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Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

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CFPB answers debt collection questions

The Bureau has posted an article providing links to short, easy-to-understand answers to some of the CFPB’s most-visited questions on its website about debt collection.


New York credit union closes

The NCUA has announced the liquidation of the Radio, Television and Communication Federal Credit Union of Staten Island, New York. Palisades Federal Credit Union of Pearl River, New York, immediately assumed most of the liquidated credit union’s assets and all members, shares, and loans. Palisades Federal Credit Union is a federally chartered credit union has assets of nearly $192 million and serving 14,351 members, according to its most recent Call Report.

Radio, Television and Communication Federal Credit Union, which reported assets of $3 million and 416 members on its last Call Report, is the seventh federally insured credit union liquidated in 2018. The NCUA made the decision to liquidate the credit union and discontinue its operations after determining the credit union was insolvent with no prospect for restoring viable operations on its own.


Two additions to Q3 Call Report

The FDIC, OCC, and FRB have posted FIL-60-2018 with materials pertaining to the Consolidated Reports of Condition and Income (Call Report) for the September 30, 2018, report date. Institutions are requested to plan to complete as early as possible the preparation, editing, and review of their Call Report data and the submission of these data to the agencies’ Central Data Repository (CDR).

The materials include Supplemental Instructions concerning two new data items related to reciprocal deposits added to Schedule RC-E, Deposit Liabilities, in response to the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).


Federal help for Florida Michael victims

HUD has announced it will speed federal disaster assistance to the State of Florida and provide support to homeowners and low-income renters forced from their homes due to Hurricane Michael.


Bureau proposes change for CMP inflation adjustments

The Bureau of Consumer Financial Protection has published [83 FR 51653] a proposed rule that would amend its rule adjusting for inflation the maximum amount of each civil penalty within the Bureau's jurisdiction to specify that the adjusted civil monetary penalties only apply to assessments whose associated violations occurred on or after November 2, 2015 (the date the 2015 Inflation Adjustment Act amendments were signed into law). Comments are due by November 13, 2018.


Tenant and landlord agreement on emotional support animal

HUD has announced an agreement between a woman with a disability and housing providers in Los Angeles, California. The agreement resolves claims that owner, 4147 McClung Drive, LLC, Keeton Property Management, LLC, and the manager of one of its properties threatened the woman with eviction because she had an emotional support animal.


NMLS renewal window for mortgage loan originators

The NMLS 2019 Annual Renewal Period for federal registrations begins November 1. According to federal regulations, all mortgage loan originators actively registered prior to July 1, 2018, must renew their registrations for 2019. The NMLS annual renewal period ends December 31. Guidance on preparing for and completing registration renewal is posted on the NMLS site.


FinCEN Advisory on Iran's illicit activities

FinCEN has issued an advisory to help financial institutions better detect and report potentially illicit transactions related to the Islamic Republic of Iran. The advisory is also intended to help foreign financial institutions better understand the obligations of their U.S. correspondents, to avoid exposure to U.S. sanctions, and to address the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) risks that Iranian activity poses to the international financial system. The advisory provides information on the threats the Iranian regime poses to the U.S. financial system as well as to institutions that have correspondent banking relationships with U.S. financial institutions, describes deceptive financial strategies that the Iranian regime uses to evade sanctions, and provides red flag indicators related to specific malign activities and typologies.

  • Advisory on the Iranian Regime’s Illicit and Malign Activities and Attempts to Exploit the Financial System (FIN-2018-A006)


FedPayments group progress report

The Federal Reserve System's FedPayments Improvement team ( has released its Fall 2018 Progress Report. The group was formed to facilitate the gathering of stakeholders in pursuit of a better payment system for the future. Hundreds of organizations and individuals have collaborated on achieving the five desired outcomes: speed, security, efficiency, international payments, and collaboration. Goals for the organization include widespread deployment of "real-time" payments systems by 2020.


