http://www.bankersonline.com/topstory/topstory.html - May 22, 2013 12:17:30 PM - Nov 30, 2004 5:07:27 PM
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May 21, 2013
- SR Letter - FDIC Annual Audits and Reports Filing Procedures The FRB has issued SR 13-11 regarding the filing procedures for annual independent audits and reports required under FDIC rules.
- Flood CMPs, OCC 1 for $770 05/20/13
May 20, 2013
- CFPB Obtains RESPA Disgorgement Press Release has been issued by the CFPB regarding a Consent Order obtained by the Bureau requiring a Texas homebuilder to surrender $118,194.20 that he received in kickbacks for referring mortgage origination business to bank and a mortgage company.
- Fair Lending Exam Guidance Consumer Affairs Letter, CA 13-8, has been issued by the FRB to provide information about the Federal Reserve's use of 2010 census data when conducting fair lending examinations.
- OCC enforcement actions The OCC has released a list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. One flood insurance violation civil money penalties (CMPs) totaling $770 was included. Details on those penalties are found on BankersOnline's Flood Penalties Watch page.
- FRB Enforcement Actions The FRB has announced the execution of a Written Agreement with Bank of Montreal, Montreal Canada, BMO Financial Corp., Wilmington, DE, and Bank of Montreal Chicago Branch, Chicago, IL. In addition, the Section 19 Letters issued from November 8- December 18, 2012, and from January 3-April17, 2013, have been posted.
- Commercial Banks Loan and Leases Charge-off and Delinquency Rates The FRB has issued the May 17, 2013, update of the charge-off and delinquency rates on loans and leases at commercial banks.
- OCC Check Alerts
Three alerts have been issued by the OCC regarding counterfeit checks bearing the name of Sadadell United Bank, N.A., Miami, FL and Central National Bank, Junction City, KS and fictitious checks drawn on Capitol National Bank, Lansing, MI.
- Iraqi Bank Removed from OFAC 561 List
A Press Release has been issued by Treasury announcing the lifting of sanctions against the Elaf Islamic Bank in Iraq following the bank's significant and demonstrated change in behavior. The sanctions had been imposed by Treasury on July 31, 2012 under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), for knowingly facilitating significant transactions and providing significant financial services for the U.S. and EU-designated Export Development Bank of Iran (EDBI).
- Alabama CU in Conservatorship
NCUA has assumed control of First Kingdom Community Federal Credit Union of Selma, AL and placed the credit union into conservatorship.
- Bernanke on economic prospects for the long run
In a speech to the graduates at Bard College at Simon's Rock, Great Barrington, MA shared his thoughts on the economic prospects for the long run.
May 17, 2013
- CFPB clarifies Escrows Final Rule The Bureau has issued a Final Rule clarifying and making amendments to its previously issued 2013 Escrows Final Rule. The new final rule will be final unless a later final rule is issued. The new final rule establishes a temporary provision to ensure existing protections remain in place for higher-priced mortgage loans until the expanded provisions take effect in January 2014 and clarifies how to determine whether or not a county is considered "rural" or "underserved" for purposes of applying an exemption.
- 2013 Final List of rural and underserved counties The CFPB has issued a final list determining both rural and underserved county status regarding the Escrows Rule based on the proposed rule posted by the Bureau on March 12, 2013. Because the methods for determining rural and underserved status have not changed from the proposed rule, this final list is identical to the preliminary list posted on March 12. Some counties' status as rural or non-rural may change from the 2013 list to the 2014 list because of updated information from the 2010 Census.
- June 2013 HOEPA rates established The Federal Reserve has posted the new reference rates that lenders must use to determine if loans for certain applications received in June 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 of selected interest rates to find the applicable release that lists the Treasury security with the same maturity term as your loan. To make the calculation, use the yield in effect on the 15th of the month that precedes the month you received the application.
- More OFAC SDN Designations Treasury has announced the designation of four senior officials of the Syrian government; one airline responsible for transporting weaponry to the Assad regime; and one privately owned television station for providing services to the Syrian government. To date, the United States has imposed sanctions on the Government of Syria, including its Central Bank and oil companies, and more than 100 individuals and entities under a number of our authorities. Information concerning the designations has been posted on the
- NCUA Board Action Bulletin A Bulletin has been issued by NCUA regarding the actions of its Board at the May 16, 2013 meeting. The Board approved a rule giving well-managed federally insured credit unions with more than $250 million in assets limited authority to purchase specified derivatives to manage interest-rate risk upon agency approval and a series of technical amendments, including the transfer of authority under the Dodd-Frank for rulemaking for certain consumer protection laws to the CFPB.
