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Top Story Compliance Related

08/01/2016

Bureau releases proposal to amend TRID Rule

CFPB Director Richard Cordray hinted months ago that the Bureau was working on amendments to clarify and refine the "Know Before You Owe" TILA/RESPA Integrated Disclosure (TRID) Rule, and that it was likely to be ready in July 2016. The proposal was announced Friday, July 29, the last business day of the month. The Bureau reports that the proposed amendments memorialize the Bureau’s informal guidance on various issues and include clarifications and technical amendments. The Bureau is also proposing tolerance provisions for the total of payments, an adjustment to a partial exemption mainly affecting housing finance agencies and nonprofits, extension of coverage of the integrated disclosure requirements to all cooperative units, and guidance on sharing the disclosures with various parties involved in the mortgage origination process. Comments on the proposal are due by October 18, 2016.

Update: The proposed rule was published on August 15, 2016, at 81 FR 54317, in the Federal Register.

07/29/2016

CFPB publishes Reg Z CFR correction

The Consumer Financial Protection Bureau has published [81 FR 49869] in this morning's Federal Register a CFR correction to add Comment 41(e)(5) Consumers in bankruptcy and paragraphs 1, 2 and 3 to Supplement I to Regulation Z. This portion of the Official Interpretations of the regulation was issued earlier (and is included on BankersOnline's Regulation Z § 1026.41 page), but was mistakenly omitted when updating the official Code of Federal Regulations.

07/29/2016

NCUA exam process videos released

The NCUA has announced that credit union board members can learn more about the purpose, process and components of an NCUA examination in a new four-part video released on the National Credit Union Administration’s YouTube channel. The video provides an overview of the NCUA examination process, including the small credit union examination program. Viewers will learn more about:

  • What risk categories NCUA assesses during the examination process,
  • How CAMEL ratings are determined, and
  • How a credit union can prepare for an exam.

07/29/2016

New version of CRA and HMDA software

The FFIEC's CRA/HMDA Software Downloads page has been updated to provide downloads of CRA and HMDA data entry software, version 2016 R-2. This version facilitates data entry for calendar year 2016 data that must be submitted by March 1, 2017.

07/29/2016

Father and son barred from banking

The Federal Reserve Board has permanently barred Thomas H. Huston and T. Mark Huston, former officers of Columbus Junction State Bank, Columbus Junction, Iowa, from the banking industry for engaging in improper financial activity and concealing or attempting to conceal that activity from state and federal bank examiners. Thomas Huston and his son, Mark Huston, reportedly authorized a series of loans to one another which cumulatively exceeded federal and state lending limits to bank officers, and then concealed or attempted to conceal some of those violations from state and federal bank examiners. They also attempted to conceal from examiners the status of certain borrowers' overdue loans, and loans to affiliated borrowers that exceeded legal lending limits.

07/29/2016

HUD settles hearing disabilities discrimination disputes

HUD has announced that the Springfield (MA) Housing Authority has signed agreements settling allegations of housing discrimination based on disability. The allegations involved an 82-year-old deaf housing authority resident who allegedly did not receive the same access to communications as individuals without disabilities, as required by the Fair Housing Act, Americans with Disabilities Act (ADA), and the Rehabilitation Act of 1973. The Springfield Housing Authority allegedly refused to grant a reasonable accommodation that would have provided the long-time female resident with the equipment needed to receive the same level of notification available to hearing tenants and allegedly denied her equal access to services they provide to other residents.

07/29/2016

FBME special measures again delayed

FinCEN has posted a notice that a court has stayed the implementation of the Final Rule imposing the Fifth Special Measure against FBME Bank, Ltd. The Final Rule was to have become effective July 29, 2016, with the addition of Section 1010.658 to FinCEN's regulations at 31 CFR Part 1010. Implementation now awaits further notice from the Court.

07/28/2016

FEMA to suspend communities from Flood Program

The Federal Emergency Management Agency (FEMA) appears to have cleared up a regulatory log jam, and has published three final rules in the Federal Register, each of which identifies communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension because of noncompliance with the floodplain management requirements of the program:

  • 81 FR 49169 -- effective August 3, 2016, affecting communities in Arkansas, California and Nebraska
  • 81 FR 49171 -- effective July 20, 2016, affecting communities in Maine, Maryland, Massachusetts, Missouri, and New Jersey
  • 81 FR 49175 -- effective August 17, 2016, affecting communities in Alabama, Illinois, New Jersey and West Virginia

07/28/2016

Bureau releases debt collection proposal

The Consumer Financial Protection Bureau released early this morning an outline of proposals under consideration that would overhaul the debt collection market by capping collector contact attempts and by helping to ensure that companies collect the correct debt. Under the proposals being considered, debt collectors would be required to have more and better information about the debt before they collect. As they are collecting, companies would be required to limit communications, clearly disclose debt details, and make it easier to dispute the debt. When responding to disputes, collectors would be prohibited from continuing to pursue debt without sufficient evidence. These requirements and restrictions would follow the debt if it were sold or transferred. The proposals would affect third-party debt collectors; the Bureau said that it intends to address first-party debt collection practices under a separate track.

The outline of the proposals under consideration is in preparation for convening a Small Business Review Panel to gather feedback from small industry players, which is the next step in the rulemaking process. In connection with that review process, the Bureau also released a report, "Study of Third-Party Debt Collection Operations."

Today's announcement was made in advance of this morning's Sacramento, California, field hearing on debt collection, at which the outlined proposals will be formally presented in an address by CFPB Director Richard Cordray.

07/28/2016

Compass Bank maintained accounts for sanctioned individuals

OFAC has issued a Finding of Violation to Compass Bank, which uses the trade name BBVA Compass, for violations of the Foreign Narcotics Kingpin Sanctions Regulations, for maintaining accounts on behalf of two individuals on the SDN List from June 12, 2013, to June 3, 2014.

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