Capitol CommentsCapitol CommentsNovember 2012November 2012

When there is a deadline associated with an item, you will see this graphic:

Recent NewsRecent NewsAgencies delay regulatory capital rulemakings

The U.S. federal banking agencies issued three notices of proposed rulemaking in June that would revise and replace the current regulatory capital rules. The proposals suggested an effective date of January 1, 2013. Many industry participants expressed concern about the proposals.

In light of the volume of comments received and the wide range of views expressed during the comment period, the agencies do not expect that any of the proposed rules would become effective on January 1, 2013.

Comment: Conversations between industry representatives and senior regulatory officials and ongoing media commentary over the past months indicate that the agencies are seriously considering over 2000 comment letters, many from community banks, critical of the proposal. Further, the Senate Banking Committee held an oversight hearing on the Basel proposal today, with the House Financial Services Committee planning a similar hearing later this month.

FDIC: TAG is done on December 31

The FDIC issued a Financial Institution Letter on Monday, November 5 (FIL-45-2012) announcing that "...absent a change in law, beginning January 1, 2013..." the TAG program will expire.  The letter encourages banks to take "reasonable steps" to notify affected account holders of the change.  

Comment: While it is possible that Congress could act, it is becoming less and less likely with each passing day. The FDIC encourage insured depository institutions to:

Provide non interest bearing accounts (NIBTA) depositors adequate advance notice in writing that the temporary unlimited coverage for NIBTA deposits is scheduled to expire on December 31, 2012, and thereafter the FDIC will insure NIBTAs up to $250,000 per depositor. (Model notice language is attached.)

Remove from their main offices, branches, and Web sites the "Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts" required by 12 C.F.R. § 330.16(c)(1).

Review NIBTA account agreements and related disclosure statements, and modify the documents as necessary to reflect accurately NIBTA coverage on January 1, 2013.

FDIC has posted frequently asked questions and answers regarding NIBTA coverage1. Q&A number 7 has a suggested notice and also a notice suitable for account statements.

CFPB gives additional time for banks to provide certain new disclosures

The CFPB announced that it will give the industry extra time to provide certain new disclosures required under the Dodd-Frank Act. The industry will not be required to provide those disclosures until after the Bureau’s previously proposed mortgage disclosure rules are finalized.

In addition to requiring the integration of TILA-RESPA disclosures, the Dodd-Frank Act also establishes additional new mortgage disclosure requirements, which would automatically take effect on Jan. 21, 2013 unless other action was taken. These new requirements include disclosures on cancellation of escrow accounts, on a consumers’ liability for debt payment after foreclosure, and on the creditor’s policy for accepting partial payment. The CFPB integrated many of these new requirements into the Bureau’s proposed forms that were released in July 2012.

The Bureau’s July TILA-RESPA integration proposal requested comment on granting more time for companies to provide many of the additional disclosures so that the entire TILA-RESPA disclosure regime could take effect together. Commenters overwhelmingly supported providing this extra time so that all of the disclosures take effect together.

Through a final rule2, the CFPB is giving a the industry a temporary exemption from the requirements, so that the entire TILA-RESPA disclosure integration regime can go into effect at once. Without this extra time, industry would have to implement these new disclosures twice—once on January 21, 2013, and once again when the CFPB finalizes the integrated TILA-RESPA disclosure regime.

Comment: This is good news considering the difficulty that the regulators and the industry had with the previous changes to the RESPA disclosures. Hopefully, this time we won’t have round after round of changes to the regulator’s FAQs like we saw with the recent HUD amendments to RESPA.

Video: CFPB Consumer Advisory Board meeting

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CFPB advisory groups have begun to meet.  On September 27, 2012, CFPB met with the Consumer Advisory Board – CFPB’s “crowd-sourced” group of experts (see link to CFPB blog on crowd sourcing in this issue) representing many different perspectives and communities – in St. Louis.  Members offered their observations of how American consumers are getting along in the wake of the financial crisis.  You can watch it on YouTube 3 .

OCC guidance on stress tests of banks larger than $10 billion

Interim guidance issued by the OCC (77 FR 680474) sets forth the general processes and factors to be used by the OCC in development and distributing the stress test scenarios for the annual stress test required by Dodd-Frank as implemented by the Annual Stress Test final rule (Stress Test Rule) published on October 9, 2012. Under the Stress Test Rule national banks and Federal savings associations with total consolidated assets of more than $10 billion are required to conduct annual stress tests using a minimum of three scenarios (baseline, adverse and severely adverse) provided by the OCC. The Stress Test Rule specified that the OCC will provide the required scenarios to the covered institutions by November 15th of each year. Press Releases: Fed,5 OCC6, and FDIC7.