Statement on institutions affected by Hurricane Michael

The federal financial institution prudential regulators -- Fed, FDIC, NCUA and OCC -- and the Conference of State Bank Supervisors issued a joint statement on Wednesday regarding supervisory practices for financial institutions affected by Hurricane Michael. The regulators intend to provide appropriate regulatory assistance to affected institutions.

The statement lists ways in which the regulators will work with affected institutions in the areas of lending; the use of temporary facilities during recovery; publication of closings, relocations and temporary facilities; and regulatory reporting requirements, as well as the possibility of CRA consideration for institution efforts that revitalize or stabilize designated disaster areas. Institutions were also cautioned to monitor municipal securities and loans that may be affected by the storm.


$47M in housing counseling grants awarded

HUD has announced it has awarded $47 million in housing counseling grants to help approximately one million households find housing, make more informed housing choices, or keep their current homes. The grants will directly support the housing counseling services provided by 31 national and regional organizations, six multi-state organizations, 19 State Housing Finance Agencies (SHFAs) and 207 local housing counseling agencies. In addition, HUD is awarding $3.5 million to four national organizations to train and certify additional housing counselors.


FDIC Advisory Committee on Community Banking

The FDIC has announced its selection of seven new members for its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross-section of community bankers from around the country.

  • Fred DeBiasi, President & CEO, American Savings Bank, Middletown, Ohio
  • Christopher Donnelly, President & CEO, Bank of the Prairie, Olathe, Kansas
  • James J. Edwards, Jr., CEO, United Bank, Zebulon, Georgia
  • Kenneth Kelly, Chairman & CEO, First Independence Bank, Detroit, Michigan
  • Alan Shettlesworth, President & COO, Main Bank, Albuquerque, New Mexico
  • Louise Walker, President & CEO, First Northern Bank, Dixon, California
  • Len E. Williams, President & CEO, People's Utah Bancorp & CEO, People's Intermountain Bank, American Fork, Utah


FDIC on assistance for customers affected by Michael

FDIC FIL 59-2018, issued yesterday, encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms. The FDIC realizes that although the effects of natural disasters on local businesses and individuals can be devastating, they often are transitory. The FDIC recognizes that efforts to work with borrowers in the affected communities can be consistent with safe-and-sound banking practices and in the public interest.


FDIC offers subscription alerts for exam manual updates

The FDIC has issued FIL-58-2010 offering FDIC-supervised institutions the ability to receive a notification when the agency's examination manuals are updated on the agency's website. This service will help community banks remain current on changes in instructions provided to examination staff.


FDIC teleconference on EGRRCPA

In FIL-56-2018. the FDIC has announced it will discuss consumer compliance topics related to the Economic Growth, Regulatory Relief, and Consumer Protection Act. The teleconference is scheduled for Thursday, October 25, 2018, from 2:00 p.m. to 3:30 p.m. Eastern Time. Advance registration is required.


FTC warns of hurricane charity scams

The Federal Trade Commission and its state and local partners are getting reports about sham charities following Hurricane Florence’s devastating impact on North and South Carolina.


Proposal to prohibit some criminals as rep payees

The Social Security Administration has published [83 FR 51400] proposed amendments to its regulations to prohibit persons convicted of certain crimes from serving as representative payees under the Social Security Act (Act). The proposal is prompted by changes to the Act made by the Strengthening Protections for Social Security Beneficiaries Act of 2018. Comments are due by November 13, 2018.


Swap Margin Rule amendments published

The OCC, Fed, FDIC, FCA and FHFA have published final rules amending their margin and capital requirements for covered swap entities, as announced last month. The amendments will become effective November 9, 2018.


Storm closings authorized

The OCC has issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by severe weather conditions associated with Hurricane Michael in the Gulf Coast region to close.

State regulators in Alabama and Florida has issued similar authorizations for state-chartered institutions.