May 16, 2013
- CFPB Posts Mortgage Rule Training Videos The Consumer Financial Protection Bureau yesterday posted seven training videos on YouTube. There is one video about an hour long which is an overview, and separate short videos on the Ability-to-Repay and Qualified Mortgage Rule, 2013 HOEPA Rule, ECOA Valuations and TILA Higher-Priced Mortgage Loans Appraisal Rules, Loan Originator Compensation Rule, Mortgage Servicing Rules, and the TILA Escrow Rule. Videos are available on the CFPB YouTube channel.
- CFPB publishes Credit Card Plans Terms notice The Bureau published in the Federal Register a notice and request for comment on a proposal to the approval for an existing information collection, titled, Report of Terms of Credit Card Plans. The comment period will end on June 7, 2013.
- Bureau adds tools in Spanish The Bureau has announced a new web site for Spanish speaking consumers, consumerfinance.gov/es,where Spanish speaking consumers can find answers, in plain-language, to consumers' most common questions.
- CFPB Consumer Advisory Board Meeting Director Cordray and the members of the Consumer Advisory Board discussed the challenges and opportunities faced by new Americans in the consumer marketplace at its May 15, 2013 meeting in Los Angeles. Links are provided for Cordray's Remarks and the Agenda.
- Should you refinance your student loan? If this a question, your customer asks, an article on the CFPB Blog provides some answers to common questions received by the CFPB from consumers.
- FRB Annual Performance Report to Congress The FRB has delivered to Congress its 2012 Annual Performance Report.
- SDN List Additions Treasury has announced the non-proliferation (NPWMD) and Iranian financial sanctions regulations (IFSR) designations of an exchange house and a trading company for aiding Iranian attempts to circumvent international economic sanctions and the addition of their names to the SDN List. See the
- TIC Data
The Treasury International Capital (TIC) data report for March 2013 has been released by Treasury. FRB TDF offering scheduled A has been issued by the FRB announcing the scheduling on May 20, 2013, of a fixed-rate offering of term deposits with full allotment of tenders through its Term Deposit Facility (TDF).
- Gruenberg on the state of the banking industry
remarks to the Exchequer Club in Washington, D.C., FDIC Chairman Gruenberg commented on the state of the banking industry, the FDIC community banking and supervisory initiatives, and international coordination on resolution authority.
- May FedFlash
The May 2013 issue of FedFlash has been posted by FR Bank Services. The issue features articles regarding the Next Generation VPN Solution initiative, new FedReceipts RTNs, updated Computer Interface Protocol Specifications (CIPS), and processing location change for all Fed ACH reclamations.
- Illinois Storm Relief FIL
FIL-19-2013 has been issued by the FDIC announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Illinois affected by severe storms, straight-line winds, and flooding.
May 15, 2013
- Kingpin Act Designation Treasury has announced the designation of Mexican national Alfredo Andrade Parra under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for international narcotics trafficking and for his links to Los Zetas drug trafficking organization. His name has been added to the SDN List. Check out the BOL OFAC Update Page for the details.
- FTC Annual Financial Acts Enforcement Letter The FTC has issued a Press Release announcing the issuance of its annual letter to the CFPB on the agency's enforcement and related activities regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), Electronic Fund Transfer Act (EFTA), and Equal Credit Opportunity Act (ECOA).
- NCUA Annual Report NCUA has issued its 2012 Annual report which highlights the agencys activities and accomplishments in 2012. The Summary will link to the full report.
- Cordray's Remarks to Realtors
In prepared remarks to the National Association of Realtors, CFPB Director Cordray, discussed foreclosure crisis, the actions of the Bureau, and requested realtors to contact the agency regarding problems they see in the marketplace.
- Arizona Bank Closed
The FDIC has announced the closing of Central Arizona Bank, Scottsdale, AZ and the assumption of all of the deposits by Western State Bank, Devils Lake, ND. Central Arizona Bank is the 13th FDIC-insured institution to fail in the nation this year, and the second in Arizona.
- OFAC Kingpin Designations5/14/13
May 14, 2013
- Large BHC stress test deadline reminder The Federal Reserve Board has issued a reminder that the eighteen large U.S. bank holding companies are required to submit the results of their company-run, mid-year stress tests to the Federal Reserve on July 5, 2013. Stress test summary instructions were attached to the Fed's press release.
