The Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the state regulators recognize the serious impact of Hurricane Michael on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. More... The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. For more information, see the press release and related information on the Board’s public website: www.federalreserve.gov/newsevents/pressreleases/bcreg20181010a.htm.

The Board has adopted final amendments to its Regulation A to reflect the Board’s approval of an increase in the rate for primary credit at each Federal Reserve Bank. More... The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board’s primary credit rate action. The final rule is effective October 2, 2018 (Regulation A, Docket R-1623), the same day it was published in the Federal Register. The rate changes for primary and secondary credit were applicable on September 27, 2018.

The Board is amending Regulation D (Reserve Requirements of Depository Institutions) to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (IORR) and the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by or on behalf of eligible institutions. More... The final amendments specify that IORR is 2.20 percent and IOER is 2.20 percent, a 0.25 percentage point increase from their prior levels. The amendments are intended to enhance the role of such rates of interest in moving the federal funds rate into the target range established by the Federal Open Market Committee. The final rule is effective October 2, 2018 (Regulation D, Docket R-1624), the same day it was published in the Federal Register. The IORR and IOER rate changes were applicable on September 27, 2018.

The Board, the Consumer Financial Protection Bureau (CFPB), the FDIC, the NCUA, and the OCC (collectively, “the agencies”) issued on September 11, 2018, Interagency Statement Clarifying the Role of Supervisory Guidance to explain the agencies’ approach to using guidance in their supervision of regulated institutions. More... The statement explains that, unlike a law or regulation, supervisory guidance does not have the force and effect of law and that the agencies do not take enforcement actions based on supervisory guidance. However, examiners may reference supervisory guidance to provide examples of safe-and-sound conduct, appropriate consumer protection and risk-management practices, and other actions for addressing compliance with laws or regulations (Guidance, Safety and Soundness at 3-1579.29).

The Board periodically issues Supervision and Regulation (SR) letters announcing that certain previously issued guidance has become inactive or has been superseded. More...

The Board, the FDIC, the NCUA, the OCC, and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued on October 3, 2018, Interagency Statement on Sharing Bank Secrecy Act Resources to address instances in which banks may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act/Anti-Money Laundering (BSA/AML) obligations more efficiently and effectively. More... Collaborative arrangements as described in this statement generally are most suitable for banks with a community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing (Department of the Treasury, Financial Crimes Enforcement Network at 3-1874).

The CFPB issued an interim final rule to update its model forms for the Summary of Consumer Identity Theft Rights and the Summary of Consumer Rights to incorporate a notice of rights required by a new provision of the Fair Credit Reporting Act, added by the Economic Growth, Regulatory Relief, and Consumer Protection Act. More... The interim final rule is effective September 21, 2018 (Consumer Financial Protection Bureau, Regulation V, Docket CFPB-2018-0025) and was published in the Federal Register on September 18, 2018. Comments on the interim final rule must be received by November 19, 2018.

The Board, the FDIC, and the OCC are proposing to amend the regulatory capital rule to revise the definition of “high volatility commercial real estate (HVCRE) exposure” to conform to the statutory definition of “high volatility commercial real estate acquisition, development, or construction (HVCRE ADC) loan,” in accordance with section 214 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. More... Additionally, to facilitate the consistent application of the revised HVCRE exposure definition, the agencies propose to interpret certain terms in the revised HVCRE exposure definition generally consistent with their usage in other relevant regulations or the instructions to the Consolidated Reports of Condition and Income, where applicable, and request comment on whether any other terms in the revised definition would also require interpretation. Comments on this notice of proposed rulemaking must be received by November 27, 2018 (Docket R-1621).