 |
|
|
Comment Deadline Calendar
Pending Proposals
Recently Finalized Rules
BOL OFAC page
|
|
NEW ON BOL
|
SPECIAL BRIEFINGS
|
Posted May 24, 2012
- Bureau asks input on prepaid card rules
The CFPB has published an Advance Notice of Proposed Rulemaking (ANPR) [Text; PDF] concerning general purpose reloadable (GPR) prepaid cards. Comments are due by July 23, 2012. Additional information can be found in BankersOnline’s Top Stories for May 23.
- Independent foreclosure file review video for borrowers
The FRB has announced that a video is available for borrowers who believe that errors occurred in foreclosure of their primary residences. The video explains how to apply for a free independent review if the foreclosure was in process in 2009 or 2010 and their loan servicer is participating in the Independent Foreclosure Review program.
- G. 20 receivables report
The March 2012 G.20 Owned and Managed Receivables Outstanding report has been released by the Federal Reserve Board.
- FinCEN administrative ruling
FinCEN has issued ruling FIN-2012-R001 on whether a bank holding company that issues official checks is a money services business. The ruling applies to a specific holding company under what may be unique circumstances.
Posted May 23, 2012
- Late-Breaking: Bureau ponders prepaid card rules
The Consumer Financial Protection Bureau has announced initial steps toward adopting consumer protection rules for general purpose reloadable (GPR) prepaid cards, in the form of an Advance Notice of Proposed Rulemaking asking for information about GPR cards, including their costs, benefits and risks to consumers. The Bureau plans to evaluate the need for disclosures, limited liability protections from unauthorized transactions, and the costs, benefits and consumer protection issues related to some features that may be part of GPR card products. Comments on the ANPR will be due 60 days after publication in the Federal Register. As part of its GPR inititative, the Bureau also announced its launch of Ask CFPB: Prepaid Cards, an online tool providing answers about prepaid cards. (11:12 a.m. ET)
- FDIC publishes correction
The FDIC has published a correction to its March 18, 2011, final rule that made technical amendments to its rules on Procedures for Monitoring Bank Secrecy Compliance at 12 CFR Part 326. The March 18 rule had included a typographical error that resulted in the inadvertent removal of paragraph 326.8(c) from the CFR.
- Discount rate meetings minutes
The FRB has released the minutes of the discount rate meetings from April 2 through April 23, 2012.
- FRB reports to Congress
The Federal Reserve Board has released its 2011 Annual Report and 2012 Budget Review, both of which were delivered to Congress.
- Maryland credit union receives C&D order
The NCUA has announced its issuance of a cease and desist (C&D) order to Montgomery County Teachers Federal Credit Union, Derwood, Maryland.
- NCUA YouTube economic update
The NCUA has announced the release of its May 2012 economic update on YouTube.
- Late-breaking news
Two late-breaking news items were added to yesterday’s Top Stories.
Posted May 22, 2012
- Breaking News: Treasury designates Belarusian bank
Treasury has announced its identification of Belarus-based JSC CredexBank (Credex) as a financial institution of primary money laundering concern. The action was taken under Section 311 of the USA PATRIOT Act. According to the announcement, Treasury took the action because it believes that Credex has engaged in high volumes of transactions that are indicative of money laundering on behalf of shell corporations, and has a history of ownership by shell corporations whose own lack of transparency contributes to considerable uncertainty surrounding Credex’s true beneficial ownership. FinCEN has filed for publication a Notice of Proposed Rulemaking that would impose recordkeeping and reporting requirements on certain financial transactions involving Credex, and would prohibit U.S. banks from opening or maintaining correspondent or pass-through accounts for Credex. (1:28 p.m. ET)
- Breaking News: Citigroup unit fined for subprime info
The Financial Industry Regulatory Authority (FINRA) has announced a $3.5 million fine imposed on Citigroup Global Markets, Inc., for providing inaccurate mortgage performance information, supervisory failures and other violations in connection with subprime residential mortgage-backed securitizations. (11:09 a.m. ET)
- OFAC enforcement action
OFAC has announced that an assets manager has paid a $112,500 civil money penalty for its apparent violation of the Iranian Transactions Regulations. No financial institutions were cited.
