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Top Story Compliance Related

03/03/2017

CFPB report on credit reporting problems

The Consumer Financial Protection Bureau has released a special edition of Supervisory Highlights -- Credit Reporting, detailing the problems in the credit reporting industry that the Bureau has uncovered and corrected through its oversight work. The Bureau reported that, since launching its supervision of the credit reporting market, it has identified significant issues with the quality of the credit information being provided by furnishers and maintained by credit reporting companies. The report outlines the actions that the CFPB has taken to address these ongoing problems, such as fixing data accuracy at credit reporting companies, repairing the broken dispute process, and cleaning up information being reported.

Bureau Director Richard Cordray spoke about the report and the work the Bureau is doing in the consumer reporting marketplace at the March 2 meeting of the CFPB Consumer Advisory Board in Washington.

03/03/2017

Webinar on new streamlined FFIEC Call Report

The FFIEC has posted FIL-10-2010 and the OCC has released Bulletin 2017-13 announcing that, on March 8, 2017, from 2 - 3 p.m. ET, the federal banking agencies will conduct a webinar for bankers to introduce the new FFIEC 051 call report for eligible small institutions -- generally institutions with domestic offices only and total assets of less than $1 billion. The webinar will cover the content of the call report and discuss how it differs from the existing FFIEC 041 call report. The webinar also will summarize the revisions to the FFIEC 031 and FFIEC 041 call reports. A question-and-answer period will follow the presentation on the reporting changes for March 2017.

03/03/2017

OCC workshops for directors scheduled for Phoenix

The OCC has announced it will host two workshops at the Crowne Plaza Phoenix Airport in Phoenix, Arizona, April 11-12, for directors of national community banks and federal savings associations supervised by the OCC.

  • The Credit Risk workshop on April 11 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
  • The Operational Risk workshop on April 12 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

03/03/2017

Morgan Stanley capital plan accepted

The Federal Reserve Board has announced that it will not object to a resubmitted capital plan from Morgan Stanley, as a result of progress made by the firm in addressing deficiencies identified by the Board in last year's Comprehensive Capital Analysis and Review (CCAR).

03/02/2017

Bureau: buying a home with bad or no credit

The CFPB Blog features an article advising consumers how to deal with bad credit or no credit when they want to buy a home.

03/02/2017

NCUA webinar on providing electronic financial services

The NCUA has announced it will host a webinar, “Pathways to Offering E-Services,” to help credit unions better understand how to put electronic financial services to work for their members. The free 90-minute webinar will be presented on Wednesday, March 22, 2017, beginning at 2 p.m. EDT.

03/02/2017

OCC to host workshop in Pittsburgh

The OCC has announced it will host a workshop at the Pittsburgh Marriott City Center in Pittsburgh, Pennsylvania, April 10–12, for directors of national community banks and federal savings associations supervised by the OCC. The Building Blocks for Directors workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation for both new and experienced directors. The workshop focuses on directors’ duties and core responsibilities, discusses major laws and regulations, and increases familiarity with the examination process.

03/02/2017

OCC releases CRA evaluations

The Office of the Comptroller of the Currency has released the CRA evaluations for 17 national banks and federal savings associations. One institution was rated outstanding, 15 were rated satisfactory and one received a "needs to improve" rating.

03/02/2017

SEC seeking comment on bank holding company disclosures

The Securities and Exchange Commission has announced it will publish a request for public comment on disclosures called for by Industry Guide 3 - "Statistical Disclosure by Bank Holding Companies." Specifically, the Commission will request public input on whether Guide 3 continues to elicit the information that investors need for informed investment and voting decisions. The Commission also seeks comment on whether there are new types of disclosures about the activities of bank holding companies that investors would find important. Comments will be accepted for 60 days following publication in the Federal Register.

UPDATE: Published at 82 FR 12757, on March 7, 2017. Comment deadline: 5/8/2017
UPDATE: Comment period extended to July 7, 2017. See 82 FR 18877.

03/02/2017

Proposal to delay Labor Department Fiduciary Rule

The Department of Labor's Employee Benefits Security Administration has published in this morning's Federal Register a proposal to extend for 60 days the April 10, 2017, applicability date of Labor's "Fiduciary Conflict of Interest" rule defining who is a “fiduciary” under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code of 1986 (Code), and the applicability date of related prohibited transaction exemptions including the Best Interest Contract Exemption and amended prohibited transaction exemptions (collectively PTEs) to address questions of law and policy. The proposed delay would be to afford the Labor Department time to examine whether the fiduciary rule may adversely affect the ability of Americans to gain access to retirement information and financial advice, and to prepare an updated economic and legal analysis concerning the likely impact of the final rule as part of that examination, all as required by a Presidential Memorandum to the Secretary of Labor. The comment period on the proposal to delay the applicability date will run for 15 days, through Friday, March 17, 2017.

UPDATE: The Department of Labor's Employee Benefits Security Administration has submitted for Federal Register publication on Friday, April 7, 2017, a final rule delaying the Applicability Date of its rule on Fiduciary Conflicts of Interest -- Retirement Investment Advice, and selected other changes, from April 10, 2017, for 60 days, to June 9, 2017. The effective date of this final rule (delaying the Availability Date and certain other provisions) is April 10, 2017.

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