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agencies allow three-year regulatory capital phase in for new current expected credit losses (cecl) the federal bank regulatory agencies approved a final rule modifying their regulatory capital rules and providing an option to phase in over a period of three years the day-one regulatory capital effects of the update to the accounting standard known fema announced that it will halt regular national flood insurance program operations during the government shutdown, a decision that will complicate and potentially delay loan closings for borrowers seeking mortgages where nfip coverage is required.. agencies invite comment on a proposal to exclude community banks from the volcker rule. five federal financial regulatory agencies on friday invited public comment on a proposal that would exclude certain community banks from the volcker rule, consistent with the economic growth, regulatory relief, and consumer protection act. the office of the comptroller of the currency yesterday announced jonathan gould as senior deputy comptroller and chief counsel.