The Board, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration, the Office of the Comptroller of the Currency (OCC), and the state regulators recognize the serious impact of flooding in the Midwest on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. More... The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. For more information, see the press release and related information on the Board’s public website: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20190325a.htm.

The Board, the FDIC, and the OCC (collectively, “the agencies”) are adopting a final rule to address changes to credit loss accounting under U.S. generally accepted accounting principles, including banking organizations’ implementation of the current expected credit losses methodology (CECL). More... The final rule provides banking organizations the option to phase in over a three-year period the day-one adverse effects on regulatory capital that may result from the adoption of the new accounting standard. In addition, the final rule revises the agencies’ regulatory capital rule, stress testing rules, and regulatory disclosure requirements to reflect CECL, and makes conforming amendments to other regulations that reference credit loss allowances. The effective date of this rule was delayed on March 29, 2019 (84 FR 11879) from its original effective date of April 1, 2019. The final rule is effective July 1, 2019 (Regulation Q, Docket R-1605) and was published in the Federal Register on February 14, 2019.

The Board is adopting amendments to its policy statement on the scenario design framework for stress testing (12 CFR 252, appendix A). More... As revised, the policy statement clarifies that the Board may adopt a change in the unemployment rate in the severely adverse scenario of less than 4 percentage points under certain economic conditions and institutes a guide that limits procyclicality in the stress test for the change in the house price index in the severely adverse scenario. The final rule is effective April 1, 2019 (Regulation YY, Docket R-1650) and was published in the Federal Register on February 28, 2019.

The Board is adopting a final policy statement on the approach to supervisory stress testing conducted under the Board’s stress testing rules and the Board’s capital plan rule (12 CFR 252, appendix B). More... The final rule is effective April 1, 2019 (Regulation YY, Docket R-1649) and was published in the Federal Register on February 28, 2019.

The Consumer Financial Protection Bureau (CFPB) issued this final rule to create comprehensive consumer protections for prepaid accounts under Regulation E, which implements the Electronic Fund Transfer Act; Regulation Z, which implements the Truth in Lending Act; and the official interpretations to those regulations. More... The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and adds new requirements regarding the posting of account agreements. Additionally, the final rule regulates overdraft credit features that may be offered in conjunction with prepaid accounts. Subject to certain exceptions, such credit features will be covered under Regulation Z where the credit feature is offered by the prepaid account issuer, its affiliate, or its business partner and credit can be accessed in the course of a transaction conducted with a prepaid card. The effective date of this rule governing prepaid accounts has been delayed twice—on April 25, 2017 (82 FR 18975) and on February 13, 2018 (83 FR 6364)—from its original effective date of October 1, 2017. The final rule is effective April 1, 2019 (Consumer Financial Protection Bureau, Regulation E and Regulation Z, Docket CFPB-2014-0031) and was published in the Federal Register on November 22, 2016.

The Board is requesting comment on whether it should propose amendments to its Regulation D (Reserve Requirements of Depository Institutions), to lower the rate of interest paid on excess balances (IOER) maintained at Federal Reserve Banks by eligible institutions that hold a very large proportion of their assets in the form of balances at Reserve Banks. More... Comments on this notice of proposed rulemaking must be received by May 13, 2019 (Docket R-1652).