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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

07/26/2016

FDIC updates lawsuits data

The Federal Deposit Insurance Corporation has updated its data on Professional Liability Lawsuits through July 25, 2016. From January 1, 2009, through July 25, 2016, the FDIC has authorized suits in connection with 151 failed institutions against 1,213 individuals for D&O liability. This includes 109 filed D&O lawsuits (99 of which have fully settled, and 1 of which resulted in a favorable jury verdict) naming 832 former directors and officers. The FDIC also has authorized 72 other lawsuits for RMBS, LIBOR suppression, fidelity bond, insurance, accounting malpractice, appraiser malpractice, securities, and attorney malpractice claims. In addition, 64 residential mortgage malpractice and fraud lawsuits are pending, consisting of lawsuits filed and inherited.

07/26/2016

Board extends insurance ANPR comment period

The Federal Reserve Board has announced the extension through September 16, 2016, of the comment period for the advanced notice of proposed rulemaking (ANPR) detailing conceptual frameworks for capital standards that could apply to systemically important insurance companies and to insurance companies that own a bank or thrift. The comment period was extended to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by August 17, 2016.

07/26/2016

White paper on future of foreclosure prevention

A joint press release by Treasury, HUD, and the FHFA has announced the release of a white paper designed to serve as a guide for future loss mitigation programs that draws on the lessons learned from implementing the government’s crisis-era housing recovery programs.

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."

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