http://www.bankersonline.com/topstory/topstory.html - Dec 8, 2013 12:39:51 AM - Nov 30, 2004 5:07:27 PM
December 6, 2013
- FRB service provider guidanceSR Letter 13-19 has been issued by the Federal Reserve Board to announce Board guidance for FRB-supervised financial institutions on exercising appropriate risk management and oversight when using service providers. The guidance describes factors financial institutions should consider when choosing a service provider and how service providers should be overseen.
- HUD program provides $63M for Colorado storm relief HUD has its Community Development Block Grant (CDBG) Program will provide nearly $63 million to the State of Colorado to help communities recover from severe storms in September 2013 that produced devastating floods and mudslides.
- Lew speaks at Pew Charitable Trusts In remarks prepared for delivery at the Pew Charitable Trusts, Treasury Secretary Lew discussed the status of efforts to repair the weaknesses that shook the U.S. financial system to its core just a few years ago, the progress made in reshaping U.S. financial architecture, and what needs to be done to remain vigilant to make sure the financial system is safe in the future.
- FRB amends Regulation HH The Federal Reserve Board issued a final rule to amend Regulation HH to set out the conditions and requirements for a Federal Reserve Bank to open and maintain accounts for and provide financial services to financial market utilities designated as systemically important by the Financial Stability Oversight Council (FSOC).
- OCC supervisory peer review The OCC has a peer review report prepared by a team of international regulators that the Comptroller had convened to provide an independent perspective on the OCC's approach to the supervision of large and mid-size banks and thrifts.
- FDIC flood insurance and appraisals videos
An FDIC press release has announced the release of two new technical assistance videos to provide useful information to bank directors, officers, and employees on regulatory issues and proposed regulatory changes. The videos pertain to flood insurance and appraisals and evaluations.
- Gruenberg on consumer banking and finance issues
FDIC Chairman Gruenberg spoke at the Consumer Federation of America 26th Annual Financial Services Conference in Washington, D.C., on the banking and financial issues which he feels are the most pressing that face today's consumers. He noted the FDIC periodically conducts national studies that explore households' financial behavior and banks' provision of services to underserved consumers.
- NCUA Board meeting agenda
The agenda for the December 12, 2013, meeting of the NCUA Board has been posted.
- OFAC retires archive files
OFAC has released important information about the future of two of its Palestinian Legislative Council List archive files.
December 5, 2013
- FinCEN on FATF list update FinCEN Advisory FIN-2013-A008 has been issued regarding the update of the Financial Action Task Force (FATF) list of jurisdictions with strategic AML/CFT deficiencies.
- Fifth Third Bancorp pays $6.5M to settle SEC charges A Securities and Exchange Commission press release has announced that Fifth Third Bancorp has agreed to pay $6.5 million to settle charges filed against it and its former chief financial officer alleging improper accounting for commercial real estate loans in the midst of the financial crisis. The CFO agreed to pay $100,000 and to be suspended from practicing as an accountant on behalf of any publicly traded company or other entity regulated by the SEC.
- CRA ratings released The FDIC has released the ratings received by 101 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Three of the listed banks received an outstanding rating.
- NCUA quarterly U.S. map reviewThird Quarter NCUA Quarterly U. S. Map Review has been published. The Review tracks performance indicators for federally insured credit unions in the 50 states, the District of Columbia, Puerto Rico, Guam and the Virgin Islands, and summarizes key state-level economic indicators, including unemployment rates and home price changes.
- NCUA 2014 assistance grants The NCUA has it will accept applications from February 3 through February 14, 2014, for its first round of 2014 technical assistance grants. Low-income designated credit unions can individually receive up to $16,500 in funding for the following grant categories: new Community Development Financial Institution (CDFI) certification; new products; and student internships.
December 4, 2013
- Alabama bank agrees to OFAC CMP OFAC has that Compass Bank, Birmingham, Alabama, has agreed to pay $19,125 to settle potential civil liability for one apparent violation of the Sudanese Sanctions Regulations. OFAC determined that Compass did not voluntarily self-disclose the violation, but the violation was a non-egregious case and not the result of willful or reckless conduct.
- OFAC to change SDN file format OFAC has also announced that on or about March 3, 2014, it will change the format in which SDN data files are issued. The change may impact automated SDN download processes and OFAC recommends that list users take steps to alter those processes to utilize an alternative .ZIP file format.
- Agencies issue final rule to tweak BSA definitions FinCEN and the Federal Reserve Board have issued a joint press release to announce a final rule amending the definitions of "funds transfer" and "transmittal of funds" under regulations implementing the Bank Secrecy Act (BSA). The amendments to the definitions maintain the current scope of funds transfers and transmittals of funds subject to the Bank Secrecy Act and are necessary in light of amendments to the Electronic Fund Transfer Act made by the Dodd-Frank Act. The rule was published [78 FR 72813] in today's .
