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FTC settlement shutters auto dealer group

The Federal Trade Commission has announced a group of auto dealerships in Arizona and New Mexico must cease business operations as part of a court -approved settlement resolving FTC charges that the dealerships deceived consumers and falsified information on vehicle financing applications. In a case filed in 2018, the FTC alleged that Tate’s Auto Center of Winslow, Inc.; Tate’s Automotive, Inc.; Tate Ford-Lincoln-Mercury, Inc. (doing business as Tate’s Auto Center); Tate’s Auto Center of Gallup, Inc.; and Richard Berry, an officer of the dealerships, falsified consumers’ income and down payment information on vehicle financing applications and misrepresented important financial terms in vehicle advertisements. The case continues against Berry and relief defendant Linda Tate.


NMLS updates Policy Guidebook

The NMLS Policy Guidebook has been updated and posted to the NMLS Resource Center and the Regulator Resource Center.

The changes were made to the Criminal Background Checks Section on pages 61-62 and 96 to:

  • explain that fingerprints in NMLS must be no older than three years, otherwise an individual will need to be reprinted.
  • explain that new fingerprints must be submitted within the 180-day background check window.
  • add an explanation that international applicants will receive fingerprint packages in a traceable manner to their current physical or mailing international address or their employer’s address and that the applicant is responsible for providing a mailing label to facilitate the transmission of the packet.


Colorado communities suspended from flood insurance program

FEMA has published at 85 FR 55196 in today's Federal Register a notice identifying four Colorado communities—Columbine Valley, Glendale, Greenwood Village, and Lone Tree—that are scheduled for suspension today from the National Flood Insurance Program for failure to comply with the floodplain management requirements of the program.

If FEMA received documentation that an identified community has adopted the required floodplain management measures prior to the effective suspension date, the suspension will not occur


Comptroller’s Handbook updated

The OCC yesterday issued an updated "Other Real Estate Owned" booklet for the Comptroller’s Handbook, which is prepared for use by OCC examiners in connection with the examination and supervision of national banks, federal savings associations, and federal branches and agencies of foreign banking organizations. The OCC rescinded Bulletin 2018-26, which addressed the previous version of the booklet.

The updated booklet—

  • reflects recent changes to 12 CFR 34, subpart E, including changes to holding period requirements for federal savings associations.
  • reflects changes to other regulations that occurred since the booklet was last issued.
  • reflects changes to OCC issuances published and rescinded since the booklet was last issued.
  • clarifies applicability of certain requirements to covered savings associations.
  • includes clarifying edits regarding supervisory guidance, sound risk management practices, or legal language.
  • revises certain content for general clarity


September Beige Book released

The Federal Reserve Board has posted the September 2, 2020, Beige Book, which reports:

  • Overall Economic Activity - Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic
  • Employment and Wages - Employment increased overall among Districts, with gains in manufacturing cited most often. However, some Districts also reported slowing job growth and increased hiring volatility, particularly in service industries, with rising instances of furloughed workers being laid off permanently as demand remained soft
  • Prices - Price pressures increased since the last report but remained modest. While input prices generally rose faster than selling prices, they were moderate overall. Notable exceptions included inputs experiencing demand surges or supply-chain disruptions, such as structural lumber, for which prices spiked.


OCC CRA evaluations released

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations of OCC-supervised institutions that became public in August. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. Of the 20 evaluations listed, twelve are rated satisfactory, and one is rated needs to improve. Our congratulations to the seven institutions that received Outstanding ratings:


OCC CRA exam schedule released

The Office of the Comptroller of the Currency has released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter 2020 and first quarter 2021.


Agencies' statement on Hurricane Laura and California wildfires

The OCC, Fed, FDIC, NCUA, and Conference of State Bank Supervisors issued a joint press release to state they recognize the serious impact of Hurricane Laura and the California wildfires on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.


Agencies extend comment period on Flood Insurance Q&As

The Fed, FDIC, NCUA, OCC, and the Farm Credit Administration have announced they will extend the comment period on a proposal to revise the Interagency Questions and Answers Regarding Flood Insurance to end on November 3, 2020.

The agencies are extending the comment period because of the extent of the revisions proposed by the agencies and in light of the challenges associated with the COVID-19 pandemic. The extension will allow interested parties additional time to analyze the issues and to prepare comments. The proposed Interagency Questions and Answers, which were issued in July 2020, provide information addressing technical flood insurance-related compliance issues. The previous deadline for comments was September 4, 2020.


North Korea ballistic missile procurement advisory

The Treasury Department has announced it has issued a North Korea Ballistic Missile Procurement Advisory to alert industry worldwide to North Korea’s ballistic missile procurement activities. This advisory identifies three key North Korean procurement entities:

  • Korea Mining Development Trading Corporation (KOMID), aka Changgwang Sinyong Corporation, External Technology General Corporation, Korea Kumryong Trading Company, Korean Mining and Industrial Development Corporation
  • Munitions Industry Department (MID), aka Military Supplies Industry Department
  • Second Academy of Natural Sciences (SANS), aka National Defense Academy

The advisory also describes deceptive techniques employed by North Korean proliferators and procurement networks, provides an overview of U.S. sanctions authorities related to DPRK proliferation, and lists North Korea-related sanctions enforcement resources:


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