http://www.bankersonline.com/topstory/topstory.html - Jul 29, 2014 3:58:42 PM - Nov 30, 2004 5:07:27 PM
Last fetch attempt was insuccessful.
Reason: Maximum page size exceeded
April 29, 2014
- New Ukraine-related OFAC designations Treasury has announced the designation of seven Russian government officials, including two key members of the Russian leadership's inner circle, and 17 entities pursuant to Executive Order 13661. The executive order authorizes sanctions on, among others, officials of the Russian Government and any individual or entity that is owned or controlled by, that has acted for or on behalf of, or that has provided material or other support to, a senior Russian government official. A statement on Treasury's action was also issued by Secretary Lew. Information regarding the designated individuals and entities has been posted in a BOL OFAC Update.
- Marketable borrowing estimates Treasury has its current estimates of net marketable borrowing for the April–June 2014 and July–September 2014 quarters.
- Fake OCC correspondenceOCC Alert 2014-22 has been issued with a warning about fictitious correspondence regarding funds purportedly under the control of the OCC, "Federal Reserve Bank," and possibly other government entities. The correspondence in question contains the name of a fictitious OCC employee, Bright L. Wong; includes a non-existent OCC mailing address; and may be distributed via e-mail, fax, or postal mail. Samples [Sample 1; Sample 2] of fake correspondence accompanied the Alert.
- B of A required to resubmit capital plan The Federal Reserve Board has it is requiring Bank of America Corporation (B of A) to resubmit its capital plan and to suspend planned increases in capital distributions. The decision relates to the B of A disclosure it incorrectly reported data used in the calculation of regulatory capital ratios and submitted as inputs for the most recent FRB stress tests.
April 28, 2014
- FDIC releases enforcement actions The FDIC has its release of administrative enforcement orders for actions taken against banks and individuals in March (and one in February). The list includes four consent orders, six removal and prohibition orders, two civil money penalties and one prompt corrective action directive.
- Cabela's bank to pay $1 million for UDAP violations Included in the FDIC's newly released enforcement orders is a March 10 consent order for a $1 million civil money penalty against World's Foremost Bank, Sidney, Nebraska, for alleged deceptive and unfair acts and practices in violation of section 5 of the Federal Trade Commission Act, in connection with marketing, promotion and administration of consumer credit cards and related add-on products. The cards in question were private-label cards of Cabela's, Inc., a retail seller of sporting goods and the parent company of the bank. The consent order also requires restitution to cardholders injured by the bank's alleged section 5 violations, which appear to involve 12-month interest-free promotional offers; the offering of "LifeLock" services to cardholders; and the administration of a "points" program. World's Foremost Bank was the target of a March 2011 $250,000 consent CMP order that also related to the bank's credit card operations. In that order, the bank was cited for debt collection abuses and its handling of overlimit and late fees, among other things, and was required to make restitution to harmed consumers.
- Flood penalty ordered Also included in the FDIC's March enforcement actions was one Flood Act civil money penalty in the amount of $15,065, against a Wisconsin bank. That order has been added to BOL's Flood Penalties Watch
- South Carolina bank closed The FDIC has announced the closing of Allendale County Bank, Fairfax, South Carolina, and the assumption of all that bank's deposits by Palmetto State Bank, Hampton, South Carolina.
- FFIEC webinar: CEO and Cybersecurity
The FDIC has issued FIL-21-2014 announcing a free webinar, "Executive Leadership of Cybersecurity: What Today's CEO Needs to Know About the Threats They Don't See," will be hosted by the FFIEC on May 7, 2014, from 1–2:30 pm ET. Registration is required and ends at midnight CT on May 6, 2014.
- OCC proposes fee changes
The Office of the Comptroller of the Currency (OCC) has published a proposal to increase assessments for certain national banks and Federal savings associations (FSAs), and to make certain other related changes. Under the proposal, assessment increases for banks and FSAs with assets of more than $40 billion would range between 0.32 percent and approximately 14 percent, depending on the total assets of the institution as reflected in its June 30, 2014, Call Report. The proposal would not increase assessments for banks or FSAs with $40 billion or less in total assets. Comments on the proposal are due by June 12, 2014.
- Justice Department announcements
The Department of Justice has issued press releases announcing action taken against several individuals on Federal fraud charges—
- Sentencing of former Army contracting officials for filing false tax returns and false financial ethics disclosure forms
- Maryland man sentenced for defrauding homeowners in $4 million home loan modification scam
- Alabama woman gets 42 months and probation for stolen ID refund fraud
- Man sentenced to 87 months for role in stolen ID refund fraud scheme
April 25, 2014
- Barclays pays $280M to settle FHFA PLS claims The Federal Housing Finance Agency (FHFA), as conservator of Fannie Mae and Freddie Mac, has a settlement agreement with Barclays Bank PLC, related companies and specifically named individuals for $280 million. The settlement resolves claims alleging violations of federal and state securities laws in connection with private-label mortgage-backed securities (PLS) purchased by Fannie Mae and Freddie Mac during 2005-2007.