FDIC revised standards or creditworthiness for investment securities

The FDIC issued a Financial Institution Letter (FIL-48-20128) to remind FDIC-supervised institutions of recent regulatory changes regarding the permissibility of certain investment activities. On June 4, 2012, the OCC adopted a final rule (OCC final rule) and related guidance that removes references to credit ratings in OCC regulations pertaining to investment securities (77 FR 35253 and 35259) consistent with section 939A of the Dodd-Frank Act. Under part 362 of the FDIC’s regulations, insured state banks generally are prohibited from engaging in an investment activity that is not permissible for a national bank under OCC regulations, including the requirements of the OCC final rule.

The acquisition of a corporate debt security by a federal or state savings association is subject to section 28(d) of the Federal Deposit Insurance (FDI) Act and the requirements of a final rule (FDIC final rule) adopted by the FDIC on July 18, 2012 (77 FR 43151), described in FIL-34-2012.9 The FDIC's rule regarding corporate debt securities investments by federal and state savings associations is largely consistent with the OCC final rule and related guidance regarding due diligence considerations

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and creditworthiness standards for investment securities.

Recent CFPB blogs

Here are the latest CFPB blogs:

Setting our targets on elder financial abuse (Nov. 16)10

Crowdsourcing in action: A view into the CFPB’s first advisory board and council meetings (Nov. 8)11

Checklist to rebuild your finances (Nov. 6)12

Protecting and rebuilding your finances after a disaster (Nov. 6)13

Launching the college credit card agreement database (Nov. 1)14

Avoiding loan scams after a natural disaster (Oct. 30)

Now accepting credit reporting complaints (Oct. 22)15

The next front? Student loan servicing and the cost to our men and women in uniform (Oct. 18)

CFPB partners with companies who are “alternatives to traditional banks”

CFPB announced the launch of Project Catalyst, an initiative designed to encourage consumer-friendly innovation and entrepreneurship in markets for consumer financial products and services. The stated goals of the project are to 1) establish firm lines of communication with innovators; 2) understand new and emerging products in the market; and 3) engage with innovators. In the initial stage, three companies agreed to share anonymized data about consumer behaviors and trends. Two of the three companies are described as being “alternatives to traditional banks.” Click here to learn more about Project Catalyst16.

Comment: It is somewhat troubling that the CFPB is partnering with entities that are alternatives to community banks.Fictitious OCC correspondence

Fictitious correspondence, allegedly issued by the OCC regarding funds purportedly under the control of the OCC and other government entities, is in circulation. Correspondence may be distributed via e-mail, fax, or postal mail. Alert 2012-1517

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Comment: As always, you might want to warn your customers about this.

OCC adjusting civil money penalties

The OCC is adjusting for inflation each civil money penalty within its jurisdiction to administer. These actions, including the adjustment methodology, are required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996. Final Rule18.

Comment:.In the Biggert-Waters Flood Insurance Reform Act of 2012, Congress increased the maximum CMP per flood insurance violation from $385 to $2,000 and eliminated the $35,000 cap on the total amount of penalties assessed against a single regulated lender in any calendar year. Therefore, that CMP is not subject to adjustment at this time.

FHFA and CFPB develop National Mortgage Database

The Federal Housing Finance Agency (FHFA) and CFPB have agreed to partner on the creation of a National Mortgage Database—the first comprehensive repository of detailed mortgage loan information. The database will primarily be used to support the agencies’ policymaking and research efforts and to help regulators better understand emerging mortgage and housing market trends. News Release.19

Comment: Concerns have been raised about the amount of detail being collected by the agencies, whether this will be another reporting burden placed on banks, and whether the information collected will be used to impose additional requirements on lenders.

FFIEC guidance for supervising technology service providers

The FFIEC issued a revised Supervision of Technology Service Providers booklet, which is part of the FFIEC Information Technology Examination Handbook20. Concurrently, the Fed, the FDIC, and the OCC issued new Administrative Guidelines for the Implementation of the Interagency Program for the Supervision of Technology Service Providers21.

Fed Holiday Currency Ordering

The Federal Reserve’s holiday currency ordering schedule22 in Boston, New York, Philadelphia, and Richmond have been postponed by Hurricane Sandy.

