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Exception Tracking Spreadsheet (TicklerTrax™)
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03/04/2024

OCC releases CRA evaluations for 31 banks

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in February. Of the 31 evaluations made public this month, one (in Kentland, Indiana) is rated needs to improve, 24 are rated satisfactory, and the following six are rated outstanding:

03/04/2024

HUD charges Georgia landlords with housing discrimination

The U.S. Department of Housing and Urban Development has announced it is charging PadSplit, Inc., a property management company, Kevin Lee Forrestal and Lydia Forrestal, the property owners, in Decatur, Georgia, with discrimination against a tenant because of her disability. HUD’s Charge of Discrimination alleges that respondents failed to grant a reasonable accommodation when a hearing-impaired complainant requested to have a service animal to assist with her disability.

HUD’s Charge of Discrimination alleges that the property’s management company and its employees, and the condominium unit’s owners, prohibited a hearing-impaired resident from using a service animal in their unit, and refused to install a visual doorbell and smoke detector, preventing her full use of her unit. Ultimately, their actions resulted in the resident’s decision to move out of the unit.

03/01/2024

OCC and FDIC release CRA evaluation schedules

The FDIC and OCC have issued their Community Reinvestment Act examination schedules for the second and third quarters of 2024.

03/01/2024

Agencies to host 2024 interagency Community Reinvestment Conference

The FDIC, Federal Reserve Board, and OCC have jointly announced they and the Federal Reserve Banks of San Francisco and Chicago will host the 2024 National Interagency Community Reinvestment Conference in Portland, Oregon, March 4 to 7.

The biennial conference offers participants the opportunity to learn about the Community Reinvestment Act (CRA) and to discuss best practices, innovations, and emerging challenges in community development with experts from around the country. The 2024 program will focus on the agencies’ new CRA rule, and will include regulator-led sessions on the rule and panels on community development policy and activities. There will be pre-conference tours of local community development organizations and projects.

The conference will also include a panel discussion with Federal Reserve Vice Chair for Supervision Michael J. Barr, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu. The panel discussion will be livestreamed.

To register for the conference and view the full agenda, visit the National Interagency Community Reinvestment Conference website.

03/01/2024

FATF IDs jurisdictions with AML/CFT/CPF deficiencies

FinCEN has reported that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued an additional public statement at the conclusion of its plenary meeting this month reiterating how the Russian Federation’s war of aggression against Ukraine continues to run counter to FATF’s principles, and, thus, the suspension of the membership of the Russian Federation continues to stand. The FATF highlighted the potential risks to the international financial system, including growing financial connectivity of Russia with the Democratic People’s Republic of Korea (DPRK) and Iran, and risks of proliferation financing, malicious cyber activities, and ransomware attacks. In order to protect the international financial system, the FATF continues to urge all jurisdictions to remain vigilant to these risks.

The FATF also updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.

On February 23, 2024, the FATF added Kenya and Namibia to its list of Jurisdictions Under Increased Monitoring and removed Barbados, Gibraltar, Uganda, and the United Arab Emirates from that list.

The FATF’s list of High-Risk Jurisdictions Subject to a Call for Action remains the same, with Iran, DPRK, and Burma subject to calls for action. Iran and DPRK are still subject to the FATF’s countermeasures, while Burma is still subject to the application of enhanced due diligence, but not countermeasures.

03/01/2024

Updated plan for implementation of Enterprise credit score requirements

The Federal Housing Finance Agency has announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac (the Enterprises).

The FHFA is aligning the implementation date of the bi-merge credit reporting requirement with the transition from the Classic FICO credit score model. This aligned transition is expected to occur in the fourth quarter of 2025.

To better support market participants with this transition, the Enterprises will accelerate the publication of VantageScore 4.0 historical data, originally expected to be published in the first quarter of 2025, to early in the third quarter of 2024. FHFA and the Enterprises continue to work towards providing similar data to support the transition to the FICO 10T model, contingent upon achieving the necessary conditions for acquisition and publication of this data. FHFA will provide further details on implementation timing for FICO 10T once this process is complete.

03/01/2024

CFPB guidance on comparison-shopping results for financial products

The CFPB has announced it has issued Consumer Financial Protection Circular 2024-01 regarding preferencing and steering practices by digital intermediaries for consumer financial products or services. The circular was issued to law enforcement agencies and regulators to explain "how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks."

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