NCUA Michael information and assistance

The NCUA is closely monitoring Hurricane Michael, according to the agency's Hurricane and Disaster Information webpage, where the NCUA has posted material on preparedness and recovery available for credit unions and members in the storm’s path.


NCUA community charter application webinar

The NCUA has announced that credit unions can get valuable information about using a “well-defined local community” field-of-membership narrative for community charter applications on its “Is a Community Narrative Right for Your FCU?” webinar on October 24 at 2 p.m. EDT.


FDIC posts CRA evaluations

The FDIC has released a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in July 2018. Of the 66 banks listed, two were rated "outstanding," 63 were rated "satisfactory," and one received a "needs to improve" rating. The banks receiving outstanding ratings were:


Federal Reserve reports

The Federal Reserve has released the following periodic reports:

  • Minority-Owned Depository Institutions as of June 30, 2018
  • Large Commercial Banks ranking by consolidated assets as June 30, 2018
  • G.19 Consumer Credit – August 2018
  • Credit and Liability Programs and the Balance Sheet – October 3, 2018
  • 10/09/2018

    JPMorgan Chase pays $5.3M to settle OFAC liability

    OFAC has announced that JPMorgan Chase Bank, N.A. (JPMC) has agreed to remit $5,263,171 to settle its potential civil liability for apparent violations involving the processing of 87 net settlement payments with a total value of $1,022,408,149, of which approximately $1,500,000 (0.14%) appears to have been attributable to interests of sanctions-targeted parties, and which therefore appear to have violated one or more of the following sanctions programs administered by OFAC: the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (CACR); the Iranian Transactions and Sanctions Regulations, 31 C.F.R. Part 560 (ITSR); and the Weapons of Mass Destruction Proliferators Sanctions Regulations, 31 C.F.R. Part 544 (WMDPSR).

    OFAC determined that JPMC voluntarily self-disclosed the apparent violations, and that the apparent violations constitute a non-egregious case. The total base penalty amount for the apparent violations is $7,797,290.

    Separately, OFAC issued a Finding of Violation to JPMC for violations of the Foreign Narcotics Kingpin Sanctions Regulations, 31 C.F.R. part 598 (FNKSR), and the Syrian Sanctions Regulations, 31 C.F.R. part 542 (SSR). There is no monetary penalty associated with a Finding of Violation.


    FDIC 8th Annual Consumer Research Symposium

    The FDIC will sponsor its 8th Annual Consumer Research Symposium on October 12, 2018, in the Bair Auditorium at the FDIC Seidman Center, located at 3501 Fairfax Drive, Arlington, Virginia. The goal of the symposium is to facilitate discussion of recent research on consumers' capabilities, knowledge, preferences, and experiences in the market for financial products and services, as well as the effects of public policy interventions and new regulations on consumers, households, communities, and financial institutions. A diverse audience of participants from academia, government agencies, nonprofit groups, and industry is expected. Registration is available for the live webcast.


    CUs pay late filing penalties

    The NCUA has announced that ten federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the first quarter of 2018 have agreed to penalties totaling $4,133.


    OCC to host Innovation Office Hours in Dallas

    The OCC Office of Innovation has announced it will hold Innovation Office Hours November 14–15, 2018, in Dallas, Texas, to promote responsible innovation in the federal banking system. Office Hours are one-on-one meetings with the OCC’s Office of Innovation staff to discuss financial technology (fintech), new products or services, partnering with a bank or a fintech company, or other matters related to responsible innovation in the federal banking system.


    SCOOS on Dealer Financing Terms released

    The Federal Reserve has released the results of its September 2018 Senior Credit Officer Opinion Survey on Dealer Financing Terms, which collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included a set of special questions about the potential effects of hypothetical future changes in the interest rate environment on the price and nonprice terms for financing provided to clients and on the positioning of different classes of clients for such changes. The 23 institutions participating in the survey account for almost all dealer financing of dollar-denominated securities to nondealers and are the most active intermediaries in OTC derivatives markets. The survey was conducted August 21 – 31, 2018. The core questions asked about changes between June 2018 and August 2018.


