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    OCC Consults on Stress Test Report and FDIC Sets Priorities for 2022

    The Office of the Comptroller of the Currency (OCC) is seeking comments on the final version of the proposed revisions to a regulatory reporting requirement for the company-run annual Dodd-Frank Act Stress Test (DFAST) reporting template and instructions for covered institutions with consolidated assets of USD 250 billion or more. OCC has revised the reporting requirements to mirror the requirements in the form FR Y-14A of FED and its 2022 changes include the minimal adjustments necessary to align line items with placement on the 2022 FR Y-14A. The comment period for these reporting requirement revisions ends on March 04, 2022. In addition, the Federal Deposit Insurance Corporation (FDIC) has set out its priorities for 2022.

    The FDIC’s key priorities for the year are as follows:

    • Address Financial Risks Posed by Climate ChangeAddressing the financial risks that climate change poses to banking organizations and the financial system will be a top priority of the FDIC. FDIC plans to seek public comment on a guidance to help banks prudently manage the climate-related financial risks, establish an FDIC interdivisional, interdisciplinary working group on climate-related financial risks, and join the International Network of Central Banks and Supervisors for Greening the Financial System.
    • Finalize Basel III Capital Rule—FDIC will focus on implementation of BCBS final agreement on modifications to the Basel III international regulatory framework, which will strengthen the regulatory framework for large banking organizations, including strengthening the capital requirements related to market risk, operational risk, and the risks associated with financial derivatives.
    • Evaluate Crypto-Asset Risks—Robust guidance for the banking industry on the management of prudential and consumer protection risks raised by crypto-asset activities is another task in focus.
    • Review Bank Merger Process—In light of the significant implications of bank mergers for competition, safety and soundness, financial stability, and meeting the financial services needs of communities, a careful interagency review of the bank merger process is warranted.
    • Strengthen Community Reinvestment Act (CRA)—FDIC and other federal banking agencies are working on a major revision of the rule implementing CRA and plan to act jointly on a notice of proposed rulemaking in the near future that would strengthen and enhance CRA. CRA requires banks to meet the credit needs of all the communities they serve, including low- and moderate-income communities. 

     

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    Keywords: Americas, US, Banking, Reporting, Stress Testing, Dodd Frank Act, DFAST, DFAST 14A, Instructions, Climate Change Risk, Crypto Assets, FDIC, Basel, Regulatory Capital, ESG, OCC

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