- OFAC SDN updates OFAC has announced the deletion of 23 SDNT listings (including several "a.k.a." entries) from its list of specially-designated nationals. Changes to two other existing designations were also announced. Information regarding the deletions and changes have been posted in a BOL OFAC Update.
- FinCEN assesses $10,000 CMP for MSB's BSA/AML violations
A $10,000 civil money penalty (CMP) has been assessed by FinCEN against a money services business (MSB) and its president for violations of the Bank Secrecy Act (BSA). The business failed to register as an MSB, develop an effective AML program, conduct a BSA/AML risk assessment, designate a knowledgeable compliance officer. and retain required records of currency transactions. This enforcement action has been added to BOL's BSA/AML Penalties page.
- Remittance Transfers Rule proposal published
The CFPB's proposed rule and request for comment that would amend the Remittance Transfers Rule in subpart B of Regulation E (12 CFR Part 1005) has been published in today's Federal Register. Our April 16 Top Stories summarizes the proposal. Comments are due by May 27, 2014.
- NCUA Board action
A Board Action Bulletin has been issued by the NCUA announcing approvals of the following items at its April 24, 2014, board meeting:
- a final rule to provide greater security for the credit union system by requiring capital planning and stress testing for credit unions with assets greater than $10 billion
- a proposed rule to clarify requirements for associational common bond groups for federal credit union membership and streamline approval of recognized groups
- an expansion of CME Federal Credit Union's community charter to serve eight counties in the vicinity of Columbus, Ohio
- OFAC Update4/24/14
April 24, 2014
- Bureau pursuing e-closing pilot CFPB Director Richard Cordray plans for bringing technology to bear on the complexities and challenges of the home mortgage closing process in opening remarks at the CFPB Mortgage Closing Forum in Washington, D.C. yesterday. He reviewed the actions being taken by the Bureau to address problems in the mortgage market and protect consumers. He announced the release of guidelines for a new e-closing pilot program, an electronic closing process designed to be more efficient for consumers and reduce costs. In coordination with the Closing Forum event, an article was posted on the CFPB Blog listing the four major mortgage closing pain points identified by consumers who submitted comments to the Bureau:
In his comments, Director Cordray said the Bureau hopes to facilitate the use of technology to improve the closing process, without eliminating the "closing ceremony," suggesting that the Bureau understands the importance of the ceremonial nature of closings that helps emphasize the significance of the event for a consumer. The CFPB also released a report, Mortgage closings today, a "preliminary look at the role of technology in improving the closing process for consumers."
- Insufficient time to review documents
- Overwhelming stacks of paperwork
- Documents are hard to understand
- Errors in documents that often lead to delays
- Residential sales and construction activity HUD and the Census Bureau have released the March 2014 Residential Sales and Construction Activity reports. Sales of new single-family houses in March 2014 were 14.5 percent below the revised February rate and 13.3 percent below the March 2013 estimate. Single-family authorizations in March were 0.5 percent above the revised February figure. Single-family housing starts in March were 6.0 percent above the revised February figure. Single-family housing completions in March were 3.8 percent below the revised February rate.
April 23, 2014
- FHFA house price index up The Federal Housing Finance Agency has reported that U.S. house prices rose in February 2014, with an increase of 0.6 percent on a seasonally adjusted basis from January 2014, according to the agency's monthly House Price Index (HPI). The FHFA HPI is calculated using home sales price information from mortgages either sold to or guaranteed by Fannie Mae and Freddie Mac.
- Counterfeit cashier's checks alert The OCC has issued an alert on counterfeit cashier's checks bearing the correct routing number of Cumberland Federal Bank FSB, Cumberland, Wisconsin. The checks are being presented for payment nationwide in connection with various online purchase overpayment scams. Information regarding the counterfeit cashier's checks has been posted on the BOL Alerts & Counterfeits page.
- Loan growth in OCC southern district The OCC has announced that the average loan growth rate doubled among community national banks and federal savings associations located in the nine states that make up the regulator's Southern District from 2012 to 2013, reaching 4 percent in 2013. Some areas experienced even greater average loan growth, with as much as 11 percent in parts of Texas and Oklahoma, and 6 percent to 7 percent in some portions of Florida.
- FDIC ComE-IN meeting scheduled
The FDIC Advisory Committee on Economic Inclusion (ComE-IN) will meet on Thursday, April 24, 2014, in Washington, D.C. to discuss Safe Accounts, mobile financial services, financial education opportunities and consumer demand for small dollar loans. The meeting, scheduled from 9:00 a.m. to 3:15 p.m. in the FDIC Board Room, is open to the public and also will be webcast live.