    New National Strategy for Counterterrorism

    The President and the National Security Council have announced a new National Strategy for Counterterrorism. Treasury Secretary Mnuchin issued the following statement regarding the new strategy, “President Trump’s new National Strategy for Counterterrorism will harden the U.S. financial system against terrorist threats and promote collaboration with allies to counter international terror financing networks. Treasury employs a broad array of tools to help disrupt terrorist attacks without putting our troops in harm’s way, and this Administration has accelerated efforts to shut down networks that terrorists use to finance their operations. Treasury will continue to apply sustained pressure on ISIS, Al-Qaeda, Hizballah and other Iran-sponsored proxies, Lashkar-E Tayyiba, and other terrorist organizations.”


    Texas landlord and property manager charged with discrimination

    HUD has announced it is charging a McAllen, Texas property owner and management company with discriminating against families with children. HUD alleges the owners of El Patrimonio Apartments and its management company, Texas Regional Asset Management, LLC, threatened to fine a family $250 because their two children played in the community area of the complex. The charge also states that the apartment owners enacted a policy that required children under the age of 18 to be supervised by an adult family member while on the property, including the pool area. In one instance, a couple was threatened with the fine because their two children were playing in the community area while being supervised by adults who were not blood relatives.


    HUD sets Section 108 credit subsidy fee

    HUD has published a Notice [83 FR 50257] in today's Federal Register announcing that HUD will collect a credit subsidy fee at closing equal to 2.23 percent of the principal amount of Section 108 loans during fiscal year 2019. The revised fee rate will be applicable beginning November 5, 2018.


    Suspensions from flood insurance program

    FEMA has published a rule [83 FR 50289] in today's Federal Register identifying communities in North Carolina, Ohio and Oregon that will be suspended from the National Flood Insurance Program on October 19, 2018, for noncompliance with the floodplain management requirements of the program:

    • NC: Chapel Hill, Durham, and unincorporated areas of Chatham, Durham and Orange Counties
    • OH: Fairfield, Hamilton, Middletown, Millville, Monroe, New Miami, Seven Mile, Trenton, and unincorporated areas of Butler County
    • OR: Beaverton, Forest Grove, Hillsboro, King City, North Plains, Sherwood, Tigard, Tualatin, and unincorporated areas of Washington County


    Bureau settles with Bluestem companies

    The Bureau of Consumer Financial Protection has announced that the Bureau and Bluestem Brands, Inc.; Bluestem Enterprises, Inc.; and Bluestem Sales, Inc. (the Bluestem companies) have filed an administrative consent order resolving the Bureau’s allegations that after consumers made payments to the Bluestem companies on debts that the companies had already sold, the Bluestem companies substantially delayed sending those payments to the third-party debt buyers.

    The Bureau found that the Bluestem companies violated the Consumer Financial Protection Act of 2010 by unfairly delaying the transfer of payments that customers had made to the Bluestem companies on charged-off accounts to the third-party debt buyers who had purchased those accounts. The Bureau found that between 2013 and 2016, Bluestem delayed forwarding payments for more than 31 days in 18,000 instances; in 3,500 of those instances, Bluestem delayed forwarding payments for more than a year. These delays likely subjected customers to misleading collection activity, including collection activity on accounts that they had completely paid off.

    The Bluestem companies are now required to improve their processes to timely identify and forward customer payments on accounts sold to third parties, prevent consumers from making payments by phone or on the companies’ websites on sold accounts, and notify customers who do make payments to the Bluestem companies on sold accounts that their accounts have been sold. The companies will also pay a civil money penalty of $200,000.


