Top Story Compliance Related

The CFPB has posted two article on its Blog — one regarding summer money matters for young adults on their first job and the other on helping people plan for retirement.

In a statement before the Senate Budget Committee, Treasury Secretary Mnuchin stated his number-one priority is creating sustainable economic growth for all Americans. He also discussed tax reform and the importance of free and fair international trade. He noted, "This has been a significant few months at Treasury. We have been studying, developing, and implementing policies that will put this country on the path toward sustained economic growth. In the coming months, we will work with this Committee and the Congress in what we will look back on as an important time for this nation’s economy and in our history."

The Treasury Department today published a request for information inviting members of the public to submit views and recommendations for Treasury Department regulations that can be eliminated, modified, or streamlined in order to reduce burdens, in furtherance of the Regulatory Reform Agenda outlined in Executive Orders 13771 and 13777. Comments are due by July 31, 2017.

Treasury issued the first in a series of reports to President Trump examining the United States’ financial regulatory system and detailing executive actions and regulatory changes that can be immediately undertaken to provide much-needed relief. Over the past four months, Secretary Mnuchin and other Treasury officials met with hundreds of stakeholders across the financial ecosystem, including community, independent, regional and large banks, regulators, FSOC members, consumer advocates, academics, analysts and investors. These listening sessions provided a very clear picture of redundancy, fragmentation, and inefficiency in our regulatory framework. The report detailed the following findings:

• Community financial institutions – banks and credit unions – are critically important to serve many Americans
• Capital, liquidity and leverage rules can be simplified to increase the flow of credit
• We must ensure our banks are globally competitive
• Improving market liquidity is critical for the U.S. economy
• The Consumer Financial Protection Bureau must be reformed
• Regulations need to be better tailored, more efficient, and effective
• Congress should review the organization and mandates of the independent banking regulators to improve accountability.

The Financial Crimes Enforcement Network (FinCEN) has published in the June 13, 2017, Federal Register a Notice and Request for Comments on a proposed update and renewal of the collection of information through its "Designation of Exempt Person" (DoEP) report, used by banks and others to designate eligible customers as exempt from currency transaction reporting requirements. The proposed minor changes would remove the obsolete reference to "Document Control Number" and to add a country field in Parts II and III of the report to accommodate reporting from U.S. territories. Comments will be accepted for 62 days, through August 14, 2017.

The Office of Foreign Assets Control has targeted an ISIS leader, Attallah Salman 'Abd Kafi al-Jaburi (al-Jaburi), pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. Al-Jaburi is an Iraq-based, ISIS senior leader in charge of factories producing improvised explosive devices (IEDs), vehicle-borne improvised explosive devices (VBIEDs), and explosives, and he is involved in the development of chemical weapons. Additionally, the Department of State designated Marwan Ibrahim Hussayn Tah al-Azawi, an Iraqi ISIS leader connected to ISIS' development of chemical weapons for use in ongoing combat against Iraqi Security Forces. As a result of these actions, all property and interests in property of these individuals subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For identifying information on these two individuals, and an unrelated entity also added to the Specially Designated Global Terrorists list, see our OFAC Update.

BOL Conferences' 2017 Lending Compliance Triage Conference has been scheduled for October 11–12 in Scottsdale, Arizona, and online. BankersOnline Gurus Kathleen Blanchard, John Burnett, Randy Carey, Mary Beth Guard, Jack Holzknecht; and Andy Zavoina continue to fine-tune the agenda. Topics currently being worked on include:

• ADA and websites
• TCPA
• HMDA - last minute preparations
• UDAAP
• Enforcement actions
• TRID compliance challenges
• Fair lending and redlining issues
• CRA
• Update on military lending
• ATR and QM checkup
• Flood insurance compliance update
• Loan servicing trouble spots
• Forgotten requirements

The agenda will change to address the most current lending compliance developments. Click HERE for more information and to REGISTER TODAY!

The Federal Reserve Board has announced the termination of an enforcement action against EverBank Financial Corp issued in April 2011 related to residential mortgage loan servicing and foreclosure processing. The Board also announced a $1.8 million civil money penalty against the company for its mortgage servicing deficiencies related to that enforcement action.

OFAC has announced that American Honda Finance Corporation (AHFC), a motor vehicle finance company headquartered in California, has agreed to remit $87,255 to settle its potential civil liability for 13 apparent violations of the Cuban Assets Control Regulations, (the “Alleged Violations”). The Alleged Violations occurred between February 2011 and March 2014, when Honda Canada Finance, Inc., a majority-owned subsidiary of AHFC located in Canada, approved and financed 13 lease agreements between an unaffiliated Honda dealership in Ottawa, Canada and the Embassy of Cuba in connection with the Cuban Embassy’s leasing of several Honda vehicles. OFAC determined that AHFC voluntarily self-disclosed the Alleged Violations to OFAC, and that the Alleged Violations constitute a non-egregious case.

The CFPB announced yesterday it has taken action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure that are required by law. The Bureau found that Fay violated the CFPB’s servicing rules by keeping borrowers in the dark about critical information about the process of applying for foreclosure relief. The Bureau also found instances in which the servicer illegally launched or moved forward with the foreclosure process while borrowers were actively seeking help to save their homes. A consent order has been filed by the CFPB ordering Fay Servicing to stop its illegal practices and pay up to $1.15 million to harmed borrowers.