http://www.bankersonline.com/topstory/topstory.html - Apr 20, 2014 4:53:53 PM - Nov 30, 2004 5:07:27 PM
April 18, 2014
- Bureau releases completion guide for integrated disclosures The Consumer Financial Protection Bureau has posted a new guide, TILA-RESPA Integrated Disclosures: Guide to the Loan Estimate and Closing Disclosure Forms, which is a compilation of instructions for completing the two new integrated RILA-RESPA disclosures that will be required beginning August 1, 2015. The agency also revealed a new Regulatory Implementation page, with links to separate "landing pages" for Dodd-Frank Act Title XIV (MRAPLA) rules, the TILA-RESPA Integrated Disclosure rule, and the Remittance Transfer rule.
- OFAC Zimbabwe designations and removals OFAC has announced the designation of a Zimbabwean government official, an Angolan businessman, a Singaporean attorney, and a Zimbabwe-based entity pursuant to Executive Order (E.O.) 13469 for their roles in undermining Zimbabwe's democratic processes and institutions or facilitating public corruption through support to the Government of Zimbabwe, senior government officials, and/or Specially Designated Nationals (SDNs). As a result of Treasury's actions, any assets of the individuals or entity designated that are within U.S. jurisdiction must be frozen. Additionally, transactions by U.S. persons or with the United States involving these individuals and entity are generally prohibited. See the BOL OFAC Update Page for details.
- Prohibition order The Federal Reserve Board has issued a Consent Order of Prohibition against an individual who was president and chairman of the board of directors of a Missouri bank holding company and the former chief financial officer and chairman of the board of directors of its subsidiary bank. He was involved in misusing TARP funds allocated to the holding company to purchase a luxury condominium.
- NCUA Financial Literacy Twitter chat The NCUA will host a Financial Literacy Twitter chat on April 23, 2014, from 11 am to noon ET. Credit unions and consumers can follow the conversation on @TheNCUA and join using the #NCUAChat hashtag. Participants can also submit questions before the chat to email@example.com.
- Proposed NCUA risk-based capital rule Q&A The NCUA has posted a two-part, 20-minute video on its YouTube channel regarding the agency's proposed Risk-Based Capital Rule. The video contains a Q&A which provides an in-depth review of why the rule is needed and how credit unions would fare under both the current risk-based net worth system and the proposed risk-based capital rule.
- NCUA Board meeting agenda
The agenda for the April 24, 2014, meeting of the NCUA Board has been posted.
- OFAC Zimbabwe Changes4/17/14
April 17, 2014
- March residential construction report HUD and the Census Bureau have released the new residential construction statistics for March 2014. Compared to February 2014, building permits and housings completions were down, but housing starts were up.
- Industrial production The Federal Reserve Board has released the March 2014 G.17 Industrial Production and Capacity Utilization Report. Production increased 0.7 percent in March after having advanced 1.2 percent in February.
- Yellen on monetary policy and economic recoverypresentation at the Economic Club of New York, Federal Reserve Board Chair Yellen reviewed the current economic outlook, and discussed the three big questions for the Federal Open Market Committee, policy challenges in an unprecedented recovery and recent changes to the Forward Guidance. She stated "The new guidance also reaffirms the FOMC's view that decisions about liftoff should not be based on any one indicator, but that it will take into account a wide range of information on the labor market, inflation, and financial developments."
- April Beige Book The Federal Reserve has published the April 2014 issue of the Summary of Commentary on Current Economic Conditions By Federal Reserve District, (the "Beige Book").
- Curry discusses cybersecurity In remarks before a Consumer Electronics Show Government meeting, Comptroller Curry discussed the importance of cybersecurity and the OCC's recent guidance on managing third-party relationships.
April 16, 2014
- a proposal to amend subpart B of Regulation E to extend for an additional five years a temporary provision in § 1005.32(a) that permits insured institutions to estimate certain foreign remittance transfer pricing disclosures. The provision currently expires July 21, 2015. The proposal also—
- Wyoming bank pays flood CMP The Federal Reserve Board its imposition of a $9,985 civil money penalty on Uinta Bank, Mountain View, Wyoming, for Flood Act violations. Details have been posted to the BOL Flood Penalties Watch page.
- FEMA to suspend communities The Federal Emergency Management Agency has published a Final Rule identifying communities in Illinois, Indiana, Iowa, Louisiana, Minnesota, Nebraska, Ohio, and Wisconsin where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on May 19, 2014, for noncompliance with the floodplain management requirements of the program.
- TIC data released Treasury has released the February 2014 Treasury International Capital (TIC) data. The sum total of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $167.7 billion.
- FOMC minutes The minutes of the Federal Reserve Board's discount rate meetings from February 10–March 17, 2014, have been released.
