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Free Webinar: The State of Sanctions
Thursday, June 8th - 1:00 PM CT

The sanctions landscape is evolving - exposing institutions to greater sanctions risks, operational and oversight challenges, and obligations to comply with sanctions administered by OFAC and other agencies. OFAC expert, Tim White, will address these issues and what you need to be aware of moving forward. (Register here.)

Top Stories

05/25/2017

25 Credit Unions pay call report late-filing penalties

The NCUA has announced that 25 federally insured credit unions subject to civil monetary penalties for filing late Call Reports in the fourth quarter of 2016 have consented to penalties totaling $10,365. Individual penalties ranged from $151 to $2,509. The Federal Credit Union Act requires NCUA to send any funds received through civil monetary penalties to the U.S. Treasury.

05/25/2017

FEMA to suspend communities from Flood Program

The Federal Emergency Management Agency published a final rule in the May 25, 2017, Federal Register identifying communities to be suspended on June 7, 2017, from the National Flood Insurance Program for noncompliance with the program's floodplain management requirements.

  • Arkansas—Portions of Jackson County
  • Illinois—City of Decatur
  • North Dakota—City of New Rockford and portions of Stutsman County
  • Pennsylvania—Portions of Erie County
  • Texas—Town of Fairview

05/25/2017

Major Mexican heroin trafficking organization targeted by OFAC

OFAC has announced it has identified Mexican national Jose Luis Ruelas Torres and the Ruelas Torres Drug Trafficking Organization (Ruelas Torres DTO) as Significant Foreign Narcotics Traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Jose Luis Ruelas Torres is the leader of the Ruelas Torres DTO, a family-based, independent opium and heroin production and distribution organization that smuggles multi-kilogram heroin quantities into the United States. OFAC is also designating ten key Ruelas Torres DTO associates as Specially Designated Narcotics Traffickers pursuant to the Kingpin Act for their role in the organization. For identification information see our OFAC Update.

As a result of this action, all assets of those designated that are based in the United States or that are in the control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. Penalties for violations of the Kingpin Act range from civil penalties of up to $1,437,153 million per violation to more severe criminal penalties. Criminal penalties for corporate officers may include up to 30 years in prison and fines of up to $5 million. Criminal fines for corporations may reach $10 million. Other individuals could face up to 10 years in prison and fines pursuant to the Title 18 of the United States Code for criminal violations of the Kingpin Act.

05/25/2017

FOMC statement and minutes released

The statement and minutes of the May 2-3, 2017, meeting of the Federal Open Market Committee have been released.

05/25/2017

Counterfeit cashier’s checks of Texas bank

The OCC has issued an alert concerning at least eight variations of counterfeit cashier’s checks using the correct routing number of Legend Bank, NA, Bowie, Texas, that are being presented for payment nationwide in connection with a variety of online scams. See our Alerts & Counterfeits page for details.

05/25/2017

FDIC insured institutions earned $44B in first quarter

The FDIC has released its First Quarter 2017 Quarterly Banking Profile, which reports commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $44 billion in the first quarter of 2017, up $5 billion (12.7 percent) from a year earlier. The increase in earnings was mainly attributable to an $8.8 billion (7.8 percent) increase in net interest income and a $2.1 billion (3.4 percent) increase in noninterest income. A statement from Chairman Gruenberg was also released.

05/24/2017

CFPB Advisory Board to meet

The Consumer Financial Protection Bureau has published a Notice in today's Federal Register of a public meeting of its Consumer Advisory Board to be held at the Bureau's offices in Washington from 10:00 a.m. to 4:30 p.m. EDT on Thursday, June 8. On the discussion agenda are credit visibility, credit producs, trends and themes, and small business lending.

05/24/2017

Labor's Fiduciary Rule effective June 9

The Department of Labor has issued Guidance FAQs on a phased-in implementation of its Fiduciary Conflict of Interest Rule and related exemptions beginning at midnight Friday, June 9, 2017, with certain provisions in the exemptions delayed to January 1, 2018. As a result, on June 9, investment advice providers to retirement savers will become fiduciaries, and the "impartial conduct standards" will become requirements of the exemptions. The Department will continue to examine the Fiduciary Rule in compliance with the president's February 3, 2017, memorandum.

05/24/2017

Watt discusses FHLB status and priorities

In prepared remarks delivered at the 2017 Federal Home Loan Bank Directors' Conference in Washington, D.C., Director Watt reviewed the status of the Federal Home Loan Bank System, FHL Bank supervisory priorities; diversity, inclusion, oversight, and examinations.

