Message from John Epperson, Managing Principal, Financial Services
Dear FIEB readers,
Just as we were beginning to resume some face-to-face meetings and return to what seemed “back to normal” activities, we are getting reports from many areas of increasing numbers of cases of the delta variant of the coronavirus. With that, a move back to further restrictions is potentially forthcoming. We will continue to keep you updated on emerging developments while supporting remote activities and taking other necessary preventive measures.
As is typically the case in the summer months, regulatory and reporting activities remained lighter for the past month. Regulators continue to execute supervisory and policy initiatives through hybrid examinations and meetings while largely continuing remote activities for agency operations. Some key developments from the federal financial institution regulatory agencies include interagency FAQs on the upcoming LIBOR transition, the annual updated OCC Bank Accounting Advisory Series, updated FDIC brokered deposit resources, and an NCUA proposed leverage ratio for complex credit unions.