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Top Story Compliance Related

01/09/2017

BofA charged with discriminatory lending

HUD has announced that it has charged Bank of America, N.A. and two of its employees with violating the Fair Housing Act by discriminating against prospective Hispanic mortgage borrowers in Charleston, South Carolina. The National Fair Housing Alliance (NFHA) filed a complaint with HUD claiming the bank discriminated against prospective borrowers who are Hispanic by failing to provide them with information about loan products or by offering them loan products with less attractive terms, as compared to prospective borrowers who are not Hispanic. Prior to filing its complaint, NFHA conducted a series of tests comparing the treatment of Hispanic and non-Hispanic testers who posed as prospective borrowers at a Bank of America branch in Charleston, South Carolina. HUD's charge alleges that these tests showed that the bank discriminated because of national origin by treating the Hispanic testers less favorably than the non-Hispanic testers.

01/09/2017

Bank resolution plans available

The Federal Reserve Board has posted links to the public sections of the resolution plans submitted by 86 financial institutions.

01/09/2017

OCC issues two Bulletins

Two bulletins have been issued by the OCC.

  • Bulletin 2017-2 announces that a revised booklet, "Changes of Corporate Title and Address," has been issued for the Comptroller's Handbook.
  • Bulletin 2017-3 is a reminder of a final rule on expanded examination cycle eligibility.

01/09/2017

CFPB senior leadership changes

The Bureau has announced the following leadership appointments:

  • Leandra English – Chief of Staff
  • Jerry Horton – Chief Information Officer
  • Paul Kantwill – Assistant Director for Servicemember Affairs
  • John McNamara – Assistant Director of Consumer Lending
  • Elizabeth (Eli) Reilly – Chief Financial Officer

01/06/2017

IRS notice on reporting penalties safe harbor

Internal Revenue Service Notice 2017-09 provides guidance to implement changes made by the Protecting Americans from Tax Hikes Act of 2015 (P.L. 114-113) (PATH Act) regarding the de minimis error safe harbor from information reporting penalties under sections 6721 and 6722 of the Internal Revenue Code (Code) and the payee election to have the safe harbor not apply. These provisions are effective for information returns required to be filed and payee statements required to be furnished after December 31, 2016. Treasury and the IRS intend to issue regulations under sections 6721 and 6722.

Under the safe harbor, an error on an information return or payee statement is not required to be corrected, and no penalty is imposed, if the error relates to an incorrect dollar amount and the error differs from the correct amount by no more than $100 ($25 in the case of an error with respect to an amount of tax withheld). However, the safe harbor does not apply to any payee statement if the payee makes an election that the safe harbor not apply.

01/06/2017

OCC adds sales practices to financial institutions risks

The OCC has released its Semiannual Risk Perspective for Fall 2016. which reports on the strategic, credit, operational, and compliance risks facing national banks and federal savings associations. The report includes an added focus on sales oversight, in the aftermath of the Wells Fargo scandal. Other highlights of the report include:

  • Strategic risk remains high as banks consider business model changes and face challenges in growing revenue. Strategic planning remains important as banks adopt innovative products, services, and processes in response to the evolving demands for financial services and the entrance of new competitors, such as out-of-market banks and financial technology firms.
  • Banks continue to ease underwriting practices to boost loan volume and to respond to competition from bank and non-bank lenders. These actions are evident in commercial, commercial real estate and auto lending. The level of risk is increasing due to increased risk layering, rising loan policy exceptions, increasing loan-to-value ratios, and weaker covenant protection.
  • Operational risk remains a concern as banks face changing cybersecurity threats, increased reliance on third-party relationships, and the need for sound governance over sales practices.
  • Banks face challenges meeting the integrated mortgage disclosure requirements and amended Military Lending Act regulatory requirements, and managing Bank Secrecy Act risks.

Comptroller Curry offered remarks during the press call on the report.

01/06/2017

OFAC counter terrorism designations

Treasury's Office of Foreign Assets Control has added two individuals to its SDN List, with the SDGT designation.

01/05/2017

Updated resources for HMDA data collection

The FFIEC and HUD have published a list of updated resources for the collection of 2017 HMDA data. The linked resources include a technology preview, filing instructions for 2017 data and for 2018 and later data, a loan/application register (LAR) formatting tool, and FAQs.

01/05/2017

OCC and FDIC release CRA evaluations

The OCC and the FDIC issued the ratings received by financial institutions that were recently evaluated for compliance with the Community Reinvestment Act.

  • Of the 18 national banks and federal savings associations on the OCC's list, eight received Outstanding ratings, and ten were rate Satisfactory.
  • Of the 46 state nonmember banks reported by the FDIC, two banks received Outstanding ratings, and 44 were rated Satisfactory.

01/05/2017

Former Barclays FX trader barred from banking

The Federal Reserve Board has issued a consent order permanently prohibiting Jason Katz, a former foreign exchange (FX) trader at Barclays PLC and later at BNP Paribas SA, from participating in the banking industry, because of his actions to manipulate FX prices.

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