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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

05/17/2017

Atlanta OCC workshop scheduled

The OCC will host a Building Blocks for Directors workshop at the Sheraton Atlanta Hotel, June 26–28, for directors, senior management team members and other key executives of institutions supervised by the OCC. The workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation. The session focuses on duties and core responsibilities of directors and management, discusses major laws and regulations, and increases familiarity with the examination process.

05/17/2017

HUD charges landlords with discrimination against families with children

HUD has announced that it is charging a group of New Hampshire landlords with housing discrimination for denying families with children the opportunity to rent certain apartments. HUD alleges that MSM Brothers, Inc., the owner of a 192-unit apartment complex in Dover, New Hampshire, and its on-site manager engaged in housing discrimination by limiting rental options for applicants with young children.

05/17/2017

Syrian attacks spur new OFAC actions

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced that it has designated five individuals and five entities in response to continued acts of violence committed by the Government of Syria, led by Bashar al-Assad, against its own citizens. The designated individuals and entities have provided support or services to the Government of Syria, or are owned or controlled by or are acting for or on behalf of designated individuals or entities. Yesterday’s action was taken pursuant to three Executive Orders (E.O.s): E.O. 13572, which targets persons responsible for human rights abuses in Syria, their supporters, and supporters of senior officials or certain activities related to public corruption; E.O. 13582, which targets the Government of Syria and its supporters; and E.O. 13382, which targets proliferators of weapons of mass destruction and their supporters. As a result of yesterday’s action, any property or interest in property of the identified persons in the possession or control of U.S. persons or within the United States must be blocked. Additionally, transactions by U.S. persons involving these persons are generally prohibited.

OFAC also removed one listing and updated three others. For identity information related to all these actions, see our OFAC Update.

05/16/2017

NYDFS challenges OCC fintech charter plan

The New York State Department of Financial Services (NYDFS) has announced it has filed suit in federal court challenge the decision of the OCC to grant special-purpose national bank charters to undefined "fintech" companies. The NYDFS "seeks to stop the OCC from granting charters to institutions subject to New York State law that provide financial services to New York consumers based on the OCC’s unidentified and sweeping array of commercial ventures never before authorized or regulated by the OCC."

05/15/2017

Bureau publishes request for small business market info

The CFPB has published [82 FR 22318] in today's Federal Register its request for information on the small business lending market, with a 60-day comment period expiring July 14, 2017. See our earlier Top Story for details.

05/12/2017

Pakistan-based terrorists and facilitators targeted

The Office of Foreign Assets Control (OFAC) has taken action to disrupt the leadership of Jama'at ul Dawa al-Qu'ran (JDQ) and financial support networks of JDQ, the Taliban, al-Qa'ida, Lashkar-e-Tayyiba (LT), the Islamic State of Iraq and Syria (ISIS), and ISIS – Khorasan by designating three individuals and one entity based in Pakistan. These actions were taken pursuant to Executive Order (E.O.) 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. All property and interests in property of these persons subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For further information, see our OFAC Update.

05/12/2017

Wisconsin bank and affiliates settle UDAP claims

The Bank of Lake Mills, Lake Mills, Wisconsin, and two institution-affiliated parties (IAPs) have executed settlements with the FDIC for unfair and deceptive practices that violated Section 5 of the Federal Trade Commission Act. As part of the settlement, the bank and the IAPs stipulated to the issuance of respective Orders for Restitution and Orders to Pay Civil Money Penalties The FDIC Orders require restitution of approximately $3 million to harmed consumers, and assess civil money penalties totaling $242,000. The Orders require a restitution plan that covers all past and present borrowers who, from 2013 to 2015, received loans originated by the bank through the IAPs, and were harmed by the practices identified as being unfair or deceptive. For further information, see "Bank of Lake Mills," in our Penalty pages.

05/11/2017

Treasury sells largest TARP asset

Treasury has announced it has agreed to sell all of its remaining 10,291,553 shares of First BanCorp. (FBP) common stock, exiting Treasury’s largest remaining bank investment in the Troubled Asset Relief Program (TARP). The shares were sold at $5.61 per share, recovering $57.7 million to taxpayers.

05/11/2017

CU settles HUD maternity discrimination complaint

The Department of Housing and Urban Development has publicized an agreement between Wescom Central Credit Union, based in Pasadena, California, and a married couple, resolving allegations the company denied the couple's mortgage loan application because the wife was on maternity leave. Refusing to provide a mortgage loan or mortgage insurance because a woman is pregnant or on family leave violates the Fair Housing Act's prohibition against sex and familial status discrimination, which includes discrimination against individuals who have or are expecting a child.

05/10/2017

FinCEN awards for law enforcement successes with SARs

The Financial Crimes Enforcement Network (FinCEN) held its third annual Law Enforcement Awards ceremony yesterday at the Treasury Department. FinCEN presented awards to law enforcement agencies that use Bank Secrecy Act reporting provided by financial institutions in their criminal investigations.

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