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US Regulators Extend Comment Period for Community Reinvestment Act Rules

Washington D.C., USA - The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) have extended the consultation period for proposed changes to the rules implementing the Community Reinvestment Act (CRA). The new deadline is April 8, 2020.

Proposed Rules Aim to Increase Bank Activity in Low- and Moderate-Income Communities

The proposed rules aim to increase bank activity in low- and moderate-income communities by promoting more responsible lending, access to banking services, and lines of credit. The changes would apply to all federally insured depository institutions supervised by the FDIC and OCC.

Key Changes Include:

  • Increased responsible lending practices
  • Expanded access to banking services
  • Improved lines of credit for low- and moderate-income communities

OCC Seeks Feedback on Licensing Policy Updates

Washington D.C., USA - The OCC is seeking feedback on proposed updates to its licensing policies and procedures, aiming to eliminate unnecessary licensing requirements. The proposed changes include:

Key Changes Include:

  • Permitting national banks and federal savings associations to follow state bank or state savings association procedures for certain business combinations
  • Expanding operating subsidiary notice and expedited review processes
  • Providing procedures for granting and revoking citizenship and residency waivers for national bank directors

Submissions are due by May 4, 2020.

SEC Proposes Rule Changes to Streamline Exempt Offering Framework

Washington D.C., USA - The Securities and Exchange Commission (SEC) is seeking feedback on proposed amendments to simplify and improve the exempt offering framework. The changes aim to facilitate capital formation and investment opportunities while preserving investor protections.

Key Changes Include:

  • Simplifying the existing exempt offering framework
  • Facilitating access to investment opportunities for investors and capital for issuers

PwC Publications

PricewaterhouseCoopers (PwC) has published several reports on regulatory developments in the US, including:

Notable Reports Include:

  • “Design and Distribution Obligations (DDO) ASIC Compliance from 5 April 2021” - analyzing the impact of DDO on how financial products are distributed to retail consumers.
  • “Regulatory reporting audit requirements for RFCs” - comparing RRS 710.0 with other regulatory standards and considerations for Registered Financial Corporations (RFCs).
  • “Seizing opportunities from China-US trade deal and managing tax risks: A game-changer for US asset managers to improve access to China financial market” - highlighting the Chinese tax considerations for US and global asset managers when structuring market access in Chinese investment asset classes as a result of “phase-one” of the trade agreement.

PwC Contacts

For more information on these regulatory developments, please contact:

About PwC

PwC is a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory and tax services.