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Top Story Compliance Related

10/08/2019

OCC Innovation Office Hours in Las Vegas

The OCC has announced it will hold Innovation Office Hours on October 28 in Las Vegas to promote responsible innovation in the federal banking system.

Office Hours are one-on-one meetings with Office of Innovation staff to discuss financial technology (fintech), new products or services, partnering with a bank or fintech company, or other matters related to responsible innovation in the federal banking system. OCC staff will provide feedback and respond to questions. Each meeting will last no longer than one hour. Requests for Office Hours sessions must be submitted by October 18.

10/08/2019

Otting discusses community reinvestment and service

The OCC reported yesterday that Comptroller Joseph Otting discussed reinvestment and service in remarks at the National Asian American Coalition's 16th Annual Economic Development Conference. Otting highlighted the importance of modernizing the regulatory framework implementing the Community Reinvestment Act.

10/08/2019

$400,000 residential appraisal threshold effective October 9

The OCC, FDIC and Federal Reserve have published [84 FR 53579] in today's Federal Register the previously announced final rule increasing to $400,000 the threshold for requiring an appraisal by a state certified or licensed appraiser for residential real estate transactions. The portions of the rule increasing the appraisal threshold become effective on October 9, 2019.

10/07/2019

FTC order halts bogus real estate seminars

The Federal Trade Commission has announced that a federal temporary restraining order has been issued against Utah-based Zurixx, LLC and affiliated companies, which the Commission and the Utah Division of Consumer Protection allege have used deceptive promises of big profits to lure consumers into real estate seminars costing thousands of dollars. The order prohibits Zurixx from making unsupported marketing claims and from interfering with consumers’ ability to review Zurixx and its products. The court has appointed a temporary monitor over Zurixx and instructed the companies to preserve their assets.

10/07/2019

FDIC issues 5 outstanding CRA ratings

The FDIC has released a list of banks recently evaluated for compliance with the Community Reinvestment Act. Of the 77 banks listed, 71 received Satisfactory ratings, and one bank was rated Needs to Improve. We congratulate five banks that received Outstanding ratings (links are to their evaluations):

10/07/2019

Billings housing providers charged with FHA violations

HUD has announced it has charged housing providers in Billings, Montana, with violating the Fair Housing Act by refusing to rent to, and making discriminatory statements about, a family with children. This case came to HUD’s attention when a Montana mother filed a complaint alleging that Alice S. Klundt, Alice S. Klundt Living Trust, and Terry Pollert, who collectively own and manage a single-family rental home in Billings, refused to rent the home to her because she had two daughters under the age of eighteen.

10/07/2019

OCC stress testing rule amended

The OCC has announced a final rule amending its stress testing rule consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

The final rule, which has not yet been published in the Federal Register, revises the minimum threshold for national banks and federal savings associations to conduct stress tests from $10 billion to $250 billion; revises the frequency with which certain national banks and federal savings associations are required to conduct stress tests; reduces the number of required stress testing scenarios from three to two; and makes certain additional technical changes to the stress testing requirements. The final rule, which affects 12 CFR part 46, will become effective November 24, 2019.

10/07/2019

NCUA posts final rule on audits and verifications

The NCUA has published [84 FR 53303] a final rule amending its regulations governing the responsibilities of a federally insured credit union to obtain an annual supervisory committee audit of the credit union. The final rule implements recommendations outlined in the agency's Regulatory Reform Task Force's Regulatory Reform Agenda and will provide additional flexibility to FICUs. Specifically, the Board is: replacing the Supervisory Committee Guide with a simplified appendix to the part (12 CFR part 715); eliminating two audit types that FICUs seldom use; and eliminating a specific deadline for outside, compensated persons to deliver written audit reports to FICUs. The amendments to 12 CFR 715 will be effective January 6, 2020.

10/04/2019

NCUA posts final rule on FCU bylaws

The NCUA Board has published [84 FR 53278] a final rule to update, clarify, and simplify the federal credit union bylaws. The final rule updates and conforms the bylaws to legal opinions issued by the NCUA's Office of General Counsel and provides greater flexibility to federal credit unions (FCUs). The final rule also makes other changes that are designed to remove outdated or obsolete provisions. The rule, which amends NCUA regulations in 12 CFR parts 701 and 746, will be effective January 2, 2020.

10/03/2019

McWilliams addresses NBA convention

FDIC Chairman McWilliams, in a presentation at the National Bankers Association's 92nd Annual Convention in Washington, D.C., thanked the attendees for being the voice of minority banks for over nine decades. The Chairman noted a recent research study also highlighted information that demonstrates the essential role that minority depository institutions (MDIs) play in serving low- or moderate-income (LMI) customers and minority customers.

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