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Exception Tracking Spreadsheet (TicklerTrax™)
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11/01/2016

NCUA bans five individuals

The National Credit Union Administration announced it issued five orders of prohibition in October to individuals who have been convicted of crimes of dishonesty and, as a result, are prohibited from participating in the affairs of any federally insured financial institution.

  • a former employee of a Manistique, Michigan, credit union who had pleaded no contest to charges of embezzlement and larceny, and had been sentenced to prison and ordered to pay restitution of $9,399;
  • a former employee of a Glens Falls, New York, credit union who had pleaded guilty to the charges of grand larceny and falsifying business records, and had been sentenced to prison and ordered to pay restitution of $8,071;
  • a former employee of a Toledo, Ohio, credit union who had pleaded guilty to the charges of theft and embezzlement, and had been sentenced to prison and ordered to make restitution of $251,438;
  • a former employee of Fairfield, Iowa, credit union who had consented to the issuance of the prohibition order to settle and resolve the NCUA Board's claims against her; and
  • a former employee of a Lenexa, Kansas, credit union who had pleaded guilty to charges of wire fraud and embezzlement, and had been sentenced to time served, and ordered to pay restitution of $34,035.

10/31/2016

FATF report: Terrorist financing in Africa

The Financial Acton Task Force (FATF) has released a report on terrorist financing in West and Central Africa. The report looks at the confirmed and suspected funding sources of terrorist groups that are operating in this region. It identifies the terrorist financing risks that are unique to the region, such as cattle rustling. Cash, including foreign currency, also plays an important role in terrorist financing in the West and Central African region. The report identifies challenges that the region faces to regulate financial products and sectors, and emphasizes the need for better cross-border collaboration.

10/31/2016

Gruenberg on unbanked and underbanked survey

In remarks at the FDIC's sixth annual Consumer Research Symposium in Arlington, Virginia, Chairman Gruenberg reviewed the recently released 2015 FDIC National Survey of Unbanked and Underbanked Households (see earlier Top Story). He discussed the main findings, reasons for being unbanked, effects of variable income, financial services use, and continued growth in mobile and online banking. Gruenberg concluded, “We are keenly aware that we have more to learn in this area. For example, if changing economic conditions explain only some of the increased participation in our nation’s banking system, what other factors are playing a role? Conversely, what factors may be constraining participation in the banking system? And, more broadly, are there opportunities for banks to better address the financial services needs of consumers, particularly low- and moderate-income consumers?”

10/31/2016

OCC reports unauthorized removal of information

The OCC has announced it has notified Congress and other federal agencies of a major information security incident, as required by the Federal Information Security Modernization Act (FISMA). The incident involves a former OCC employee who downloaded a large number of files onto two removable thumb drives prior to his retirement and, when contacted, was unable to locate or return the thumb drives to the agency.

10/31/2016

Updates of early savings bond redemption authorizations

Federal Reserve Financial Services has issued updates to previous authorizations for early U.S. Savings Bond redemptions for counties in North Carolina and Florida affected by severe weather. Each of the notices includes updates to the list of counties affected.

10/31/2016

Fed Board releases reports

The Federal Reserve Board has released several reports:

10/31/2016

FDIC enforcement actions released

On Friday, October 28, the FDIC released a list of 14 administrative enforcement actions taken against banks and individuals in September. The list consisted of three consent orders; one combined civil money penalty and removal and prohibition order; five Section 19 orders; one voluntary termination of deposit insurance order; and four terminations of consent orders or cease and desist orders.

The Order of Prohibition from Further Participation and to Pay a $5,000 Civil Money Penalty was imposed on a former institution-affiliated party of a Utah bank who "has engaged or participated in violations of the Real Estate Settlement Procedures Act, 12 U.S.C. § 2607, and its implementing regulation, Regulation X, 12 C.F.R. Part 1024, and/or has engaged or participated in, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party of [the bank] by agreeing to pay fees for the referral of mortgage loan business."

The Order of Termination of Insurance was issued in the Matter of Mid America Bank, Janesville, Wisconsin, which the FDIC determined "is not engaged in the business of receiving deposits, other than trust funds."

10/31/2016

OCC issues October list of enforcement actions

The Office of the Comptroller of the Currency has released a new list of enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. There were three Cease and Desist (C&D) Orders, seven Civil Money Penalty (CMP) Orders, one Formal Agreement, four Removal/Prohibition Orders, and two Orders for Restitution, including:

10/28/2016

Labor posts FAQs on Fiduciary Rule

The Department of Labor announced yesterday it has published the first in a series of FAQs to be published concerning its "Conflict of Interest" rules regarding retirement investment advice.

10/28/2016

NCUA proposes additional community charter options

The NCUA Board met on October 27, 2016, and announced that it unanimously approved five items:

  • A proposed rule to provide further field-of-membership community charter options for federal credit unions.
  • A final rule modernizing existing field-of-membership definitions for federal credit unions to improve consumer access to affordable credit.
  • A final rule re-naming NCUA’s consumer office as the Office of Consumer Financial Protection and Access to clarify its function and role in promoting consumer access to affordable financial services.
  • A final rule adjusting civil monetary penalties for inflation, as required by Congress.
  • An interagency proposed rule to implement the private flood insurance requirements for loans in special flood hazard areas contained in a 2012 statute.

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