    FinCEN Advisory on risks linked to Nicaraguan corruption

    FinCEN has announced it issued an advisory (FIN-2018-A005) Wednesday to alert U.S. financial institutions of the increasing risk that proceeds of political corruption from Nicaragua may enter or traverse the U.S. financial system. FinCEN stated in its press release that it expects that senior foreign political figures connected to the regime of Nicaraguan President Daniel Ortega could react to the perceived threat of further unrest, potential sanctions, or other factors by moving assets out of their accounts in Nicaragua or elsewhere. These assets could be the proceeds of corruption, and they may be directed into U.S. accounts, or laundered through the U.S. financial system. FinCEN requests that financial institutions file Suspicious Activity Reports (SARs), consistent with their existing Bank Secrecy Act (BSA) obligations, when they identify potential misuse of Nicaraguan public funds or potential proceeds of political corruption associated with senior foreign political figures connected to the Ortega regime.


    OFAC acts against Hizballah supporters and Turkish company

    The Treasury Department has announced that OFAC acted yesterday to disrupt Hizballah’s financial support networks by designating Muhammad ‘Abdallah al-Amin (al-Amin) as a Specially Designated Global Terrorist (SDGT) under Executive Order 13224. OFAC designated al-Amin for providing material support to Hizballah insider and financier Adham Husayn Tabaja. In addition to al-Amin, OFAC designated seven Lebanon-based companies that are owned or controlled by al-Amin.

    Treasury also announced that OFAC made North Korea-related designations of a Turkish company, SIA Falcon International Group, for attempts to circumvent sanctions on goods that have long been prohibited by UN Security Council (UNSC) resolutions, as well as three individuals involved in those attempts.

    For identity information on the designated parties in these two OFAC actions, and 422 OFAC administrative SDN List changes, see our OFAC Update.


    SEC updates and simplifies disclosure rules

    The Securities and Exchange Commission has published a final rule [83 FR 50148] amending certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. The amendments affect Commission regulations at 17 CFR parts 210, 229, 230, 239, 240, 249, and 274, and will be effective November 5, 2018.


    Fed seeks input on actions to allow real-time settlement of faster payments

    The Federal Reserve Board on Wednesday invited public comment on actions the Federal Reserve could take to support faster payments in the United States. The potential actions, which would facilitate real-time interbank settlement of faster payments, build on collaborative work with the payment industry through the Federal Reserve System's Strategies for Improving the U.S. Payment System (SIPS) initiative.

    Views are being sought on two potential actions that may support the further development of faster payments in the United States while increasing the resiliency and security of services offered to the public:

    • the development of a service for real-time interbank settlement of faster payments 24 hours a day, seven days a week, 365 days a year (24x7x365); and
    • the creation of a liquidity management tool that would enable transfers between Federal Reserve accounts on a 24x7x365 basis to support services for real-time interbank settlement of faster payments, regardless of whether those services are provided by the private sector or the Federal Reserve Banks.

    Comments on the proposal are due by December 14, 2018.

    Fed Governor Lael Brainard, who co-chairs the Fed Payments Improvement initiative's oversight committee, addressed the Fed Payments Improvement Community Forum in Chicago on Wednesday, speaking on the role of the Federal Reserve in ensuring safe and reliable payments, moving to 24/7 real-time settlement, and the role of the Federal reserve in faster payments.


    Regulators support BSA/AML resource sharing

    The federal depository institutions regulators and FinCEN yesterday issued a joint statement to address instances in which certain banks and credit unions may decide to enter into collaborative arrangements to share resources to manage their Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations more efficiently and effectively. Collaborative arrangements as described in the statement generally are most suitable for financial institutions with a community focus, less complex operations, and lower-risk profiles for money laundering or terrorist financing. The statement, which was issued by the Fed, the FDIC, FinCEN, the NCUA, and the OCC, explains how these institutions can share BSA/AML resources in order to better protect against illicit finance risks, which can in turn also reduce costs. The Fed also issued SR-18-8 about the joint statement.


