The OCC has filed a reply in support of its cross-motion for summary judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations. The filing of the OCC’s reply concludes the briefing on the
OCC
State AGs file opposition to OCC’s summary judgment motion
By Jeremy T. Rosenblum on
The Attorneys General of California, Illinois, and New York have filed their opposition to the OCC’s cross-motion for summary judgment in their lawsuit to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations. In their filing, the AGs also reply to the…
OCC provides self-assessment tool for banks to evaluate their preparedness for LIBOR cessation
By John L. Culhane, Jr. & Scott A. Coleman on
Posted in OCC, Regulatory and Enforcement
The OCC has issued a bulletin that includes a self-assessment tool for OCC-supervised banks to evaluate how prepared they are to address the risks arising from the expected cessation of the publication of the London Inter-Bank Offered Rate (LIBOR) next year.
In November 2020, the OCC, together with the FDIC and the Federal Reserve Board,…
CA federal district court denies OCC’s motion to dismiss lawsuit challenging final CRA rule
By Scott A. Coleman on
Posted in Litigation and Court Decisions, OCC
A California federal district court has denied the OCC’s motion to dismiss the lawsuit filed in June 2020 by the National Community Reinvestment Coalition and California Reinvestment Coalition that asks the court to declare the OCC’s CRA final rule (Rule) unlawful under the Administrative Procedure Act (APA) and set it aside.
In its order denying…
OCC pauses publication of fair access rule in Federal Register
By Ronald K. Vaske on
Posted in OCC, Regulatory and Enforcement
The OCC announced today that it is pausing publication of its final fair access rule in the Federal Register to “allow the next confirmed Comptroller of the Currency to review the final rule and the public comments the OCC received, as part of an orderly transition.”
The final rule is intended to codify the principle…
The OCC’s CRA Final Rule Under a New Comptroller and the Biden Administration: What Now?
By Lori J. Sommerfield & Scott A. Coleman on
Posted in OCC, Regulatory and Enforcement
The fate of the OCC’s Community Reinvestment Act (“CRA”) final rule, issued on May 20, 2020, hangs in the balance following the inauguration of President Biden on January 20 and the resignation of former Acting Comptroller Brian Brooks, who was a major proponent of the rule, on January 14.
Although the OCC’s CRA final…
CFPB and federal banking agencies issue final rules on role of supervisory guidance
By Scott A. Coleman on
The CFPB, OCC, FDIC and NCUA have issued substantially similar final rules on the role of supervisory guidance. The final rules adopt the agencies’ proposals without substantive change.
In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition…
Biden Administration regulatory freeze will impact CFPB final rules
On January 20, President Biden’s Chief of Staff Ronald Klain issued a memorandum to the heads of executive departments and agencies setting forth the terms of a regulatory freeze.
The memorandum requires the following subject to limited exceptions:
- No rules can be issued or proposed until a department or agency head appointed by President Biden
…
OCC issues final fair access rule
By Jeremy T. Rosenblum & Ronald K. Vaske on
Posted in OCC, Regulatory and Enforcement
The OCC has issued a final rule establishing standards that a bank must follow in fulfilling its obligation to provide fair access to financial services. The final rule is effective on April 1, 2021.
The final rule was issued on the same day that Acting Comptroller of the Currency Brian Brooks stepped down at…
Eight state attorneys general file lawsuit seeking to overturn OCC’s true lender rule
By Jeremy T. Rosenblum & Mindy Harris on
On January 5, 2021, the Attorneys General of New York, California, Colorado, the District of Columbia, Massachusetts, Minnesota, New Jersey, and North Carolina filed a voluminous Complaint in federal district court for the Southern District of New York against the OCC and Acting Comptroller of the Currency Brian Brooks, seeking to set aside the final…