Unsafe or Unsound Practices, Matters Requiring Attention
What happened
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) are adopting a final rule. This rule defines the term "unsafe or unsound practice" for purposes of section 8 of the Federal Deposit Insurance Act. It also revises the supervisory framework for issuing matters requiring attention and other supervisory communications. The document was signed by Donald Trump.
Why it matters
Defining "unsafe or unsound practice" provides clarity for regulated entities regarding compliance expectations. The revised framework for supervisory communications could change how banks receive and respond to official warnings from regulators.
Who it affects
- ›Office of the Comptroller of the Currency (OCC)
- ›Federal Deposit Insurance Corporation (FDIC)
- ›Entities regulated under Federal Deposit Insurance Act
The receipts are official. The summary is ours.
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