Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Compliance Related

05/13/2016

CFPB launches Spanish Facebook and Twitter accounts

The Consumer Financial Protection Bureau has announced the launch of its official Spanish-language Twitter and Facebook accounts.

05/12/2016

Bureau publishes Fair Lending Report

The CFPB published its fourth Fair Lending Report to Congress [81 FR 29533] in this morning's Federal Register, describing the Bureau's fair lending activities in prioritization, supervision, enforcement, rulemaking, research, interagency coordination, and outreach for calendar year 2015.

05/12/2016

OCC releases mid-cycle status report

The Office of the Comptroller of the Currency has released its mid-cycle report on key actions completed to date to execute its annual Committee on Bank Supervision’s operating plan and on priority objectives for the remainder of 2016. According to the plan, supervisory priorities for the remainder of the fiscal year include:

  • Compliance,
  • Operational Resiliency,
  • Credit Risk Management,
  • Stress Testing,
  • Strategic Planning and Execution,
  • Corporate Governance, and
  • Interest Rate Risk.

05/11/2016

FTC FCRA compliance guidance for background screening

The Federal Trade Commission has created and posted on its website new guidance giving employment background screening companies information on how to comply with the Fair Credit Reporting Act (FCRA). The guidance helps companies understand when their work defines them as a consumer reporting agency under the FCRA. Consumer reporting agencies must meet a number of obligations outlined in the FCRA, including investigating consumer disputes and correcting inaccurate information. The guidance also outlines the requirements that employment background screening companies face under FCRA, including their requirements in dealing with their clients and how they interact with consumers.

05/11/2016

Offshore brokerage firm owner pleads guilty

U.S. Immigration and Customs Enforcement (ICE) has announced that Greeg R. Mulholland, a dual U.S. and Canadian citizen and secret owner of Legacy Global Markets S.A. (Legacy), an offshore broker-dealer and investment management company based in Panama City, Panama, and Belize City, Belize, has pleaded guilty to charges of money laundering conspiracy for fraudulently manipulating the stocks of more than 40 U.S. publicly-traded companies and then laundering more than $250 million in profits through at least five offshore law firms. Mulholland agreed to forfeit, among other things, a Dassault-Breguet Falcon 50 aircraft, a Range Rover Defender vehicle, two real estate properties in British Columbia, and funds and securities on deposit at more than a dozen bank and brokerage accounts.

05/11/2016

FinCEN Law Enforcement Awards announced

FinCEN has presented its second annual Law Enforcement Awards. The awards are presented to law enforcement agencies that use Bank Secrecy Act reporting provided by financial institutions in their criminal investigations. There are two primary goals of the program. First, to recognize law enforcement agencies that made effective use of financial institution reporting to obtain a successful prosecution. And second, to demonstrate to the financial industry the value of their reporting to law enforcement. The industry’s continued commitment to provide prompt and accurate reporting is vital to the successful partnership with law enforcement to fight financial crime. The program includes six award categories recognizing achievements in combating significant threats to the integrity of the financial system and the safety of communities. The program is open to all Federal, state, local, and tribal law enforcement agencies.

05/10/2016

OCC adds student lending booklet to Handbook

The OCC's Bulletin 2016-15 announces the addition of the “Student Lending” booklet to the Comptroller's Handbook. The new booklet was prepared for use by OCC examiners in connection with their examination and supervision of national banks and federal savings associations engaged in private student lending. Private student loans are consumer loans offered to borrowers to fund undergraduate, graduate, and other forms of post-secondary education. The booklet addresses the risks in private student lending by banks and in regulatory expectations for safe and sound operations.

05/09/2016

HUD proposes program amendments for equal access

HUD has published a proposed rule [81 FR 28037] that would amend the regulations for its Native American and Native Hawaiian programs at 24 CFR parts 1000, 1003, and 1005-1007 to incorporate existing rules that require HUD programs to be open to all eligible individuals and families regardless of sexual orientation, gender identity, or marital status. Comments are due by July 8, 2016.

05/08/2016

FinCEN to publish final rules May 11

FinCEN has submitted "Customer Due Diligence Requirements for Financial Institutions" final rules for Federal Register publication on May 11, 2016, to "clarify and strengthen customer due diligence requirements for: banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include the anticipated new requirement to identify and verify the identity of beneficial owners of legal entity customers, subject to certain exclusions and exemptions." Banks will have to use Customer Identification Program procedures to verify the identity of beneficial owners, although when documentation is used, banks can rely on copies. The rule allows banks to rely on information provided by the customer. The rules will be effective 60 days after publication (July 11, 2016); covered financial institutions must comply with the rules by May 11, 2018, two years after publication.

05/06/2016

Final rule on Registration of Securities Transfer Agents

The FDIC has published [81 FR 27295] a final rule to amend its regulations (12 CFR part 341) requiring insured State nonmember banks, or subsidiaries of such banks, that act as transfer agents for qualifying securities under section 12 of the Securities Exchange Act of 1934 ('34 Act) to register with the FDIC. The final rule makes insured State savings associations and subsidiaries of such State savings associations that act as transfer agents for qualifying securities also subject to Part 341. The rule also revises the definition of qualifying securities to reflect statutory changes to the '34 Act made by the Jumpstart Our Business Startups Act (JOBS Act). The rule becomes effective July 1, 2016.

Pages

Training View All

Penalties View All

Search Top Stories