- Yellen on liquidity and capital
In a speech at the Federal Reserve Bank of Atlanta's 2014 Financial Markets Conference, Chair Yellen discussed the actions of the Federal Reserve Board to strengthen bank capital requirements through the adoption of the domestic rule implementing the Basel III capital requirements in the United States; and the development of new liquidity standards for global banking firms, the Liquidity Coverage Ratio (LCR) and the Net Stable Funding Ratio (NSFR). She stated, "Federal Reserve staff are actively considering additional measures that could address these and other residual risks in the short-term wholesale funding markets. Some of these measures—such as requiring firms to hold larger amounts of capital, stable funding, or highly liquid assets based on use of short-term wholesale funding—would likely apply only to the largest, most complex banking organizations."
- April FedFlash
The Federal Reserve has posted the April 15, 2014, issue of FedFlash. Articles include discussion of the publication of new FedReceipts RTNs; the automated delivery of ACH return, NOC and payment information to Originators and Receivers; and a reminder to attend a local 2014 Fraud Symposium.
- Bureau proposes relaxing remittances rule
The CFPB has announced a proposal to amend subpart B of Regulation E to extend for an additional five years a temporary provision in § 1005.32(a) that permits insured institutions to estimate certain foreign remittance transfer pricing disclosures. The provision currently expires July 21, 2015. The proposal also—
Comments on the proposal will be accepted for 30 days following publication in the Federal Register.
- Seeks comments on whether financial institutions on U.S. military installations abroad should be considered to be located "in a State" for the purposes of the rule
- Would clarify that remittance transfers from an account that is not used primarily for personal, family, or household purposes will not be covered by the rule
- Would provide broader application of the "conducted by telephone" provision allowing oral disclosures for certain transfers
- Would treat faxed disclosures as written for the purposes of the rule.
- Would provide an exception to certain error resolution requirements for delays required for security or other screening under BSA, OFAC or similar rules
April 15, 2014
- Lost cashier's checks and money ordersOCC Alert 2014-17 warns of lost cashier's checks and money orders of MB Financial Bank, N.A., Chicago, Illinois. A courier has lost a shipment of the bank's cashier's checks and money orders, both of which include the bank's routing number of 071001737. The lost cashier's checks contain serial numbers ranging from 13045501 through 13045700. The lost money orders contain serial numbers ranging from 655401 through 655600. Stop payments have been placed on both the cashier's checks and money orders.
- Conversion notice for Federal Reserve Financial Services customers Federal Reserve Financial Services has the successful completion of its conversion to the Enterprise Accounting System (EASy) distributed application. The EASy application replaced the mainframe-based Integrated Accounting System (IAS).
- CFPB proposes new info gathering plan The CFPB has published a Notice and Request for Comment [79 FR 20865] on a proposed new Generic Information Collection Plan, "CFPB Generic Information Collection Plan for Studies of Consumers using Controlled Trials in Field and Economic Laboratory Settings." Information from the Bureau's research will be used for developmental and informative purposes in order to increase the Bureau's understanding of consumer credit markets and household financial decision-making. Written comments must be received on or before June 13, 2014.
- Bureau Blog warns of student loan rate increase The CFPB has posted an "Explainer" blog article discussing an expected July increase in interest rates for new federal student loans. The Bureau's Paying for College tool has been updated with the new estimated rates.
April 14, 2014
- Ukraine-related OFAC designations OFAC has announced the designation of Crimean separatist leaders Pyotr Zima, Aleksei Chaliy, Rustam Temirgaliev, Yuriy Zherebtsov, Mikhail Malyshev, and Valery Medvedev, former Ukrainian official Sergey Tsekov, and Crimea-based gas company Chernomorneftegaz pursuant to Executive Order 13660. These individuals and this entity are being sanctioned for being responsible for or complicit in, or having engaged in, actions or policies that undermine democratic processes or institutions in Ukraine, actions or policies that threaten the peace, security, stability, sovereignty, or territorial integrity of Ukraine, or misappropriation of state assets of Ukraine or of an economically significant entity in Ukraine; or having asserted governmental authority over any part or region of Ukraine without the authorization of the Government of Ukraine. Information regarding the designations has been posted in a
- Payday lender pays up The Federal Trade Commission has announced a South Dakota-based payday lending operation and its owner will pay $967,740 as part of a settlement resolving FTC charges that they used a tribal affiliation and unfair and deceptive tactics to collect on payday loans. Consumers, whose accounts were garnished, were forced to travel to South Dakota and appear before a tribal court that did not have jurisdiction over their cases.
- FDIC tech alertFDIC FIN-16-2014 announces a Technology Alert regarding the OpenSSL "Heartbleed" vulnerability. See the BOL Tech Talk Page for a discussion.
- Curry on risk management In remarks during the American Bankers Association Risk Management Forum, Comptroller Curry discussed the important of risk management.