FEDERAL GOVERNMENT RELATIONS
FFIEC Releases Call Report Supplemental Instructions
The Federal Financial Institutions Examination Council released Call Report supplemental instructions that include reporting changes that went into effect for the June 30, 2021, report date.
The changes—which were proposed last December—will allow the FDIC to implement recently proposed amendments to address the temporary deposit insurance assessment effects resulting from the CECL transition. The completed Call Report must be received by July 30, 2021, in accordance with the filing requirements.
FDIC Updates Brokered Deposits Resource Page
The Federal Deposit Insurance Corp. has updated its resource page on brokered deposit regulations, adding a list of entities that a primary purpose exception notice was filed and updating a question-and-answer page. The site also includes information on national rates and rate caps, plus a compliance guide for small entities and previous FDIC staff interpretations that are set to be phased out in 2022.
OCC Reorganizes Management Team
The Office of the Comptroller of the Currency has announced several top staff changes. Bank supervision units, which previously reported to the chief operating officer, will now report directly to the acting comptroller. The OCC's bank supervision units reporting directly to the agency head include bank supervision policy, midsize and community bank supervision, large bank supervision, and supervision risk and analysis. Current COO Blake Paulson will serve as senior deputy comptroller for supervision risk and analysis, and the COO role will be retired.
Meanwhile, the OCC announced that it will combine its enterprise risk management officer with its office of enterprise governance and ombudsman under Senior Deputy Comptroller Larry Hattix, who will also assume the role of chief risk officer upon the retirement of CRO Bill Rowe later this month.
FinCEN Names First Chief Digital Currency Adviser
The Financial Crimes Enforcement Network announced that Michele Korver will serve as the agency's first chief digital currency adviser. Korver was most recently digital currency counsel for the Department of Justice’s criminal division and previously was a cybercrime and national security prosecutor for the Denver district attorney, investigating and prosecuting money laundering and darknet drug trafficking cases involving international criminal organizations.
Treasury Again Extends MDI, CDFI Program
The Department of the Treasury will again extend the deadline to submit applications under its program to invest $9 billion in Minority Depository Institutions and Community Development Financial Institutions.
The Emergency Capital Investment Program will invest in MDIs and CDFIs to support low- and moderate-income and minority communities.
In a notice on its ECIP webpage, Treasury indicated it plans to issue additional clarifications and amendments, so the application deadline will be extended to 14 days after the release of its forthcoming guidance.
The ECIP deadline was previously set for 11:59 p.m. (Eastern time) on Wednesday after an earlier 60-day extension. In its online notice, Treasury also indicated that organizations may ask to revise their already-submitted applications by emailing ecip@treasury.gov.