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02/20/2020

FDIC requests input on modernizing signage and ad requirements

The FDIC has announced that it is seeking the public's input on potential modernization of its signage and advertising requirements to better reflect how banks and savings associations currently operate and how consumers use banking services. Banks are transforming their business models to take deposits via physical branches, digital, and mobile banking channels.

Given the changes in the marketplace since the FDIC last significantly updated these rules in 2006, the FDIC is gathering public input from a broad range of stakeholders about how it might revise and clarify its official sign and advertising rules to reflect the changes and support the industry's efforts to understand, apply, and comply with the FDIC's rules.

Comments on the FDIC's Request for Information must be received by March 19, 2020.

02/20/2020

FDIC Advisory Committee of State Regulators announced

The FDIC has announced the selection of 15 members for its recently established Advisory Committee of State Regulators. The FDIC Board of Directors approved the formation of the new Advisory Committee on November 19, 2019, as another mechanism for state regulators and the FDIC to discuss a variety of current and emerging issues that have potential implications for the regulation and supervision of state-chartered financial institutions. The Advisory Committee members include the following regulators of state-chartered financial institutions from across the United States as well as other individuals with expertise in the regulation of state-chartered financial institutions:

  • Bret Afdahl, Director, Division of Banking, State of South Dakota
  • Kevin R. Allard, Superintendent, Division of Financial Institutions, State of Ohio
  • Charles G. Cooper, Commissioner, Department of Banking, State of Texas
  • Thomas C. Fite, Director, Department of Financial Institutions, State of Indiana
  • Mary L. Gallagher, Commissioner of Banks, Commonwealth of Massachusetts
  • Greg Gonzales, Commissioner, Department of Financial Institutions, State of Tennessee
  • Ray Grace, Commissioner of Banks, State of North Carolina
  • Kevin B. Hagler, Commissioner, Department of Banking and Finance, State of Georgia
  • Melanie G. Hall, Commissioner, Division of Banking and Financial Institutions, State of Montana
  • Dawn E. Holstein, Commissioner of Banking, Division of Financial Institutions, State of West Virginia
  • Lise Kruse, Commissioner, Department of Financial Institutions, State of North Dakota
  • G. Edward Leary, Commissioner, Department of Financial Institutions, State of Utah
  • John Ryan, President and Chief Executive Officer, Conference of State Bank Supervisors
  • Antonio P. Salazar, Commissioner, Office of the Commissioner of Financial Regulation, State of Maryland
  • Mick Thompson, Commissioner, Banking Department, State of Oklahoma

02/20/2020

Comment period extended on CRA proposal

The FDIC and OCC have announced they have extended the public comment period for proposed changes to the rules implementing the Community Reinvestment Act (CRA) through April 8, 2020. On December 12, 2019, the FDIC and OCC announced a proposal to modernize the regulations under the CRA and provided for a 60-day comment period following formal publication on January 9, 2020. The FDIC and OCC have now determined that a 30-day extension of the comment period is appropriate.

02/20/2020

OCC Miami workshop for bank directors and management

The OCC will host a workshop in Miami, Florida, at the Even Hotel – Miami Airport, March 31 – April 1, for directors, senior management team members, and other key executives of national community banks and federal savings associations supervised by the OCC.

The Building Blocks: Keys to Success for Directors and Senior Management workshop provides practical information on the roles and responsibilities of board participation. Taught by seasoned OCC supervision staff, the workshop focuses on duties and core responsibilities of directors and management, discusses major laws and regulations, and increases familiarity with the examination process. The workshop fee is $99. Admission is limited to the first 35 registrants.

02/20/2020

CSBS to launch state exam system

The Conference of State Bank Supervisors (CSBS) has announced the nationwide roll-out of the State Examination System (SES), the first nationwide platform to bring state regulators and companies into the same technology space for supervision, fostering greater transparency and collaboration. Through SES, state regulators will be able to enhance supervisory oversight of fintechs and other nonbanks while making the process more efficient for regulators and companies alike.

