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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

02/08/2017

NCUA ANPR on alternative capital

The Board of Directors of the National Credit Union Administration has published [82 FR 9691] in this morning's Federal Register an "advanced [sic] notice of proposed rulemaking" (ANPR) to solicit comments on alternative forms of capital federally insured credit unions could use in meeting capital standards required by statute and regulation. Comments on the ANPR close on May 9, 2017.

02/08/2017

Landlords charged with discrimination against disabled vets

HUD has announced that it is charging the landlords of a Moore, Oklahoma, rental home with violating the Fair Housing Act by denying the reasonable accommodation requests of their tenant, a veteran with disabilities, for waiver of pet fees for his dog, an emotional support animal. The Fair Housing Act prohibits housing providers from denying or limiting housing to persons with disabilities, or from refusing to make reasonable accommodations in policies or practices for people with disabilities. This includes waiving pet fees for persons with disabilities who use assistance animals.

02/08/2017

Impact analysis of executive order on regulation of financial system

The White House has released a statement by Acting OMB Director Mark Sandy regarding the recent executive order directing the Secretary of the Treasury to take steps to review the authorities and policies governing the regulation of the U.S. financial system and to report to the President regarding the reform of such regulation: "Implementing this executive order would have a de minimis impact on costs and revenues to the Federal Government. It would have a de minimis impact on mandatory and discretionary obligations and outlays, as well as on revenues to the Federal Government, in the 5-fiscal year period beginning in fiscal year 2017. The agencies anticipated to be impacted by this executive order include the Department of the Treasury and member agencies of the Financial Stability Oversight Council."

02/08/2017

Scammers of 9/11 first responders sued by CFPB and NY

The CFPB and the New York Attorney General have announced they have filed a complaint in the U.S. District Court for the Southern District of New York against RD Legal Funding, LLC, two related entities, and Roni Dersovitz, the companies’ founder and owner, for allegedly scamming 9/11 heroes out of money intended to cover medical costs, lost income, and other critical needs. RD Legal also allegedly conned National Football League (NFL) concussion victims. The complaint also asserts that the transactions are loans at usurious rates under New York law, and therefore void. CFPB Director Cordray also delivered prepared remarks in a press call regarding the complaint.

02/07/2017

2017 stress test scenarios released by FDIC

The FDIC has released the economic scenarios that will be used by certain financial institutions with total consolidated assets of more than $10 billion for stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The baseline, adverse, and severely adverse scenarios include key variables that reflect economic activity, including unemployment, exchange rates, prices, income, interest rates, and other salient aspects of the economy and financial markets.

02/06/2017

SEC accuses investment advisor of stealing $5M from clients

The Securities and Exchange Commission announced on Friday it has filed a complaint in the U.S. District Court for the Southern District of New York charging an investment adviser representative with stealing approximately $5 million from client accounts by initiating unauthorized wire transfers and issuing checks to third parties to cover personal expenses. The SEC alleges that Barry Connell, who worked in the New Jersey office of an unnamed major financial institution, conducted more than 100 unauthorized transactions by using falsified authorization forms misrepresenting that he received verbal requests from the clients.

02/06/2017

FDIC CRA ratings released

The FDIC has released a list of 49 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Five were rated Outstanding, 43 received a Satisfactory rating, and one was rated Needs to Improve.

02/06/2017

Regulators release stress test scenarios

Scenarios for 2017 Comprehensive Capital Analysis and Review (CCAR) and Dodd-Frank Act stress test exercises have been released by the Federal Reserve Board, along with instructions to firms participating in CCAR. The OCC has released economic and financial market scenarios that will be used in the upcoming stress tests for covered institutions with more than $10 billion in assets. The supervisory scenarios include baseline, adverse, and severely adverse scenarios, as described in the OCC’s final rule that implement stress test requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (DFA). Additional information is found on the OCC stress test website.

02/06/2017

OFAC sanctions supporters of Iran missile program and Revolutionary Guard

OFAC has announced the imposition of sanctions against multiple entities and individuals involved in procuring technology and/or materials to support Iran’s ballistic missile program, as well as for acting for or on behalf of, or providing support to, Iran’s Islamic Revolutionary Guard Corps-Qods Force. For additional information see our OFAC update.

02/06/2017

Dodd-Frank Act to be reevaluated

In an Executive Order issued on Friday, President Trump has declared seven "Core Principles" for regulation of the U.S. financial system: promoting independent consumer choices, preventing bailouts, fostering economic growth, promoting international competitiveness, advancing U.S. interests in international negotiations, tailoring regulations and ensuring regulatory accountability. The Order directs the Secretary of the Treasury to meet with the heads of the other members agencies of the Financial Stability Oversight Council to review how "existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote the Core Principles and what actions have been taken, and are currently being taken, to promote and support the Core Principles." An initial report to the president is due within 120 days.

Although the Dodd-Frank Act is not mentioned in the Order, it is generally seen as the most obvious target of the review. There is no clear vision of the outcome of the review, although several provisions of the Act, including the structure and funding of the CFPB, the Durbin Amendment (interchange fee limits on debit card transactions), and the Volcker Rule (restrictions on proprietary trading by banks) are seen as likely focuses of the ordered study.

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