The Office of the Comptroller of the Currency ("OCC") proposed a rule that would (i) streamline regulations for national banks and (ii) update the regulatory framework for federal savings associations on "other real estate owned" ("OREO") activities. Previously, OREO activities by federal savings associations were guided by capital regulations and handbooks issued by the Office of Thrift Supervision ("OTS"). The proposed framework is generally consistent with the prior OTS framework. The OCC proposed, among other changes, to: revise the terminology in the current definition of "debts

The Trump administration will end exemptions from sanctions for several countries, including China, India, Japan, South Korea and Turkey, that purchase oil from Iran. In November 2018, the Trump administration re-imposed sanctions on Iran that were lifted under the 2016 Joint Comprehensive Plan of Action ( see prior coverage). At that time, "Significant Reduction Exemptions" were provided to certain jurisdictions that purchased Iranian oil to allow for time to find alternative sources. The exemptions ensured continued access to the U.S. financial system for financial institutions in those

The National Credit Union Administration ("NCUA") requested comment on current regulations limiting the compensation of credit union officials and employees connected to loans and lines of credit to members. The NCUA Board described the current regulations as "outdated, burdensome, and at odds with industry standards." Comments must be submitted by June 24, 2019.

A global commodities trading team agreed to pay a fine of $75,000 to settle Chicago Mercantile Exchange Group charges for natural gas futures position limit violations.

In a newly published User's Guide, the Alternative Reference Rates Committee ("ARRC") explained how market participants can use the Secured Overnight Financing Rate ("SOFR") in cash products. The ARRC called on market participants who are able to use SOFR to not wait for forward-looking SOFR term rates to begin their transition away from LIBOR. Seeking to encourage adoption of the overnight rate in cash products, the ARRC explained the differences between "simple" versus "compounded" average, "in advance" versus "in arrears" compounding, as well as some of the conventions that will need to be