On December 15, 2023, the Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency issued an Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations. More... This statement extends the expiration of the no-action position provided in the revised statement that was issued on December 22, 2022, and that expired on January 1, 2024. The federal banking agencies will continue to exercise discretion to not take enforcement action against banks or asset managers that become principal shareholders of banks with respect to certain extensions of credit by banks that otherwise would violate Regulation O. The agencies are extending this temporary relief while the Board, in consultation with the other federal banking agencies, considers whether to amend Regulation O. The interagency statement also sets forth the eligibility criteria for this relief (Regulation O).

The Board and the FDIC amended their Community Reinvestment Act (CRA) regulations to adjust the asset-size thresholds used to define “small bank” and “intermediate small bank.” More... As required by the CRA regulations, the adjustment to the threshold amount is based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). The final rule is effective January 1, 2024 (Regulation BB, Docket R–1826) and was published in the Federal Register on December 20, 2023.

The Consumer Financial Protection Bureau (CFPB) amended the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the CPI–W. More... Based on the 4.1 percent increase in the average of the CPI–W for the 12-month period ending in November 2023, the exemption threshold is adjusted to $56 million from $54 million. Therefore, banks, savings associations, and credit unions with assets of $56 million or less as of December 31, 2023, are exempt from collecting data in 2024. The final rule is effective January 1, 2024 (Consumer Financial Protection Bureau, Regulation C) and was published in the Federal Register on December 21, 2023.

The CFPB amended the official commentary to its Regulation Z in order to make annual adjustments to the asset-size thresholds exempting certain creditors from the requirement to establish an escrow account for a higher-priced mortgage loan. More... These changes reflect updates to the exemption from the escrow requirement in the Truth in Lending Act for creditors that, together with their affiliates that regularly extended covered transactions secured by first liens, had total assets of less than $2 billion (adjusted annually for inflation). They also reflect updates to the exemption the CFPB added, by implementing section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, for certain insured depository institutions and insured credit unions with assets of $10 billion or less (adjusted annually for inflation). These amendments are based on the annual percentage change in the average of the CPI–W. Based on the 4.1 percent increase in the average of the CPI–W for the 12-month period ending in November 2023, the exemption threshold for creditors and their affiliates that regularly extended covered transactions secured by first liens is adjusted to $2.640 billion from $2.537 billion and the exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less is adjusted to $11.835 billion from $11.374 billion. The final rule is effective January 1, 2024 (Consumer Financial Protection Bureau, Regulation Z) and was published in the Federal Register on December 21, 2023.