- FHC list updated
The FRB has updated the list of bank holding companies that have elected to become or be treated as financial holding companies (FHCs) as of May 18, 2012.
- Fed check platform modernization
Federal Reserve Bank Services has published a letter sent to its check service customers regarding the initiative to modernize the Fed's check processing platform.
Posted May 21, 2012
- Enforcement actions announced
The OCC has announced enforcement actions it has recently taken against national banks, federal saving associations, and individuals currently and formerly affiliated with national banks.
- Alabama bank closed
The FDIC has announced the closing and assumption of deposits of Alabama Trust Bank, National Association, Sylacauga, Alabama, which was issued a Prompt Correction Action Directive by the OCC on April 12, 2012. The bank’s deposits (except for some brokered accounts) have been transferred to Southern States Bank, Anniston, Alabama.
- CU liquidated
The NCUA has announced its liquidation of the Wausau Postal Employees Credit Union, Wausau, Wisconsin, and the purchase and assumption of its assets, liabilities, and membership by CoVantage Credit Union, Antigo, Wisconsin.
- C&D orders
The NCUA has issued cease and desist (C&D) orders against a former employee and a former affiliated individual of the U.S. Central Federal Credit Union, Lenexa, Kansas.
- Financial Research Fund assessments
The Treasury Department’s Fiscal Service has published a final rule and an interim final rule to implement Section 155 of the Dodd-Frank Act, which directs the Treasury to establish by regulation an assessment schedule for bank holding companies with total consolidated assets of $50 billion or greater and nonbank financial companies supervised by the Federal Reserve to collect assessments equal to the total expenses of the Office of Financial Research.
- Tax credits regulations finalized
Treasury has announced finalized regulations on the Affordable Care Act premium tax credits relating to the purchase of health insurance.
- Charge-off and delinquency rates report
The FRB has released its report of charge-off and delinquency rates on loans and leases at commercial banks.
- Reserve Bank Operations quarterly data updates
The FRB has issued quarterly data updates for its National Settlement, Fedwire Funds, and Fedwire Securities Services.
- FDIC Consumer News
The Spring 2012 issue of the FDIC Consumer News has been published, featuring tips for buying a certificate of deposit, paying for higher education, and financing a car purchase.
- Empowering America’s consumers
The topic of the most recent article on the CFPB Blog is “Empowering America’s Consumers.” It announced that the agency’s Office of Financial Empowerment has a special focus on lower-income and economically vulnerable consumers.
Posted May 18, 2012
- OFAC updates SDN list
Two individuals have been designated as SDGTs and added to the OFAC SDN list, and one individual previously designated as a SDNTK was removed. Information regarding these changes has been posted in a BOL OFAC Update.
- Rescission of OTS documents
OCC Bulletin 2012-15 has been issued to announce the rescission of certain OTS documents as part of the ongoing implementation of the Dodd Frank Act.
- NCUA C&D Order
The NCUA has issued an Order to Cease and Desist (C&D) to a former institution-affiliated party of a California credit union. The Order was part of a settlement agreement to resolve the potential claims against the individual stemming from the conservatorship and eventual liquidation of the credit union.
- CFPB to hold field hearing on prepaid cards
The CFPB has blogged an invitation to the public to attend a field hearing on prepaid cards on May 23, 2012, in Durham, North Carolina. A live stream of the event will be available.
Posted May 17, 2012
- June HOEPA rates established
The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 2012 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application.
- Yemen Executive Order
The Treasury Department has announced that President Obama has signed an Executive Order (E.O.), “Blocking Property of Persons Threatening the Peace, Security, or Stability of Yemen,” that will give the Departments of State and the Treasury authority to target parties that pose a threat to the peace, security, or stability of Yemen. Information regarding the E.O. has been posted in a BOL OFAC Update.
- Curry on operational risk
In a speech before the Exchequer Club in Washington, D.C., Comptroller Curry discussed the operational risks facing national banks and federal savings associations.