CFPB now accepting credit reporting complaints

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CFPB announced that they are accepting complaints about credit reports23. The CFPB will help consumers with individual-level complaint assistance24 on issues with their credit report. The types of complaints they can work on include:

Incorrect information on a credit report A consumer reporting agency’s investigation Improper use of a credit report Being unable to get a copy of a credit score or file, and Problems with credit monitoring or identify protection service.

FinCEN advisory on filing SARs on Payment Processors

FinCEN issued an Advisory (FIN-2012-A01025) to provide guidance to financial institutions when filing SARs on activities related to third-party payment processors.

Comment: There has been an increase in certain criminal activity that demonstrates that Payment Processors present a risk to the payment system by making it vulnerable to money laundering, identity theft, fraud schemes, and illicit transactions. Certain suspicious activity is associated with Payment Processors engaged in improper or illegal conduct: fraud, accounts at multiple financial institutions, money laundering, enhanced risk, solicitation for business, and elevated rate of return of debit transactions due to unauthorized transactions. If you provide services to Payment Processors, it may be time to update your anti-money laundering program. For more detail see the Advisory.

OCC: Community bank stress testing

The OCC provided guidance to national banks and federal savings associations with assets of $10 billion or less (community banks) on using stress testing to assess risk in their loan portfolios. The guidance is contained in OCC Bulletin 2012-33, Community Bank Stress Testing: Supervisory Guidance.26

The OCC’s guidance provides additional clarity around stress testing expectations for community banks. The guidance also provides an example of a simple stress test framework to consider. The guidance makes the point that stress tests do not need to involve sophisticated analysis or third-party consultative support.

In addition, the OCC is making a new portfolio level stress test tool for income producing commercial real estate (CRE) loans available to national banks and federal savings associations through BankNet.

Comment: The OCC plans to host a teleconference for bankers on December 3 to discuss the new guidance. The OCC’s News Release contained these additional related links:

“Concentrations of Credit” booklet in the Comptroller’s Handbook series

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OCC Bulletin 2012-16 , “Guidance for Evaluating Capital Planning and Adequacy” Interagency Final Guidance on “Concentrations in Commercial Real Estate Lending,

Sound Risk Management Practices.”

CFPB: MLO’s must provide details on disciplinary actions and convictions

On October 22, 2012, the functionality of the Federal Registration component of the Nationwide Mortgage Licensing System and Registry (NMLSR) was updated to accommodate the collection of information about certain disciplinary, enforcement, and other actions against a mortgage loan originator (MLO). Such information must be provided by each MLO or on behalf of the MLO by the covered financial institution that employs the MLO pursuant to the SAFE Act and implementing Regulation G.27 See the CFPB’s Release28 on this topic.

Comment: Under Regulation G, a covered financial institution must submit to the Registry on behalf of each MLO, or require the MLO to submit, information pertaining to:

• Criminal convictions involving dishonesty, breach of trust, or money laundering against the MLO, or organizations controlled by the MLO, or agreements to enter into a pretrial diversion or similar program in connection with the prosecution of such offense(s);• Civil judicial actions against the MLO in connection with financial services-related activities, dismissals with settlements, or judicial findings that the employee violated financial services-related statutes or regulations, except for actions dismissed without a settlement agreement;• Certain actions or orders by a State or Federal regulatory agency or foreign financial regulatory authority;• Final orders issued by a State or Federal regulatory authority or foreign financial regulatory authority with respect to an MLO based on violations of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct;• Revocation or suspension of the MLO’s authorization to act as an attorney, accountant, or State or Federal contractor; and• Customer-initiated financial services-related arbitration or civil action against the MLO that required action, including settlements, or which resulted in a judgment.

Previously, MLO’s only disclosed if they’d been subject to an action. Beginning on October 22, 2012, MLOs were required to provide additional information. In March 2013, additional functionality for the NMLSR consumer access is planned, which will allow the public to view the information pertaining to the disclosure responses, including the uploaded documentation, described above.

FFIEC: Impact of drought conditions on financial institutions

The FFIEC encouraged financial institutions to work constructively with borrowers affected by drought conditions and consider alternatives for prudently restructuring credit facilities as appropriate. The Council recognizes that the effects of natural disasters on the agricultural industry often are transitory, and prudent loan modification efforts can help stabilize borrowers, benefit the long-term interests of financial institutions and their stakeholders, and contribute to the health of local

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economies. FFIEC Statement on the Impact of Drought Conditions on Financial Institutions . 29

CFPB: Annual report on student loans

The CFPB released the Annual Report of the CFPB Student Loan Ombudsman30 detailing problems reported by private student loan borrowers.

