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

04/23/2021

FDIC proposes rule on false deposit insurance ads

The FDIC has issued a proposed rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. This statutory authority allows the FDIC to bring formal enforcement actions, such as cease and desist orders or civil money penalties, against individuals or entities for violations.

The proposed rule describes the process by which the FDIC would identify and investigate potential violations, and the procedures it would follow, when formally and informally enforcing the statutory prohibitions. The proposed rule would also create a central point-of-contact where the public could report or make inquiries about potential violations.

Comments on the proposed rule will be accepted for 60 days after publication in the Federal Register.

  • FDIC press release
  • UPDATE on publication and comment period: Scheduled for publication on 5/10/2021, with comments due by 7/9/2021

04/23/2021

Agencies propose rule on income tax allocation agreements

The Federal Reserve Board, FDIC, and OCC have released a proposed rule that would update and codify existing guidance on income tax allocation agreements involving depository institutions and their affiliates. Under the proposed rule, banks that file tax returns as part of a consolidated tax filing group would be required to enter into tax allocation agreements with their holding companies and other members of their consolidated group.

The proposed rule also describes the provisions required to be included in those agreements and specifies regulatory reporting treatment. Comments will be accepted for 60 days following Federal Register publication.

04/23/2021

Federal Reserve enforcement orders

The Board of Governors of the Federal Reserve System has announced the execution of two enforcement orders against state-chartered member banks.

  • The Yellowstone Bank, Laurel, Montana, was ordered to pay a $9,500 civil money penalty for a pattern or practice of unspecified violations of Federal Reserve Board Regulation H section 208.25, which implements the National Flood Insurance Act.
  • Iowa Prairie Bank, Brunsville, Iowa, entered into a written agreement with the Federal Reserve Bank of Chicago and the Iowa Division of Banking addressing matters of board oversight, credit risk management, asset improvement, the allowance for loan and lease losses, capital planning, a business plan and budget, regulatory reporting, dividends, and compliance with laws and regulations.

04/23/2021

Proposed weakening of Equal Access Rule withdrawn

HUD has announced it is withdrawing the previous administration’s proposed rule that would have weakened the Equal Access Rule. The Rule ensures that all individuals—regardless of sexual orientation or gender identity—have equal access to the Department’s Office of Community Planning and Development programs, shelters, other buildings and facilities, benefits, services, and accommodations. HUD also announced it is releasing technical assistance resources to HUD grantees. These resources will support HUD’s Office of Community Planning and Development grantees in implementing the Equal Access Rule.

04/22/2021

Employer tax credits for paid leave for vaccinations

The IRS has announced further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving or recovering from COVID-19 vaccinations. A fact sheet released yesterday spells out some basic facts about the employers eligible for the tax credits. It also provides information on how these employers may claim the credit for leave paid to employees related to COVID-19 vaccinations.

04/22/2021

OFAC sanctions key Burmese timber and pearl enterprises

On Wednesday, OFAC designated two Burmese state-owned enterprises, Myanma Timber Enterprise and Myanmar Pearl Enterprise, which are responsible for timber and pearl exports from Burma. The timber and pearl industries are key economic resources for the Burmese military regime that is violently repressing pro-democracy protests in the country and that is responsible for the ongoing violent and lethal attacks against the people of Burma, including the killing of children. These sanctions are not directed at the people of Burma.

Identification information on these two enterprises can be found in a BankersOnline's OFAC Update.

04/21/2021

Texas rental owner charged with FHA violation

HUD has announced it has charged an owner of a six-bedroom rental home in Frisco, Texas, with violating the Fair Housing Act by refusing to rent to a woman and her ten children. HUD’s charge alleges that the owner stated that he could not rent the home to a family with eleven people, even though the mother, a HUD Housing Choice Voucher recipient, was qualified to rent the 5,095 square-foot home.

04/21/2021

OCC rates six CRA evals Outstanding

The OCC has released a list of 15 OCC-supervised institutions evaluated for compliance with the Community Reinvestment Act whose evaluations became public in March. Of those evaluations, eight are rated satisfactory, six are rated outstanding, and one is rated needs to improve.

We congratulate these banks for having earned "outstanding" ratings:

04/20/2021

Alliance Steel settles potential liability for OFAC violations

OFAC has issued an enforcement release announcing a settlement with Alliance Steel, Inc., a designer and manufacturer of prefabricated steel structures headquartered in Oklahoma City, Oklahoma. Alliance agreed to remit $435,003 to settle its potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations.

On at least 61 occasions between October 2013 and October 2018, Alliance knowingly imported engineering services from a third-party engineering company located in Tehran, Iran. According to OFAC's action notice, multiple members of Alliance senior management were aware of these transactions and participated in the approval process, which, in each transaction, included reviewing a two-page invoice containing the company’s permanent address in Tehran.

OFAC determined that Alliance's conduct was non-egregious and voluntarily self-disclosed. The settlement amount also reflects Alliance's remedial response and cooperation throughout OFAC's investigation.

04/19/2021

NCUA temporarily modifies CU regs

The National Credit Union Administration (NCUA) Board has published [86 FR 20258] an interim final rule that temporarily modifies certain regulatory requirements to help ensure federally insured credit unions remain operational and able to provide needed financial services during the COVID-19 pandemic.

The rule makes two changes to regulations in 12 CFR part 702. The first amends NCUA regulations to temporarily enable the Board to issue an order applicable to all FICUs to waive the earnings-retention requirement for any FICU that is classified as adequately capitalized. The second modifies these regulations with respect to the specific documentation required for net worth restoration plans (NWRPs) for FICUs that become undercapitalized. These temporary modifications will be in place until March 31, 2022. Comments will be accepted through June 18, 2021.

Pages

Training View All

Penalties View All

Search Top Stories