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Top Story Compliance Related

10/12/2017

FDIC annual consumer research symposium

The FDIC has announced it will sponsor the 7th Annual Consumer Research Symposium on October 13, 2017, at the FDIC Seidman Center, at 3501 Fairfax Drive, Arlington, Virginia. The conference will feature welcoming remarks by FDIC Chairman Martin J. Gruenberg, presentations of selected research papers, and a Keynote Address by Dr. Christopher Herbert, Managing Director of the Joint Center for Housing Studies of Harvard University. More than 100 research papers were submitted for consideration, and eight were selected to be presented at the conference. The goal of the symposium is to facilitate discussion of recent research on consumers' capabilities, knowledge, preferences, and experiences in the market for financial products and services, as well as the effects of public policy interventions and new regulations on consumers, households, communities, and financial institutions. A diverse audience of participants from academia, government agencies, nonprofit groups, and industry is expected.

10/11/2017

OTS regulations removed

The Department of the Treasury has published in this morning's Federal Register a final rule removing chapter V of title 12, Code of Federal Regulations (CFR), which contains regulations of the former Office of Thrift Supervision (OTS). Treasury's action is effective October 11, 2017.

10/10/2017

State Department revoking Sudan Sanctions

The State Department issued a statement on Friday announcing the decision to revoke economic sanctions with respect to Sudan and its government, in recognition of the Government of Sudan’s sustained positive actions to maintain a cessation of hostilities in conflict areas in Sudan, improve humanitarian access throughout Sudan, and maintain cooperation with the United States on addressing regional conflicts and the threat of terrorism. The revocation will be effective October 12, 2017.

The Treasury Department's Office of Foreign Assets Control has posted a notice that it has published new Frequently Asked Questions regarding action by the State Department to revoke the sanctions, as well as a new general license authorizing certain transactions pursuant to the Trade Sanctions Reform and Export Enhancement Act of 2000.

UPDATE: On October 12, 2017, OFAC issued a Specially Designated Nationals List Update with a long list of Sudan Sanctions removals.

10/10/2017

HMDA implementation teleconference scheduled

FDIC FIL-47-2017, issued Friday, has announced a teleconference to discuss implementation of the Home Mortgage Disclosure Act (HMDA) Final Rule requirements that become effective beginning in 2018. The teleconference is scheduled for Thursday, October 26, 2017, from 1:30 p.m. to 3:00 p.m. Eastern Time. Advance registration is required.

10/06/2017

Board extends comment period on two proposals

The Federal Reserve Board has announced it is extending the comment periods to November 30 for two related proposals—one to enhance the effectiveness of boards of directors with an original comment deadline of October 10, and the other to implement a new ratings system for large financial institutions with an original comment deadline of October 16.

10/06/2017

Noreika discusses reducing regulatory burden

Acting Comptroller of the Currency Keith A. Noreika discussed efforts to reduce regulatory burden and expand economic opportunity. In his remarks at the Midsize Bank Coalition of America Chief Risk Officer meeting in Dallas, the Acting Comptroller also highlighted risks facing those banks and the federal banking system.

10/06/2017

OCC to hold workshops in Louisville

The OCC will host two workshops at the Holiday Inn Louisville Airport, Louisville, Kentucky, November 14-15, for directors of national community banks and federal savings associations.The Credit Risk workshop on November 14 focuses on credit risk within the loan portfolio. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on November 15 focuses on the key components of operational risk—people, processes, and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

10/05/2017

OCC releases CRA evaluations

The Community Reinvestment Act compliance evaluation performance ratings received by 31 national banks and federal saving associations have been released by the OCC. The evaluations, which were made public in September, included four "outstanding" ratings, 26 "satisfactory" ratings, and one "needs to improve."

10/05/2017

OFAC SDN list removals and updates

OFAC has deleted entries (including aliases) for four individuals and one entity from the SDN List. In addition, changes have been made to entries of seven entities. For specific information see BankersOnline's OFAC Update.

10/04/2017

CFPB issues last-minute tweak and proposal for servicing rule

With less than two weeks to go before implementation (if taking advantage of the Bureau's guidance suggesting that implementation three days early is a good idea), the CFPB has announced an interim final rule tweaking one of the early intervention (§ 1024.39 of Regulation X) changes effective October 19. The change only affects servicers who are subject to the Fair Debt Collection Practices Act with respect to mortgage loans on which consumers have invoked their cease communication rights, and it provides a 10-day window for delivery of a modified written early intervention notice under certain specific situations. The interim rule, which has been posted to BOL's Regulations pages for Regulation X, is effective October 19. Comments on the interim rule are due within 30 days of Federal Register publication.

The Bureau also announced a proposed rule that would amend new § 1026.41(e)(5) to adjust the timing requirement for the transition to and from modified periodic statements or coupon books in connection with a consumer's bankruptcy case, in order to alleviate unintended challenges in implementation. Comments on the proposal will be accepted for 30 days following publication in the Federal Register. Any final rule will be effective April 19, 2018.

UPDATE: The INTERIM FINAL RULE was published [82 FR 47953] in the Federal Register on October 16, 2017, with comments due by November 15, 2017.
UPDATE: The PROPOSED RULE was published [82 FR 48463] in the Federal Register on October 18, 2017, with a 30-day comment period ending November 17, 2017.

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