US Agencies (FDIC, FED, and OCC) jointly issued final rules that adopt without change the interim final rules issued in August that expanded the number of insured depository institutions and U.S. branches and agencies of foreign banks eligible for an 18-month on-site examination cycle, rather than a 12-month cycle. As authorized by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRRCP Act), the final rules generally allow qualifying insured depository institutions with less than USD 3 billion in total assets to benefit from an extended 18-month on-site examination cycle. The final rules also adopt without change the interim final rules' parallel changes for the on-site examination cycle of U.S. branches and agencies of foreign banks. These final rules become effective on January 28, 2019.
Effective Date: January 28, 2019
Keywords: Americas, US, Banking, Examination Cycles, EGRRCP Act, Small Banks, Foreign Banks, US Agencies
Previous ArticleCBIRC Guidance on Regulating Non-Licensed Entities in Banking
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.
EBA updated the report on the implementation of selected COVID-19 policies.
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.