- FDIC ComE-IN meeting agenda An FDIC press release has listed a link to the agenda and webcast of the May 16, 2013, meeting of the FDIC Advisory Committee on Economic Inclusion (ComE-IN). The meeting, which is open to the general public, is scheduled to run from 9:00 a.m. to 3:15 p.m. in the FDIC Board Room, on the sixth floor of the FDIC headquarters building at 550 17th Street NW, Washington, DC.
May 13, 2013
- OFAC non-proliferation designations Treasury has designated a Taiwan entity and an individual under Executive Order (E.O.) 13382, an authority aimed at freezing the assets of proliferators of weapons of mass destruction (WMD) and their supporters. Details can be found in BankersOnline's May 10, 2013,
- Two banks closed The FDIC has announced the closing of Sunrise Bank, Valdosta, Georgia (deposits assumed by Synovus Bank, Columbus, Georgia), and Pisgah Community Bank, Asheville, North Carolina (deposits assumed by Capital Bank, N.A., Rockville, Maryland). The two banks are the 11th and 12th FDIC-insured institutions to fail in 2013.
- FDIC to host FASB ASU teleconference FDIC FIL-18-2013 announces a free 90-minute teleconference for interested bankers at 1:00 p.m. ET, May 16, 2013, to discuss the proposed Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The proposal would change recognition and measurement of credit losses for financial and regulatory reporting purposes. Employees of all FDIC-supervised institutions are invited to participate.
- April Housing Scorecard Treasury and HUD have the release of the April 2013 Housing Scorecard, a comprehensive report on the nation's housing market. The latest data show important progress across many key indicators as home values continue to rise and home sales remained strong in April although officials caution that the overall recovery remains fragile.
- Bernanke on monitoring the financial system In a speech at the 49th Annual Conference on Bank Structure and Competition, Chairman Bernanke discussed the step-up of the Federal Reserve Board's efforts to monitor the financial system after the financial crisis. His comments included the focus on vulnerabilities and a review of the agency's financial stability monitoring program. He noted four components of the financial system that are closely followed are systemically important financial institutions (SIFIs), shadow banking, asset markets, and the nonfinancial sector.
- OCC notice on cashing IFRPA checks The OCC has issued a news release updating the volume of checks cashed or deposited under the Independent Foreclosure Review Payment Agreement (IFRPA). Financial institutions were reminded that, to help prevent fraud, the checks require positive identification for negotiation.
- OCC clarifies Market Risk Capital rule
OCC Bulletin 2013-12 has been issued to clarify certain provisions of the Market Risk Capital rule. The focus of the Bulletin was on foreign exposures and the measurement of a parameter used in the simplified supervisory formula approach (SSFA) for securitization exposures.
- May NCUA Report
The NCUA has posted the May 2013 issue of The NCUA Report.
May 10, 2013
- OFAC issues $348K CMP OFAC has the payment of a $348,000 civil money penalty (CMP) by a non-profit international marine mutual insurance association of merchant ship owners and charterers, to settle potential liability for 55 apparent violations of the Cuban Assets Control Regulations, the Sudanese Sanctions Regulations, and the Iranian Transactions Regulations.
- SDN additions and updates Treasury has announced the taking of a number of actions to identify a front company and vessels that have attempted to obscure Iranian oil deals using ship-to-ship transfers, and to designate an Iranian bank. OFAC also seized the opportunity to update its list of Specially Designated Nationals and Blocked Persons (SDN List) entries today for eight vessels blocked due to the interest of the National Iranian Tanker Company in the vessels. Details can be found in yesterday's BankersOnline OFAC Update
- Bureau focuses on student loan debt challenges The CFPB has posted three articles concerning student loan debt on its Blog and Newsroom pages—
- Reg delay proposal published The CFPB has published in today's [78 FR 27308] its previously announced proposal to temporarily delay the effective date of section 1026.36(i) of Regulation Z. As noted earlier, comments on the proposal close on May 25, 2013.
- May FedFocus articles Federal Reserve Financial Services has posted the May issue of FedFocus, with articles on expanded FedACH SameDay Service, which permits same-day clearing of domestic ACH transactions; the advantages of using the service's FedTransaction Analyzer® tool; and the October circulation date for the newest iteration of the $100 note.