- FOMC minutes and meeting schedule
The FRB has released the minutes of the FOMC April 24–25, 2012, meeting and a revision of the tentative meeting schedule for 2012 and 2013.
- SRR annual report
The State Regulatory Registry LLC (SRR), the owner and operator of the Nationwide Mortgage Licensing System & Registry (NMLS), has released its 2011 annual report.
- G.17 Industrial Production report
The April 2012 G.17 Industrial Production and Capacity Utilization Report has been released by the FRB.
Posted May 16, 2012
- Two added to SDN list
Treasury has announced OFAC’s designation of Chhota Shakeel and Ibrahim “Tiger” Memon as Specially Designated Narcotics Traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Information regarding the designated individuals has been posted in a BOL OFAC Update.
- Written Agreement executed
The Federal Reserve Board has announced the execution of a Written Agreement with Grand Bankshares, Inc., West Palm Beach, Florida.
- TIC data released
Treasury has released its March 2012 report of Treasury International Capital (TIC) data.
- Check your firewall settings
The NMLS has announced that its migration to a new data center the weekend of May 19, 2012, may result in connectivity issues for some users.
- Term deposits auction results
The FRB has announced the results of the May 14, 2012, auction of $3 billion in 28-day term deposits.
- FDIC banker teleconference
FIL-21-2012 has been issued by the FDIC to announce a banker teleconference on the topic of third-party compliance risk to be held on June 5, 2012, from 2–3:30 p.m. ET. All FDIC supervised institutions are invited to participate.
- 314(a) Fact Sheet update
FinCEN has updated the 314(a) Fact Sheet with data current as of May 15, 2012.
Posted May 15, 2012
- Large bank stress testing guidance
The FRB, FDIC, and OCC have issued a joint press release announcing final supervisory guidance, to be effective July 23, 2012, regarding stress-testing practices at banking organizations with total consolidated assets of more than $10 billion. [Update: This guidance was published in the Federal Register on May 17, 2012.]
- Community bank stress testing clarified
In a companion press release, the prudential bank regulators clarified their expectations for stress testing by community banks (banks, savings associations, and bank and savings and loan holding companies with $10 billion or less in total assets).
- SAR Activity Review – By the Numbers released
FinCEN has released Issue 17 (May 2012) of its SAR Activity Review - By the Numbers. Section 1 covers SARs filed by depository institutions from January 1, 2002, through December 31, 2011. The issue is a companion piece to the recently released Issue 21 of SAR Activity Review –Trends, Tips, & Issues.
Posted May 14, 2012
- HUD and Deutsche Bank reach $202 million settlement
HUD has announced a $202 million settlement of a civil fraud lawsuit filed against Deutsche Bank and a wholly-owned subsidiary, which were charged under the False Claims Act for repeated false certifications regarding residential mortgage origination practices.
- Prohibition order issued
An order has been issued by the NCUA prohibiting a former employee of an Illinois credit union from participating in the affairs of any federally insured financial institution.
- NCUA cancels meeting
The closed board meeting scheduled for May 14, 2012, has been canceled by the NCUA.
- FEDS papers published
The Federal Reserve Board has published twelve papers in its Finance and Economics Discussion Series (FEDS) thus far in May, among them a paper on “The Influence of Fannie and Freddie on Mortgage Loan Terms.” A complete list of FEDS papers published in 2012 is available.
Posted May 11, 2012
- Bureau sweepstakes scam
The Consumer Financial Protection Bureau has posted a notice on its Blog about reports of phone calls about a sweepstakes offer from the CFPB. The Bureau warns that it knows nothing about the calls, and that they may be malicious.
- Written Agreements executed
The FRB has announced the execution of Written Agreements with ACME Holding Company, Inc., Mulberry, Arkansas, and with AB&T Financial Corporation, Gastonia, North Carolina.
- Bernanke on banking system challenges and trends
In a presentation via satellite to the 48th Annual Conference on Bank Structure and Competition, FRB Chairman Bernanke discussed the state of the banking system, regulatory and financial challenges, credit conditions, and bank lending.
