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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

07/26/2016

New and updated Cuban travel FAQs

OFAC has announced the update of its Frequently Asked Questions regarding Cuba with the issuance of one new FAQ (#38) and the revision of one existing FAQ (#39) relating to certain information collection and recordkeeping requirements for persons subject to U.S. jurisdiction who provide authorized carrier or travel services to or from Cuba for specifically licensed travelers.

07/25/2016

OCC renews MDIAC charter

The OCC has announced it has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions. The committee includes officers and directors of minority depository institutions and other depository institutions committed to supporting minority depository institutions of all types, sizes, operating strategies, and geographic areas. It provides advice to the Comptroller of the Currency and provides valuable insight into the condition of minority depository institutions, potential regulatory changes that may promote the health and viability of minority depository institutions, and other issues affecting these institutions.

07/25/2016

Overdraft and debit card interchange fee data released

The Federal Reserve has released the peak and average daylight overdrafts data and the average debit card interchange fee data for the first quarter 2016.

07/25/2016

Adjustment method for appraisal threshold for small HPMLs proposed

A joint press release from the Bureau, Board, and OCC has announced a proposed rule detailing the method that will be used to make annual inflation adjustments to the threshold for exempting small loans from higher-priced mortgage loan (HPML) appraisal requirements. The Dodd-Frank Act amended the Truth in Lending Act to add special appraisal requirements for HPMLs, including a requirement that creditors obtain a written appraisal based on a physical visit to the home's interior before making an HPML. The rules implementing these requirements contain an exemption for loans of $25,000 or less and also provide that the exemption threshold will be adjusted annually to reflect increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The calculation method proposed would allow the thresholds to keep pace with the CPI-W. Comments will be due 30 days after the rule is published in the Federal Register, which is expected shortly.

Update: The proposal was published in the August 4, 2016, Federal Register at 81 FR 51394, with a comment deadline of September 6, 2016.

07/25/2016

Agencies propose adjustment method for consumer credit and lease exemption thresholds

The Federal Reserve Board and the CFPB have announced proposals detailing the method that will be used to adjust the thresholds for exempting certain consumer credit and lease transactions from the Truth in Lending Act (TIL) and Consumer Leasing Act. The Dodd-Frank Act requires that the exemption thresholds in the TIL and the Consumer Leasing Act be adjusted annually based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The calculation method proposed would allow the thresholds to keep pace with the CPI-W. Comments will be due 30 days after the rules are published in the Federal Register, which is expected shortly.

Update: The proposals were published in the Federal Register on August 4, 2016, with a comment deadline of September 6, 2016.

07/25/2016

Consumer Compliance Handbook update

The Federal Reserve Board has released the July 2016 edition of the Board's Consumer Compliance Handbook.

07/22/2016

Lew on Dodd-Frank Act

In a statement issued on the sixth anniversary of the enactment of the Dodd-Frank Act, Secretary Lew said, "Six years later, we can say without question that Wall Street reform has made our financial system safer and sounder. Banks have added more than $700 billion in additional capital to help strengthen their balance sheets. The vast derivatives market has been pulled out of the shadows, with requirements that standardized derivatives be centrally cleared and traded transparently. The Consumer Financial Protection Bureau, which marks its five-year anniversary this year, has put in place new safeguards for consumers, and provided over $11 billion in relief for more than 27 million hardworking Americans. And the Financial Stability Oversight Council has closed regulatory gaps exposed by the crisis, with regulators now working collaboratively and transparently to better identify and respond to potential threats to the financial system."

07/22/2016

OCC public hearing on charges against former bank loan officer

The OCC has announced a public hearing before an Administrative Law Judge beginning July 26, 2016, where the OCC will litigate enforcement actions against James E. Guldi, former loan officer of Fidelity Bank of Florida, N.A. On December 1, 2015, the OCC charged Guldi with engaging in unsafe or unsound banking practices and breaching his fiduciary duties to the bank. The OCC alleged Mr. Guldi engaged in a conflict of interest by reason of his personal financial relationship with a bank customer for whom he also served as the bank’s loan officer. The OCC further alleged, among other things, that Mr. Guldi owned a small interest in the bank customer, and certain of the bank’s loans to the customer were used to repay Mr. Guldi for loans he personally made to the customer outside of the bank. The OCC sought an order prohibiting Mr. Guldi from further participation in the conduct of the affairs of any insured depository institution and the assessment of a $20,000 civil money penalty against Mr. Guldi. The Administrative Law Judge has ruled that the OCC is entitled to summary disposition on its prohibition and civil money penalty actions, and that a hearing will be held solely for the presentation of evidence on the statutory and regulatory civil money penalty mitigation factors.

07/22/2016

CFPB requests comments on payday loans proposal

The CFPB has announced the publication [81 FR 47863] in today’s Federal Register of a previously announced proposed rule that would require lenders to determine whether borrowers can afford to pay back their loans. The proposed rule would also cut off repeated debit attempts that rack up fees and make it harder for consumers to get out of debt. These strong proposed protections would cover payday loans, auto title loans, deposit advance products, and certain high-cost installment loans. The Bureau requested comments from individuals, financial institutions, consumer advocates and anyone else who wants to share their views. The deadline for comments on the proposal is November 7, 2016 (the Bureau had originally set a September 14 comment deadline).

07/22/2016

Fed updates Payment System Risk policy

The Federal Reserve Board has announced publication in the Federal Register of the adoption of changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) to conform with enhancements to the Reserve Banks' same-day automated clearing house (ACH) service previously announced by the Board. The PSR policy changes relate to the posting rules for forward and return same-day ACH transactions and will align the posting rules with changes that the Reserve Banks previously adopted, effective this September, to enhance the efficiency of the ACH network and the broader U.S. payment system. The policy change will be effective September 23, 2016.

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