A factsheet31 about the report is available. The CFPB also added more “Ask CFPB”32 questions for consumers looking for straight, accurate, and up-to-date information about student loans.

Earlier this year, the CFPB and the U.S. Department of Education released a report on the private student loan marketplace33 and the CFPB published more than 2,000 unique comments from individual consumers about their student debt.

Comment: The three major findings were:

Borrower confusion . Graduates have a hard time determining how much they owe, are caught off guard by unexpected terms, and can’t determine when repayments begin.

Borrower runaround . Borrowers have difficulty contacting servicers and are getting the run around. They also have trouble taking advantage of incentives.

Refinancing dead ends . Borrowers are locked into loan terms they can’t get out of. When they are in distress, there are few options for deferrals, forbearance, or interest rate changes.

Paper check processing moves to Atlanta on December 31, 2012

Beginning with the business day of Monday, December 31, 2012, all paper items will be processed in Atlanta. This includes forward and return items, Canadian items, Savings Bonds, Treasury items (including those currently sent to St. Louis), Postal Money Orders, Foreign items, and over-the-counter on-us processing work. Press Release34.______________________________

Publications, reports, studies, testimony & speechesPublications, reports, studies, testimony & speeches Fed Governor Elizabeth Duke speaks about community banks

In a speech at the Community Bankers Symposium in Chicago, Federal Reserve Governor Elizabeth A. Duke addressed35 several concerns important to community

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banks, including Basel III, mortgage lending, community bank lending risks, regulatory costs and benefits, and separate rules for mortgage loans held at community banks.

Comment: Duke specifically mentioned limitations on balloon notes and escrow requirements as "understandable" restrictions on subprime mortgage originators that have negatively impacted community banks, who "should not be penalized for others' abuses." Governor Duke’s common sense approach to this serious issue could be a significant first step toward a true bifurcated regulatory approach in the banking industry.

CFPB report on servicemembers’ student loan debt

The CFPB released a report about the servicing obstacles that servicemembers face in paying off student loan debt. The report, “The Next Front? Student Loan Servicing and the Cost to Our Men and Women in Uniform,”36 shows that servicemembers are having a hard time accessing the student-loan repayment protections granted to them under federal rules.

Comment: The CFPB is teaming up with DoD to get the word out about military student-loan benefits and consumer protections. The CFPB developed a “Guide for Servicemembers with Student Loans”37 with information on repayment options, as well as an FAQ section for military student loan borrowers at Ask CFPB38. Servicemembers with problems in the servicing of their student loan debt can also file a complaint39 at consumerfinance.gov.

Fed’s 2013 fee schedule

The Federal Reserve Board on announced40 the approval of fee schedules, effective January 2, 2013, for payment services the Federal Reserve Banks provide to depository institutions (priced services).

Comptroller Curry speaks on risk management

In a speech at the Risk Management Association’s Annual Risk Management Conference, Comptroller of the CurrencyThomas J. Curry encouraged bankers to read the OCC’s Semiannual Risk Perspective.41 Comptroller Curry cited three broad areas of concern. One involves the earnings challenges institutions face in an environment of slow growth and volatile financial markets. The second involves mortgage lending, including home equity lines of credit, which presents special problems for lenders. The third is the overarching strategic risk that is inherent when financial institutions search for greater profitability in an uncertain environment, sometimes taking on inappropriate types of risk. You can read a transcript of Comptroller Curry’s October 29th speech here.42

CFPB issues Supervisory Highlights: Fall 2012

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The CFPB will periodically issue Supervisory Highlights, through which it will apprise the public and the financial services industry about its examination program, including the concerns that it finds during the course of its completed work, and the remedies that it obtains for consumers who have suffered financial or other harm. It will not refer to any specific institution but signal to all institutions the kinds of activities that should be carefully scrutinized for compliance with the law. The CFPB believes that Supervisory Highlights will help providers of financial products and services better understand the CFPB’s supervisory expectations so that they can take action to comply with Federal consumer financial laws and serve their customers in a fair and transparent way.

The CFPB also released its appeals policy43 for supervised entities (banks over $10 billion in assets).

The CFPB published the second version of the CFPB Supervision and Examination Manual44.

Comment: Ballard Spahr’s Christopher Willis wrote an excellent blog entitled CFPB Issues Bulletin on Appeals Procedure45 on his valid concerns with the CFPB’s proposed appeals procedure.

