On April 22, 2021, the Federal Reserve Board, FDIC, and OCC (the “agencies”) issued a notice of proposed rulemaking that would require banks that file tax returns as part of a consolidated tax filing group to enter into income tax allocation agreements with their parent companies and other members of the consolidated group that join in the filing, and would set forth specific requirements for the contents of those agreements.  The proposal would apply to all insured depository institutions and OCC-chartered uninsured institutions that are not registered as Subchapter S corporations (collectively, “covered institutions”).

Continue Reading Federal Banking Regulators Issue Proposal on Income Tax Allocation Agreements

On March 29, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) proposed changes to its Part 370 rule that would significantly reduce the compliance burdens on large insured depository institutions subject to that rule. The Part 370 rule, entitled Recordkeeping for Timely Deposit Insurance Determination, imposes new requirements on certain large insured depository institutions to facilitate the prompt payment of insured deposits in the event of the institution’s failure. The Part 370 rule became effective on April 1, 2017, but has a compliance deadline of April 1, 2020.

Continue Reading FDIC to Rework Big Bank Recordkeeping Rule in Advance of Compliance Date

Today the Federal Reserve issued its semiannual regulatory flexibility agenda for fall 2017, which lists regulatory matters the agency anticipates having under consideration during the period from November 1, 2017 through April 30, 2018.

The agenda is notable in two respects.  First, the Federal Reserve anticipates issuing, together with the Office of the Comptroller of

On July 20, 2017, the Consumer Financial Protection Bureau (“CFPB”) announced the release of its Spring 2017 semiannual update of its rulemaking agenda, which is included in the Unified Agenda of Federal Regulatory and Deregulatory Actions (the “Unified Agenda”), published by the Office of Information and Regulatory Affairs (“OIRA”). Submissions for the Spring 2017 update

On August 24, 2016, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rule Making that proposed amendments to the CFPB’s Freedom of Information Act (FOIA), confidentiality rules, and Privacy Act regulations codified at 12 C.F.R. Part 1070.  The proposed changes to the confidentiality rules include, but are not limited to:  (i)  allowing the CFPB to share a regulated entity’s confidential information with a wider range of government and foreign regulators;  (ii) eliminating the CFPB’s obligation to inform a regulated entity before it shares the entity’s confidential information with Congress; and (iii) preventing entities from sharing CFPB enforcement correspondence without prior CFPB approval.

The comment period closed on October 24, 2016.  Commenters generally expressed concern that the CFPB’s proposed changes to its confidentiality rules put privileged attorney-client communications at risk and infringed on companies’ First Amendment right to disclose CFPB communications.  Some commenters suggested that the CFPB was exceeding its statutory authority in revising the rule.
Continue Reading CFPB Proposed Confidentiality Rule Revisions Prompt Comments and Criticism