05/24/2017

OCC updates policies regarding violations

The OCC has issued Bulletin 2017-18 with an update of policies and procedures regarding violations of laws and regulations to become effective July 1, 2017. The updates are reflected in the “Bank Supervision Process,” “Community Bank Supervision,” “Federal Branches and Agencies,” and “Large Bank Supervision” booklets and other sections of the Comptroller’s Handbook and internal guidance. Among the changes will be a consistent format for communicating violations that includes legal citations and descriptions of the violation, a summary of relevant statutory or regulatory requirements, facts supporting the violation and root cause(s), corrective action(s) required, and the commitments of the bank's board and management to corrective action.

05/24/2017

OCC names deputy comptroller for economics

Acting Comptroller Noreika has announced the naming of Michael Sullivan as senior deputy comptroller for economics effective June 11, 2017.

05/24/2017

Gruenberg on connecting unbanked to mainstream financial services

In remarks at the Bank On 2017 conference in Washington, D.C., FDIC Chairman Gruenberg discussed the results of the FDIC's biennial National Survey of Unbanked and Underbanked Households. He noted that the most recent survey, published in October 2016, revealed that 7 percent of households were unbanked, lacking any account relationship at an insured institution. The survey also showed that an additional one-in-five (or 19.9 percent of) households were underbanked, defined as households in which a member had a bank account, but nevertheless turned to alternative financial services providers during the year to address one or more needs for transactional services such as check cashing or credit. Altogether, the survey reported that some 90 million Americans, or nearly 27 percent of households, are unbanked or underbanked. Gruenberg concluded, “Economic inclusion goes to the heart of the FDIC's mission of maintaining the public's confidence in the banking system. By working together to promote access to safe accounts and integrate financial services into important local initiatives, we expand opportunities for people to save, invest, meet basic financial goals, and more fully participate in our economy.”

05/24/2017

Debt relief scam halted by FTC and Florida

At the request of the Federal Trade Commission and the State of Florida, a federal court has issued a preliminary injunction to temporarily halt a massive phony debt relief operation that bilked tens of millions of dollars from financially strapped consumers, including the elderly and disabled. According to the complaint filed by the FTC and the State of Florida, the defendants, through 11 companies, got people to pay hundreds or thousands of dollars a month by falsely promising they would pay, settle, or obtain dismissals of consumers' debts and improve their credit. Over time, victims found their debts unpaid, their accounts in default, and their credit scores severely damaged. Some were sued by their creditors, and some were forced into bankruptcy.

05/24/2017

FTC ID theft conference today

The U.S. Federal Trade Commission will host an all-day conference today, May 24, 2017, from 9 am to 4 pm ET, to take a comprehensive look at how identity theft has evolved over the last decade and what can be done to address this challenge in the future. The conference will be webcast.

05/24/2017

CFPB updates Your Money, Your Goals pages

The CFPB Blog has announced an update of the Bureau's "Your Money, Your Goals" webpages, with new resources for organizations to use when having conversations about money with their clients.

05/24/2017

SCOTUS deals setback for patent trolls

The Supreme Court has made the practice of "patent trolling" more difficult with its May 22, 2017, decision on how to interpret the patent venue laws. In TC Heartland LLC v. Kraft Foods Group Branch LLC, the justices held that the US Court of Appeals for the Federal Circuit, which handles all patent appeals, has been using the wrong standard since 1990 to decide in which court jurisdiction a patent lawsuit can be brought. Get the details in our Courtwatch article.

05/23/2017

Fed releases Reg II small issuer exemption lists

The Federal Reserve Board has published two lists of institutions intended to help payment card networks and others determine which card issuers qualify for the statutory exemption from the interchange fee standards in Regulation II (12 CFR Part 235). Section 920 of the Electronic Fund Transfer Act (added by the Dodd-Frank Act) required the Federal Reserve to establish interchange fee limits for debit card transactions. It exempts any debit card issuer that, together with its affiliates, has assets of less than $10 billion. The lists have been generated from the set of institutions in existence on December 31, 2016, according to the available data. The lists -- one of exempt institutions and the other of non-exempt institutions -- are available in three different formats.