Issues and problems detected by the CFOB in key product areas are discussed in Supervisory Highlights: Fall 201246, as well as the corrective actions and remedies that financial institutions have been directed to undertake. With respect to credit cards, the report discusses both public enforcement actions and non-public supervisory actions that the CFPB has taken to address violations of Federal consumer financial laws. The public actions, taken in conjunction with other federal regulators, have yielded $435 million in restitution for approximately 5.75 million consumers. The violators have been ordered to pay, in aggregate, $101.5 million in civil money penalties.Appeals policy; Financial service providers under the CFPB’s jurisdiction may request a review of a less than satisfactory compliance rating or any underlying adverse finding set forth in the relevant examination report, or adverse findings conveyed in a supervisory letter. Appeals will be handled by a committee that includes management at CFPB headquarters in Washington, D.C. and representatives of regional offices that were not involved in the matter under review.

The updated supervisory manual incorporates procedures released for such markets as mortgage origination and servicing, payday lending, consumer reporting, and consumer debt collection. The manual has also been revised to reflect the renumbering republication in the Code of Federal Regulations of those regulations that fall under the Bureau’s rulemaking authority, among other updates.

FedFlash

The November updates47 include a FedLine user authentication migration update; Holiday currency; extended care facility customer FedPayments Reporter service Social Security beneficiary reports.

Fed issues latest FedFocus

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FedFocus48 provides the latest Federal Reserve Financial Services news. Each edition keeps you informed about hot topics in the industry, as well as provides insight into the value of Federal Reserve Financial Services. This month, FedFocus includes: Aligning strategic focus and collaborating with industry on payments system improvement; international remittance concerns; fostering relationships; switching nursing home residents to direct deposit; and webcasts for 2013.

Agency rulemaking:Agency rulemaking:

Selected final rules since last Capitol Comments:Selected final rules since last Capitol Comments:No relevant final rules to report.

Selected rules proposed since last Capitol Comments:Selected rules proposed since last Capitol Comments:CFPB proposes easier way for non-working spouse to get credit cards

CFPB proposed updates to existing regulations49 to make it easier for spouses or partners who do not work outside of the home to qualify for credit cards.  The proposal would allow a stay-at-home spouse or partner to rely on shared income from his or her spouse or partner when applying for a credit card account. The proposed revision would allow credit card applicants who are 21 or older to rely on third-party income to which they have a reasonable expectation of access.  Although the proposal applies to all applicants regardless of marital status, it will ease access to credit particularly for stay-at-home spouses or partners who have access to a working spouse or partner’s income. 77 FR 6674850.

Comment: The proposal would amend § 1026.51(a) to permit the consideration, for applicants 21 or older, of income and assets to which the applicant has a reasonable expectation of access. Currently, § 1026.51(a) requires that issuers consider the consumer’s independent ability to make the required minimum periodic payments under the terms of the account, based on the consumer’s income or assets.

Selected federal rulemaking proposals with open comment Selected federal rulemaking proposals with open comment periods:periods:Please submit your comment letters on these outstanding rule proposals.

CFPB proposes easier way for non-working spouse to get credit cards

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See the immediately preceeding article entitled: “CFPB proposes easier way for non-working spouse to get credit cards.”

Selected upcoming final federal compliance dates:Selected upcoming final federal compliance dates:12.31.2012 Housing and Economic Recovery Act by The Helping Heroes Keep Their Homes Act of 2010 – The

provision for an extended time period (extended from 90 days to nine months) for protections affecting foreclosure, sale, or seizure of servicemembers’ real or personal property expires.

11.30.2012 The Board is amending Regulation D,51 Reserve Requirements of Depository Institutions, to reflect the annual indexing of the reserve requirement exemption amount and the low reserve tranche for 2013.

01.01.2013 The IRS final regulations52 regarding the reporting requirements for interest that relates to deposits maintained at U.S. offices of certain financial institutions and is paid to certain nonresident alien individuals. These regulations apply to payments of interest made on or after January 1, 2013.

02.07.2013 This final rule53 amending Reg. E provides new protections, including disclosures and error resolution and cancellation rights, to consumers who send remittance transfers to other consumers or businesses in a foreign country. The amendments implement statutory requirements set forth in Section 1073 of the Dodd-Frank Act.

03.31.2013 SAR/CTR batch filers must update their systems to the new specifications54. (Extended from June 30, 2012 to March 31, 201355) All institutions that batch file the current CTR, CTR-C, SAR-DI, SAR-SF, SAR-MSB, or SAR-C will have to convert their systems to file the new CTR and SAR. FinCEN will make other filing technical specifications available in the near future.

