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FDIC posts enforcement actions manual

The FDIC has issued FIL-76-2019 announcing it has posted its Formal and Informal Enforcement Actions Manual on its website to provide transparency regarding the agency's enforcement program.

  • The manual provides instructions to FDIC staff who process formal and informal actions against insured depository institutions and their institution-affiliated parties.
  • The manual does not interpret any law or regulation. Rather, it supports FDIC staff in the application of relevant laws and regulations. Additionally, it provides instructions for development of enforcement actions in response to supervisory concerns, violations, and other actionable misconduct.
  • The manual does not establish supervisory requirements and is not industry guidance.


FHFA report on non-performing loan sales

The Federal Housing Finance Agency has released its latest report on the sale of non-performing loans by Fannie Mae and Freddie Mac. The report includes information about NPLs sold through June 30, 2019, and reflects borrower outcomes on NPLs sold through December 31, 2018, and reported through June 30, 2019. The report shows that, through June 30, 2019, the Enterprises sold 117,466 NPLs with a total unpaid principal balance of $22.2 billion. While the Enterprises conducted NPL sales in the first half of 2019, none of the sales settled by the end of the reporting period.

  • NPLs sold had an average delinquency of 3.0 years and an average loan-to-value ratio of 92 percent.
  • NPLs in New Jersey, New York and Florida represented nearly half (45 percent) of the NPLs sold. These three states accounted for 47 percent of the Enterprises' loans that were one year or more delinquent as of December 31, 2014, prior to the start of NPL program sales in 2015.
  • Fannie Mae sold 78,281 loans and Freddie Mac sold 39,185 loans.


G.5 foreign exchange rates

The Federal Reserve System has posted the G.5 Foreign Exchange Rates report for November 2019 showing the average rates of exchange together with comparable figures for other months. Averages are based on daily noon buying rates for cable transfers in New York City certified for customs purposes by the Federal Reserve Bank of New York.


Federal Reserve balance sheet trends

The Federal Reserve has updated its Credit and Liquidity Programs and the Balance Sheet charts with data through November 20. The five charts track recent balance sheet trends for the Federal Reserve System.

  • Total Assets
  • Selected Assets
  • Credit Extended through Federal Reserve Liquidity Facilities
  • Support for Specific Institutions
  • Selected Liabilities of the Federal Reserve


Agencies hosting webinar on Call Report changes

The federal banking agencies will conduct an interagency webinar to discuss revisions to the FFIEC 051 Call Report that have been implemented in 2019 and proposed reporting changes that would take effect beginning with the first quarter 2020 report. Where appropriate, the webinar also will address revisions to the FFIEC 031 and FFIEC 041 Call Reports. The webinar is scheduled for Tuesday, December 10, 2019, from 1:00 p.m. to 2:30 p.m., Eastern Time.


Littman to head SEC cyber unit

The SEC has announced Kristina Littman has been named Chief of the Division of Enforcement’s Cyber Unit, a national, specialized unit that focuses on protecting investors and markets from cyber-related misconduct.


Bureau publishes 2020 FCRA fee cap amount

The CFPB has announced the ceiling for 2020 on allowable charges that a consumer reporting agency can impose for providing a disclosure to a consumer will remain unchanged at $12.50. Appendix O to CFPB Regulation V in BankersOnline's Regulations pages has been updated accordingly.


OFAC issues new and amended Iran-related FAQs

OFAC has issued a bulletin announcing its issuance of amended Iran-related FAQ 303 and FAQ 304 and new Iran-related FAQs 805, 806, and 807.


Proposal for transparency in health coverage

The IRS, Employee Benefits Security Administration, and Centers for Medicare & Medicaid Services have published [84 FR 65464] proposed rules that would require group health plans and health insurance issuers in the individual and group markets to, among other things, disclose cost-sharing information upon request, to a participant, beneficiary, or enrollee (or his or her authorized representative), including an estimate of such individual's cost-sharing liability for covered items or services furnished by a particular provider. Under these proposed rules, plans and issuers would be required to make such information available on an internet website and, if requested, through non-internet means, thereby the individuals to obtain an estimate and understanding of their out-of-pocket expenses and effectively shop for items and services. Comments on the proposed rules are due by January 14, 2020.


