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Top Story Compliance Related

03/14/2017

Enhancements to Money Smart for Older Adults curriculum

The FDIC has announced enhancements to its Money Smart for Older Adults curriculum that provide new information and resources to help older adults and their caregivers avoid financial exploitation through fraud and scams. Money Smart for Older Adults identifies common types of elder financial exploitation, such as imposter scams and identity theft, and is designed to inform adults age 62 or older and their caregivers about ways to prevent, identify, and respond to financial exploitation. Also included is information on how older adults can plan for a secure financial future and make informed financial decisions. Money Smart for Older Adults was developed jointly by the FDIC and the Consumer Financial Protection Bureau (CFPB) in response to the financial exploitation of senior citizens.

03/14/2017

Curry on value of international collaboration and bank supervision

In remarks at the Institute of International Bankers’ Annual Washington Conference, Comptroller Curry discussed the value of international collaboration and professional bank supervision. He also stressed the importance of maintaining safeguards that have helped restore health and confidence to the federal banking system since the crisis of 2008.

03/13/2017

Curry on condition of banking system

In remarks delivered as part of the Distinguished Banking and Finance Lecture Series at Central Connecticut State University, Comptroller of the Currency Thomas J. Curry discussed the condition of the federal banking system, highlighted the importance of diversity in the federal banking system and what the Office of the Comptroller of the Currency has done to support community banking. The Comptroller also discussed proposals to exempt community banks from the Volcker Rule and ways to make it easier for thrifts, including mutuals, to expand their business models without changing their governance structures.

03/13/2017

CFPB selects Your Money, Your Goals cohort

The CFPB has announced the selection of thirty organizations to join the Your Money, Your Goals cohort. These organizations will receive training and technical assistance on how to use the Bureau's Your Money, Your Goals financial empowerment materials. The new cohort includes federal, state, and local government agencies, organizations working in native communities, social services, legal aid, faith-based, and worker organizations, as well as organizations serving people with disabilities.

03/13/2017

Washington communities suspended from flood program

The Federal Emergency Management Agency has suspended several communities in the State of Washington from the National Flood Insurance Program, effective March 7, 2017, as announced in a final rule published at 82 FR 13399 in this morning's Federal Register. The communities are portions of Island, King, and Pierce Counties.

03/13/2017

Fed Board seeks to fine and ban two former bankers

The Federal Reserve Board announced on Friday it will seek to fine and prohibit Fang Fang and Timothy Fletcher, two former managing directors at J.P. Morgan Securities (Asia Pacific) Limited, from working in the banking industry for their participation in a referral hiring program that violated anti-bribery law. In addition to permanently prohibiting them from the banking industry, the Board seeks to impose a $1 million fine against Fang and a $500,000 fine against Fletcher.

The enforcement proceedings against Fang and Fletcher follow the Board's November 2016 enforcement actions against JPMorgan Chase & Co. for unsafe and unsound practices related to the firm's referral hiring program. The Board required JPMorgan Chase & Co. to pay $61.9 million in penalties for control deficiencies related to the firm's referral hiring practices and anti-bribery policies.

03/10/2017

Bureau starts biennial credit card market review

The CFPB has published a request for information from the public as part of its biennial review of the credit card market under the CARD Act.

03/10/2017

CFPB proposes delay of prepaid accounts rule

The CFPB has announced a proposal to delay for six months the effective date of its final rule governing prepaid accounts. The Bureau indicated it has learned that some industry participants believe they will have difficulty complying with certain provisions of the rule by the current October 1, 2017, effective date. The CFPB is requesting comments about any implementation challenges that may affect consumers, and how additional time will impact industry, consumers, and other stakeholders. Comments will be due 21 days after the request is published in the Federal Register.

Update: Published at 82 FR 13782 on March 15, 2017. Comments due by April 5, 2017.

03/09/2017

FDIC Money Smart for Small Business webinar

The FDIC will host a Town Hall webinar, "Money Smart for Small Business," on Thursday, March 23, from 2–3 p.m. EDT. Money Smart for Small Business (MSBB) is an instructor-led curriculum developed by the FDIC and the Small Business Administration, with 13 modules available in both English and Spanish. The purpose of the town hall webinar is to:

  • Further bankers' understanding of the MSSB Curriculum and connect it with their mission and strategic objectives
  • Learn how others customize the MSSB modules to meet the needs of their unique entrepreneur audiences
  • Ask questions and share experiences about the adoption and implementation of MSSB

03/08/2017

Guide to short-form prepaid account disclosure

The Bureau has made available on its implementation and guidance page for the Prepaid Account Rule a guide to preparing the short form disclosure for prepaid accounts. This disclosure guide is based on Regulation E’s Model Form A-10(c) and provides basic “how to” instructions to help financial institutions prepare short form disclosures for prepaid accounts other than government benefit accounts or payroll card accounts.

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