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Top Story Compliance Related

05/04/2017

Mississippi community suspended from NFIP

The Federal Emergency Management Agency has published [82 FR 20832] in this morning's Federal Register a rule suspending, effective May 2, 2017, the Town of North Carrollton, Mississippi (Community number 280028), from the National Flood Insurance Program, for noncompliance with the floodplain management requirements of the program.

05/03/2017

OCC announces two new Deputy Comptrollers

The Office of the Comptroller of the Currency announced yesterday the selection of Scott Schainost to be Deputy Comptroller for Midsize Bank Supervision and Troy Thornton to be Deputy Comptroller for the OCC’s Southern District.

05/03/2017

CFPB posts consumer info articles

The Bureau has added two new articles with advice for consumers to its Blog:

05/03/2017

OCC CRA ratings released

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in April 2017. Of the 18 institutions listed this month, one is rated "outstanding," 16 are rated "satisfactory" and one is rated "needs to improve."

05/02/2017

Community bankers visit White House

The White House has released the text of the remarks made by the president to the members of the Independent Community Bankers Association who visited the White House on May 1, 2017.

05/02/2017

FDIC handbook for de novo insurance applicants

The FDIC has released a final handbook to assist parties interested in establishing new banks. As part of the FDIC's ongoing commitment to work with organizers, the handbook – Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions – was designed to provide a plain-language overview of the requirements and considerations significant to the application process, and to provide organizers a clear and transparent explanation of the path to obtaining deposit insurance. The handbook offers guidance for navigating the three phases of establishing an insured institution: pre-filing activities, the application process, and pre-opening activities. It provides useful information for organizers of a new depository institution, and reflects comments from organizers and other interested parties during recent industry outreach events. The handbook does not establish new policy or guidance, or modify existing policy or guidance.

05/02/2017

CSBS files suit over OCC plan for fintech charters

The Conference of State Bank Supervisors has filed a complaint in the U.S. District Court for the District of Columbia against the OCC and Comptroller Curry to challenge the OCC's recent decision to create a new special-purpose national bank charter for financial technology and other nonbank companies, arguing that the OCC's licensing of such companies would go "far beyond the limited authority granted to it by Congress under the National Bank Act and other federal banking laws." The CSBS also alleges in its complaint that the OCC's decision to offer these special-purpose charters was in violation of the Administrative Procedure Act. The suit seeks declaratory and injunctive relief declaring the OCC's creation of the nonbank charter to be unlawful and enjoining the OCC from pursuing it.

05/01/2017

FDIC releases March enforcement actions

The FDIC has released a list of 34 orders and one adjudicated decision for the month of March 2017. The administrative enforcement actions included five removal and prohibition orders, six Section 19 orders, two civil money penalties, four voluntary terminations of insurance; seven terminations of prior orders, and the adjudicated decision. Of note:

  • A Nebraska bank was ordered to pay a $6,500 civil money penalty for violations of the Flood Disaster Protection Act and Part 339 of the FDIC's Rules and Regulations
  • An individual now or formerly an institution-affiliated person of a South Dakota bank was ordered to pay $15,000 in civil money penalties for unspecified transgressions
  • Orders for termination of insurance (without deposits) were approved for:
    • Republic Bank, Bountiful, Utah
    • Builders Bank, Chicago, Illinois
    • Bank of Pine Hill, Pine Hill, Alabama
    • Banamex USA, Century City, California

04/28/2017

Bureau sues four online lenders

The CFPB has filed a complaint against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for deceiving consumers by collecting debt that the consumers did not legally owe. In the complaint, the CFPB alleges that the four lenders could not legally collect on these debts because the loans were void under state laws governing interest rate caps or the licensing of lenders. The CFPB also alleges that the lenders made deceptive demands and illegally took money from consumer bank accounts for debts that consumers did not legally owe. The CFPB seeks to stop the unlawful practices, recoup relief for harmed consumers, and impose a penalty.

The Bureau's complaint states that the four companies are owned and incorporated by the Habematolel Pomo of Upper Lake Indian Tribe, whose Rancheria is located in California.

04/28/2017

OCC to host workshops in Oklahoma City

The OCC has announced it will host two workshops in Oklahoma City at the Aloft Oklahoma City Downtown-Bricktown, June 6-7, 2017, for directors of national community banks and federal savings associations.

  • The Risk Governance workshop on June 6 provides practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.
  • The Compliance Risk workshop on June 7 focuses on the critical elements of an effective compliance risk management program. The workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Flood Disaster Protection Act, Fair Lending, Home Mortgage Disclosure Act, Community Reinvestment Act, and other compliance areas of interest.

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