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FATF guidance on Digital IDs

The Financial Action Task Force (FATF) has issued a Guidance on Digital ID, which reports the number of digital transactions are growing at an estimated 12.7 % annually. By 2022, an estimated 60% of global GDP will be digitized. In any financial transaction, knowing your customer is essential to ensure that the funds involved are not linked to crime and terrorism. However, in a digital context, traditional verification tools do not apply. The FATF has developed the guidance to help governments, financial institutions, virtual asset service providers and other regulated entities determine whether a digital ID is appropriate for use for customer due diligence.


CRA analytics data tables

The Federal Reserve Board has released a series of Community Reinvestment Act Analytics Data Tables. This data resource is intended to provide insight into the historical relationship between bank lending activity and regulatory assessments. The tables combine HMDA data, CRA small business and small farm loan data, and manually extracted data from CRA performance evaluations. Bank attributes, deposit, branching, demographic, and other third-party vendor data supplement the tables.


Regulators postpone conference due to coronavirus concerns

The Federal Reserve, FDIC, and OCC have issued a joint press release announcing their decision to postpone the 2020 National Interagency Community Reinvestment Conference (NICRC) scheduled for March 9–12 in Denver after careful consideration of the growing public health concerns associated with the coronavirus (COVID-19). The NICRC planning team is working to confirm a date to reschedule the conference as soon as possible later this year.


FDIC releases CRA evaluation ratings

The FDIC has issued a list of banks whose evaluation ratings under the Community Reinvestment Act were released in December. Of the 67 banks listed, two received evaluation ratings of Outstanding, 61 received ratings of Satisfactory, three were rated Needs to Improve, and one was said to be in Substantial Noncompliance. The two banks with Outstanding ratings were:


NMLS call center to close early

The News & Events page on the NMLS Federal Registry Resources site has a notice that the NMLS Call Center will close one hour early, at 8:00 p.m. ET, Friday, April 10, 2929.


OCC CRA evaluations released

The OCC has released a list of Community Reinvestment Act performance evaluations that became public during the month of February. Of the 19 evaluations made public this month, 18 were rated satisfactory and one, First Shore FS & LA, Salisbury, Maryland, was rated outstanding.


OCC revises handbook booklet

The OCC has issued a revised “Protecting Tenants at Foreclosure Act” booklet for the Comptroller's Handbook. The booklet provides information and procedures for examiners in connection with the foreclosure activities and related consumer protections covered under the Protecting Tenants at Foreclosure Act of 2009 (PTFA). The OCC also rescinded:

  • OCC Bulletin 2011-15, “Protecting Tenants at Foreclosure Act of 2009: Revised Examination Procedures”
  • “Protecting Tenants at Foreclosure Act of 2009” booklet of the Comptroller’s Handbook issued in May 2011

The revised booklet:

  • summarizes PTFA requirements;
  • discusses risks associated with a bank’s PTFA compliance; and
  • provides examiners with information and procedures regarding a bank’s risk management and PTFA compliance.


MLA page update announced

The Department of Defense has posted a notice on its Military Lending Act (MLA) News page announcing a planned update scheduled for Thursday, March 12, 2020. The update includes enhanced security features such as an updated Terms of Use Agreement and Email Verification. Users will be required to accept the Terms of Use before each Single or Multiple Record search. Users will also be required to verify the email address associated with their accounts upon logging into the system in order to access Single or Multiple Record searches.


FDIC and OCC post CRA exam schedules

The FDIC and OCC have announced their second and third quarter 2020 schedules for CRA evaluations.


FDIC releases January enforcement orders

The FDIC has released a list of enforcement actions the agency took in January. A civil money penalty of $16,750 was assessed on a Montana Bank for a pattern or practice of flood insurance-related violations. Cease and desist orders were issued by consent to banks in Glendale, California, and Holmen, Wisconsin.

Removal/Prohibition orders were issued to:

  • a former banking center manager at Yosemite Bank, a division of Premier Valley Bank, Fresno, California, after a finding that he took funds payable to the bank and converted them for his personal benefit
  • the former CEO and Chairman of Citizens State Bank, Woodville, Texas, after a finding that he sought and obtained reimbursement from the bank for personal and family expenses and obtaining reimbursement for other expenses without proper documentation
  • a former teller at FNBC Bank & Trust, LaGrange, Illinois, after a finding that she misappropriated over $138,000 from a bank customer's deposits for personal gain or other benefit without reimbursing the customer or the bank


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