05/22/2017

OFAC targets al-Qa'ida in Arabian Peninsula

OFAC has announced that it has targeted al-Qa’ida in the Arabian Peninsula (AQAP) leaders and facilitators by imposing sanctions on two individuals. Specifically, OFAC designated Hashim Muhsin Aydarus al-Hamid (al-Hamid) and Khalid Ali Mabkhut al-Aradah (al-Aradah), both Yemen-based tribal leaders who facilitated the transfer of weapons and money and the movement of individuals in support of AQAP. Those actions were taken Friday in conjunction with the State Department's designation of Hashem Safieddine, a senior leader in Hizballah, and Muhammad al-Isawi, the leader of ISIS - Sinai. As a result of Friday’s actions, all property and interests in property of these persons subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. For more information, see our OFAC Update.

05/22/2017

OCC announces enforcement actions

The Office of the Comptroller of the Currency has released enforcement actions taken in April 2017 against national banks, federal savings associations, and individuals currently and formerly affiliated with such institutions. .This month's list included the previously announced $15 million civil money penalty levied against U.S. Bank, N.A.. Also included was an $87,500 civil money penalty against a Texas bank for a pattern and practice of flood insurance regulation violations.

There was also an order that a former mortgage loan originator at a Chicago, Illinois, bank make restitution of $3,710, pay a penalty of $10,000, and accept a ban from employment or other involvement in the banking industry. Finally, a former Vice President and Financial Consultant of a Reno, Nevada, bank was banned from the industry for engaging in a check kiting scheme which at one time left his account at the bank overdrawn by $57,000 (which he covered before resigning from the bank).

05/22/2017

Former Barclays trader fined and banned

The Federal Reserve Board has announced it has finalized administrative proceedings against Christopher Ashton, a former institution-affiliated party of Barclays Bank PLC, London, England, ordering that he pay a civil money penalty of $1.2 million and be permanently banned from employment in the banking industry. The enforcement proceedings against Ashton follow the Board's May 2015 enforcement actions against Barclays for unsafe and unsound practices related to its compliance and control failures concerning its practices in the FX markets. The Board at that time required Barclays to pay $342 million in penalties.

05/22/2017

HUD allocates $163M for disaster relief

HUD Secretary Carson has announced the allocation of an additional $163 million to help several state and local communities to recovery from severe flooding that occurred in 2015 and 2016. The grants announced today are provided through HUD's Community Development Block Grant-Disaster Recovery (CDBG-DR) Program.

05/22/2017

U.S. and Saudi Arabia to chair Terrorist Financing Targeting Center

The United States and Saudi Arabia have announced the execution of a memorandum of understanding by the U.S., the Saudis and five Gulf States to establish the Terrorist Financing Targeting Center (TFTC), a collaborative approach to confronting new and evolving threats arising from terrorist financing. The TFTC represents a new and creative response that leverages existing tools and formalizes cooperation between the United States, Saudi Arabia and partners in the Gulf to counter terrorist financing.

05/22/2017

Fed reports on U.S. household economic well-being

The Federal Reserve Board has announced the release of its latest Report on the Economic Well-Being of U.S. Households. The report, based on the Board's fourth annual Survey of Household Economics and Decisionmaking conducted in October 2016, presents a picture of improving financial well-being among Americans. Overall, 70 percent of respondents said they were either "living comfortably" or "doing okay," up 1 percentage point from 2015 and up 8 percentage points from the first survey results in 2013. The improvements in well-being as reported by the survey respondents are concentrated among adults with at least some college education.

05/19/2017

Counterfeit cashier's checks on Ohio bank

The OCC has issued Alert 2017-5 concerning counterfeit cashier's checks purporting to have been issued by Consumers National Bank, Minerva, Ohio. See our Alerts and Counterfeits page for details.

05/19/2017

FEMA suspends communities from NFIP

Communities in Connecticut, Iowa, Mississippi and South Carolina were suspended from participation in the National Flood Insurance Program on May 16, 2017, according to a rule published in the May 19, 2017, Federal Register. FEMA ordered the suspensions, for non-compliance with the flood plain management requirements of the program, for:

  • CT: portions of Hartford and New Haven counties
  • IA: portions of Cass and Pocahontas counties
  • MS: portions of Panola, Quitman and Tallahatchie counties
  • SC: portions of Chester, Lancaster and York counties

05/19/2017

FDIC deposit insurance seminars

FIL-18-2017, issued yesterday by the FDIC, announced that the agency will conduct four live seminars on FDIC deposit insurance coverage [includes dates, times and registration information] for bank employees and bank officers between June 6, 2017, and December 4, 2017. In addition to a comprehensive overview of FDIC deposit insurance rules, the seminars now include deposit insurance coverage information for Prepaid Cards, Health Savings Accounts, 529 plan accounts and 529 Achieving a Better Life Experience (ABLE) plan accounts. The FDIC has also developed three separate Deposit Insurance Coverage Seminars for bank officers and employees that are available on the FDIC's YouTube channel.

