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Top Story Compliance Related

01/27/2017

Moe named FDIC regional director

The FDIC has announced that Kathy L .Moe has been named the agency's San Francisco Regional Director.

01/27/2017

Written agreement with South Korean bank

Nonghyup Bank, Seoul, Korea, and its New York City branch have executed a written agreement with the Federal Reserve Bank of New York. A recent examination of the branch identified deficiencies relating to the branch’s risk management and compliance with applicable federal and state laws, rules, and regulations relating to anti-money laundering compliance, including the Bank Secrecy Act rules and regulations.

01/27/2017

Two insurance companies settle Fair Housing violations

The Department of Housing and Urban Development has announced agreements with two insurance companies, McGowan and Company, Fairview Park, Ohio, and Mack, Mack & Waltz Insurance Group, Deerfield Beach, Florida, settling allegations the companies violated the Fair Housing Act by denying insurance coverage to properties that include "subsidized housing" and "low-income housing." The agreements stemmed from a Secretary-Initiated complaint HUD filed after receiving reports the insurance companies’ policies and practices had a discriminatory effect based on race and national origin. Specifically, HUD’s complaint alleged that the companies refused to provide umbrella coverage, which provides additional liability coverage when an insured’s other primary policy limits have been reached, to properties containing subsidized or low-income housing.

01/25/2017

Morgan Stanley and Citigroup pay $2.96M for misleading investors

The Securities and Exchange Commission has reported that Morgan Stanley Smith Barney and Citigroup Global Markets have each agreed to pay more than $2.96 million to settle charges that they made false and misleading statements about a foreign exchange trading program they sold to investors. The Commission found that Morgan Stanley and Citigroup violated the Securities Act of 1933, which prohibits obtaining money or property by means of any material misstatement or omission in the offer or sale of securities. Without admitting or denying the SEC’s findings, Morgan Stanley and Citigroup each agreed to pay disgorgement of $624,458.27 plus interest of $89,277.34 and a penalty of $2.25 million for a total of more than $5.9 million combined.

01/25/2017

FTC bans operators of student loan debt relief scheme

The Federal Trade Commission has announced the issuance of a stipulated final order resolving charges the Commission and the State of Florida brought in April 2016 against Chastity Valdes and her companies, Consumer Assistance LLC, Consumer Assistance Project Corp., and Palermo Global LLC. The defendants allegedly lured borrowers with false promises of eliminating their student loan debts and repairing their credit, and then charged illegal up-front fees; and posted positive online reviews of their services to appear as if customers wrote them.

01/25/2017

OCC supplements exam procedures

The OCC has issued Bulletin 2017-7 on examination procedures supplementing OCC Bulletin 2013-29, “Third-Party Relationships: Risk Management Guidance,” issued October 30, 2013. The supplemental procedures promote consistency when examining national banks and federal savings associations' risk management of third-party relationships. These procedures are designed to help examiners:

  • tailor the examination of each bank commensurate with the level of risk and complexity of the bank’s third-party relationships
  • assess the quantity of the bank’s risk associated with its third-party relationships
  • assess the quality of the bank’s risk management of third-party relationships involving critical activities
  • determine whether there is an effective risk management process throughout the life cycle of the third-party relationship

01/25/2017

Regulators hit ServiceLink Holdings with $65M CMP

The federal banking agencies (FRB,FDIC, and OCC) have levied a $65M civil money penalty on ServiceLink Holdings, LLC (ServiceLink Holdings), for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS) that resulted in significant deficiencies in the foreclosure-related services that LPS provided to mortgage servicers. See "ServiceLink Holdings LLC fined $65M" in our Penalties pages for additional information.

01/24/2017

Citi subs pay $28.8M for mortgage servicing violations

The CFPB has announced it has taken separate actions against CitiFinancial Servicing and CitiMortgage, Inc.. subsidiaries of Citigroup, Inc., for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the dark about options to avoid foreclosure or burdened them with excessive paperwork demands in applying for foreclosure relief, according to the Bureau's press release. The CFPB is requiring CitiMortgage to pay an estimated $17 million to compensate wronged consumers, and pay a civil penalty of $3 million; and requiring CitiFinancial Services to refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million. For additional information, see "Citigroup subs pay for mortgage servicing practices," in our Penalties pages.

01/24/2017

Winter 2017 FDIC Consumer News posted

The FDIC has posted the Winter 2017 issue of FDIC Consumer News, which focuses on common concerns the regulator hears from consumers and offers tips for solving and avoiding problems. Some topics include:

  • What to do if a credit card bill shows a charge you did not make
  • Where to go for help if you can't access funds on your prepaid card
  • How to handle an email that appears to be from your bank and that asks for personal information
  • Understanding your options if you're turned down for a checking account

01/23/2017

NCUA adjusts civil money penalties

The NCUA has published at 82 FR 7637 an interim final rule amending its regulations at 12 CFR Part 747 to adjust the maximum amount of each civil money penalty within its jurisdiction, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule is effective upon publication, with a comment period of 30 days, ending on February 22, 2017.

The adjusted maximums reflect the application of a multiplier of 1.01636 to the maximum amounts in effect since mid-2016, when the first adjustments under the Adjustment Act were made. The multiplier is used to increase annually the maximums by the percentage by which the Consumer Price Index for Urban Consumers (CPI-U) for the year immediately preceding the year the adjustment is made exceeds the CPI-U for October of the prior year.

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