    Fannie/Freddie Duty to Serve proposal

    The FHFA has announced it is requesting public input as part of the agency's consideration of proposed modifications to Fannie Mae and Freddie Mac's 2018-2020 Underserved Markets Plans (Plans) under the Duty to Serve program. The Duty to Serve regulation allows Fannie and Freddie to request to modify its Plan at any time. However, FHFA must provide a non-objection to a proposed modification for them to become part of an Enterprise's Plan.

    The FHFA has determined that public input would be helpful in considering four of Fannie Mae's twenty-two proposed modifications that would each make a substantial change to the content of its Plan. Freddie Mac has submitted one modification that FHFA considers to be a modest correction and, as a result, FHFA is not seeking public input on this proposal. FHFA requests public input on the proposed modifications to the 2018-2020 Underserved Markets Plan by Nov. 2, 2018 via the dedicated Duty to Serve page on FHFA's website or via mail to FHFA Division of Housing Mission and Goals, Seventh Floor, 400 Seventh Street SW, Washington D.C. 20219.


    Fed update on expanded exam cycles

    The Federal Reserve Board has issued Supervision and Regulation Letter SR-18-7 with an update on recent changes to the criteria for state member banks (SMB) and U.S. branches and agencies of foreign banks to be eligible for an expanded examination cycle of 18 months. The expanded cycles will apply to certain state member banks and U.S. branches and agencies of foreign banks with less than $3 billion in total assets meeting the criteria described in the letter.


    McWilliams on 'Trust through Transparency'

    In a speech at the 2018 Community Banking in the 21st Century Research and Policy Conference in St. Louis, Missouri, FDIC Chairman Jelena McWilliams announced a new, agency-wide "Trust through Transparency" initiative. The FDIC has launched a new section on its public website to provide new performance metrics that cross its business lines. The metrics will include data on the turnaround times for examinations and bank applications and timely response rates for the FDIC call center. The site also contains decisions related to appeals of material supervisory determinations and deposit insurance assessments, as well as information on the FDIC's policies and procedures. The metrics will be updated regularly, and new materials will be added to the site as the agency creates more ways to shed light on the way it conducts business.

    In addition, said Williams, the FDIC recently issued a request for information on how to make communication with insured depository institutions more effective, streamlined, and clear. Last month, the agency asked for comment on a proposal to retire more than half of the 664 risk management supervision-related Financial Institution Letters it issued between 1995 through 2017. Those FILs are outdated or convey regulations or other information that is still in effect but available elsewhere on the FDIC's website. A unique mailbox,, has been created to allow interested stakeholders to share ways the FDIC can improve transparency.


    OFAC sanctions parties associated with Yakuza syndicate

    the U.S. Department of the Treasury has reported that its Office of Foreign Assets Control took action Tuesday against two companies and four individuals in Japan associated with the Yamaguchi-gumi, the largest and most prominent Japanese Yakuza syndicate. The companies and individuals were designated under Executive Order 13581, which targets significant transnational criminal organizations (TCOs) and their supporters. OFAC's action was designed to protect the U.S. financial system from the malign influence of TCOs and to expose the companies and individuals who are supporting them or acting on their behalf.

    For identity information on the designated companies and individuals, and the names of two individuals removed from Kingpin Act sanctions, see our OFAC Update.


    Proposed Call Report revisions

    FDIC FIL-54-2018, issued yesterday, reports that, in response to changes in the accounting for credit losses under the Financial Accounting Standards Board's Accounting Standards Update ASU 2016-13, the banking agencies, under the auspices of the FFIEC, are requesting comment on proposed revisions to the Call Report and certain other FFIEC reports. Other changes addressed in the proposal, which relate to the reporting of high volatility commercial real estate exposures and reciprocal deposits, result from the Economic Growth, Regulatory Relief, and Consumer Protection Act EGRRCPA.

    The proposed changes are also explained in FIL-51-2018, issued on behalf of the FFIEC banking agencies, and were published at 83 FR 49160 in the Federal Register on September 28. Institutions are encouraged to comment on the proposal by November 27, 2018.


