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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

03/06/2018

FDIC to post Q&As for consumers on banking topics

In observance of National Consumer Protection Week (NCPW), March 4-10, 2018, the FDIC will post a new question and answer (Q&A) on a different banking topic each weekday on its National Consumer Protection Week page. The five Q&As will be on the topics of mobile banking, credit and debit card security precautions, safe deposit boxes, credit reports, and debt collectors, along with other consumer information, and will be accessible for reference year-round.

03/06/2018

COPPA twitter chat scheduled by FTC

The FTC will host a Twitter chat on March 6, 2018, to discuss the 20th anniversary of the passage of the Children’s Online Privacy Protection Act (COPPA). Acting FTC Chairman Maureen K. Ohlhausen will discuss the FTC's work to enforce COPPA and ensure the FTC's rule implementing the law stays in step with evolving technologies and data collection practices.

03/05/2018

Revised Appraisal Subcommittee Policy Statements

The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council has adopted revised ASC Policy Statements, which provide guidance to ensure State appraiser certifying and licensing agencies comply with Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), as amended, and the rules promulgated thereunder. The revised ASC Policy Statements, adopted February 14, 2018, have been published in today's Federal Register, and supersede the current ASC Policy Statements effective today.

03/05/2018

SEC charges brokerage firm for manipulative trading

The Securities and Exchange Commission has announced the filing of securities fraud charges against a U.K.-based broker-dealer and its investment manager in connection with manipulative trading in the securities of HD View 360 Inc., a U.S.-based microcap issuer. The SEC also announced charges against HD View’s CEO, another individual, and three entities they control for manipulating HD View’s securities as well as the securities of another microcap issuer, West Coast Ventures Group Corp. The SEC further announced the institution of an order suspending trading in the securities of HD View.

03/02/2018

Agency expectations for resolution plans of two banks

The FDIC and Federal Reserve Board announced yesterday they have communicated updated expectations for the next resolution plans of two domestic banks, CIT Group and Citizens Financial Group. The expectations are similar to those communicated to 16 domestic firms in March 2017. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company.

03/02/2018

CFPB request for info on complaint reporting

The CFPB has issued the sixth in its series of requests for information (RFIs) as part of Acting Director Mick Mulvaney's call for evidence to ensure the Bureau is fulfilling the proper and appropriate functions to protect consumers. The latest RFI asks public input about the Bureau's public reporting of consumer complaints. Federal Register publication is expected on March 7, with a 90-day comment period ending June 5, 2018.

The Bureau expects to issue six more RFIs in the "call for evidence" series:

  • Rulemaking Processes
  • Bureau Adopted Rules
  • Inherited Rules
  • Guidance and Implementation Support
  • Consumer Education
  • Consumer Inquiries

UPDATE: The RFI was published in the 3/6/18 Federal Register, with a comment period ending June 4, 2018.

03/02/2018

FTC annual survey of consumer complaints

The Federal Trade Commission has released the results of its annual survey of complaints reported by consumers. While the number of complaints about fraud from consumers dropped in 2017, consumers reported losing more money than they did in 2016, according to the Commission’s 2017 Consumer Sentinel Network Data Book. Although reports about debt collection declined between 2016 and 2017, it remained the top consumer complaint category, making up about 23 percent of all complaints. The high number of debt collection reports was due in part to reports submitted by a data contributor that collects complaints via a mobile app. Identity theft was the second biggest category, making up nearly 14 percent of all the consumer complaints. Credit card fraud was the most common type of identity theft reported by consumers. Tax fraud was the second most common type of identity theft reported despite falling by 46 percent from 2016. The FTC also posted blog articles with the top frauds of 2017 and a recap of the consumer complaint data.

03/02/2018

North Korea sanctions regs amended and reissued

OFAC has announced the amendment and reissuance in its entirety of the North Korea Sanctions Regulations in order to implement Executive Orders and to reference the North Korea Sanctions and Policy Enhancement Act of 2016 and the Countering America’s Adversaries Through Sanctions Act of 2017. Pursuant to these authorities, all property and interests in property of the Government of North Korea and the Workers’ Party of Korea are blocked, and U.S. persons are generally prohibited from engaging in transactions with them without authorization from OFAC and must block property or interests in property that are in, or come within, the United States or the possession of a U.S. person. In addition, these authorities provide the Secretary of the Treasury, in consultation with the Secretary of State, additional tools to disrupt North Korea’s ability to fund its weapons of mass destruction and ballistic missile programs. OFAC also published new and updated North Korea-related FAQs.

UPDATE:The regulations were published in the Federal Register, and the changes took effect, on March 5, 2018.

02/28/2018

OFAC adds counter-terrorism designations

OFAC has added counter-terrorism designations to its SDN list for two individuals and seven organizations. For identification information, see our OFAC Update.

02/28/2018

NMLS 2.0 postponed

The NMLS has posted a notice on its Resource Center that the Conference of State Bank Supervisors has reset the launch of NMLS 2.0 for the second quarter of 2019.

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