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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

06/16/2017

NMLS system maintenance scheduled

The NMLS will undergo system maintenance starting Friday, June 16 to Saturday, June 17, and NMLS and Consumer Access will be unavailable from 9:00 p.m. (June 16) to 10:00 a.m. (June 17).

06/16/2017

OFAC pulls Burmese sanctions

The Office of Foreign Assets Control has published a final rule effective today, June 16, 2017, removing from the Code of Federal Regulations the Burmese Sanctions Regulations as a result of the termination of the national emergency on which the regulations were based. OFAC has removed 31 CFR part 537.

06/16/2017

Iraq-based ISIS financial facilitators sanctioned

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action Thursday to disrupt an Islamic State of Iraq and Syria (ISIS) financial facilitation network by designating one individual and one entity pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. Specifically, OFAC designated Umar al-Kubaysi and his company, Al-Kawthar Money Exchange, building upon OFAC’s December 2016 actions, which marked the first designations of ISIS-linked money services businesses. As a result of this action, all property and interests in property of those designated today subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

Additionally, the Department of State designated ISIS members Mohammad Shafi Armar, Oussama Ahmad Atar, and Mohammed Isa Yousif Saqar Al Binali.

OFAC has added all four individuals and the money exchange to its SDN List. For ID information, see our OFAC Update.

06/13/2017

Treasury report to President Trump

Treasury issued the first in a series of reports to President Trump examining the United States’ financial regulatory system and detailing executive actions and regulatory changes that can be immediately undertaken to provide much-needed relief. Over the past four months, Secretary Mnuchin and other Treasury officials met with hundreds of stakeholders across the financial ecosystem, including community, independent, regional and large banks, regulators, FSOC members, consumer advocates, academics, analysts and investors. These listening sessions provided a very clear picture of redundancy, fragmentation, and inefficiency in our regulatory framework. The report detailed the following findings:

  • Community financial institutions – banks and credit unions – are critically important to serve many Americans
  • Capital, liquidity and leverage rules can be simplified to increase the flow of credit
  • We must ensure our banks are globally competitive
  • Improving market liquidity is critical for the U.S. economy
  • The Consumer Financial Protection Bureau must be reformed
  • Regulations need to be better tailored, more efficient, and effective
  • Congress should review the organization and mandates of the independent banking regulators to improve accountability.

06/13/2017

OFAC targets chemical weapons developer

The Office of Foreign Assets Control has targeted an ISIS leader, Attallah Salman 'Abd Kafi al-Jaburi (al-Jaburi), pursuant to Executive Order 13224, which targets terrorists and those providing support to terrorists or acts of terrorism. Al-Jaburi is an Iraq-based, ISIS senior leader in charge of factories producing improvised explosive devices (IEDs), vehicle-borne improvised explosive devices (VBIEDs), and explosives, and he is involved in the development of chemical weapons. Additionally, the Department of State designated Marwan Ibrahim Hussayn Tah al-Azawi, an Iraqi ISIS leader connected to ISIS' development of chemical weapons for use in ongoing combat against Iraqi Security Forces. As a result of these actions, all property and interests in property of these individuals subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For identifying information on these two individuals, and an unrelated entity also added to the Specially Designated Global Terrorists list, see our OFAC Update.

06/12/2017

BOL Conferences announces 2017 Lending Compliance Triage Conference

BOL Conferences' 2017 Lending Compliance Triage Conference has been scheduled for October 11–12 in Scottsdale, Arizona, and online. BankersOnline Gurus Kathleen Blanchard, John Burnett, Randy Carey, Mary Beth Guard, Jack Holzknecht; and Andy Zavoina continue to fine-tune the agenda. Topics currently being worked on include:

  • ADA and websites
  • TCPA
  • HMDA - last minute preparations
  • UDAAP
  • Enforcement actions
  • TRID compliance challenges
  • Fair lending and redlining issues
  • CRA
  • Update on military lending
  • ATR and QM checkup
  • Flood insurance compliance update
  • Loan servicing trouble spots
  • Forgotten requirements

The agenda will change to address the most current lending compliance developments. Click HERE for more information and to REGISTER TODAY!

06/12/2017

Small business comments extended 60 days

In his remarks at the June 8, 2017, meeting of the CFPB's Consumer Advisory Board, Bureau Director Richard Cordray announced that the comment period on the Bureau's request for information on small business lending, scheduled to close on July 14, 2017, will be extended for 60 days [to September 12, 2017].

06/09/2017

Bureau targeting credit card promo financing

The CFPB has posted an article discussing how to understand special promotional financing offers on credit cards. The article explained the difference between zero-interest and deferred-interest promotions, how deferred interest is calculated, and what to consider when getting a card with a zero-interest or deferred-interest promotion. The CFPB also announced it has sent letters to top retail credit card companies encouraging them to consider using more transparent promotions.

06/09/2017

Mortgage servicer hit with $1.8MM CMP

The Federal Reserve Board has announced the termination of an enforcement action against EverBank Financial Corp issued in April 2011 related to residential mortgage loan servicing and foreclosure processing. The Board also announced a $1.8 million civil money penalty against the company for its mortgage servicing deficiencies related to that enforcement action.

06/09/2017

American Honda Finance Corp settles OFAC liability

OFAC has announced that American Honda Finance Corporation (AHFC), a motor vehicle finance company headquartered in California, has agreed to remit $87,255 to settle its potential civil liability for 13 apparent violations of the Cuban Assets Control Regulations, (the “Alleged Violations”). The Alleged Violations occurred between February 2011 and March 2014, when Honda Canada Finance, Inc., a majority-owned subsidiary of AHFC located in Canada, approved and financed 13 lease agreements between an unaffiliated Honda dealership in Ottawa, Canada and the Embassy of Cuba in connection with the Cuban Embassy’s leasing of several Honda vehicles. OFAC determined that AHFC voluntarily self-disclosed the Alleged Violations to OFAC, and that the Alleged Violations constitute a non-egregious case.

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