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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

01/05/2017

Updated resources for HMDA data collection

The FFIEC and HUD have published a list of updated resources for the collection of 2017 HMDA data. The linked resources include a technology preview, filing instructions for 2017 data and for 2018 and later data, a loan/application register (LAR) formatting tool, and FAQs.

01/05/2017

OCC and FDIC release CRA evaluations

The OCC and the FDIC issued the ratings received by financial institutions that were recently evaluated for compliance with the Community Reinvestment Act.

  • Of the 18 national banks and federal savings associations on the OCC's list, eight received Outstanding ratings, and ten were rate Satisfactory.
  • Of the 46 state nonmember banks reported by the FDIC, two banks received Outstanding ratings, and 44 were rated Satisfactory.

01/05/2017

Former Barclays FX trader barred from banking

The Federal Reserve Board has issued a consent order permanently prohibiting Jason Katz, a former foreign exchange (FX) trader at Barclays PLC and later at BNP Paribas SA, from participating in the banking industry, because of his actions to manipulate FX prices.

01/04/2017

Two CRAs to refund $17.6M and pay $5.5M CMP

The CFPB has issued a press release announcing that TransUnion and Equifax and their subsidiaries have agreed to change practices that the Bureau found misled consumers about the value of the credit scores they marketed and sold. In their advertising, the two credit reporting agencies misrepresented that the credit scores they provided to consumers were the same scores that lenders typically use to make credit decisions. The companies have also agreed to return more than $17.6 million to consumers and pay penalties totaling $5.5 million. See "Bureau fines 'bureaus' for deceptive marketing" in our Penalties pages, for further details.

01/04/2017

Did your bank or an MLO miss the deadline?

The NMLS has announced the 2017 Renewal Period has closed and the Reactivation Period began on January 1st. Lending organizations and MLOs who missed the December 31 deadline (or who failed to complete the renewal attestation by the deadline) have been placed in "inactive" status. Review the NMLS Annual Renewal page for assistance in reactivating registration.

01/02/2017

FDIC lists recent enforcement actions

The FDIC has announced orders of administrative enforcement actions taken against banks and individuals during the month of November. Included were two orders of prohibition from further participation combined with orders to pay civil money penalties issued to two former Georgia bankers. There were also three consent orders, six additional removal/prohibition orders, and two Section 19 application orders.

01/02/2017

OCC updates Comptroller's Handbook

The Office of the Comptroller of the Currency's Bulletin 2016-47, issued December 30, 2016, announced a revision of the "Internal and External Audits" booklet of the Comptroller's Handbook. In addition to replacing the April 2003 booklet of the same name, the revised booklet replaces sections 350 and 355 of the Office of Thrift Supervision Examination Handbook, which were issued in February 2002 and April 2011.

01/02/2017

OFAC targets new Yazuka criminal syndicate

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced it has sanctioned the Kobe Yamaguchi-gumi, a syndicate of the Japanese Yakuza criminal network. Specifically, OFAC designated two entities and three individuals: the Kobe Yamaguchi-gumi, three of its key executive members – Kunio Inoue, Osamu Teraoka, and Takashi Ikeda – and its core clan, the Yamaken-gumi, pursuant to Executive Order (E.O.) 13581, which targets significant transnational criminal organizations (TCOs) and their supporters. As a result of these actions, all assets of those designated that are in the United States or in the control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them.

The Yakuza has relationships with criminal affiliates in Asia, Europe, and the Americas, where it uses front companies in legitimate industries, including construction, real estate, and finance, to launder money and hide illicit proceeds. In the United States, the Yakuza has been involved in drug trafficking and money laundering.

See OFAC's SDN List Update for identification information on the targeted individuals and entities.

01/02/2017

Streamlined Call Report for small institutions

The FFIEC, on behalf of its member banking agencies (the Federal Reserve System, OCC and FDIC), has announced approval of a Federal Register notice finalizing the reporting requirements for a new and streamlined Call Report for small financial institutions. The streamlined Call Report would reduce the existing Call Report from 85 to 61 pages, resulting from the removal of approximately 40 percent of the nearly 2,400 data items. In response to comments received on their initial FRN published in August 2016, the agencies have reduced the frequency of certain reporting requirements from the original proposal. The final revised Call Report data collection is now being submitted to the Office of Management and Budget for approval. Comments on the submission to the OMB will be accepted for 30 days following actual publication.

The proposed changes would apply to financial institutions with domestic offices only and less than $1 billion in total assets, which represents approximately 90 percent of all institutions required to file Call Reports. The FFIEC anticipates that the streamlined Call Report will be available for use as early as March 31, 2017.

UPDATE: FDIC FIL-1-2017 was issued January 4, 2017, concerning these Call Report changes.

12/30/2016

Board diversity and inclusion strategic plan for 2016-19

The Federal Reserve Board’s diversity and inclusion strategic plan for 2016-19 has been posted on its Diversity and Inclusion site. The workforce data provided to the Equal Employment Opportunity Commission (EEO-1 Survey Data), diversity and inclusion standards, and equal employment opportunity standards were also posted. In addition to promoting diversity at the Board and throughout the System, the Board's Office of Diversity and Inclusion will play an integral role in the development of standards to assess the diversity practices at entities regulated by the Federal Reserve.

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