05/19/2017

OFAC sanctions Venezuelan judges

The Office of Foreign Assets Control has added the names of the eight members of Venezuela's Supreme Court of Justice (Tribunal Supremo de Justicia or TSJ} to its list of designated foreign nationals under Executive Order 13692. The eight officials are the President of Venezuela's TSJ, Maikel Jose Moreno Perez, and the seven principal members of the TSJ's Constitutional Chamber (La Sala Constitucional del TSJ or TSJ-C): Juan Jose Mendoza Jover (Second Vice President of the TSJ and President of the TSJ-C); Arcadio de Jesus Delgado Rosales (Vice President of the TSJ-C); Gladys Maria Gutierrez Alvarado (Magistrate of the TSJ-C and former President of the TSJ); Carmen Auxiliadora Zuleta de Merchan (Magistrate of the TSJ-C); Luis Fernando Damiani Bustillos (Magistrate of the TSJ-C); Lourdes Benicia Suarez Anderson (Magistrate of the TSJ-C); and Calixto Antonio Ortega Rios (Magistrate of the TSJ-C). As a result of today's actions, all of the designated individuals' assets within U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For further information and identification details, see our OFAC Update.

05/18/2017

Iran missile program draws more OFAC designations

Yesterday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated seven targets in connection with Iran's ballistic missile program. OFAC designated two senior Iranian defense officials, including a defense official who facilitated the sale of explosives and provided other support to Syria and the director of the organization responsible for Iran's solid-fueled ballistic missile program. In addition, OFAC designated a China-based network that is supporting Iran's military by supplying millions of dollars' worth of missile-applicable items and an Iran-based entity that is assisting Iran's ballistic missile program. Yesterday's actions were taken pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction and their means of delivery and supporters of such activity. These sanctions underscore the United States' concern with Iran's continued development and testing of ballistic missiles. For identifying information, see our OFAC Update.

05/18/2017

CFPB adds Blog articles

Two articles have been posted on the Bureau Blog containing tips to get back on track if you’re behind on your auto loan and the most common financial struggles faced by servicemembers.

05/18/2017

April NCUA board meeting video available

The video recording of the April 20, 2017, open meeting of the National Credit Union Administration Board is now available.

05/18/2017

NCUA community development grant applications

NCUA has announced it will begin accepting community development grant applications on July 1. The agency's Notice of Funding Opportunity was published in this morning's Federal Register.

The NCUA also published a Notice of Funding Opportunity to invite eligible credit unions to submit applications for participation in the OSCUI Loan Program (a.k.a. Community Development Revolving Loan Fund (CDRLF)), subject to funding availability. The OSCUI Loan Program serves as a source of financial support, in the form of loans, for credit unions serving predominantly low-income members. It also serves as a source of funding to help low-income designated credit unions (LICUs) respond to emergencies arising in their communities.

05/17/2017

Syrian attacks spur new OFAC actions

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced that it has designated five individuals and five entities in response to continued acts of violence committed by the Government of Syria, led by Bashar al-Assad, against its own citizens. The designated individuals and entities have provided support or services to the Government of Syria, or are owned or controlled by or are acting for or on behalf of designated individuals or entities. Yesterday’s action was taken pursuant to three Executive Orders (E.O.s): E.O. 13572, which targets persons responsible for human rights abuses in Syria, their supporters, and supporters of senior officials or certain activities related to public corruption; E.O. 13582, which targets the Government of Syria and its supporters; and E.O. 13382, which targets proliferators of weapons of mass destruction and their supporters. As a result of yesterday’s action, any property or interest in property of the identified persons in the possession or control of U.S. persons or within the United States must be blocked. Additionally, transactions by U.S. persons involving these persons are generally prohibited.

OFAC also removed one listing and updated three others. For identity information related to all these actions, see our OFAC Update.

05/17/2017

HUD charges landlords with discrimination against families with children

HUD has announced that it is charging a group of New Hampshire landlords with housing discrimination for denying families with children the opportunity to rent certain apartments. HUD alleges that MSM Brothers, Inc., the owner of a 192-unit apartment complex in Dover, New Hampshire, and its on-site manager engaged in housing discrimination by limiting rental options for applicants with young children.