Comment: Distribute this calendar to your CEO, CFO, Compliance Officer, and Operations Officer.

Selected final federal compliance dates from the past 12 Selected final federal compliance dates from the past 12 months:months:Our list of past final rule effective dates is limited to 12 months. To see the document “Selected Past Final Federal Rules,” containing final rules with effective dates more than 12 months old, click here.

10.01.2012 The Federal Reserve Board final rule56 amends the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. The final rule revises provisions that are currently in effect as an interim final rule.

07.21.2012 The interim final rule57 adopted by the OCC implements Section 610 of the Dodd-Frank Act revises the statutory definition of loans and extensions of credit for purposes of the lending limit to include certain credit exposures arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction. State banks are subject to separate restrictions under section 611 of the Dodd-Frank Act.

07.01.2012 FinCEN adopted a requirement58 that all financial institutions subject to BSA reporting use electronic filing for certain reports. Hardship exemptions are available.

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07.12.2012 Reg D amendment59 simplifying the administration of reserve requirements. (See April 2012 Capitol Comments)

07.12.2012 Reg J amendment60 (See April 2012 Capitol Comments)

04.30.2012 National Labor Relations Board’s final rule61 requiring employers to post workplaces notices regarding employee rights regarding unions and collective bargaining. Notices will be available at NLRB regional offices or on the NLRB website62 by October 1. Private sector employers subject to National Labor Relations Act must post the notice. The notice was originally required on 11.14.2011, but was delayed to allow for further education and outreach.

03.15.2012 ATMs must comply with the communication requirements of the ADA and ABA Accessibility Guidelines for Buildings and Facilities63.

01.01.2012 The FFIEC member agencies directed examiners to formally assess financial institutions under the enhanced expectations outlined in the supplemental guidance on Internet banking authentication64 beginning in January 2012.

12.31.2011 Treasury ends over-the-counter sales of paper savings bonds, including sales through financial institutions and applications directly to the Fed.

10.01.2011 Final rule65 establishing standards (Regulation II) for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions.

10.01.2011 Interim final rule66 that allows for an upward adjustment of no more than 1 cent to an issuer's debit card interchange fee if the issuer develops and implements policies and procedures reasonably designed to achieve the fraud-prevention standards.

10.01.2011 Clarification of Reg Z67 Credit Card Act and official staff commentary.

How to submit comments to your federal regulators:How to submit comments to your federal regulators:Office of the Comptroller of the Currency: Because paper mail in the Washington, DC area and at the OCC is subject to delay, commenters are encouraged to submit comments by the Federal eRulemaking Portal or e-mail, if possible. Please use the title in the Federal Register publication of the proposal. You may submit comments by any of the following methods:

Federal eRulemaking Portal—Regulations.gov: Go to http://www.regulations.gov . Select “Document Type” of “Proposed Rule”, and in “Enter Keyword or ID Box”, enter the docket number found in the Federal Register publication of the proposed rule and click “Search.” On “View By Relevance” tab at bottom of screen, in the “Agency” column, locate the proposed rule for OCC, in the “Action” column, click on “Submit a Comment” or “Open Docket Folder” to submit or view public comments and to view supporting and related materials for this proposed rule. Click on the “Help” tab on the Regulations.gov home page to get information on using Regulations.gov, including instructions for submitting or viewing public comments, viewing other supporting and related materials, and viewing the docket after the close of the comment period. E-mail: regs.comments@occ.treas.gov Mail: Office of the Comptroller of the Currency, 250 E Street, SW., Mail Stop 2-3, Washington, DC 20219. Fax: (202) 874-5274. Hand Delivery/Courier: 250 E Street, SW., Mail Stop 2-3, Washington, DC 20219.

Instructions: You must include “OCC” as the agency name and the docket number in your comment. In general, OCC will enter all comments received into the docket and publish them on the Regulations.gov Web site without change,

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including any business or personal information that you provide such as name and address information, e-mail addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure.

Do not enclose any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure.

Board of Governors of the Federal Reserve System: You may submit comments, identified by the docket number and the RIN number found in the Federal Register publication of the rule proposal, by any of the following methods:

Agency Web Site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm. Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. E-mail: regs.comments@federalreserve.gov. Include the docket number and RIN number in the subject line of the message. Fax: (202) 452-3819 or (202) 452-3102. Mail: Address to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW., Washington, DC 20551.

