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Top Story Compliance Related

06/16/2016

OCC hosts director workshops in Florida

The OCC will host two workshops in Tampa, Florida, on July 26–27, for directors of national community banks and federal savings associations. The Credit Risk workshop on July 26 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on July 27 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

06/15/2016

NCUA request for stakeholder comments

The NCUA has posted five questions for stakeholders' consideration regarding the regulator’s efforts to modify supervision and examination procedures with its Exam Flexibility Initiative:

  • How can NCUA conduct future examinations in ways that minimize their impact on credit unions’ operations?
  • What concerns do credit unions have about the current examination and supervision program?
  • What steps should NCUA take to improve the efficiency of its examination program while ensuring it remains effective?
  • How can NCUA better use technology in examinations?
  • What metrics should NCUA consider to determine a credit union’s eligibility for an extended examination cycle?

Comments can be submitted online. The NCUA will accept suggestions received after August 1, but comments received before that date will receive full consideration.

06/15/2016

FDIC Board meeting notice

The notice of the June 21, 2017, meeting of the FDIC Board has been posted. The agenda includes Memoranda and resolutions regarding:

  • Interim Final Rule Adjusting Civil Money Penalties for Inflation.
  • Final Rule Addressing Public Comments Received on Interim Final Rule That Exempts Commercial End Users and Small Financial Institutions From Swap Margin Requirements.
  • Final Rule Regarding the Retention of Records of a Covered Financial Company and of the FDIC as Receiver Pursuant to Section 210(a)(16)(D) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010-12 CFR Part 380.
  • Final Rule to Revise 12 C.F.R. § 360.6 [Securitization Safe Harbor].
  • Notice of Proposed Rulemaking: Alternatives to References to Credit Ratings With Respect to Permissible Activities for Foreign Branches of Insured State Nonmember Banks and Pledge of Assets by Insured Domestic Branches of Foreign Banks [Part 347].

06/14/2016

OFAC issues Panama-related general license

OFAC has issued another general license under the Kingpin Act related to Importadora Maduro, S.A. and affiliated companies. See "OFAC adds Kingpin Act/Panama-related license" in our OFAC Updates pages for additional information.

06/14/2016

GAO faults CFPB's internal controls and accounting

The Government Accountability Office has published a report that in its audit of the CFPB's fiscal years 2015 and 2014 financial statements, GAO identified deficiencies in CFPB’s internal control over accounting for property, equipment, and software that collectively constituted a significant deficiency in CFPB’s internal control over financial reporting. Specifically, GAO found that CFPB did not effectively design or implement controls to (1) reasonably assure accurate and timely classification and recording of software costs and (2) maintain ongoing accuracy and completeness of property and equipment inventory records. The GAO found that the CFPB had completed corrective actions on two of the four recommendations from GAO’s prior management report that remained open at the beginning of GAO’s fiscal year 2015 audit. As a result, the CFPB currently has seven financial audit-related GAO recommendations to address: the previous two open recommendations and the five recommendations GAO made in the current report.

06/14/2016

NCUA posts Board's Thursday agenda

The National Credit Union Administration has published a "Sunshine Act" notice of its Board of Directors meeting to be held at 10 a.m. ET on Thursday, June 16, 2016. The agenda for the public portion of the meeting includes

  • NCUA's Rules and Regulations, Technical Amendments to Community Development Revolving Loan Fund
  • NCUA's Rules and Regulations, Statutory Inflation Adjustment of Civil Money Penalties.
  • Board Briefing, Interest Rate Risk Supervision and Adding 'S' to CAMEL.

06/13/2016

Bureau publishes CMP inflation adjustments

The Consumer Finance Protection Bureau has published [81 FR 38569] in today's Federal Register an interim final rule to adjust the civil monetary penalties within the Bureau’s jurisdiction for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and further amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The interim rule will be effective on, and comments on the rule will be accepted through, July 14, 2016. The rule adds new Part 1083 ("Civil Penalty Adjustments") to chapter X in title 12 of the CFR. Specifically, it adjusts these civil money penalties:

  • Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(A) -- Tier 1 penalty for any violation of any provision of Federal consumer financial law, or rule, or final order imposed in writing by the Bureau -- $5,000 per day, adjusted to $5,437
  • Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(B) -- Tier 2 penalty for any reckless violation of any provision of Federal consumer financial law, or rule, or final order imposed in writing by the Bureau -- $25,000 per day, adjusted to $27,186
  • Consumer Financial Protection Act, 12 U.S.C. 5565(c)(2)(C) -- Tier 3 penalty for any knowing violation of any provision of Federal consumer financial law, or rule, or final order imposed in writing by the Bureau -- $1,000,000 per day, adjusted to $1,087,450
  • Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1717a(a)(2) -- Per violation, $1,000, adjusted to $1,894; annual cap from $1,000,000 to $1,893,610
  • Real Estate Settlement Procedures Act (RESPA), 12 U.S.C. 2609(d)(1) -- Provision of annual escrow statement, per failure, $50, with annual cap of $100,000, increased to $89 per failures, with annual cap of $178,156; per intentional failure, $100 raised to $178 (no caps)
  • S.A.F.E. Act , 12 U.S.C. 5113(d)(2) -- (Only in states where there is a licensing system imposed by the CFPB) $25,000 per violation, increased to $27,455
  • Truth in Lending Act , 15 U.S.C. 1639c(k) (Appraisal independence requirements in real estate transactions) -- $10,000 per day for first violation, increased to $10,875; $20,000 per day for subsequent violations, increased to $21,749

06/13/2016

OCC reminder on extension of SCRA protections

OCC Bulletin 2016-20 has been issued to inform national banks, federal savings associations, and federal branches and agencies of foreign banks of the temporary extension of certain protections under the Servicemembers Civil Relief Act (SCRA), which was renewed on March 31, 2016, with the signing of the Foreclosure Relief and Extension for Servicemembers Act of 2015. [Note: The OCC often sends announcements of such developments well after they occur.] The SCRA amendments continue a temporary provision that extends for one year following a servicemember’s period of military service the protections related to the sale, foreclosure, or seizure of the servicemember’s mortgaged property, or the filing of a legal action to enforce a mortgage obligation or other similarly secured obligation. The temporary extension now expires on December 31, 2017. HUD has updated its “Servicemembers Civil Relief Act Notice Disclosure” (Form 92070) to reflect the extensions.

06/13/2016

Reduced resolution plan for firms with limited U.S. operations

The Federal Reserve Board and FDIC have jointly announced 84 firms with limited U.S. operations will be permitted to file reduced content resolution plans for their next three resolution plans. The 84 firms have less than $50 billion in total U.S. assets, and are foreign banking organizations with limited U.S. operations. The decision is intended to increase clarity and reduce burden by creating more certainty around future filing requirements.

06/13/2016

New Kingpin general licenses and updated FAQs

OFAC has published four Kingpin Act General Licenses related to Honduras/Panama and updated four related frequently asked questions (FAQs). The General Licenses authorize certain transactions and activities that would otherwise be prohibited pursuant to the Kingpin Act.

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