05/17/2017

Residential construction mixed

HUD and the Census Bureau jointly announced new residential construction statistics for April 2017:

  • Building permits: Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,229,000, 2.5 percent below the revised March rate of 1,260,000, but 5.7 percent above the April 2016 rate of 1,163,000. Single-family authorizations in April were at a rate of 789,000, 4.5 percent below the revised March figure of 826,000. Authorizations of units in buildings with five units or more were at a rate of 403,000 in April.
  • Housing starts: Privately owned housing starts in April were at a seasonally adjusted annual rate of 1,172,000, 2.6 percent below the revised March estimate of 1,203,000 and 0.7 percent above the April 2016 rate of 1,164,000. Single-family housing starts in April were at a rate of 835,000, 0.4 percent above the revised March figure of 832,000. The April rate for units in buildings with five units or more was 328,000.
  • Housing completions: Privately owned housing completions in April were at a seasonally adjusted annual rate of 1,106,000, 8.6 percent below the revised March estimate of 1,210,000 and 15.1 percent above the April 2016 rate of 961,000. Single-family housing completions in April were at a rate of 784,000, 4.5 percent below the revised March rate of 821,000. The April rate for units in buildings with five units or more was 299,000.

05/17/2017

Refinance volume falls

The Federal Housing Finance Agency (FHFA) has reported that just over 510,000 refinances were completed in the first quarter of 2017, compared to 750,767 in the fourth quarter of 2016. FHFA's first quarter Refinance Report also shows that 3 percent or 13,425 of the mortgages refinanced from January through March were through the Home Affordable Refinance Program (HARP). The Report indicated:

  • Total refinance volume fell in March as mortgage rates remained above the levels observed in 2016
  • Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program
  • Ten states accounted for over 60 percent of the nation's HARP-eligible loans with a refinance incentive as of December 31, 2016

05/17/2017

Industrial production continues advance

The Federal Reserve has released the April 2017 G.17 Industrial Production and Capacity Utilization report. Industrial production advanced 1.0 percent in April for its third consecutive monthly increase and its largest gain since February 2014. Manufacturing output rose 1.0 percent as a result of widespread increases among its major industries. The indexes for mining and utilities posted gains of 1.2 percent and 0.7 percent, respectively. At 105.1 percent of its 2012 average, total industrial production in April was 2.2 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.6 percentage point in April to 76.7 percent, a rate that is 3.2 percentage points below its long-run (1972–2016) average.

05/17/2017

Atlanta OCC workshop scheduled

The OCC will host a Building Blocks for Directors workshop at the Sheraton Atlanta Hotel, June 26–28, for directors, senior management team members and other key executives of institutions supervised by the OCC. The workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation. The session focuses on duties and core responsibilities of directors and management, discusses major laws and regulations, and increases familiarity with the examination process.

05/17/2017

FATF at G7 meeting in Italy

The Financial Action Task Force (FATF) participated in the G7 Finance Ministers and Central Bank Governors' meeting in Bari, Italy, on May 12–13, 2017. G7 participants discussed the importance of tackling illicit financial flows and terrorist financing and committed to fully and effectively implement FATF standards, including on designated non-financial businesses and professions. They strongly supported the work of FATF in improving the implementation of international standards and welcomed and supported the ongoing work to strengthen the FATF's institutional basis, governance and capacity. The G7 created FATF in 1989 to tackle money laundering. From the original 16 members, FATF has since grown to a global network of 198 jurisdictions that have committed at the highest level to fully implement FATF Recommendations on money laundering, terrorist financing and countering proliferation financing.

05/17/2017

CFPB discusses student loan issues

A Bureau press release has announced a CFPB report that reveals that nine in ten highest-risk student loan borrowers were not enrolled in affordable repayment plans. A CFPB Blog article also disclosed that new data illustrates a disturbing cycle of defaults for struggling student loan borrowers.

05/17/2017

FCC proposes changes to TCPA rules

The Federal Communications Commission has published [82 FR 22625] a proposed rule that would amend the FCC's rules implementing the Telephone Consumer Protection Act and the agency's call completion rules. The Commission's proposal would codify the clarification contained in 2016 Guidance that providers may block calls when the subscriber to a particular telephone number requests that calls originating from that number be blocked; and would permit providers to block calls under a number of other circumstances. These efforts would augment providers' ability to prevent unwanted robocalls. Comments on the proposal will be accepted for 75 days, through July 31, 2017.