    Comptroller testifies on EGRRCPA implementation progress

    Comptroller of the Currency Joseph M. Otting made an oral statement and offered written testimony yesterday on the implementation of the Economic Growth, Regulatory Reform, and Consumer Protection Act of 2018 before the Senate Committee on Banking, Housing, and Urban Affairs.

    Comptroller Otting's testimony highlighted agency and interagency progress toward implementing the law. That progress includes OCC release of a notice of proposed rulemaking required to grant federal savings associations greater flexibilities afforded by the law and approval of an NPR to increase the threshold for required recovery planning to banks with total consolidated assets of $50 billion or more. Otting also discussed interagency actions to implement provisions of the law that exempt smaller banks from the Volcker Rule, require certain municipal securities to be treated as high quality liquid assets, expand eligibility for the 18-month examination cycle, modify the agencies’ capital rules for high volatility commercial real estate exposures, and amend the agencies' swap margin rule.


    OCC CRA evaluations released

    The OCC has released 30 CRA performance evaluations that became public in September for national banks, federal savings associations and insured federal branches of foreign banks. Of the 30 evaluations listed, 23 are rated satisfactory, one is rated needs to improve, one is rated substantial noncompliance and five are rated outstanding.

    The outstanding ratings were received by:

    The rating of substantial noncompliance was received by a small bank in a suburb of Chicago that also received a substantial noncompliance rating in February 2015. The bank's loans were 13.8 percent of total assets as of December 31, 2017.


    Labor to hold another listening session on white collar exemption

    The Department of Labor has announced [83 FR 49869] another public listening session to gather views on the Part 541 white collar exemption regulations under the Fair Labor Standards Act. The FLSA exempts from both minimum wage and overtime protection “any employee employed in a bona fide executive, administrative, or professional capacity” and delegates to the Secretary of Labor the power to define and delimit these terms through regulation.

    The listening session will be held in Washington, D.C., from 10 a.m. to noon on October 17, 2018. To obtain specific location details and register to attend, click HERE.


    HUD awards $6.7M to reduce lead and other housing health problems

    To help protect children and seniors from exposure to lead and other home health hazards, HUD has announced awards of $6.7 million to seven universities and public health organizations to improve methods for identifying and controlling residential health risks including lead-based paint, mold, secondhand tobacco smoke, and other indoor contaminants.


    Chairman McWilliams on EGRRCPA implementation progress

    In a written statement before the Senate Committee on Banking, Housing, and Urban Affairs, FDIC Chairman Jelena McWilliams described the actions that the FDIC has taken or plans to take to implement the Economic Growth Act's reforms, along with a description of other initiatives and priorities aimed at rightsizing the regulatory requirements for community banks.


    New York credit union liquidated

    The NCUA has announced it liquidated LOMTO Federal Credit Union, Woodside, New York, on September 30, 2018. Teachers Federal Credit Union, of Hauppauge, New York, assumed LOMTO’s members and most shares as well as some loans and other assets. Teachers Federal Credit Union serves 300,541 members and has assets of nearly $6.1 billion, according to the credit union’s most recent Call Report. LOMTO Federal Credit Union, which had 2,238 members and assets of about $156 million, is the sixth federally insured credit union liquidated in 2018.


    OCC updates PCA guidelines

    OCC Bulletin 2018-33, issued September 28, sets forth the guidelines and procedures by which the Office of the Comptroller of the Currency (OCC) implements its authority under section 38 of the Federal Deposit Insurance Act, entitled “Prompt Corrective Action.” The bulletin rescinds Banking Circular 268, “Prompt Corrective Action,” and OCC Bulletin 1994-43, “Prompt Corrective Action – Capital Restoration Plans Guidelines.”

    In a note to community banks, the Bulletin indicates that the OCC has not yet established the simplified leverage ratio capital framework required by the Economic Growth, Regulatory Relief, and Consumer Protection Act for qualified community banks for prompt corrective action purposes.


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