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    OCC Publishes Multiple Updates for Financial Sector Entities

    April 08, 2022

    The Office of the Comptroller of the Currency (OCC) published its Community Developments Investments newsletter, finalized a rule amending its suspicious activity report (SAR) regulations, revised certain booklets of the Comptroller’s Licensing Manual, updated the "Commercial Real Estate Lending" booklet of the Comptroller's Handbook, and provided points of contact for banks’ computer-security incident notifications. Additionally, OCC published the views of the Acting Comptroller Michael J. Hsu on architecture of stablecoins, management of tail risks, and large bank resolvability.

    Below are key highlights of the recent updates:

    • The latest edition of Community Developments Investments highlights how banks can collaborate with community development financial institutions, minority depository institutions, and other community-based groups to help rebuild communities recovering from the COVID-19 pandemic and natural disasters. The newsletter explains federal emergency programs that have provided loans, grants, and other resources for low- and moderate-income and minority communities and businesses recovering from the disproportionate effects of the pandemic. The newsletter highlights bank-community partnerships that have helped communities rebuild following disasters and the pandemic. 
    • The final rule on SAR regulations modifies the requirements for national banks and federal savings associations, including federal branches and agencies of foreign banks licensed or chartered by OCC, to file SARs. It amends the SAR regulations to allow the OCC to issue exemptions from the requirements of those regulations upon request from a financial institution subject to those regulations. The final rule takes effect on May 01, 2022. 
    • OCC revised the “General Policies and Procedures,” “Management Interlocks,” and “Public Notice and Comments” booklets of the Comptroller’s Licensing Manual. The revised licensing booklets reflect recent updates to 12 CFR 5 and other regulations, remove references to outdated guidance and provide current reference, and make other minor modifications and corrections.
    • OCC issued version 2.0 of the "Commercial Real Estate Lending" booklet of the Comptroller's Handbook. This booklet discusses risks and risk management practices associated with commercial real estate. This booklet also provides examiners with a framework for evaluating commercial real estate lending activities. The updated booklet reflects changes made to laws and regulations since this booklet was last updated, reflects OCC issuances published and rescinded since this booklet was last updated, and revises certain content for general clarity. It also includes clarifying edits regarding supervisory guidance, sound risk management practices, and legal language.
    • Effective May 01, 2022, banks must use the designated points of contact to satisfy the incident notification requirements established in the interagency final rule for banks and their bank service providers dated November 23, 2021. A bank must notify OCC after the bank determines that a notification incident has occurred, and OCC must receive this notice as soon as possible and no later than 36 hours after the bank’s determination. Banks may satisfy the notification requirement of the final rule by contacting their supervisory office or by using BankNet and/or BankNet Help Desk to communicate a notification incident.


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    Keywords: Americas, US, Banking, Covid-19, Credit Risk, Suspicious Activity Report, AML CFT, Comptroller Handbook, Licensing, Large Banks, Commercial Real Estate, Lending, Incident Reporting, Stablecoins, Cyber Risk, Resolution Framework, Basel, Too-big-to-fail, Regulatory Capital, OCC

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