OCC published the Bulletin 2019-39 to inform national banks, federal savings associations, and federal branches of foreign banking organizations (collectively banks) about the guidelines for requesting approval to be evaluated under the Community Reinvestment Act (CRA), using the strategic plan option or to request approval to amend an approved Community Reinvestment Act strategic plan. OCC also issued Bulletin 2019-40 to inform banks subject to the Community Reinvestment Act about guidelines for requesting a designation as a wholesale or limited purpose bank for Community Reinvestment Act purposes or requesting confirmation of its exemption as a special purpose bank under the Community Reinvestment Act regulations.
The guidelines summarize the OCC’s process for addressing bank requests for approval or amendment of a Community Reinvestment Act strategic plan and for designation as a wholesale or limited purpose bank for purposes of the Community Reinvestment Act, or bank requests for confirmation of its exemption from the Community Reinvestment Act as a special purpose bank, including
- Information that a bank should provide to substantiate its request
- Instructions on how to submit requests
- The OCC review and approval processes, as applicable
Bulletin 2019-40 rescinds and replaces an attachment to OCC Bulletin 1996-11, “Community Reinvestment Act: Guidelines for Requesting Designation as a Wholesale or Limited-Purpose Institution.” Bulletin 2019-39 rescinds:
- OCC Bulletin 1996-11, “Community Reinvestment Act: Guidelines for Approval for a Strategic Plan & Wholesale or Limited Purpose Institution.”
- Office of Thrift Supervision CEO Memo 268, “Strategic Plan and Wholesale/Limited Purpose Designations Under the CRA.”
Keywords: Americas, US, Banking, Guidelines, Strategic Plan, Community Reinvestment Act, Special Purpose Bank, Bulletin 2019-39, Bulletin 2019-40, OCC
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.