The federal bank regulatory agencies announced optional extension of the regulatory capital transition for the new credit loss accounting standard.
The Fed, FDIC, NCUA, OCC, CFPB) and state banking regulators issued an interagency statement for financial institutions working with borrowers affected by the coronavirus. FASB concurs with the approach.
Reuters reported that the Office of the Comptroller of the Currency told Congress that it will will review the next pick for Wells Fargo’s chief executive.
First Federal Bancorp and Coastal Banking Company received all required approvals from the Federal Reserve Bank of Atlanta, the Office of the Comptroller of the Currency, and the South Carolina Office of the Commissioner of Banking for their previously announced merger.
Reuters reported regulators are scrutinizing the impact of falling energy prices on bank loans in a move that could make it more difficult for lenders to extend extra credit to troubled oil and gas companies.
Linda Cunningham was named the first Chief Risk Officer at the Office of the Comptroller of the Currency.