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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

11/07/2016

FDIC recovery guidance for Virginia banks

FDIC FIL-74-2-16 was issued on Friday, to announce steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Virginia affected by Hurricane Matthew.

11/07/2016

FDIC CRA ratings released

The FDIC has issued a list of 73 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. Five were rated outstanding, 65 satisfactory, and three needs to improve. The list covers evaluation ratings that the FDIC assigned to institutions in August 2016.

11/07/2016

FinCEN restricts North Korean access

Treasury has announced that FinCEN has issued a final rule under Section 311 of the USA PATRIOT Act to further restrict North Korea’s access to the U.S. financial system. The final rule prohibits U.S. financial institutions from opening or maintaining correspondent accounts for North Korean banks and also requires U.S. financial institutions to apply additional due diligence measures in order to prevent North Korean financial institutions from gaining improper indirect access to U.S. correspondent accounts. The rule was proposed in June 2016 along with publication of the notice of finding that North Korea is a jurisdiction of “primary money laundering concern” engaged in illicit conduct, including using state-controlled financial institutions and front companies to engage in proliferation of weapons of mass destruction and ballistic missiles and to evade international sanctions.

Update: The rule was published at 81 FR 78715 on November 8, 2016. It becomes effective December 9, 2016.

11/04/2016

Fed adds to Reg II FAQ

The Federal Reserve Board has added a new question and answer to its Regulation II (Debit Card Interchange Fees and Routing) FAQs. Question 4 under the heading of "§ 235.7 Network Exclusivity and Routing Provisions" indicates that card networks cannot require merchants to allow debit cardholders to choose EMV chip application when one application routes to a single network. The Board's interpretation of the Durbin Amendment could cause more debit card transactions to be processed as PIN transactions rather than by signatures, and could therefore affect card issuer interchange income.

11/04/2016

Comptroller’s Handbook updated

OCC Bulletin 2016-36, issued November 3, announced the update of the asset quality core assessment procedures in the “Community Bank Supervision” booklet of the Comptroller’s Handbook.

11/04/2016

Prompt corrective action directive issued

The Federal Reserve Board has issued a prompt corrective action directive to Fayette County Bank, St. Elmo, Illinois.

11/04/2016

Disaster assistance for Virginia hurricane victims

HUD will provide federal disaster assistance to the Commonwealth of Virginia and provide support to homeowners and low-income renters forced from their homes due to Hurricane Matthew. A Presidential disaster declaration has been issued for the cities of Chesapeake, Newport News, Norfolk, and Virginia Beach which allows HUD to offer foreclosure relief and other assistance.

11/04/2016

Technical amendments to FinCEN BSA regs

The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has published at 81 FR 76863 in today's Federal Register a final rule to make a number of technical amendments. This final rule updates various sections of the regulations implementing the Bank Secrecy Act (``BSA'') by removing or replacing outdated references to obsolete BSA forms, removing references to outdated recordkeeping storage media, and replacing several other outdated terms and references. The changes, which affect 31 CFR parts 1010, 1020, 1021, 1022, 1023, 1024, 1025, and 1026, are effective today.

11/04/2016

FEMA to suspend communities from Flood Program

The Federal Emergency Management Agency has published a final rule at 81 FR 76870 in today's Federal Register that identifies communities in California, Iowa, Massachusetts, Minnesota, New Jersey, New Mexico, New York, Oregon, and Texas where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension TODAY for noncompliance with the floodplain management requirements of the program.

11/03/2016

NCUA renames office

It's official. The National Credit Union Administration published at 81 FR 76495 in this morning's Federal Register a notice renaming its Office of Consumer Protection. The new name, effective today, is the Office of Consumer Financial Protection and Access. Credit unions have another new bureaucratic abbreviation to remember. Out with "OCP" and in with "OCFPA."

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