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Top Story Compliance Related

01/10/2024

Appraisal subcommittee to meet on appraisal bias

The OCC will host a public hearing of the FFIEC Appraisal Subcommittee on appraisal bias on February 13, 2024, from 10:00 a.m. to 1:00 p.m. ET, at its headquarters, 400 7th Street SW, Washington, D.C.

The subcommittee panel will include a representative from each of the five Federal Financial Institutions Examination Council (FFIEC) regulatory agencies, the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency. Witnesses will include representatives from the Appraisal Foundation, state appraiser licensing and regulatory organizations, and active appraisers.

The meeting is open to the public, but in-person and virtual attendees must register to attend no later than February 9. Registration for in-person attendance may close sooner if maximum capacity is reached.

01/10/2024

Agencies adjust maximum CMPs for inflation

OCC Bulletin 2024-2, issued yesterday, announced the OCC's publication [89 FR 872] on January 8, 2024, of a notice to adjust the maximum amount of each civil money penalty (CMP) within the OCC's jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. The adjusted maximum penalties are effective as of January 8, 2024, for violations occurring on or after November 2, 2015.

The NCUA published [89 FR 1441] a notice this morning to adjust the maximum amount of each CMP within its jurisdiction.

01/10/2024

FinCEN analysis of ID-related suspicious activity

Yesterday, FinCEN released a Financial Trend Analysis (FTA), Identity-Related Suspicious Activity: 2021 Threads and Trends, on information in BSA Reports filed in 2021. FinCEN’s analysis found that approximately 1.6 million reports (42% of the reports filed that year) related to identity—indicating $212 billion in suspicious activity.

The report, which is part of what FinCEN has previously referred to as its Identity Project, explores how bad actors exploit identity-related processes involved in processing transactions as well as opening and accessing accounts. FinCEN identified over 14 typologies commonly indicated in identity-related BSA reports. The most frequently reported were fraud, false records, identity theft, third-party money laundering, and circumvention of verification standards. These top five typologies accounted for 88% of identity-related BSA reports and 74% of the total identity-related suspicious activity amount reported during calendar year 2021.

Trends found in the BSA reporting include:

  • Although identity-related suspicious activity impacted all types of financial institutions, depository institutions filed the most identity-related BSA reports, around 54% of all identity-related filings.
  • While most financial institutions in the identity-related BSA dataset reported impersonation as their top identity exploitation, money services businesses most often reported circumvention of verification.
  • The report found that compromised credentials have a disproportionate financial impact as compared to other types of identity exploitation.

FinCEN’s FTAs highlight the value of information filed by financial institutions in accordance with the BSA. Additional reports on a variety of topics are located on FinCEN’s website.

01/09/2024

FTC biennial report on national DNC registry

The Federal Trade Commission has reported it has issued its biennial report to Congress on the National Do Not Call (DNC) Registry that shows the number of consumers who have placed their telephone numbers on the Registry over the past two years has reached more than 249 million.

The report also notes that the FTC has received more than two million Do Not Call complaints in fiscal year (FY) 2023 with people overwhelmingly reporting these violations came via robocalls, as opposed to live telemarketing.

Imposter scam, medical needs and prescription scam calls led the list of commonly reported call topics in FY 2023, followed by calls related to reducing debt and energy, solar, and utilities. In response to the consistently high number of complaints from the public about impersonator scams, the FTC recently continued its rulemaking initiative to combat business and government impersonation fraud. A data spotlight issued in June 2023 found that bogus bank fraud warnings were the most common form of text message scam reported to the agency, and that many of the most common text scams impersonate well-known businesses.

01/09/2024

Yellen remarks at FinCEN

On Monday, Secretary of the Treasury Janet L. Yellen offered remarks on the current status of the Beneficial Ownership Information Reporting initiative. She noted that in just the first week of reporting, over 100,000 filings have been made. She said, "We’re also making reporting as easy as possible for the small businesses at the heart of the American economy so that the benefits for small businesses, and for all of us, will far outweigh what should be a relatively straightforward effort to comply. The reporting process is simple, quick, and free. A small business shouldn’t need a certified public accountant or lawyer. To help companies understand the requirements, we’re hard at work getting the word out. We’re coordinating with federal and state government offices and partnering with the Small Business Administration to hold virtual and in-person events. We’ve published guidance in multiple languages, including specifically for small businesses. We have a Contact Center that is live and taking questions."

On other topics, Secretary Yellen said, "In line with the U.S. Strategy on Countering Corruption, we are ... pursuing increased transparency in our real estate and investment adviser sectors. We aim to issue a notice of proposed rulemaking early this year that will be an important step toward bringing greater transparency to residential real estate transactions, and we are considering next steps to address risks associated with commercial real estate."

01/09/2024

CFPB announces civil penalty inflation adjustments

The Consumer Financial Protection Bureau has announced its adoption of a final rule to adjust for inflation the maximum amount of each civil penalty within the CFPB’s jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 (Inflation Adjustment Act), as amended.

The changes are effective January 15, 2024. The inflation multiplier used this year was 1.03241. The Bureau's notice has been published at 89 FR 1787 in the January 11, 2023, Federal Register.

01/09/2024

Reserve Banks released 8 CRA evaluation ratings in December

The Federal Reserve Banks made public eight Community Reinvestment Act compliance evaluations in December 2023. Six of those evaluations were rated "Satisfactory." We congratulate two banks that earned ratings of "Outstanding" on their evaluations (links are to the public portion of the evaluations):

01/05/2024

FTC and Connecticut sue Manchester Nissan dealership

The Federal Trade Commission has announced it has joined the State of Connecticut in filing a complaint against auto dealer Chase Nissan LLC d/b/a Manchester City Nissan, its owner, and key employees, for systematically deceiving consumers about the price of certified used cars, add-ons, and government fees.

The complaint alleges that the dealership, in addition to deceiving consumers, regularly charges them junk fees for certification, add-on products, and inflated government charges without the consumers’ consent, sometimes costing them thousands of dollars in unwanted and unauthorized charges.

Connecticut also alleges that all these practices are deceptive or unfair under Connecticut law.

01/05/2024

FDIC releases recent CRA evaluation ratings

The FDIC has released a list of 68 banks whose evaluations of compliance with the Community Reinvestment Act were recently made public. We congratulate four banks on the list whose evaluations were rated Outstanding:

First Trust and Savings Bank, Coralville, Iowa, received a "Needs to Improve" rating. The remaining 63 banks' evaluations were rated Satisfactory.

01/05/2024

Notice: The HMDA filing period for 2023 data has begun

The CFPB emailed a reminder yesterday that it opened the filing period for HMDA data collected in 2023 on January 1, 2024. Submissions will be considered timely if received on or before Friday, March 1, 2024.

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