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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.

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Top Story Compliance Related

07/14/2016

Counter terrorism designations posted

OFAC has updated the SDN Lists with the addition of the names of two individuals who were designated SDGTs. See our OFAC Update for the details.

07/14/2016

Affordable auto insurance monitoring methodology

Treasury’s Federal Insurance Office (FIO) has announced and published a notice in the Federal Register of the adoption of a methodology for monitoring the affordability of automobile insurance. The Dodd-Frank Act authorizes the FIO to monitor the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products regarding all lines of insurance other than health insurance.

07/13/2016

Citigroup Global Markets to pay $7 million for coding errors

The Securities and Exchange Commission has announced that Citigroup Global Markets has agreed to pay a $7 million penalty and admit wrongdoing to settle charges that a computer coding error caused the firm to provide the agency with incomplete “blue sheet” information about trades it executed for fifteen years. See "Citigroup to pay $7 million for 15 years of errors" in our Penalties pages for further information.

07/13/2016

NCUA marketing and social media webinar

Credit unions can learn how to use social media to increase their web traffic, improve their brand identity and boost their lending during the National Credit Union Administration’s upcoming webinar, "Marketing – Effective Use of Social Media," on August 10, starting at 2 p.m. EDT. During the free webinar, a panel will discuss how to create a social media plan, define the credit union’s target audience, determine what messages the CU wants to send to its audience, and how to have meaningful interactions with them.

07/12/2016

OCC report examines risks for financial institutions

The OCC has released its Semiannual Risk Perspective for Spring 2016, which reports that strategic, credit, operational, and compliance risks remain top concerns. Highlights from the report include:

  • Strategic risk remains high as banks struggle to execute their strategic plans and face challenges in growing revenue.
  • Credit risk is increasing because of strong loan growth combined with easing in underwriting standards. An increase in concentrations and risk layering continues as banks strive for yield in an increasingly competitive environment. This is particularly evident in indirect auto, commercial and industrial, and commercial real estate.
  • Operational risk concerns include increasing cyber threats, reliance on third-party service providers, and resiliency planning.
  • Banks face challenges meeting the integrated mortgage disclosure requirements and amended Military Lending Act regulatory requirements, the latter of which takes effect on October 3, 2016, and managing Bank Secrecy Act risks.
  • Low energy prices, the potential for rising interest rates, and risks associated with banks partnering with marketplace lending firms are of concern and being monitored, as they may develop into broader system-wide issues.

07/11/2016

OFAC adds Cuba FAQs

The Office of Foreign Assets Control has updated its Cuba-related FAQs to add questions about the use of the U.S. dollar in certain transactions.

07/08/2016

Volcker Rule: final one-year extension formalized

The Federal Reserve Board has announced that it will extend until July 21, 2017, the conformance period for banking entities to divest ownership in certain legacy investment funds and terminate relationships with funds that are prohibited under section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule. The Board announced in December 2014 that it would make this extension to provide for orderly divestitures and to prevent market disruptions. This is the last of the three one-year extensions that the Board is authorized to grant.

07/07/2016

CFPB on BancorpSouth Bank mortgage discrimination action

The Consumer Financial Protection Bureau has posted an article in Spanish and English on the recent action taken by the Bureau and the Justice Department that would require BancorpSouth Bank to pay millions to harmed consumers. The article describes how undercover testers were used to document disparate treatment afforded African-American and white consumers. For more information see “BancorpSouth pays $10.6 million for mortgage discrimination,” in our Penalties section.

07/07/2016

FDIC FIL on Call Report changes

The FDIC has issued FIL-45-2016 on changes the Federal Financial Institutions Examination Council (FFIEC) has approved to the Consolidated Reports of Condition and Income (Call Report), as well as certain new and revised data items and instructional revisions. Subject to approval by the U.S. Office of Management and Budget, these Call Report revisions will take effect September 30, 2016, or March 31, 2017.

07/07/2016

OCC releases CRA evaluations

The Office of the Comptroller of the Currency has released a list of Community Reinvestment Act evaluations received by 19 national banks and federal savings associations. The ratings became public during the month of June 2016. One institution was rated outstanding and 18 were rated satisfactory.

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