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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Compliance Related

03/08/2017

Guide to short-form prepaid account disclosure

The Bureau has made available on its implementation and guidance page for the Prepaid Account Rule a guide to preparing the short form disclosure for prepaid accounts. This disclosure guide is based on Regulation E’s Model Form A-10(c) and provides basic “how to” instructions to help financial institutions prepare short form disclosures for prepaid accounts other than government benefit accounts or payroll card accounts.

03/08/2017

Nationwide debt collector settles with FTC

The Federal Trade Commission has announced that United Debt Counselors LLC, a debt relief company, and its principals, who allegedly misled consumers and charged illegal advance fees, will be banned from those practices under a settlement with the regulator. According to a complaint filed by the Commission, the company exaggerated how much money people would save using its services. The company’s direct mail ads, which reached up to 100,000 consumers per week, looked like official documents from a bank or attorney, and claimed that typical customers would have their credit card debt cut in half and become debt-free within 36 months. Under a stipulated order, the defendants are banned from making misrepresentations about debt relief and other financial products or services, and making unsubstantiated claims about any products or services. They can charge advance fees only if they comply with the Telephone Sales Rule; sales persons making face-to-face sales presentations must have authority to discuss material terms, they must do so in specific detail, and they must be able to answer consumers’ questions. The order imposes a $9 million judgment that represents the amount of alleged harm to consumers. It will be partially suspended upon payment of $510,000. The full judgment will become due immediately if the defendants are found to have misrepresented their financial condition.

03/08/2017

FDIC Supervisory Insights focuses on credit risk

The FDIC has issued "Credit Risk Trends and Supervisory Expectation Highlights," which appears in the Winter 2016 issue of Supervisory Insights. The lead article identifies trends in credit risk and emphasizes to bankers and examiners that now is the time to heed long-standing principles of sound risk-management practices. It also examines growth on bank balance sheets and effective risk management practices related to commercial real estate, agriculture, and oil and gas-related lending.

03/08/2017

OCC releases Q2 CRA exam schedule

The OCC has released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the second quarter of 2017.

03/08/2017

Companies could pay nearly $900M for trade violations

OFAC has announced a $100,871,266 settlement agreement with Zhongxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd. and their subsidiaries and affiliates ((collectively referred to as “ZTE”), to settle ZTE’s potential civil liability for 251 apparent violations of the Iranian Transactions and Sanctions Regulations. The maximum penalty for the violations was determined to be $106,180,280.

ZTE’s settlement with OFAC is concurrent with a settlement agreement between ZTE and the Department of Commerce’s Bureau of Industry and Security, and ZTE’s plea agreement (pending court approval) with the Department of Justice’s National Security Division and U.S. Attorney’s Office for the Northern District of Texas. The Department of Justice has reported that in the plea agreement, ZTE has agreed to pay a $430,488,798 penalty, and that ZTE simultaneously reached settlement agreements with the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). In total ZTE has agreed to pay the U.S. Government $892,360,064. The BIS has suspended an additional $300,000,000, which ZTE will pay if it violates its settlement agreement with the BIS.

03/08/2017

Nebraska bank pays $33,785 flood penalty

The Federal Reserve Board has issued an Order assessing a Nebraska bank a $33,785 penalty for a pattern or practice of violations of section 208.25 of Regulation H, which implements the National Flood Insurance Act. For more information, see this entry in our Penalties pages.

03/07/2017

Curry and Cordray on fintech innovation

In a presentation at the Lendit USA 2017 conference, Comptroller Curry discussed financial technology innovation. His remarks highlighted the potential for responsible innovation to expand financial inclusion and improve the delivery of banking products and services. During the speech, the Comptroller also provided an update on initiatives by the Office of the Comptroller of the Currency to support responsible innovation within the federal banking system. At the same conference CFPB Directory Cordray delivered prepared remarks on three broad areas of special interest to the Bureau. First, the approach the CFPB takes to encouraging consumer-friendly innovations in consumer finance. Second, the Bureau's consideration of the issue of consumer control over their personal financial data. Third, the benefits and risks of using unconventional sources of data to underwrite loans as a way to open access to credit for more consumers.

03/06/2017

FTC annual survey of consumer complaints

The Federal Trade Commission has released its annual summary of consumer complaints. Debt collection complaints remained the top category, but imposter scam complaints ranked second, replacing identity theft, which dropped to third.

03/06/2017

FDIC releases CRA ratings

The FDIC has issued a list of 76 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in December 2016. Two were rated outstanding, 71 were rated satisfactory, and three received a needs to improve rating.

03/06/2017

NMLS posts reactivation reminder

The NMLS has posted a reminder of the need for any mortgage loan originator who failed to complete the renewal process by December 31, 2016, to reactivate that registration before acting as a mortgage loan originator in 2017.

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