Federal Deposit Insurance Corporation: You may submit comments, identified by RIN number, by any of the following methods:

Agency Web Site: http://www.FDIC.gov/regulations/laws/federal/propose.html. Follow instructions for submitting comments on the Agency Web Site. E-mail: Comments@FDIC.gov. Include the RIN number on the subject line of the message. Mail: Robert E. Feldman, Executive Secretary, Attention: Comments, Federal Deposit Insurance Corporation, 550 17th Street, NW, Washington, DC 20429. Hand Delivery: Comments may be hand delivered to the guard station at the rear of the 550 17th Street Building (located on F Street) on business days between 7:00 a.m. and 5:00 p.m.

Instructions: All comments received must include the agency name and RIN for this rulemaking and will be posted without change tohttp://www.fdic.gov/regulations/laws/ federal/propose.html, including any personal information provided.

Consumer Financial Protection Bureau: You may submit comments, identified by docket number, by any of the following methods:

Electronic: http://www.regulations.gov. Follow the instructions for submitting comments. Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1500 Pennsylvania Ave. NW., (Attn: 1801 L Street), Washington, DC 20220. Hand Delivery/Courier in Lieu of Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20006.

Instructions: The CFPB encourages the early submission of comments. All submissions must include the document title and docket number. Please note the number of the question to which you are responding at the top of each response (respondents need not answer each question). In general, all comments received will be posted without change to http://www.regulations.gov. In addition, comments will be available for public inspection and copying at 1700 G Street NW., Washington, DC 20006, on official business days between the hours of 10 a.m. and 5 p.m. Eastern Time. You can make an appointment to inspect the documents by telephoning (202) 435-7275. All comments, including attachments and other supporting materials, will become part of the public record and subject to public disclosure. Sensitive personal information such as accouni8ik2t numbers or Social Security numbers should not be included. Comments will not be edited to remove any identifying or contact information.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is provided with the understanding that the publisher is not engaged in the rendering of legal, accounting or other professional advice - from a Declaration of Principles

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adopted by the American Bar Association and a Committee of Publishers and Associations; All rights reserved; Shannon Phillips Jr., Editor; Oklahoma Edition, copyrighted by Craig Buford, CBAO President and CEO.

Capitol CommentsNovember 2012

Craig Buford, CAEPresident and CEOCommunity Bankers Association of Oklahoma4101 Perimeter Center Drive, Suite 107Oklahoma City, OK 73112Office: 405-524-4122Cell: 405-833-9499Fax: 405-524-0443cbuford@cba-ok.orgwww.cba-ok.org

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1http://www.fdic.gov/deposit/deposits/unlimited/expiration.html

2http://files.consumerfinance.gov/f/201211_cfpb_final-rule_title-XIV-disclosures-extension.pdf

3 http://youtu.be/qaWct3qG2XU

4https://www.federalregister.gov/articles/2012/11/15/2012-27660/policy-statement-on-the-principles-for-development-and- distribution-of-annual-stress-test-scenarios

5http://www.federalreserve.gov/newsevents/press/bcreg/20121115a.htm

6 http://www.occ.gov/news-issuances/news-releases/2012/nr-occ-2012-166.html

7http://www.fdic.gov/news/news/press/2012/pr12133.html

8http://www.fdic.gov/news/news/financial/2012/fil12048.html?source=govdelivery

9http://www.fdic.gov/news/news/financial/2012/fil12034.html?source=govdelivery

10 http://www.consumerfinance.gov/blog/setting-our-targets-on-elder-financial-abuse/

11http://www.consumerfinance.gov/blog/crowdsourcing-in-action-a-view-into-the-cfpbs-first-advisory-board-and-council- meetings/

12 http://www.consumerfinance.gov/blog/Rebuilding-your-finances-checklist/

13 http://www.consumerfinance.gov/blog/protecting-and-rebuilding-your-finances-after-a-disaster/

14 http://www.consumerfinance.gov/blog/launching-the-college-credit-card-agreement-database/

15 http://www.consumerfinance.gov/blog/headline-now-accepting-credit-reporting-complaints/

16 http://www.consumerfinance.gov/projectcatalyst/

17 http://www.occ.gov/news-issuances/alerts/2012/alert-2012-15.html

18https://www.federalregister.gov/articles/2012/11/06/2012-27074/rules-of-practice-and-procedure-rules-of-practice-and- procedure-in-adjudicatory-proceedings-civil

19http://www.fhfa.gov/webfiles/24621/NMDFHFACFPB110112F.pdf

20 http://ithandbook.ffiec.gov/reference-materials.aspx

21 http://ithandbook.ffiec.gov/media/153533/10-10-12_-_administrative_guidelines_sup_of_tsps.pdf

