Summary This topic deals with the entire process whereby supervised depository institutions request approval from their primary federal regulators to take or refrain from taking various actions. The specific actions themselves are covered in detail under their respective subject heading such as Formation , Branching , Changes in Control , etc. [more...]
Summary, News and Items of Current Interest Interagency Advisory on the Unsafe and Unsafe and Unsound Use of Limitation of Liability Provisions in External Audit Engagement Letters Regulations by Agency OCC 12 CFR Part 18 Disclosure of Financial and Other Information by National Banks 18.1 Purpose [more...]
Summary Regulations of the OCC, FDIC and OTS dealing with "outreach" programs to encourage more contracting with minority and women-owned firms and firms owned by persons with disabilities By far the largest contracting activities of the agencies involve the FDIC's use of contractors in the resolution of failed banks [more...]
Summary All five of the federal banking agencies impose restrictions on the post employment activities of certain bank and credit union examiners The Federal Reserve Board also imposes certain post-employment restrictions on former Board members Implements a 2004 amendment of the Federal Deposit Insurance Act - 12 USC §1820(k) - and the [more...]
News and Recent Developments FDIC Adopts Assessment Rate Adjustment Guidelines for Large Institutions and Insured Foreign Branches in Risk Category I - FIL 40-2007 OCC adopts in final form an interim final rule changing the assessment provisions of 12 CFR Part 8 regarding the timing of assessments OCC rather than individual national banks will [more...]
Recent and Proposed Amendments NCUA 12 CFR 701.21(c)(7) loan interest rates higher than 18% - final rule 7.20.06 12 CFR 701.21(h) third party serviced automobile loans - final rule 6.22.06 Regulations by Agency OCC 12 CFR Part 7 - Bank Activities and Operations 7.3000 Bank hours and closing 7.3001 Sharing [more...]
Summary All five of the federal banking agencies have specific regulations dealing with the provision of agency information pursuant to the Freedom of Information Act Freedom of Information Act FOIA - 5 USC §§552 et seq Exemptions From FOIA Disclosure Subparts A and B of the FRB information disclosure regulation - 12 CFR Part 261 [more...]
Agency organizational regulations, employee regulations, filing procedures and other regulations of general application Contracting with banking agencies Post-employment restrictions for certain agency employees Agency organizational regulations Freedom of Information Act (FOIA) and other [more...]
Summary The three "independent" federal banking agencies, the FRB, FDIC and NCUA, have regulations prohibiting discrimination within the agencies on the basis of handicap or disability Both the OCC and the OTS are bureaus within the Department of Treasury and are governed by that department's non-discrimination regulations Treasury also [more...]
Organizational Regulations by Agency OCC 12 CFR Part 4 Organization and functions, availability and release of information, contracting [more...]
Summary Agency-specific regulations on various types of information disclosures, not including FOIA disclosures 12 CFR Part 4 Organization and functions, availability [more...]
Summary Privacy Act of 1974 - 5 USC §522a "Overview of the Privacy Act of 1974" Exhaustive Department of Justice commentary on the Act Proposed Amendments There are no proposed amendments to regulations implementing the Privacy Act Recent Amendments There have been no recent amendments to regulations implementing the [more...]
Extensions of Credit by Federal Reserve Banks Summary Governs borrowing by depository institutions from the Federal Reserve Describes several different programs under which qualified institutions can borrow from the Fed Federal Reserve Banks make primary and secondary credit available to depository institutions as a backup source of [more...]
Unfair or Deceptive Acts or Practices Summary Establishes consumer complaint procedures and defines unfair or deceptive practices in extending credit to consumers Small Entity Compliance Guide Implements portions of the Federal Trade Commission Act Proposed Amendments There are currently no proposed amendments to [more...]
Equal Credit Opportunity 12 CFR 202 Summary Prohibits creditors from discriminating against credit applicants on the basis of Age, race, color, religion, national origin, sex, marital status, The fact that the applicant has, in good faith, exercised a right under the Consumer Credit Protection Act, or The fact that the applicant receives [more...]
Summary of CRA Implementation Regulations CRA regulations fall into one of two groups: Those that implement the statute itself Those that deal with the disclosure of CRA-related agreements and are treated on a separate page The CRA regulations implement a five part test of compliance A general test of performance A lending test An investment test [more...]
12 CFR 203 - Home Mortgage Disclosure Summary Requires banks which have an office in an MSA and hold over a certain threshold in assets (amount redetermined annually) to gather government monitoring information relating to age, sex, race and national origin on home improvement, purchase and refinancing loan applications, to record the information [more...]
Summary Reg CC implements the Expedited Funds Availability Act of 1987 EFAA - governing the availability of funds deposited in checking accounts and the collection and return of checks Regulation also implements the Check Clearing for the 21st Century Act which provides for "Substitute Checks" Expedited Funds Availability Act - [more...]
Reserve Requirements of Depository Institutions 12 CFR 204 Summary Sets uniform requirements for all depository institutions to maintain reserve balances either with their Federal Reserve Bank or as cash Small Entity Compliance Guide Proposed Amendments Authorize the Board to determine, on a case-by-case basis, whether certain entities not [more...]
Summary Reg DD prescribes the types of disclosures that must be made available by banks on deposit accounts offered to consumers The disclosures must be made available upon request, and at the time of account opening Requires depository institutions to provide disclosures to enable consumers to make meaningful comparisons of deposit [more...]
Electronic Fund Transfers 12 CFR 205 Summary Establishes the rights, liabilities, and responsibilities of parties in electronic funds transfers and protects consumers when they use such systems Electronic Fund Transfer (EFT) generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape [more...]
