The Board, FDIC, and OCC (collectively, the agencies) are issuing final guidance on managing risks associated with third-party relationships. The final guidance offers the agencies’ views on sound risk management principles for banking organizations when developing and implementing risk management practices for all stages in the life cycle of third-party relationships. The final guidance states that sound third-party risk management takes into account the level of risk, complexity, and size of the banking organization and the nature of the third-party relationship.
OCC
Under the Congressional Review Act (CRA), Congress has passed and the President has signed a joint resolution disapproving the Office of the Comptroller of the Currency’s (OCC) final rule titled ‘‘National Banks and Federal Savings Associations as Lenders.’’ This final rule established a test to determine when a national bank or Federal savings association (bank) makes a loan and is the ‘‘true lender,’’ including in the context of a relationship between a bank and a third party, such as a marketplace lender.
The Office of the Comptroller of the Currency (OCC) is issuing this final rule to determine when a national bank or Federal savings association (bank) makes a loan and is the ‘‘true lender,’’ including in the context of a partnership between a bank and a third party, such as a marketplace lender. Under this rule, a bank makes a loan if, as of the date of origination, it is named as the lender in the loan agreement or funds the loan.
The Office of the Comptroller of the Currency (OCC) is proposing a regulation to determine when a national bank or Federal savings association (bank) makes a loan and is the ‘‘true lender’’ in the context of a partnership between a bank and a third party, such as a marketplace lender. Under this proposal, a bank makes a loan if, as of the date of origination, it is named as the lender in the loan agreement or funds the loan.
The OCC is rescinding its supervisory guidance entitled ‘‘Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products’’ and OCC Bulletin 2013–40 (collectively, Guidance), which address the OCC’s expectations regarding the offering of deposit advance products by national banks and federal savings associations (collectively, banks).
The OCC is issuing final supervisory guidance entitled ‘‘Guidance on Supervisory Concerns and Expectations Regarding Deposit Advance Products’’ (Guidance), which addresses safe and sound banking practices and consumer protection in connection with deposit advance products.
The OCC is proposing guidance on safe and sound banking practices and consumer protection in connection with deposit advance products. The OCC is also withdrawing its proposed guidance on Deposit-Related Consumer Credit Products published on June 8, 2011.
Pursuant to Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act, all functions of the Office of Thrift Supervision (OTS) relating to Federal savings associations and the rulemaking authority of the OTS relating to all savings associations are transferred to the Office of the Comptroller of the Currency (OCC) on July 21, 2011 (transfer date).
The Office of the Comptroller of the Currency (OCC) is adding a new part 37 to its regulations that addresses debt cancellation contracts (DCCs) and debt suspension agreements (DSAs). The purpose of the final rule is to establish standards governing these products in order to ensure that national banks provide such products consistent with safe and sound banking practices and subject to appropriate consumer protections.
The Office of the Comptroller of the Currency (OCC) is publishing its final rule amending its visitorial powers regulation in order to clarify issues that have arisen in connection with the scope of the OCC’s visitorial powers.