- FedFocus articles
The May 2012 issue of FedFocus has been posted online. It features articles regarding mobile payments, enhanced FedLine user authentication, cross-border ACH payments marketing materials, and encouraging customers to utilize direct deposits of benefit checks.
- Gruenberg discusses resolution of SIFIs
In remarks to the Federal Reserve Bank of Chicago Bank Structure Conference, Acting FDIC Chairman Gruenberg discussed the challenges involved in the orderly resolution of systemically important financial institutions (SIFIs).
- New Supervision Manual and exam standards
The NCUA has announced the implementation of a new Supervision Manual and consistent exam standards for credit unions.
- CFPB Blog
The CFPB Blog features an article regarding the agency’s dedication to making financial products more transparent and helping to educate consumers so they can make better-informed choices when pursuing their financial goals.
Posted May 10, 2012
- Bureau to propose mortgage reforms
The Consumer Financial Protection Bureau (CFPB) has announced that it is considering proposing rules this summer that would affect consumer mortgage lending by—
- Requiring an interest rate reduction as a trade-off for discount points
- Requiring lenders to offer a no-discount-point option
- Banning "origination points" that vary with loan amounts
- Equalizing qualification requirements for bank and non-bank mortgage loan originators, including training for bank MLOs
- Restricting dual compensation of loan originators
- Clarifying rules prohibiting loan originator compensation based on loan terms
- Implementing a requirement that an MLO's unique identifier be provided on loan documents.
- SAR Activity Review released
FinCEN has released Issue 21 (May 2012) of its SAR Activity Review - Trends Tips & Issues, with a focus on money services businesses (MSBs). BSA and compliance officers will be pleasantly surprised by an article beginning on page 53 (59th page of the PDF document) that clarifies regulators' expectations on the filing deadline for a SAR on ongoing suspicious activity.
- HAMP enhancements
The CFPB Blog features an article describing the changes Treasury is making to the Home Affordable Modification Program (HAMP). The program enhancements will provide opportunities for mortgage assistance to military homeowners.
- Guidance on DFA section 716 date
The OCC, FRB, and FDIC have published joint guidance on the effective date of section 716 of the Dodd-Frank Act, which prohibits the provision of Federal assistance to any entity defined under that section to be a swaps entity with respect to any swap, security-based swap, or other activity of the swaps entity. Section 716 will be effective on July 16, 2013.
- Term deposit auction scheduled
The Federal Reserve will offer $3 billion in 28-day term deposits at auction on Monday, May 14, 2012, through its Term Deposit Facility.
Posted May 9, 2012
- Kingpin Act designations
Treasury has announced that OFAC has designated four key Sinaloa Cartel operatives under the Foreign Narcotics Kingpin Designation Act (Kingpin Act). OFAC's action prohibits U.S. persons from conducting financial or commercial transactions with these four individuals, and also freezes any assets they may have under U.S. jurisdiction. Information regarding the designations has been posted in a BOL OFAC Update.
- Agencies support FCRA
The Federal Trade Commission has announced that it has been joined by the Consumer Financial Protection Bureau and the Department of Justice in filing a memorandum brief in support of the constitutionality of the Fair Credit Reporting Act and its provision barring credit reporting agencies, in most cases, from disclosing individuals' arrest records or other adverse information that is more than seven years old.
- Freis on AML
In prepared remarks delivered at the West Coast Anti-Money Laundering Forum, FinCEN Director Freis reviewed the evolution of AML regulations, reporting by financial institutions, information sharing, e-filing, regulatory partnerships, international growth, and the future.
- FinCEN webinar recording available
FinCEN has made available the recording and materials for its May 8, 2012, webinar on the updated BSA e-filing technical specifications for the new SAR, CTR, and DOEP formats.
Posted May 8, 2012
- Consumer credit increase
The Federal Reserve Board has issued its March 2012 G.19 Consumer Credit Report, which indicates consumer credit increased at an annual rate of 7.75% in the first quarter of 2012.
- Reminder on mandatory e-filing
FinCEN has issued a reminder alert that beginning July 1, 2012, certain FinCEN BSA reports must be filed electronically.
