CFPB, Federal Agencies, State Agencies, and Attorneys General
The OCC has removed “reputational risk” from its handbooks and guidance and the FDIC is moving to do the same.
The OCC’s decision supports “the OCC’s mission and its supervisory objectives to ensure that banks have appropriate and strong risk management processes for their business activities, treat customers fairly, and comply with applicable laws and regulations,” the agency said, in announcing the move.… Continue Reading
On March 7, 2025, the Office of the Comptroller of the Currency (“OCC”) released Interpretive Letter 1183, marking a pivotal change in regulatory guidance for national banks and federal savings associations engaging in cryptocurrency activities. This recent directive, issued under Acting Comptroller Rodney Hood, rescinds the requirements set by Interpretive Letter 1179 from November 2021.… Continue Reading
The FDIC, the OCC and the Justice Department earlier this month issued updated standards for bank mergers. The three agencies acted separately, although officials noted that they had worked with the other agencies involved.
“Continued engagement with our fellow regulators is vitally important, especially as it relates to evaluating the competitive effects of mergers,” FDIC Chairman Martin Gruenberg said.… Continue Reading
On August 27, we blogged about the Ninth Circuit unpublished panel opinion in Kivett v. Flagstar Bank issued upon remand of the case from the Supreme Court with instructions to follow the guidance of the Supreme Court contained in its unanimous opinion in Cantero v. Bank of America. In Cantero, the Supreme Court reversed a Second Circuit opinion which had held that the National Bank Act preempted a New York State law requiring the payment of 2% interest on residential mortgage escrow accounts.… Continue Reading
A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (Board) and National Credit Union Administration (NCUA). The guidance will be effective upon publication in the Federal Register.… Continue Reading
On May 3, 2024, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) jointly released the “Third-Party Risk Management: A Guide for Community Banks” (the “Guide”), presenting it as a resource for community banks to bolster their third-party risk management programs, policies, and practices.… Continue Reading
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the Supreme Court is whether the National Bank Act (NBA) preempts application of the New York statute to national banks. … Continue Reading
Bank of America, N.A. has filed its merits brief in Cantero v. Bank of America, N.A., the case currently before the U.S. Supreme Court dealing with the scope of national bank preemption. The petitioners must file their reply brief by February 16, 2024. (The petitioners’ merits brief is available here.) … Continue Reading
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the Supreme Court is whether the National Bank Act (NBA) preempts application of the New York statute to national banks. … Continue Reading
In its Fall 2023 Semiannual Risk Perspective, published on December 7, the Office of the Comptroller of the Currency (“OCC”) reported on key issues facing the federal banking system. In evaluating the overall soundness of the federal banking system, the OCC emphasized the need for banks to maintain prudent risk management practices. … Continue Reading
