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

06/24/2016

OCC reminder of proposed incentive-based compensation rule

Yesterday, the Office of the Comptroller of the Currency issued Bulletin 2016-23 as a reminder of the Joint Notice of Proposed Rulemaking issued by the Board of Governors, the OCC, FDIC, NCUA, SEC and FHFA, published on June 10 at 81 FR 37669 in the Federal Register. The proposal would establish new requirements for incentive-based compensation at certain covered institutions (those with average total assets of at least $1 billion) regulated by the agencies.

The proposed rule would prohibit incentive-based compensation arrangements that encourage inappropriate risks by a covered institution (1) by providing an executive officer, employee, director, or principal shareholder of the covered institution with excessive compensation, fees, or benefits; or (2) that could lead to material financial loss to the covered financial institution. Comments on the proposed rule are due by July 22, 2016. There had been over 2,300 public comments filed on the proposal as of June 23.

06/24/2016

OFAC adds to SDN List

The Office of Foreign Assets Control (OFAC) has sanctioned a Congolese government official, Céléstin Kanyama, for being responsible for or complicit in, or having engaged in, directly or indirectly, the targeting of women, children, or any civilians through the commission of acts of violence, abduction, or forced displacement in the Democratic Republic of the Congo (DRC), and for being a leader of an entity that has, or whose members have, engaged in such conduct. See OFAC Sanctions Congolese Official, in our OFAC Updates pages, for more information.

06/24/2016

NC company settles with OFAC

HyperBranch Medical Technology, Inc. (“HyperBranch”) of Durham, North Carolina, has agreed to pay $107,691.30 to settle potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560, reports OFAC.

HyperBranch is alleged to have exported medical goods to its United Arab Emirates distributor with knowledge or reason to know that the goods were destined for Iran. OFAC determined that HyperBranch voluntarily self-disclosed the apparent violations, and that the apparent violations constitute a non-egregious case. See "Med tech company settles with OFAC," in our Penalties section, for more information.

06/23/2016

Cole tagged for Deputy Comptroller slot

The Office of the Comptroller of the Currency announced yesterday that Beverly F. Cole will become its Deputy Comptroller for Compliance Supervision in July. Prior to this position, Ms. Cole served as the Senior Advisor to the Senior Deputy Comptroller for Midsize and Community Bank Supervision where she provided advice on the implementation of policies and procedures relevant to the effective and efficient supervision of national banks and federal savings associations. Ms. Cole is also the Designated Federal Official for the OCC’s Minority Depository Institutions Advisory Committee.

06/23/2016

FDIC proposes to remove credit ratings from international regs

The FDIC has published FIL-40-2016 announcing the adoption of a Notice of Proposed Rulemaking (NPR) and request for comment, which would amend the FDIC's international banking regulations at 12 CFR Part 347 related to permissible investment activities and the pledging of assets. The proposed rule would remove references to external credit ratings and replace them with appropriate standards of creditworthiness. Comments will be accepted for 60 days following publication in the Federal Register.

Update: The proposal was published at 81 FR 41877 in the June 28, 2016, Federal Register. Comments are due by August 29, 2016.

06/23/2016

OCC to host MDIAC meeting

The OCC has announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) in Washington on Tuesday, July 12, 2016, beginning at 8:30 a.m. EDT. The meeting is open to the public.

06/22/2016

OCC reminder on NSFR rule

The Office of the Comptroller of the Currency has issued Bulletin 2016-22 to remind its regulated banks and savings associations of the previously proposed Net Stable Funding Ratio (NSFR) rule by the OCC, FRB, and FDIC that would strengthen the liquidity risk management of large banks and savings associations. The proposed NSFR rule would create a longer-term funding requirement designed to work in concert with the shorter-term liquidity coverage ratio (LCR) rule. While the LCR rule requires large banks and savings associations to hold sufficient high-quality liquid assets to survive a stress scenario lasting 30 days, the proposed NSFR rule would require these institutions to have sources of funding that are stable over a one-year period. The notice of proposed rulemaking was published in the Federal Register on June 1, 2016, and comments are due on August 5, 2016. See our May 4, 2016, Top Story for additional background information.

06/21/2016

NCUA adjusts CMP levels

The National Credit Union Administration has published at 81 FR 40152 of today's Federal Register an interim final rule amending its regulations at 12 CFR 747 to adjust the maximum amount of each civil monetary penalty (CMP) within its jurisdiction to account for inflation. This action, including the amount of the adjustments, is required under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The rule is effective on, and comments are due by, July 21, 2016.

Update: This story has been corrected to reflect the correct effective date.

06/21/2016

Bureau issues annual Reg Z adjustments

The CFPB has announced its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations that will apply to certain consumer credit transactions in 2017. The notice addresses the thresholds related to the minimum interest charge and safe harbor penalty fees under the Credit Card Accountability Responsibility and Disclosure Act (CARD Act), the total loan amount and points and fees dollar trigger for high-cost mortgages under the Home Ownership and Equity Protection Act (HOEPA), and the maximum points and fees for qualified mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The notice also revises one of the 2016 safe harbor penalty fee amounts due to a decline in the 2015 Consumer Price Index that was not fully accounted for, and that revision is effective upon publication in the Federal Register.

UPDATE: The amendments were published in the Federal Register on June 27, 2016.

06/20/2016

New state loan-to-deposit ratios issued

The Federal Reserve, FDIC, and OCC have issued the host state loan-to-deposit ratios that they will use to determine compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios, which were released on June 29, 2015. In general, section 109 prohibits a bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production. Section 109 also prohibits branches of banks controlled by out-of-state bank holding companies from operating primarily for the purpose of deposit production.

Pages

Training View All

Penalties View All

Search Top Stories