FDIC removes duplicative rule

The FDIC has published [84 FR 65276] a final rule removing Subpart M from its Rules and Regulations at 12 CFR Part 390, which addressed deposits at state savings associations, effective December 27, 2019.


FDIC seeks comments on analysis of regulatory actions

The FDIC has published [84 FR 65808] a request for comments on approaches it is considering to analyze the effects of its regulatory actions. The comments received will help the FDIC to strengthen its analysis of regulatory actions. Comments will be accepted through January 28, 2020.


FDIC releases enforcement actions

The FDIC has released a list of recent enforcement actions taken in the month of October. Among those actions were:

  • A notice of charges and hearing and assessment of a $225,000 BSA/AML civil money penalty issued to a San Francisco bank.
  • A decision and order of prohibition issued to Donald V. Watkins, Sr., former chairman of the board of Alamerica Bank, Birmingham, Alabama, for violations of Regulation O involving his receipt of proceeds from four loans made by his bank to nominee borrowers in excess of amounts allowed under the regulation and without disclosing his personal interest in the loans to the bank.


November Beige Book

The Federal Reserve has posted a full report and a national summary of the November 27, 2019, issue of the Beige Book, which is based on information collected on or before November 18, 2019.


NCUA prohibition notices and orders

The National Credit Union Administration announced it issued three prohibition notices and three prohibition orders in November. The individuals banned from the business of banking include:

  • a former employee of Greater Abyssinia Federal Credit Union in Cleveland, Ohio, was had been sentenced on charges of embezzlement, bank fraud, and aggravated identity theft
  • a former employee of Lanco Federal Credit Union in Lancaster, Pennsylvania, who had been sentenced on the charge of theft by unlawful taking—movable property.
  • a former employee of Space Coast Credit Union in Melbourne, Florida, who had been sentenced on charges of criminal use of personal identification, organized fraud to obtain property, grand theft, and making false entries into the books of a corporation.
  • two former employees of Mid East Tennessee Community Credit Union in Decatur, Tennessee, and one former employee of WV National Guard Federal Credit Union in Charleston, West Virginia, each of whom agreed and consented to the issuance of a prohibition order


FDIC CRA exams for first half of 2020

The FDIC has announced it has posted the lists of institutions scheduled for a Community Reinvestment Act examination during the first and second quarters of 2020. The schedules of institutions to be examined are based on the best information now available and are subject to change.


FEMA to suspend communities from flood program

FEMA has published a notice [84 FR 65924] in today's Federal Register identifying communities in North Carolina scheduled for suspension from the National Flood Insurance Program on December 6, 2019, for noncompliance with the floodplain management requirements of the program. The communities listed include:

  • Atkinson
  • Northwest
  • Pembroke
  • Roxboro
  • Tabor City
  • unincorporated areas of Brunswick, Columbus, Durham, Pender, and Robeson Counties

If FEMA receives documentation that a community has adopted the required floodplain management measures prior to the effective suspension date, the suspension will not occur. Information identifying the current participation status of a community can be obtained from FEMA's Community Status Book.


Fed Board approves 2020 fee schedule

The Federal Reserve Board has announced the approval of fee schedules, effective January 2, 2020, for payment services the Federal Reserve Banks provide to depository institutions (priced services).

Overall, the Reserve Banks estimate that the price changes will result in a 2.4 percent average price increase. Estimated price changes will result in a 3.3 percent average price increase for Check Services customers; a 3.7 percent average price increase for Fedwire Funds Service customers; and a 2.9 percent average price increase for FedLine Solutions customers. Fees will remain unchanged for the Reserve Banks' FedACH Service, National Settlement Service, and Fedwire Securities Service.


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