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Exception Tracking Spreadsheet (TicklerTrax™)
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01/08/2016

Bureau seeks HMDA data-reporting feedback

The Consumer Financial Protection Bureau has announced it is seeking public feedback on the resubmission of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). In October 2015 the Bureau finalized a rule updating the reporting requirements of the HMDA regulation, to improve information reported about the residential mortgage market. Given these changes, the current resubmission guidelines may need to be updated, and the Bureau is seeking feedback on what modifications may be appropriate. Once the Request for Information is published in the Federal Register, comments will be accepted for 60 days.

[Editor's Note: The Bureau's Notice and Request for Information was published at 81 FR 1405 on January 12, 2016. Comments will be accepted through March 14, 2016.]

01/07/2016

FTC Big Data report

The Federal Trade Commission has announced the release of Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues, a report that outlines a number of questions for businesses to consider to help ensure that their use of big data analytics, while producing many benefits for consumers, avoids outcomes that may be exclusionary or discriminatory. The report highlights a number of innovative uses of big data that are providing benefits to underserved populations, including increased educational attainment, access to credit through non-traditional methods, specialized health care for underserved communities, and better access to employment.

  • Definition: Big data: "extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions."

01/06/2016

FDIC weather relief FIL

The FDIC has issued FIL-1-2016 to announce steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Mississippi affected by severe storms, tornadoes, straight-line winds, and flooding.

01/06/2016

OCC rescinds JPMorgan and EverBank consent orders and issues CMPs

The Office of the Comptroller of the Currency has announced the termination of mortgage servicing-related consent orders issued in 2011 against JPMorgan Chase Bank, N.A. (JPMorgan), and EverBank (the agency had determined the banks currently comply with those orders), and assessed civil money penalties against the banks for previous violations of the orders. A $48 million civil money penalty was assessed against JPMorgan for violating its consent order from October 1, 2014, through June 30, 2015, and a $1 million civil money penalty was assessed against EverBank, for violating its consent order by improperly charging fees related to mortgage electronic registration system assignments, property inspections, and late fees to approximately 47,000 borrowers between January 2011 and March 2015. EverBank has begun making $1.6 million in remediation payments to affected borrowers.

01/04/2016

New Cyber-Related Sanctions regulations

The Office of Foreign Assets Control has published in the Federal Register regulations to implement Executive Order 1394 issued on April 1, 2015 (“Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities”). OFAC intends to supplement the new regulations at 31 CFR part 578 with a more comprehensive set of regulations, which may include additional interpretive and definitional guidance and additional general licenses and statements of licensing policy. The regulations became effective upon publication, on December 31, 2015.

12/31/2015

HMDA and CRA 2016 data entry software available

The FFIEC has announced the HMDA and CRA data entry data software for 2016 is now available.

12/31/2015

FRB/US model updated

The Federal Reserve System has updated its FRB/US model package as of December 30, 2015. The main FRB/US model package is a self-contained set of equations, data, programs and documentation that enables various types of simulations and provides information about the model's structure.

12/31/2015

OCC issues extreme weather guidance and authorizes bank office closings

The OCC has issued a reminder to national banks and federal savings associations of guidance to assist financial institutions and customers affected by extreme weather, such as the recent flooding along the Mississippi River. In addition, the OCC issued a proclamation allowing national banks and federal savings associations at their discretion to close offices located in the Midwest and Southern United States and affected by the recent severe weather.

12/31/2015

Hawaiian CU closed

The NCUA has announced the liquidation of First Hawaiian Homes Federal Credit Union of Hoolehua, Hawaii. Molokai Community Federal Credit Union of Kaunakakai, Hawaii, immediately assumed First Hawaiian Homes’ assets, member shares and most loans. First Hawaiian Homes Federal Credit Union is the eleventh federally insured credit union liquidation in 2015. The closed credit union served 1,379 members and had assets of nearly $3.2 million as of its most recent call report. It was chartered in 1937 to serve residents of Molokai, Hawaii.

12/30/2015

Precious metals dealer to pay $200K CMP

The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has announced its assessment of a $200,000 civil money penalty against a Los Angeles precious metals business, as well as its owner and compliance officer. B.A.K. Precious Metals, Inc., its sole owner and its designated compliance officer have admitted to willfully violating federal anti-money laundering (AML) laws, commonly known as the Bank Secrecy Act (BSA). For details, see our Penalty Page entry on FinCEN's announcement.

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