22http://www.frbservices.org/files/communications/pdf/boston/103012_hurrican_sandy_fedcash.pdf

23 http://www.consumerfinance.gov/Complaint

24 http://www.consumerfinance.gov/Complaint

25http://www.fincen.gov/statutes_regs/guidance/html/FIN-2012-A010.html

26 http://www.occ.gov/news-issuances/bulletins/2012/bulletin-2012-33.html

27 http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr;sid=09558a8309d73086b9217fe5af1ce0ef;rgn=div5;view=text;node=12%3A8.0.2.14.6;idno=12;cc=ecfr

28http://fedregistry.nationwidelicensingsystem.org/Resources/CFPB%20Communication%20-%20Disciplinary%20Actions %20-%202012-10-18.pdf

29http://www.ffiec.gov/press/Doc/FFIEC_Drought_Issuance_10_16_2012.pdf

30http://files.consumerfinance.gov/f/201210_cfpb_Student-Loan-Ombudsman-Annual-Report.pdf

31http:/files.consumerfinance.gov/f/201210_cfpb_Factsheet-Student-Loan-Ombudsman-Annual-Report.pdf

32http://www.consumerfinance.gov/askcfpb/search?selected_facets=category_exact:Student%20Loans

33http://files.consumerfinance.gov/f/201207_cfpb_Reports_Private-Student-Loans.pdf

34http://www.frbservices.org/files/communications/pdf/check/111612_moving_atlanta.pdf

35http://www.federalreserve.gov/newsevents/speech/duke20121109a.htm

36http://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-servicing.pdf

37http://files.consumerfinance.gov/f/201210_cfpb_servicemember-student-loan-guide.pdf

38http://www.consumerfinance.gov/askcfpb/search?q=&selected_facets=audience_exact%3AServicemembers

39 http://www.consumerfinance.gov/complaint/

40http://www.federalreserve.gov/newsevents/press/other/20121029a.htm

41 http://www.occ.gov/publications/publications-by-type/other-publications-reports/index-semiannual-risk-perspective.html

42 http://www.occ.gov/news-issuances/speeches/2012/index-2012-speeches.html

43http://files.consumerfinance.gov/f/201210_cfpb_bulletin_supervisory-appeals-process.pdf

44http://files.consumerfinance.gov/f/201210_cfpb_supervision-and-examination-manual-v2.pdf

45http://www.ballardspahr.com/alertspublications/legalalerts/2012-11-15-mortgage-banking-update.aspx

46http://files.consumerfinance.gov/f/201210_cfpb_supervisory-highlights-fall-2012.pdf

47 http://www.frbservices.org/fedflash/index.html

48http://www.frbservices.org/fedfocus/index.html

49http://files.consumerfinance.gov/f/201210_cfpb_CARD-Act-proposed-rule.pdf

50https://www.federalregister.gov/articles/2012/11/07/2012-26008/truth-in-lending-regulation-z

51 http://www.gpo.gov/fdsys/pkg/FR-2012-10-31/html/2012-26662.htm

52 http://www.gpo.gov/fdsys/pkg/FR-2012-04-19/pdf/2012-9520.pdf

53http://www.gpo.gov/fdsys/search/pagedetails.action?granuleId=2012-1728&packageId=FR-2012-02-07&acCode=FR

54http://www.fincen.gov/news_room/nr/html/20110902.html

55http://www.fincen.gov/whatsnew/pdf/20111220.pdf

56 http://www.gpo.gov/fdsys/pkg/FR-2012-08-03/pdf/2012-18726.pdf

57 http://www.occ.gov/news-issuances/news-releases/2012/2012-92a.pdf

58 http://www.gpo.gov/fdsys/pkg/FR-2012-02-29/html/2012-4756.htm

59 http://www.gpo.gov/fdsys/pkg/FR-2012-04-12/html/2012-8562.htm

60 http://www.gpo.gov/fdsys/pkg/FR-2012-04-12/html/2012-8563.htm

61http://www.federalregister.gov/articles/2011/08/30/2011-21724/notification-of-employee-rights-under-the-national-labor- relations-act

62 http://www.nlrb.gov/

63 http://www.access-board.gov/ada-aba/final.cfm#communication

64 http://www.ffiec.gov/pdf/Auth-ITS-Final%206-22-11%20%28FFIEC%20Formated%29.pdf

65http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20110629b1.pdf

66http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20110629a1.pdf

67 http://edocket.access.gpo.gov/2011/pdf/2011-8843.pdf