Top Story Compliance Related

The Consumer Financial Protection Bureau has released a proposed rule to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they will be required to collect and report about their mortgage lending. The proposed rule contains a number of clarifications, technical corrections, and minor changes to the HMDA regulation. These include clarifying certain key terms, such as "temporary financing" and "automated underwriting system." The proposal would also, for example, establish transition rules for reporting certain loans purchased by financial institutions. Another proposed change would facilitate reporting the census tract of a property, using a new geocoding tool the CFPB plans to provide online. Comments on the proposal will be accepted for 30 days after its publication in the Federal Register.

• UPDATE:Published at 82 FR 19142 on April 25, 2017, with a comment deadline of May 25, 2017.

The Treasury Department's Office of Foreign Assets Control (OFAC) has added one entity and six individuals to its SDN List with a combination of designations under OFAC's SDGT, LIBYA3, ISIL and IRAN-HR sanctions programs. See our OFAC Update for additional information.

The Federal Trade Commission will host a workshop in San Antonio, Texas, on July 19, 2017, to examine financial issues and scams that can affect military consumers, including active duty servicemembers in all branches and veterans. The workshop also will discuss Commission resources available to military consumer advocates and representatives on financial readiness and fraud prevention, including the Commission's Military Consumer Toolkit. The toolkit allows personal financial managers, counselors, and others in the military community to share practical financial readiness tips. It can be individually customized and easily shared on social media.

• Press Release

The OCC has issued Bulletin 2017-15 to introduce a new “Retail Lending” booklet for the Comptroller’s Handbook. This new booklet, part of the “Safety and Soundness” category of the Handbook, discusses the risks associated with retail lending and provides a framework for evaluating retail credit risk management activities. This booklet supplements the core assessment sections of the “Large Bank Supervision,” “Community Bank Supervision,” and “Federal Branches and Agency Supervision” booklets of the Handbook. Examiners should refer to the “Retail Lending” booklet when specific retail lending products, services, activities or risks warrant review beyond the core assessment because they have a material impact on the risk profile and financial condition of national banks and federal savings associations.

The Office of Foreign Assets Control has added two individuals to its list of Specially Designated Nationals under its Central African Republic (CAR) sanctions. The office also removed a Zimbabwe sanctions listing. For additional information, see our OFAC Update.

The FDIC has announced it will host an Economic Inclusion Summit on Wednesday, April 26, in Arlington, Virginia, to discuss "Strategies to Bring Consumers into the Financial Mainstream." The summit will bring together representatives from banks, bank trade associations, non-profit organizations, national, state, and local government agencies, and the public.

OCC Bulletin 2017-14 announces the issuance of the “National Bank Director Waivers” booklet of the Comptroller’s Licensing Manual. The revised booklet replaces the “Director Waivers” booklet issued in March 2008, and provides updated guidance on required filings when a national bank's board of directors requests waivers of the citizenship and residency requirements for an individual or a group of individuals. These director requirements do not apply to directors of federal savings associations.

The Federal Reserve Board has released its Supplement 51-January 2017 update to the Bank Holding Company Supervision Manual. The update can be viewed in its entirety or by section.

A Salvadoran, José Adán Salazar Umaña, a/k/a "Chepe Diablo," previously designated as a specially designated global terrorist, has been removed from OFAC's SDN list. See our OFAC Update for identity details.

OFAC has announced the name of an individual has been added, the names of two individuals have been removed, and changes have been made to an existing entry on the SDN List. See our OFAC Update for the details.