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Top Story Compliance Related


SEC targets former Wells compliance officer

The SEC has announced the issuance of an order initiating administrative cease and desist proceedings against a former Wells Fargo Advisors compliance officer who allegedly altered a report before it was provided to the SEC during an investigation.


OCC schedules risk workshops in Massachusetts

The OCC will host two workshops in Newton, Massachusetts, at the Boston Marriott Newton, on November 18–19, for directors of national community banks and federal savings associations. The "Compliance Risk" and "Credit Risk: A Director's Focus" workshops are each limited to the first 35 registrants.


M&T Bank to refund $2.9M for deceptive ads

The Consumer Financial Protection Bureau has announced that a Consent Order has been issued against M&T Bank, Buffalo, New York, for deceptively advertising free checking accounts. The CFPB found that M&T lured in consumers with promises of "no strings attached" free checking, without disclosing key eligibility requirements. When consumers failed to meet the requirements, they were automatically switched to checking accounts with fees. M&T will provide $2.9 million in refunds to the consumers deceived into paying fees and will pay a $200,000 penalty for the violations.


FDIC ATR/QM and LO Comp rules teleconference

FDIC FIL-52-2014 has announced that the agency will hold a teleconference from 2:00 pm–3:30 pm ET on October 22, 2014, on common questions and answers pertaining to implementation of the Ability-to-Repay/Qualified Mortgage and the Loan Originator Compensation rules issued by the CFPB.


Mortgage Rules Readiness Guide updated

The CFPB has announced the release of version 3.0 of the 2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide Mortgage Rules Readiness Guide, which now includes the TILA-RESPA Integrated Disclosure rule. The update offers financial institutions and other industry participants valuable guidance on how to evaluate their readiness for complying with the mortgage rule changes. The guide now contains changes to final rules issued through August 1, 2014, covering both RESPA and TILA.


CRA 2015 edits and file specs

The FFIEC has posted the 2015 CRA edits and file specifications.


Money Smart for Older Adults en Español

The FDIC and CFPB have announced the launch of a Spanish-language version of Money Smart for Older Adults. The free financial resource tool is designed to help aid older adults and their caregivers prevent, identify, and respond to elder financial exploitation, which affects millions of senior citizens each year. The module contains a participant/resource guide and PowerPoint slides in Spanish that can be downloaded free of charge from the FDIC's website. Hard copies of the participant/resource guide can be ordered from the CFPB.


FHFA extends comment period on FHLB rule

The Federal Housing Finance Agency (FHFA) has announced it has extended the comment period for the agency's proposed rule on Federal Home Loan Bank membership by 60 days from November 12, 2014, to January 12, 2015.


FSOC meeting

A meeting of the Treasury Financial Stability Oversight Council (FSOC) was held on October 6, 2014.


FDIC releases CRA ratings

The FDIC has released the ratings received by state nonmember banks recently examined for CRA compliance. Three were rated outstanding, two received a needs to improve rating, and one was found to be in substantial non-compliance. Seventy-two of the banks received satisfactory ratings.


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