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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

07/28/2016

CFPB updates TRID questions list

The Consumer Financial Protection Bureau has updated its index of the questions addressed in CFPB webinars on the Know Before You Owe mortgage disclosure (TRID) rule. The Bureau has added the questions addressed during its March 1 and April 12, 2016, Outlook Live webinars.

07/28/2016

FinCEN expands GTOs beyond Manhattan and Miami

The Financial Crimes Enforcement Network (FinCEN) has announced Geographic Targeting Orders (GTOs) that will temporarily require U.S. title insurance companies to identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate in six major metropolitan areas --

  • all boroughs of New York City (threshold level of $3 million for Manhattan and $1.5 million for the other boroughs)
  • Miami-Dade, Broward and Palm Beach counties, Florida ($1 million)
  • Los Angeles County, California ($2 million)
  • San Francisco, San Mateo and Santa Clara counties, California ($2 million)
  • San Diego County, Californiia ($2 million)
  • Bexar County, Texas ($500,000)
    • These GTOs will become effective for 180 days beginning on August 28, 2016.

07/27/2016

CFPB monthly spotlight shines on credit card complaints

The CFPB has released its monthly complaint snapshot for July 2016, which highlights consumer complaints about credit cards. The report shows that consumers continue to complain about trouble receiving clear information from their credit card issuers regarding creditworthiness, and the assessment of payments and fees. This month's report also highlights trends seen in complaints coming from Washington State and the Seattle metro area. As of July 1, 2016, consumers in that area have submitted 18,900 of the 930,700 complaints handled by the Bureau.

07/27/2016

Checks sent to victims of credit card fraud

The Federal Trade Commission has announced that a claims administrator has begun mailing more than 321,982 checks totaling nearly $9.7 million to consumers identified as victims of an illegal credit card billing scam operated by J.K. Publications and other defendants. The operators of this scam made unauthorized charges on consumers' credit and debit cards for purported Internet services. The average payment is $30. The reimbursements are the result of a lawsuit the Commission filed in 1999, and most of the illegal billing dates back to 1998.

07/27/2016

State Street pays $382.4M for currency exchange markups

The SEC has announced that State Street Bank and Trust Company has agreed to pay $382.4 million in a global settlement for misleading mutual fund and other custody clients by applying hidden markups to foreign currency exchange trades. An SEC investigation found that State Street realized substantial revenues by misleading custody clients about indirect foreign currency exchange trading, telling some clients that it guaranteed the most competitive rates available on their foreign currency exchange trades, provided "best execution," or charged "market rates" on the transactions. State Street instead set prices largely driven by predetermined, uniform markups and made no effort to obtain the best possible prices for these clients. State Street has agreed to pay $167.4 million in disgorgement and penalties to the SEC, a $155 million penalty to the Department of Justice, and at least $60 million to ERISA plan clients in an agreement with the Department of Labor.

07/27/2016

Fed 'soft implementation' for ACH quality fee

Federal Reserve Financial Services have notified clients of a "soft implementation" of NACHA's new $4.50 fee for unauthorized ACH entries. NACHA rules provide that, beginning October 3, 2016, an ODFI will be assessed a fee for each ACH debit that is returned as unauthorized (return reason codes R05, R07, R10, R29, and R51). As a means of compensating the RDFI for a portion of the costs associated with handling unauthorized transactions, the fee collected from the ODFI will be credited to the RDFI.

FedACH Services will start a “soft implementation” of the associated software changes on August 1, 2016, so that FedACH Services customers will receive item counts of unauthorized return items originated and received, but with no accompanying fee assessment. Billing statements for August and September 2016, received in September and October respectively, will provide FedACH Services customers with an early glimpse at their unauthorized return item volumes. While the “soft implementation” period is intended to give FedACH Services customers an opportunity to familiarize themselves with the functioning of the new fees, it is also an opportunity for ODFIs to identify those originators generating unauthorized returns. Actual fees will be seen on November 2016 billing statement, based on October data.

07/26/2016

FDIC updates lawsuits data

The Federal Deposit Insurance Corporation has updated its data on Professional Liability Lawsuits through July 25, 2016. From January 1, 2009, through July 25, 2016, the FDIC has authorized suits in connection with 151 failed institutions against 1,213 individuals for D&O liability. This includes 109 filed D&O lawsuits (99 of which have fully settled, and 1 of which resulted in a favorable jury verdict) naming 832 former directors and officers. The FDIC also has authorized 72 other lawsuits for RMBS, LIBOR suppression, fidelity bond, insurance, accounting malpractice, appraiser malpractice, securities, and attorney malpractice claims. In addition, 64 residential mortgage malpractice and fraud lawsuits are pending, consisting of lawsuits filed and inherited.

07/26/2016

Board extends insurance ANPR comment period

The Federal Reserve Board has announced the extension through September 16, 2016, of the comment period for the advanced notice of proposed rulemaking (ANPR) detailing conceptual frameworks for capital standards that could apply to systemically important insurance companies and to insurance companies that own a bank or thrift. The comment period was extended to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by August 17, 2016.

07/26/2016

White paper on future of foreclosure prevention

A joint press release by Treasury, HUD, and the FHFA has announced the release of a white paper designed to serve as a guide for future loss mitigation programs that draws on the lessons learned from implementing the government’s crisis-era housing recovery programs.

07/26/2016

New and updated Cuban travel FAQs

OFAC has announced the update of its Frequently Asked Questions regarding Cuba with the issuance of one new FAQ (#38) and the revision of one existing FAQ (#39) relating to certain information collection and recordkeeping requirements for persons subject to U.S. jurisdiction who provide authorized carrier or travel services to or from Cuba for specifically licensed travelers.

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