Top Story Compliance Related

The CFPB has filed a complaint in federal court against two companies operating under the name “FDAA,” a service provider, and their owners for falsely presenting FDAA as being affiliated with the federal government. The CFPB also alleges that FDAA’s so-called “debt validation” programs violated the law by falsely promising to eliminate consumers’ debts and improve their credit scores in exchange for thousands of dollars in advance fees. The CFPB’s lawsuit seeks to end these deceptive practices, obtain redress for harmed consumers, and impose civil money penalties.

The OCC has issued Bulletin 2017-40 to make public Policies and Procedures Manual 5004-43, which sets the OCC’s policy and framework for determining the effect of evidence of discriminatory or other illegal credit practice on the CRA rating of a national bank, federal savings association, or federal branch.

On August 15, 2017, the Small Business Administration published a request for information seeking input from the public on identifying which of the Agency’s regulations should be repealed, replaced or modified because they are obsolete, unnecessary, ineffective, or burdensome. That request established a 60-day comment period closing on October 16, 2017. The SBA has published in today's Federal Register a notice extending the deadline for comments on the SBA's regulations from October 16, 2017, to November 15, 2017.

The Federal Reserve Board has announced its issuance of two orders for civil money penalties totaling $19,000 to banks in Louisiana and Montana, for patterns or practices of violations of the National Flood Insurance Act and Regulation H.

The FDIC has announced it will sponsor the 7th Annual Consumer Research Symposium on October 13, 2017, at the FDIC Seidman Center, at 3501 Fairfax Drive, Arlington, Virginia. The conference will feature welcoming remarks by FDIC Chairman Martin J. Gruenberg, presentations of selected research papers, and a Keynote Address by Dr. Christopher Herbert, Managing Director of the Joint Center for Housing Studies of Harvard University. More than 100 research papers were submitted for consideration, and eight were selected to be presented at the conference. The goal of the symposium is to facilitate discussion of recent research on consumers' capabilities, knowledge, preferences, and experiences in the market for financial products and services, as well as the effects of public policy interventions and new regulations on consumers, households, communities, and financial institutions. A diverse audience of participants from academia, government agencies, nonprofit groups, and industry is expected.

The Department of the Treasury has published in this morning's Federal Register a final rule removing chapter V of title 12, Code of Federal Regulations (CFR), which contains regulations of the former Office of Thrift Supervision (OTS). Treasury's action is effective October 11, 2017.

The State Department issued a statement on Friday announcing the decision to revoke economic sanctions with respect to Sudan and its government, in recognition of the Government of Sudan’s sustained positive actions to maintain a cessation of hostilities in conflict areas in Sudan, improve humanitarian access throughout Sudan, and maintain cooperation with the United States on addressing regional conflicts and the threat of terrorism. The revocation will be effective October 12, 2017.

The Treasury Department's Office of Foreign Assets Control has posted a notice that it has published new Frequently Asked Questions regarding action by the State Department to revoke the sanctions, as well as a new general license authorizing certain transactions pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000.

UPDATE: On October 12, 2017, OFAC issued a Specially Designated Nationals List Update with a long list of Sudan Sanctions removals.

FDIC FIL-47-2017, issued Friday, has announced a teleconference to discuss implementation of the Home Mortgage Disclosure Act (HMDA) Final Rule requirements that become effective beginning in 2018. The teleconference is scheduled for Thursday, October 26, 2017, from 1:30 p.m. to 3:00 p.m. Eastern Time. Advance registration is required.

The Federal Reserve Board has announced it is extending the comment periods to November 30 for two related proposals—one to enhance the effectiveness of boards of directors with an original comment deadline of October 10, and the other to implement a new ratings system for large financial institutions with an original comment deadline of October 16.

Acting Comptroller of the Currency Keith A. Noreika discussed efforts to reduce regulatory burden and expand economic opportunity. In his remarks at the Midsize Bank Coalition of America Chief Risk Officer meeting in Dallas, the Acting Comptroller also highlighted risks facing those banks and the federal banking system.