Top Story Compliance Related

The October CFPB complaint spotlight focuses on consumer complaints about prepaid products. The report shows that consumers continue to experience issues trying to manage their accounts and access funds. This month’s report also highlights trends seen in complaints coming from North Carolina.

FDIC FIL-71-2016, issued October 25, announces the launch of an FDIC program that provides insured depository institutions subject to Part 363 of the FDIC's regulations the option to electronically file the annual reports and other reports and notices required under Part 363, using the FDIC's secure website, FDICconnect (FCX), rather than in paper form. Institutions are encouraged to file their Part 363 Annual Reports and other required reports and notices electronically using FCX-SBC. The results of the program will be evaluated to determine whether to propose amendments to Part 363 to mandate electronic filing with the FDIC.

In remarks at an event for bank regulators related to accounting and auditing of regulated financial institutions, Comptroller Curry discussed the importance of interagency collaboration for the supervision and regulation of the financial services industry.

Thirty federally insured credit unions subject to civil monetary penalties for filing late Call Report for the first quarter of 2016 have agreed to penalties totaling $20,036, according to a release from the NCUA.

The NCUA has published the October 2016 issue of The NCUA Report, in which the regulator’s Office of Small Credit Union Initiatives details what ransomware is and the increasing role it plays in cyberattacks against smaller financial institutions. The article also provides resources that credit unions can use to prevent and respond to these attacks.

A final rule has been issued by HUD to protect the housing of survivors of domestic and dating violence, sexual assault, and stalking, to implement the requirements of the 2013 reauthorization of the Violence Against Women Act (VAWA), which applies for all victims of domestic violence, dating violence, sexual assault, and stalking, regardless of sex, gender identity, or sexual orientation, and which must be applied consistent with all nondiscrimination and fair housing requirements. The final rule will be effective 30 days following publication in the Federal Register, with compliance required by 180 days after publication.

The Bureau Blog features an article on how financial coaching can help consumers achieve their financial goals. The CFPB has recently released two briefs about financial coaching and how it can benefit consumers.

The Financial Action Task Force (FATF) has released the outcomes of its Plenary held October 19-21, 2016. Delegates discussed, among other issues, the global response to terrorist financing, the decline of correspondent banking relationships, improving transparency and beneficial ownership, and the mutual evaluation reports of Switzerland and the United States (to be released after reviews for quality and consistency). New FATF Guidance documents were also released — one on Criminalizing Terrorist Financing, which explains the various aspects that the terrorist financing offense must cover in national legal systems; and the other on Correspondent Banking Services, which explains the FATF’s requirements in the context of correspondent banking services to manage, rather than avoid, the money laundering and terrorist financing risks associated with these business relationships.

The Federal Reserve Board has announced it plans to collect data from banks for secondary market transactions in U.S. Treasury securities, and will negotiate with the Financial Industry Regulatory Authority (FINRA) to potentially act as the Board's collection agent for that information. The Board will seek public comment on its proposal. The Board's data collection would complement the work of the Securities and Exchange Commission, which recently approved a rule change by FINRA to require its broker-dealer members to report secondary market transactions in U.S. Treasury securities.

The National Credit Union Administration has announced its launch of an online new examiner’s guide and the release of a new video highlighting advantages of workplace diversity and inclusion.