On April 12, the Office of the Comptroller of the Currency released its Risk Appetite Statement, which sets boundaries of acceptable levels of risk in key areas of OCC operations. The statement documents the OCC’s overall conservative risk appetite. It also states that the OCC will accept more risk in some areas to remain nimble, and can adapt to the changing needs of supervising national banks and federal savings associations. OCC management and employees will use the statement to evaluate their decisions and actions during the course of overseeing national banks and federal savings associations as well as the execution of agency management functions such as human resources, procurement and information technology.
The Consumer Financial Protection Bureau published in the April 26 Federal Register a notice that it is reopening the comment period for a specific aspect of the proposed rule published by the CFPB in the Federal Register on Dec. 15, 2014 (79 FR 74176).
The 2014 proposal included amendments to certain mortgage servicing provisions in Regulations X and Regulation Z. Among other things, the proposed rule addressed requiring servicers to provide modified periodic statements under Regulation Z to consumers who have filed for bankruptcy, subject to certain exceptions; included related proposed sample periodic statement forms; and indicated that the CFPB intended to conduct consumer testing of the proposed sample forms and would publish and seek comment on a report summarizing the methods and results of such testing prior to finalizing any sample forms. The CFPB seeks comment specifically on the report summarizing consumer testing of sample periodic statement forms for consumers in bankruptcy.
The report has been posted to the Research and Reports page at http://www.consumerfinance.gov/data-research/research-reports/.
Comments are due by May 26.
The Office of the Comptroller of the Currency announced May 9 the addition of the Student Lending booklet to the Comptroller’s Handbook. The new booklet was prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations engaged in private student lending. Private student loans are consumer loans offered to borrowers to fund undergraduate, graduate and other forms of post-secondary education. The booklet addresses the risks in private student lending by banks and in regulatory expectations for safe and sound operations.
The Consumer Financial Protection Bureau’s Regulatory Implementation Team announced May 4 that they have posted the archive recording of the CFPB’s April 12 webinar addressing specific questions raised about the implementation of the TRID rule’s requirements.
The Federal Financial Institutions Examination Council announced April 29 the release of a new Appendix E, “Mobile Financial Services,” to the “Retail Payment Systems” booklet of the FFIEC Information Technology Examination Handbook. The new appendix focuses on risks associated with activities and devices for mobile financial services. The appendix emphasizes an enterprise-wide risk management approach for effectively managing and mitigating existing and evolving risks. Additionally, the appendix contains work program objectives to assist examiners in determining the state of risk and controls at an institution or third-party provider. OCC Bulletin 2016-14 and FDIC FIL-31-2016 also were issued to announce the new appendix.
The Federal Deposit Insurance Corporation on April 27 announced an update of the Financial Institution Employee’s Guide to Deposit Insurance. The guide is designed primarily as a resource for bank employees to understand the FDIC’s rules and requirements for deposit insurance coverage so they can assist depositors in understanding FDIC deposit insurance coverage.
The Consumer Financial Protection Bureau (CFPB) on April 26 released its latest monthly consumer complaint snapshot with the focus on mortgages. The report shows consumers continue to encounter servicing problems when they are unable to make payments. April’s snapshot also highlights trends seen in complaints coming from California.
The U.S. Department of Housing and Urban Development published a proposed rule May 9 that would revise regulations for its Native American and Native Hawaiian programs to incorporate existing rules that require HUD programs to be open to all eligible individuals and families regardless of sexual orientation, gender identity or marital status.
Comments are due by July 8.
On April 28, the Consumer Financial Protection Bureau published in the Federal Register a final rule regarding a number of consumer protection laws. Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act transferred rulemaking authority for a number of consumer financial protection laws from seven federal agencies to the CFPB as of July 21, 2011. In December 2011, the CFPB republished the existing regulations implementing those laws, as previously adopted by the seven predecessor agencies, as interim final rules with technical and conforming changes to reflect the transfer of authority and certain other changes made by the Dodd-Frank Act.
The rule makes final each of the following interim final rules it published in December 2011 subject to intervening amendments: 12 CFR Parts 1002 (Regulation B), 1003 (Regulation C), 1005 (Regulation E), 1006 (Regulation F), 1007 (Regulation G), 1008 (Regulation H), 1009 (Regulation I), 1010 (Regulation J), 1011 (Regulation K), 1012 (Regulation L), 1013 (Regulation M), 1014 (Regulation N), 1015 (Regulation O), 1016 (Regulation P), 1022 (Regulation V), 1024 (Regulation X), 1026 (Regulation Z), and 1030 (Regulation DD).
On April 29, the Federal Financial Institutions Examination Council released a notice and request for public comment on a proposal to revise the existing Uniform Interagency Consumer Compliance Rating System. The revisions are designed to more fully align the rating system with the FFIEC agencies’ current risk-based, tailored examination approaches.
Comments are due by July 5.