SES is developed and operated by the State Regulatory Register (SRR), a SCBS subsidiary that also operates the Nationwide Multistate Licensing System (NMLS). SES is designed to:

  • Support networked supervision among state regulators
  • Standardize workflow, business rules and technology across states
  • Facilitate secure collaboration between licensees and their regulators
  • Help examiners focus more attention on higher-risk cases
  • Move state supervision towards more multistate exams and fewer single-state efforts

    02/20/2020

    OFAC TSRA report and SDN List update

    A report of licensing activities for the second quarter of Fiscal Year 2019 has been released by OFAC, as required by the Trade Sanctions Reform and Export Enhancement Act of 2000 (TSRA).

    OFAC also updated an SDN list entry for an entity designated under the Kingpin Act. See BankersOnline's OFAC Update for details.

    02/20/2020

    U.S. - EU Financial Regulatory Forum meeting

    A meeting of the U.S. and EU participants in the U.S. – EU Financial Regulatory Forum was held on February 11-12, 2020, in Washington to exchange views on financial regulatory developments as part of their ongoing regulatory dialogue. In the area of banking, participants discussed the process and timeline for implementing the final Basel III reforms, as well as resolution issues. Participants considered U.S. developments regarding prudential requirements for foreign banks, including tailoring prudential standards based on risk; the single counterparty credit limits; and proposed amendments to the Volcker rule. Participants also discussed EU work on the Banking Union arrangements for deposit insurance and backstop resolution funding. In the area of insurance, participants discussed ongoing multilateral and bilateral cooperation.

    02/20/2020

    CFPB Winter 2020 Supervisory Highlights

    The CFPB has published issue 21 (Winter 2020) of its Supervisory Highlights, reporting examination findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019. These observations were reported:

    • Debt collection
      • Failure to disclose in subsequent communications that communication is from a debt collector
      • Failure to send notice of debt
    • Mortgage servicing
      • Loss mitigation notice violations
    • Payday lending
      • Failing to apply borrowers’ payments to their loans
      • Inaccurate disclosure of annual percentage rate
      • Failure to include a fee in calculation of finance charge and annual percentage rate
      • Failure to retain evidence of compliance with Regulation Z
      • Adverse action notices that failed to disclose the principal reason(s) for the adverse action
      • Unfair imposition of unauthorized and undisclosed fee
    • Student loan servicing
      • Inaccurate monthly payment amounts after servicing transfer

    As for the loss mitigation notice violations found in exams of mortgage servicers, the Bureau noted that several such problems followed on the heels of major natural disasters that prompted much larger volumes of assistance requests, and no "matters requiring attention" were issued.

    02/19/2020

    Russian oil brokerage targeted for support of Maduro regime

    The Treasury Department has announced that OFAC has designated Rosneft Trading S.A., the Swiss-incorporated, Russian-controlled oil brokerage firm under the authority of Executive Order (E.O.) 13850, as amended, for operating in the oil sector of the Venezuelan economy. OFAC also designated the chairman of the board of directors and president of Rosneft Trading S.A., Didier Casimiro, for purporting to act for or on behalf of, directly or indirectly, Rosneft Trading S.A.

    OFAC also issued a general license authorizing certain transactions and activities that are ordinarily incident and necessary to the wind down of transactions involving Rosneft Trading S.A.

    For identification of the designated individual and entity, and information on the general license, see BankersOnline's OFAC Update.

    02/19/2020

    FinCEN adjusts penalty caps

    FinCEN is publishing [85 FR 9370] in the February 19, 2020, Federal Register, a final rule to make inflation adjustments to its civil monetary penalties (“CMPs”) as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. The amendments update Table 1 in §1010.821 of FinCEN regulations at 31 CFR Part 1010, effective on publication. BankersOnline's Regulations page for §1010.821 has been updated.

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