Posted May 7, 2012
- FinCEN extends comment period on CDD ANPRM
FinCEN has announced that it has extended the comment period for its previously announced advance notice of proposed rulemaking (ANPRM) about possible customer due diligence requirements for financial institutions. Comments, which had been due by Friday, May 4, will continue to be accepted through June 11, 2012.
- Florida bank closed
The FDIC has announced the closing of Security Bank, National Association, North Lauderdale, Florida. All of the bank’s deposit accounts were transferred to Banesco USA, of Coral Gables, Florida.
- CRA ratings released
The FDIC has released the ratings received by state nonmember banks that were recently examined for compliance with the CRA. Two substantial non-compliance ratings were given.
- Credit liquidity and the balance sheet updates
The FRB has released its most recent update to its reports on credit and liquidity programs and the Fed's balance sheet.
Posted May 4, 2012
- Directors workshop announced
The OCC will host a workshop for directors of nationally chartered community banks and federal savings associations in Cleveland, Ohio, on June 25–27, 2012.
- FFIEC IT handbook upgraded
Press releases have been issued by the CFPB and the FFIEC announcing the upgrade of the FFIEC InfoBase for the FFIEC Information Technology Examination Handbook (IT Handbook).
- FDIC directory updated
The online FDIC directory has been updated with information current as of May 2, 2012.
Posted May 3, 2012
- Agenda for ad disclosure workshop
The Federal Trade Commission has announced a preliminary agenda for its May 30, 2012, one-day public workshop to consider the need for new disclosure guidance for online advertisers. The Commission intends to propose an update to its 12-year-old "Dot Com Disclosures" guidelines to address the current online and mobile advertising environment. The workshop will be webcast.
- FinCEN forges ties with state insurance agencies
FinCEN recently announced that it had signed memoranda of understanding with state insurance regulatory agencies in Louisiana and California, in an expansion of its cooperative network with state agencies to combat money laundering and fraud.
- NCUA to upgrade CU Online system
The NCUA has announced its plan to launch an upgraded version of its Credit Union Online system on May 28, 2012. Participating credit unions will need to download and install additional software. The NCUA will host a 90-minute webinar on the upgrade on Tuesday, May 15.
Posted May 2, 2012
- G.20 and Senior Loan Officer Survey
The February 2012 G.20 Finance Companies Owned and Managed Receivables Outstanding and the April 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices reports have been released by the Federal Reserve Board.
- EO on foreign sanctions evaders
The Treasury Department has announced that the President has signed an Executive Order (EO) “Prohibiting Certain Transactions with and Suspending Entry into the United States of Foreign Sanctions Evaders with Respect to Iran and Syria” (“FSE EO”), providing a new tool for Treasury to tighten U.S. sanctions on Iran and Syria. Information concerning the FSE EO has been posted in a BOL OFAC Update.
- Debit interchange fees data
The FRB has published comparative information on average debit card interchange fees for periods before and after the effective date of Regulation II.
- 314(a) Fact Sheet
FinCEN has updated the 314(a) Fact Sheet with information current as of May 1, 2012.
- FinCEN offering e-filing tech webinar
FinCEN has announced that it will conduct an informational webinar on Tuesday, May 8, 2012, at 2 p.m. ET, on the updated technical specifications for the e-filing of FinCEN's new CTR, SAR and Designation of Exempt Person reports. The session is designed for IT professionals who will be integrating those specifications into batch filing processes, including vendors and in-house IT staff.
Posted May 1, 2012
- FedLine user authentication enhancements activated
The previously announced upgrade of FedLine user authentication became effective yesterday, April 30, 2012.
- CFPB diversity advocacy
The CFPB Blog features an article on the agency’s Office of Minority and Women Inclusion.
- Marketable borrowing estimates and foreign holdings
Treasury has issued reports on marketable borrowing estimates and foreign portfolio holdings of U.S. securities.
- FEDS working papers published
The Federal Reserve Board released thirteen working papers in its Finance and Economic Discussion Series (FEDS) during the month of April. A chronological list of the 2012 FEDS publications is available on the FRB website.
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
