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Top Story Compliance Related

12/02/2021

Consumers defrauded by Lifewatch to receive refunds

The Federal Trade Commission has announced it is sending 71,899 checks for $25.15 (totaling more than $1.8 million) to consumers, including many older Americans, tricked into paying for supposedly free in-home medical alert devices. The money comes from a settlement with New York-based Lifewatch, Inc.

A complaint filed by the FTC jointly with the Florida Attorney General’s Office alleged that the defendants bombarded consumers with at least a billion unsolicited robocalls to pitch supposedly “free” medical alert systems. These pre-recorded messages claimed that Lifewatch’s medical alert system was endorsed or recommended by reputable organizations like the American Heart Association. The company’s telemarketers often told consumers that a medical alert system had been purchased for them, and they could receive it “at no cost whatsoever.” Consumers eventually learned that they were responsible for monthly monitoring fees and that it was difficult to cancel without paying a penalty.

In addition to imposing the monetary penalty to provide consumer refunds, the order settling the FTC’s charges bans the Lifewatch defendants from telemarketing and prohibits them from misrepresenting the terms associated with the sale of any product or service.

12/02/2021

OCC announces 2022 fees and assessments

OCC Bulletin 2021-58, issued Wednesday, announced to national banks, federal savings associations, and federal branches and agencies of foreign banks the fees and assessments to be charged by the OCC in calendar year 2022.

  • For the 2022 assessment year, there will be no inflation adjustment to assessment rates.
  • The OCC assesses institutions that enter the federal banking system in the time between assessment cycles. Under current policy, the OCC will assess these new entrants to the federal charter on a prorated basis using call report information as of December 31 or June 30 depending on the date the institution enters the federal banking system. Institutions that enter the federal banking system in the time between assessment cycles and have not previously filed call reports will be assessed a prorated fraction of the lowest tier of the general assessment fee schedule, plus any additional assessments due under other assessment categories in 12 CFR 8. The OCC adopted this policy to ensure that supervisory efforts and resources are allocated and aligned once an institution is subject to the jurisdiction of the OCC. This proration policy is in line with the OCC’s refund policy for institutions that leave the federal banking system.
  • The OCC is increasing the hourly fee for special examinations and investigations to $155 from $150. The increase is to ensure adequacy in recovering the cost of conducting special examinations and investigations.

Details can be found in Bulletin 2021-58.

12/02/2021

FFIEC BSA/AML exam manual updated

The Federal Financial Institutions Examination Council (FFIEC) has updated sections and related examination procedures in the FFIEC Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.

The sections affected include:

The sections remind examiners that no specific customer type automatically presents a higher risk of money laundering, terrorist financing, or other illicit financial activity.

Banks that operate in compliance with applicable BSA/AML requirements and reasonably manage and mitigate risks related to the unique characteristics of customer relationships are neither prohibited nor discouraged from providing accounts or services to any specific class or type of customer.

The Manual itself does not establish requirements for financial institutions; such requirements are found in statutes and regulations. Financial institutions should not interpret the updates as new instructions or an increased focus on certain areas; instead, the updates are intended to offer further transparency into the examination process and support risk-focused examination work.

New and revised Manual sections are identified by a 2021 date on the FFIEC BSA/AML InfoBase.

Related links:

12/01/2021

Fed FAQs on transition away from LIBOR

The Federal Reserve Board's Supervision and Regulation Letter SR 21-12, revised in November, provides answers to frequently asked questions on the transition away from LIBOR. The November FAQs attached to the letter provide insight into how examiners will view actions of Board-supervised (state-chartered member) banks and holding companies with respect to LIBOR-linked transactions.

12/01/2021

FDIC issues January–June CRA exam schedules

The Federal Deposit Insurance Corporation (FDIC) has issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the first quarter 2022 and second quarter 2022.

No specific target dates are listed for the examinations.

11/30/2021

OCC CRA evaluation schedule for January–June

The Office of the Comptroller of the Currency has announced the release of its schedule of Community Reinvestment Act evaluations to be conducted in the first and second quarters of 2022. The list is sorted by state.

11/30/2021

Agencies issue exemption threshold adjustments

The CFPB, Federal Reserve Board, and the OCC have published in the November 30, 2021, Federal Register final rules making inflation adjustments in exemption thresholds under Regulations M and Z. All of the adjustments will be effective for calendar year 2022:

  • The three agencies issued a final rule increasing the exemption threshold from the special appraisal requirements for higher-priced mortgage loans (HPMLs) from $27,200 to $28,500.
  • The Board and the CFPB posted a final rule increasing the threshold for exempt consumer leases under Regulation M from $58,300 to $61,000.
  • The Board and the CFPB published a final rule increasing the threshold for exempt consumer credit transactions under Regulation Z from $58,300 to $61,000.

    11/29/2021

    CFPB adjusts FCRA charge cap

    The CFPB has published at 86 FR 67649 of the November 29, 2021, Federal Register an amendment to Appendix O of Regulation V (12 CFR part 1022), increasing to $13.50 the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to the Fair Credit Reporting Act during the 2022 calendar year. The calendar year 2021 cap on that fee is $13.00.

    11/29/2021

    FDIC releases October enforcement actions

    The FDIC on Friday released a list of orders of administrative enforcement actions taken against banks and individuals in October. Among the three orders issued, there was one order to pay a civil money penalty and one consent order.

    • Bank of England, England, Arkansas, was ordered to pay a civil money penalty of $129,800 for unfair or deceptive acts or practices in violation of Section 5 of the Federal Trade Commission Act.
    • Herring Bank, Amarillo, Texas, was issued a Consent Order by the FDIC and the Texas Banking Commissioner, after findings there were weaknesses in board and management oversight, capital, and liquidity at the bank.

    11/29/2021

    Fed Board releases Supervision and Regulation Report

    The Federal Reserve Board has released its November 2021 Supervision and Regulation Report, which summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.

    The current report focuses on the Federal Reserve’s regulatory and supervisory response to the “COVID event”—the economic and financial stresses resulting from the containment measures adopted in response to public health concerns.

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