- Bureau Ombudsman report on student lending
The CFPB Student Loan Ombudsman has released a report on complaints of "auto-defaults" in private student lending, often triggered by the death or bankruptcy of a co-signer, even when payments on the loan in question have been made on schedule.
April 22, 2014
- Bureau cautions student borrowers The Consumer Financial Protection Bureau has posted an article on its Blog announcing the release of its Mid-year update on student loan complaints, summarizing complaints received between October 1, 2013, and March 31, 2014. The article includes a consumer advisory concerning the potential for a lender to declare a private student loan in default if a co-signer on the loan dies or declares bankruptcy. The Bureau advised students in repayment to determine whether their lender allows the release of co-signers after a series of timely payments and a credit check. Obtaining such a release can protect the borrower from a surprise default, and also benefit the co-signer. The article provides information on how a borrower and co-signer can inquire about the availability of a release of the co-signer.
- G.20 Finance Companies report The Federal Reserve Board has released the February 2014 G.20 Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report.
- NCUA Report The April 2014 issue of The NCUA Report has been posted. This edition highlights important NCUA Board actions and key issues. It also includes articles from the chairman and each of the board members regarding their take on current topics.
- that would rescind and remove transitional regulations at 12 CFR Part 390, subparts B, C, D, and E, which were transferred from the OTS effective July 21, 2011, in accordance with Title III of the Dodd-Frank Act. The proposal would amend FDIC regulations at 12 CFR Part 308, subparts A, B, C, K and N to extend their scope to include State savings associations. In a
April 21, 2014
- Counterfeit checks alerts The OCC has issued:
Information on the counterfeit checks has been posted on the BOL Alerts & Counterfeits page.
- Alert 2014-18 – counterfeit official checks of Savings Institute Bank and Trust Company, Willimantic, CT
- Alert 2014-19 – counterfeit official checks of Security National Bank, a branch of Park National Bank, Newark, OH
- Alert 2014-20 – counterfeit cashier's checks of First Federal Savings & Loan, Lorain, Ohio
- FDIC proposes to rescind regulations The FDIC is today publishing in the Federal Register a proposed rule that would rescind and remove transitional regulations at 12 CFR Part 390, subparts B, C, D, and E, which were transferred from the OTS effective July 21, 2011, in accordance with to Title III of the Dodd-Frank Act. The proposal would amend FDIC regulations at 12 CFR Part 308, subparts A, B, C, K and N to extend their scope to include State savings associations. In a separate proposed rule the FDIC would rescind and remove its regulations at 12 CFR Part 390 subpart U (Securities of State Savings Associations) and revise 12 CFR Part 335 to extend its applicability to State savings associations. Comments on these proposals will be accepted through Friday, June 20, 2014.
- OFAC $6M CMP A Netherlands company has agreed to pay $5,990,490 to settle potential civil liability for apparent violations of the OFAC Cuban Assets Control Regulations. OFAC's Cuba Penalty Schedule lists the base penalty for the apparent violations as $11,093,500. OFAC determined that the company voluntarily self-disclosed the apparent violations to OFAC, that the vast majority of the apparent violations occurred "prior to agency notice," and that a small portion of the apparent violations occurred "subsequent to agency notice," (after the filing of the self-disclosure).
- Stolen IDs used for fake returns The Department of Justice (DOJ) has announced the sentencing of two individuals for crimes relating to filing fraudulent income tax returns using stolen identities. The tax returns at issue were filed from internet protocol addresses assigned to one of defendants, and the fraudulent tax refunds were deposited onto prepaid debit cards that were mailed to addresses belonging to both of them. The stolen proceeds were used to make payments on the defendants' car loans and mortgages.
- Board SR Letter The Federal Reserve Board has issued Supervision and Regulation Letter SR 14-4 concerning examiner loan sampling requirements for State member banks and credit-extending nonbank subsidiaries with $10-$50 billion in total consolidated assets.
- OCC enforcement actions New enforcement actions recently taken by the OCC against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations have released. The actions, dated in March and April 2014, include five Cease and Desist Orders, four Civil Money Penalty Orders, a Formal Agreement, a Prompt Corrective Action Directive, two Removal/Prohibition Orders and two Restitution Orders.
- FFIEC large institution CRA exam procedures
The FFIEC has posted an update for the large institution CRA examination procedures. The updates reflect the changes to the Interagency Q & A regarding community reinvestment published in November 2013. The OCC has published Bulletin 2014-16 and the Federal Reserve has released CA Letter 14-2 regarding the update.
- Free FDIC deposit insurance coverage seminars
FDIC FIL-17-2014 announces 12 free seminars on deposit insurance coverage for bank officers and employees between May 6, 2014, and December 4, 2014. Four sessions will be offered on each of the following topics:
The FIL includes a link for information on required advance registration and presentation links.
- Fundamentals of Deposit Insurance Coverage
- Deposit Insurance Coverage for Revocable Trust Accounts
- Advanced Topics in Deposit Insurance Coverage