Summary Attempts to reduce the systemic risk to financial markets in the event of an insolvency of a financial institution by allowing such institutions to "net" their obligations with an insolvent institution Implements Title IV of P.L. 102-242 Without this statute and its implementing regulations, a financial institution could find [more...]
Limitations on Interbank Liabilities 12 CFR 206 Summary Prescribes standards to limit the risks that the failure of a depository institution would pose to an insured depository institution Establishes a general limit for overnight credit exposure to an individual correspondent stated in terms of the exposed bank's capital Requires banks, savings [more...]
Obtaining and Using Medical Information in Connection with Credit 12 CFR 232 Summary Applies to creditors who are subject to the Equal Credit Opportunity Act , but are not subject to the Fair Credit Reporting Act Creates narrow exceptions to the statutory prohibition against obtaining or using medical information in connection with determining [more...]
Regulation G and Other CRA Agreement Reporting Regulations Summary The regulations requiring reporting of all CRA-related agreements (12 CFR Parts 35, 207, 346, and 533) implement provisions of the Gramm-Leach-Bliley Act that require reporting and public disclosure of written agreements between Insured depository institutions or [more...]
Membership of State Banks in the Federal Reserve System 12 CFR 208 Summary Major Provisions Defines the requirements for membership of state-chartered banks in the Federal Reserve System Sets limitations on certain [more...]
Issuance and cancellation of Federal Reserve Capital Stock 12 CFR 209 Summary Sets out stock-subscription requirements for all banks joining the Federal Reserve System Generally, a member bank must subscribe to the capital stock of its District Federal Reserve Bank in an amount equal to 6 percent of the member bank's paid-up capital and [more...]
Collection of Checks Summary Establishes procedures, duties, and responsibilities among Federal Reserve Banks Senders and payors of checks and other items, and Senders and recipients of Fedwire funds transfers Reg J Small Entity Compliance Guide Recent Amendments Amendments governing remotely created checks [more...]
International Banking Operations and Relations with Foreign Banks and Bankers Summary Regulation K Governs the international banking operations of US banking organizations and the operations of foreign banks in the United States Regulation N governs relationships and transactions between Federal Reserve Banks and foreign banks, bankers, or [more...]
Summary Governed by the Depository Institutions Management Interlocks Act The regulations of all of the federal banking agencies are virtually identical on the subject of management official interlocks Generally prohibit a management official from serving two nonaffiliated depository institutions, depository institution holding companies, or [more...]
Consumer Leasing 12 CFR 213 Summary Implements the consumer leasing provisions of the Consumer Leasing Act by requiring meaningful disclosure of leasing terms Applies to all persons who regularly lease, offer to lease or arrange for the lease of personal property under a consumer lease Limits the size of balloon payments Consumer Leasing Act [more...]
Loans to executive officers, directors and principal shareholders 12 CFR 215 Summary Restricts credit that a member bank may extend to its executive officers, directors, and principal shareholders and their related interests Applies to both the banks themselves and to their officers, directors and principal shareholders Imposes reporting [more...]
Proposed Amendments Request for comment on ways to improve the privacy notices financial institutions provide to consumers under the Gramm-Leach-Bliley Act comments due 3.30.04 Press release Advance notice of proposed rulemaking [more...]
Prohibition Against Paying Interest on Demand Deposits Summary Regulation Q prohibits member banks from paying interest on demand deposits 12 CFR Part 329 is the FDIC regulation prohibiting, with certain exceptions, the payment of interest on demand deposits Rules 12 CFR Part 217 Regulation Q Prohibition Against Paying [more...]
Exceptions for Banks from the Definition of Broker in the Securities Exchange Act of 1934 - 12 CFR 218 Summary New regulation to define the scope of securities activities that banks may conduct without registering with the Securities Exchange Commission as a securities broker and to implement the most important exceptions from [more...]
Summary Implements part of Annunzio-Wylie Anti-money Laundering Act of 1922 Authorizes the FRB and the Secretary of the Treasury jointly to prescribe recordkeeping and reporting requirements for domestic wire transfers by insured depository institutions Requires the FRB and the Secretary of the Treasury jointly to prescribe recordkeeping and [more...]
Regulations Affecting Securities Credit Summary Reg T governs extension of credit by securities brokers and dealers, including all members of national securities exchanges Reg U governs extension of credit by banks or persons other than brokers or dealers to finance the purchase or the carrying of margin securities Margin securities [more...]
12 CFR 41, 222, 334, 571 and 717 - Fair Credit Reporting Summary This page contains the nearly identical regulations of the five federal banking agencies implementing the Fair Credit Reporting Act FCRA and the Fair and Accurate Credit Transactions Act FAIR Act The rules implement, among other things, the notice and opt-out provisions of [more...]
12 CFR 223 - Transactions Between Member Banks and Their Affiliates Summary Implements sections 23A and 23B of the Federal Reserve Act, which establish certain restrictions on and requirements for transactions between a member bank and its affiliates Section 23A is designed to protect banks from misuse in financial transactions with their [more...]
Bank Holding Companies and Changes in Bank Control 12 CFR 225 Summary Regulates the acquisition of control of banks and bank holding companies by companies and individuals Defines and regulates the nonbanking activities in which bank holding companies (including financial holding companies) and foreign banking organizations with United States operations [more...]
12 CFR 226 - Truth In Lending Summary Implements the Truth in Lending Act Prescribes uniform methods for computing the cost of credit, for disclosing credit terms, and for resolving errors on certain types of credit accounts Applies to extensions of credit made to a consumer primarily for a personal, family, or household purpose, up [more...]