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Top Story Compliance Related

08/19/2016

OCC proposes rule on qualified financial contracts

The Office of the Comptroller of the Currency is proposing to add a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Under this proposed rule, a covered bank would be required to ensure that a covered qualified financial contract (1) contains a contractual stay-and-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the Dodd-Frank Act and in the Federal Deposit Insurance Act, and (2) limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. In addition, this proposed rule would make conforming amendments to the OCC's Capital Adequacy Standards and the Liquidity Risk Measurement Standards in its regulations. The requirements of this proposed rule are substantively identical to those contained in a notice of proposed rulemaking issued by the Board of Governors of the Federal Reserve System on May 3, 2016.

The proposal has been published at 81 FR 55381 in today's Federal Register. Comments on the proposal are due by October 18, 2016.

08/19/2016

CFPB focus on student loan servicing complaints

The CFBP Student Loan Ombudsman has released a report finding that consumers complain of servicing problems that make it difficult to get lower student loan payments tied to their income. Student loan borrowers seeking to take advantage of income-driven repayment plans with their federal student loans complain to the CFPB about prolonged processing delays and wrongful rejections by their student loan servicers. The Bureau also posted an article with tips for students who are trying to enroll in an income-driven student loan repayment plan.

08/19/2016

2015 CRA data released

A joint press release from the banking members (FRB, FDIC and OCC) of the Federal Financial Institutions Examination Council (FFIEC) has announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, as required by the Community Reinvestment Act (CRA). An FFIEC disclosure statement on the reported 2015 CRA data, in electronic form, is available for each reporting commercial bank and savings association. The FFIEC also has prepared aggregate disclosure statements of small business and small farm lending for all of the metropolitan statistical areas and nonmetropolitan counties in the United States and its territories.

08/19/2016

Board issues PCAD to Arkansas bank

The Federal Reserve has issued a Prompt Corrective Action Directive (PCAD) to Allied Bank, Mulberry, Arkansas.

08/19/2016

Will you 'like' the Fed?

The Federal Reserve Board has announced the launch of its Facebook page, with the aim of increasing the accessibility and availability of Federal Reserve Board news and educational content. Posts will include press releases, speeches, testimony, reports, educational materials, frequently asked questions, photos, and videos. With the launch of its Facebook page, the Board now shares information on five platforms including Twitter, YouTube, Flickr, and LinkedIn.

08/19/2016

TX auto dealers pay $85K CMP for false ads

The Federal Trade Commission reports that three Dallas-area auto dealers have agreed to pay a $85,000 civil money penalty to settle charges that they violated a Commission administrative order barring them from deceptively advertising the cost of buying or leasing a car. The FTC’s complaint cited a TV ad targeted at people with major credit problems, such as repossessions or foreclosures. The ad touted vehicles for $250 per month, but in fine print disclosed that the offer was based on a 4.25 annual percentage rate that few, if any, consumers with such major credit issues could obtain. In addition, the FTC alleged that the dealers advertised credit and lease terms without clearly and conspicuously disclosing information required by federal law, and failed to keep records required by the 2014 order.

08/18/2016

FDIC updates ATR and QM videos

The Federal Deposit Insurance Corporation's FIL-56-2016, issued yesterday, announced the release of updated technical assistance videos on the Ability-to-Repay and Qualified Mortgages Rule. The updated videos provide financial institution management, compliance officers, and staff with resources for a better understanding of the current requirements of the Ability-to-Repay and Qualified Mortgages Rule. The updated videos can be accessed HERE, in the FDIC's Directors' Resource Center pages.

08/18/2016

FEMA to suspend communities from Flood Program

The Federal Emergency Management Agency has published two final rules in today's Federal Register in which FEMA identifies communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension because of noncompliance with the floodplain management requirements of the program:

08/17/2016

Ott to oversee FinCEN BSA compliance and enforcement

FinCEN has announced the selection of Thomas P. Ott as Associate Director for its Enforcement Division. Mr. Ott will oversee FinCEN’s Bank Secrecy Act compliance and enforcement program. This includes developing and implementing compliance and enforcement strategies, supervising investigations, enforcement actions, and other activities that have industry-wide, national, and international impact.

08/17/2016

BHC supervision manual updated

The Federal Reserve Board has posted its semiannual update of the Bank Holding Company Supervision Manual, which provides guidance for conducting inspections of bank holding companies and their nonbank subsidiaries.

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