, 2017On Tuesday, August 15, 2017, the OCC released the annual update to the Bank Accounting Advisory Series (“BAAS”), which covers a variety of topics and promotes consistent application of accounting standards among national banks and federal savings associations. This edition of the BAAS reflects accounting standards issued by the Financial Accounting Standards Board on topics such as the...August 9, 2017On Wednesday, August 9, 2017, the Federal Reserve Board released final guidelines for evaluating requests for joint accounts at Federal Reserve Banks. The guidelines will become effective upon publication in the Federal Register. Joint accounts are intended to facilitate settlement between depository institutions participating in private-sector payment systems. The final guidelines broadly...August 4, 2017On Friday, August 4, 2017, the FDIC issued its list of state non-member banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings the FDIC assigned to institutions in May of 2017. The August 2017 list of banks examined for CRA compliance is available here and the Monthly List of Banks Examined for CRA compliance is available here . A...August 3, 2017At 12:01 a.m. today, the CFPB unveiled new Know Before You Owe overdraft disclosure prototypes. According to the agency, the disclosures are designed to improve the model form banks and credit unions already provide to consumers weighing POS/ATM overdraft coverage. The Bureau currently is testing four prototypes. Each prototype has a one-page design aimed at making the costs and risks of opting-...August 2, 2017On Wednesday, August 2, 2017, the CFPB took action against JP Morgan Chase for failures related to information it provides for checking account screening reports. Banks screen potential customers based on reports about prior checking account behavior created by consumer reporting companies. Banks supplying information for those reports are legally required to have proper processes in place for...August 1, 2017On Tuesday, August 1, 2017, the OCC released a list of CRA performance evaluations that became public during the period of July 1, 2017 through July 31, 2017. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial...July 31, 2017On Monday, July 31, 2017, the CFPB issued a bulletin warning companies about tricking consumers into expensive pay-by-phone fees. The Bureau expressed concerned about companies potentially misleading consumers about the purpose and amount of certain pay-by-phone fees or keeping them in the dark about much cheaper payment options. The bulletin also reviews guidelines to help consumer financial...