05/16/2017

Prepaid Rule survives nullification attempt

Ballard Spahr LLP has posted an article in its Consumer Finance Monitor reporting that the CFPB Prepaid Account Rule has survived a Senate challenge under the Congressional Review Act (CRA). There were joint resolutions introduced in both the Senate and the House to disapprove the final rule under the CRA. If both houses had passed the resolutions by May 11, and the president had agreed, the rule would have been nullified and a similar rule could not have been adopted without subsequent enactment of a new law calling for the rule. The May 11 deadline passed without passage in Congress, and the Rule is now scheduled to become effective on April 1, 2018. As noted in our April 21 Top Story, when the Bureau formally postponed the effective date from October 1, 2017, to April 1, 2018, it also agreed to revisit two substantive issues in the Prepaid Rule.

05/16/2017

FTC alert on scam targeting veterans

Debit and credit card issuers should be aware that customers who are veterans may contact them about being scammed by crooks using a phony telephone line to pose as representatives of the Department of Veterans Affairs' Veterans Choice Program (VCP). The VCP is a VA initiative the allows certain eligible veterans to use approved health care providers outside the VA system. The legitimate program uses a toll-free number starting with 866. According to a Federal Trade Commission alert, the scammers set up a phone line with the same number, starting with 800. When a veteran dials the bogus line, a message reports the veteran is entitled to a rebate if he or she provides a card number. An unauthorized charge is posted to the veteran's card account, and the veteran has to cancel the card.

05/16/2017

NYDFS challenges OCC fintech charter plan

The New York State Department of Financial Services (NYDFS) has announced it has filed suit in federal court challenge the decision of the OCC to grant special-purpose national bank charters to undefined "fintech" companies. The NYDFS "seeks to stop the OCC from granting charters to institutions subject to New York State law that provide financial services to New York consumers based on the OCC’s unidentified and sweeping array of commercial ventures never before authorized or regulated by the OCC."

05/16/2017

March TIC data posted by Treasury

The Treasury Department has posted its Treasury International Capital report covering March data. The sum total in March of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $0.7 billion. Of this, net foreign private inflows were $25.4 billion, and net foreign official outflows were $26.1 billion.

05/15/2017

Bureau publishes request for small business market info

The CFPB has published [82 FR 22318] in today's Federal Register its request for information on the small business lending market, with a 60-day comment period expiring July 14, 2017. See our earlier Top Story for details.

05/15/2017

FRB Services sets up page for savings bond news

The Federal Reserve Bank of Minneapolis and Federal Reserve Bank Services have announced the launch of a dedicated Savings Bond News You Can Use page that features a variety of resources, including:

  • Saving bonds tips
  • Frequently asked questions
  • Related communications
  • Contacts information

05/15/2017

HUD requests input for regulatory task force

The Department of Housing and Urban Development has published [82 FR 22344] in this morning's Federal Register an invitation for public comment to assist in identifying existing regulations that may be outdated, ineffective, or excessively burdensome, in accordance with Executive Orders 13771, "Reducing Regulation and Controlling Regulatory Costs," and 13777, "Enforcing the Regulatory Reform Agenda." Comments will be received through June 14, 2017.

05/12/2017

President issues EO on cybersecurity of federal networks

President Trump has signed an executive order directing federal agencies to improve the cybersecurity of federal networks. Federal agencies are ordered to follow the framework for cybersecurity of the National Institute of Standards and Technology (NIST), and must submit a risk management report to the Department of Homeland Security (DHS) within 90 days. The order also calls for DHS, collaborating with the Defense Department, FBI and others, to identify ways to support the cybersecurity of key infrastructure entities.

05/12/2017

OCC workshops in Nashville

The OCC will host two workshops at the Inn at Opryland in Nashville, Tennessee, June 20-21, for directors of institutions supervised by the OCC.

  • The Credit Risk workshop on June 20 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.
  • The Operational Risk workshop on June 21 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.
  • Each workshop is limited to 35 participants.

05/12/2017

FOMC 2018 meeting schedule

The Federal Open Market Committee has posted its tentative meeting schedule for 2018:

  • January 30-31 (Tuesday-Wednesday)
  • March 20-21 (Tuesday-Wednesday)
  • May 1-2 (Tuesday-Wednesday)
  • June 12-13 (Tuesday-Wednesday)
  • July 31-August 1 (Tuesday-Wednesday)
  • September 25-26 (Tuesday-Wednesday)
  • November 7-8 (Wednesday-Thursday)
  • December 18-19 (Tuesday-Wednesday)
  • January 29-30, 2019 (Tuesday-Wednesday)

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UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

Penalties View All

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