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ABA Center for Regulatory Compliance
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ABA's Center for Regulatory Compliance is your gateway to support for meeting the challenges of managing compliance risk. We provide direct access to regulatory expertise, up-to-date reports on agency initiatives, and the resources to assist you in keeping pace with the demands of supervisory oversight.
Dodd-Frank Act (DFA) developments are tagged  in the Compliance What's New section, the Regulatory Status Chart and elsewhere in the Center's Research Resources Topics pages.
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Survey Question of the Week Results
Has your bank modified residential mortgage loans in the past two years? (Answer as many as apply)
| By Institution Size |
Under $200M |
$200-$800M |
$800M-$5B |
Over
$5B |
Totals |
| Yes, for loans we held in portfolio |
15 |
13 |
12 |
8 |
48 (64.0%) |
| Yes, for loans we sold to a GSE or another investor |
2 |
2 |
4 |
3 |
11 (14.7%) |
| Yes, for loans other than those above |
0 |
0 |
2 |
1 |
3 (4.0%) |
| No, but we do make residential mortgages |
2 |
6 |
1 |
1 |
10 (13.3%) |
| No, we don't make residential mortgage loans |
1 |
2 |
0 |
0 |
3 (4.0%) |
Total Number of Respondents = 64
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- ABA Requests FDIC Analysis on Extending Transaction-Account Coverage (2/10/12)
ABA urged the FDIC to provide a detailed costs-benefits analysis of extending the agency's full coverage of noninterest-bearing transaction accounts that is slated to expire at the end of this year. Keating explained that ABA has started discussing the extension's pros and cons with its members, and preliminary feedback reflects a range of views. Many banks found that the original program was helpful in maintaining liquidity, something some of them still need, he said. Other institutions felt the program has served its purpose of assuring funding in a crisis, but the post-crisis need for it has diminished. Keating emphasized that since the FDIC will have a significant voice in whether Congress should extend the coverage, it's important that the agency's position be well understood as soon as possible. "This will help the industry understand the political challenges that would be required to extend this program and the challenges they would face should the program end," Keating said. Read an ABA discussion paper on the issue. For more information, contact ABA's Jim Chessen.
- IRS Issues Proposed FATCA Regulations (2/10/12)
The Treasury Department and Internal Revenue Service issued long-awaited proposed rules for implementing the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted in March 2010, is part of the government's efforts to crack down on off-shore tax evasion, and it requires foreign financial institutions (FFIs) to provide information to the IRS on U.S.-owned accounts. The regulations, among other things, would require that participating FFIs enter into an agreement with the IRS to identify U.S. accounts; report certain information to the IRS on those accounts; and ensure they withhold a 30 percent tax on certain payments of U.S. source income made to nonparticipating FFIs and accountholders unwilling to provide the needed information. Participating FFIs would be required to register through an online system that will be available by Jan. 1, 2013. The comment deadline on the proposed rule is April 30. Since FATCA's enactment, ABA has made numerous recommendations and suggestions on how the IRS and Treasury should interpret certain provisions. For more information, contact ABA's Fran Mordi.
 More Compliance News |
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ABA Committees/Related Groups
Contact Compliance
 Call 1-800-551-2572 to speak to an ABA staff expert.
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Questions? For more information, contact Grace Marasigan.
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