September 2014 Industry News – Housing Market, OCC’s Bank Guidelines
Topics: First-Time Homebuyers, OCC Finalizes Guidelines for Banks and Large Financial Institutions
September 3, 2014
Texas and Colorado Triumph as Havens for First-Time Homebuyers
Fall is often considered a prime season for new housing activity, but the question remains whether first-time homebuyers will be strong participaters in the market. A recent survey conducted by WalletHub shows that Texas and Colorado are the leads for attracting first-time homebuyers, with Honolulu ranking first for lowest real estate tax rate and last for highest total home energy costs.
OCC Finalizes Large Financial Institutions & Banks Guidelines; Raises Governance and Risk Management Standards
Yesterday, the Office of the Comptroller of the Currency (OCC) published its final guidelines for large financial institutions regarding the strengthening of governance and risk management practices. These institutions include insured national banks, federal savings associations, etc. The institutions are now required to control and manage risk-taking activities under a new written framework detailed in the guidelines. Institutions with more than $750 billion in total average consolidated assets must comply with the new guidelines immediately, whereas if a bank is currently under the $50 billion threshold (and is not covered by the guidelines due to its parent company owning a covered institution), but that bank crosses the threshold at some point, it will have 18 months to comply.