Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Compliance Related

02/01/2017

Bureau posts compliance guide for Prepaid Rule

The CFPB has added a small entity compliance guide to its Prepaid Rule implementation guide page. The Prepaid Rule will be effective October 1, 2017.

02/01/2017

Prohibition notice issued by NCUA

The NCUA has announced it has issued a notice of prohibition under Section 205(d) of the National Credit Union Act (12 U.S.C. 1785(d)) to a former employee of Southern Mississippi Federal Credit Union in Hattiesburg, Mississippi, who had pleaded guilty to a charge of embezzlement.

02/01/2017

Fed releases prohibition letters

The Federal Reserve Board has released nineteen Section 19 letters issued in July, August and September 2016. A Section 19 letter prohibits the named individual from becoming or continuing as an institution-affiliated party with respect to any insured depository institution, and is issued when a regulator is made aware that the individual has been convicted of a crime involving dishonesty or breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such an offense. The prohibition requirement is found in Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. 1829, and is mirrored for insured credit unions in Section 205(d) of the National Credit Union Act, 12 U.S.C. 1785(d).

02/01/2017

Prospect Mortgage pays $3.5 million for kickbacks

The CFPB has taken action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals. The CFPB also took action against two real estate brokers and a mortgage servicer that took illegal kickbacks from Prospect. Under the terms of the action announced today, Prospect will pay a $3.5 million civil penalty for its illegal conduct, and the real estate brokers and servicer will pay a combined $495,000 in consumer relief, disgorgement, and penalties. See "Kickbacks cost Prospect Mortgage $3.5 million" for details on the Bureau's findings and consent orders.

01/31/2017

CFPB sues debt relief attorneys over illegal fees

The CFPB has announced it has filed a lawsuit against a "ring" of law firms and attorneys, alleging that they collaborated to charge illegal fees to consumers seeking debt relief. In a complaint filed in the U.S. District Court for the Central District of California, the CFPB alleges that Howard Law, P.C., the Williamson Law Firm, LLC, and Williamson & Howard, LLP, as well as attorneys Vincent Howard and Lawrence Williamson, ran this debt relief operation along with Morgan Drexen, Inc., which shut down in 2015 following the CFPB’s lawsuit against that company. The CFPB seeks to stop the defendants’ unlawful scheme, obtain relief for harmed consumers, and impose penalties.

01/31/2017

Final stress test rules remove noncomplex firms

The FRB has finalized a rule adjusting its capital plan and stress testing rules, effective for the 2017 cycle. The final rule removes large and noncomplex firms from the qualitative assessment of the Federal Reserve's Comprehensive Capital Analysis and Review (CCAR), reducing significant burden on these firms and focusing the qualitative review in CCAR on the largest, most complex financial institutions. The final rule removes the qualitative assessment of CCAR for bank holding companies and U.S. intermediate holding companies of foreign banking organizations with total consolidated assets between $50 billion and $250 billion and total nonbank assets of less than $75 billion that are not identified as global systemically important banks (GSIBs).

01/30/2017

OCC adjusts CMP caps for inflation

The OCC has issued Bulletin 2017-8 announcing the publication of a final rule at 82 FR 8584 in the Federal Register adjusting the maximum amount of each civil money penalty (CMP) for which the OCC is responsible. The effective date of this final rule is January 27, 2017, and the adjusted maximum amounts apply only to penalties assessed after January 15, 2017, for violations that occurred on or after November 2, 2015.

01/30/2017

C&D order issued to North Carolina BHC

The Board of Governors of the Federal Reserve System issued a Cease and Desist Order to BB&T Corporation, Winston-Salem, North Carolina (BB&T), a registered bank holding company that owns and controls Branch Banking and Trust Company, Winston-Salem, North Carolina, a state-chartered bank. The most recent inspection of BB&T conducted by the Federal Reserve Bank of Richmond identified significant deficiencies in BB&T’s firm-wide compliance program with respect to compliance with the BSA/AML requirements.

01/30/2017

FDIC announces enforcement actions

The FDIC released on Friday a list of orders of administrative enforcement actions taken against banks and individuals in December. The FDIC issued a total of 29 orders, including one from November 2016, and two notices. The administrative enforcement actions in those orders consisted of five consent orders; five removal and prohibition orders; twelve Section 19 orders; four civil money penalties; two terminations of consent orders and cease and desist orders; one termination of insurance; one modification; and two notices.

  • First State Bank of Illinois, Peoria, was assessed a civil money penalty of $32,500 for multiple flood insurance rules violations.
  • A Camargo, Oklahoma, bank owner and his wife, a director, received a Notice of the FDIC's intention to prohibit them from further participation, intent to order restitution, and to assess penalties totaling $210,000 in connection with a complex overdraft scheme in violation of Regulation O that allegedly cost the bank $1.7 million, misappropriation of over $650,000 in bank fees, and $600,000 in unauthorized dividends from the bank.
  • The EVP and Chief Banking Officer of a North Carolina bank was issued a Notice of Charges and Hearing with the FDIC's intent to prohibit him from further participation and to assess a $70,000 civil money penalty for his involvement in a fraudulent loan to a nominee borrower, the proceeds of which benefited a third party and ended with a charge-off of over $105,000.

01/27/2017

Citigroup pays $18M for overbilling clients

The Securities and Exchange Commission has announced its issuance of an order requiring Citigroup Global Markets to pay $18.3 million to settle charges that it overbilled investment advisory clients and misplaced client contracts. The SEC’s order finds that at least 60,000 advisory clients were overcharged approximately $18 million in unauthorized fees because Citigroup failed to confirm the accuracy of billing rates entered into its computer systems in comparison to fee rates outlined in client contracts, billing histories, and other documents. Citigroup also improperly collected fees during time periods when clients suspended their accounts. The billing errors occurred during a 15-year period, and the affected clients have since been reimbursed.

Pages

Training View All

Penalties View All

Search Top Stories