- FDIC Board meeting notice The notice of the December 10, 2013, meeting of the FDIC Board has been posted. A key agenda item for consideration is a proposed final interagency rule on Appraisals for Higher-Priced Mortgage Loans. The involved agencies published a "Supplemental Proposal" on August 8, 2013, that would amend section 1026.35(c) of Regulation Z to exempt (1) transactions secured by existing manufactured homes and not by land; (2) certain "streamlined" refinancings; and (3) transactions of $25,000 or less. The agencies can be expected to issue the final rule shortly after the FDIC Board votes on December 10.
- CFPB issues Fall 2013 rulemaking agenda The Bureau has posted a Fall 2013 semi-annual update to its rulemaking agenda, and provided a Blog article interpreting its plans.
- CFPB Ombudsman's report The CFPB has posted its Ombudsman's second annual report along with a summary Blog article.
December 3, 2013
- GSEs update mortgage insurance policy requirements A Federal Housing Finance Agency (FHFA) news release has announced that Fannie Mae and Freddie Mac have completed a major overhaul of their mortgage insurance master policy requirements. The updates include mandates on loss mitigation, claims, assurance of coverage, and enhanced communication. It is anticipated that the master policies will go into effect in 2014, after review and approval by state insurance regulators. Fannie and Freddie will provide guidance to lenders and servicers regarding specific effective dates.
- Bureau to supervise nonbank student loan servicers The Consumer Financial Protection Bureau has announced it is issuing a rule today that will allow the Bureau to supervise certain nonbank student loan servicers for the first time. The CFPB estimates that the new rule will provide the Bureau the authority to supervise the seven largest student loan servicers, which service the loans of more than 49 million borrower accounts, representing most of the activity in the student loan servicing market. A copy of the rule [link not operable at our press time] will be available later today. The Bureau also released a fact sheet on the rule.
- NCUA publishes CUSO regulation changes The National Credit Union Administration has published in today's a final rule [78 FR 72537] to amend its credit union service organization (CUSO) regulation to increase transparency and address certain safety and soundness concerns. The final rule expands the requirements of the CUSO regulation that apply to federally insured, state-chartered credit unions (FISCUs) to address accounting, financial statements, and audits. The final rule also includes limits on the ability of “less than adequately capitalized” FISCUs to recapitalize their CUSOs. In addition, it adds several new requirements that apply to both federal credit unions (FCUs) and FISCUs. The rule becomes effective June 30, 2014.
- CFPB field hearing on arbitration scheduled The Bureau has a field hearing on arbitration to be held in Dallas, Texas on December 12, 2013 at 11 a.m. CST. Additional details, including the venue for the hearing, will be announced as the date approaches. The event is open to the public, but requires an RSVP.
- FDIC stress test policy statementThe Federal Deposit Insurance Corporation has published [78 FR 72534] a Policy Statement on the Principles for Development and Distribution of Annual Stress Test Scenarios. The policy statement affects FDIC-insured state nonmember banks and FDIC-insured state-chartered savings associations with total consolidated assets of more than $10 billion.
- Report on foreign exchange rates The November 2013 G.5 Foreign Exchange Rates Report has been released by the Federal Reserve Board.
- CU loan growth continues The NCUA has released new credit union industry figures based on third quarter 2013 Call Report data. The loan growth trend that began in 2011 continues. Total loans in the industry rose 2.9 percent to $631.5 billion in the third quarter of 2013, a faster pace than in the previous quarter.
December 2, 2013
- FRB proposes Daylight Overdraft and Reg J changes A Federal Reserve Board has announced a request for public comment on proposed changes to part II of the Federal Reserve Policy on Payment System Risk (PSR policy) that are designed to enhance the efficiency of the payment system. The proposed changes are largely related to the posting rules for automated clearing house (ACH) and commercial check transactions that would impact Procedures for Measuring Daylight OverdraftsRegulation J - Collection of Checks and Other Items
- FDIC enforcement actions The FDIC has a list of 42 enforcement actions taken in October. There were three consent orders, ten removal and prohibition orders, four civil money penalty (CMP) orders, ten section 19 orders, twelve terminations of orders, and various miscellaneous orders. Included was a $6,250 CMP assessment against a Kentucky bank for imposition of error resolution requirements upon consumers that were more onerous than permitted in Regulation E; a Flood Act CMP of $24,200 against an Alabama bank; and a $20,000 HMDA Act CMP against a Georgia bank.
- Agencies propose liquidity rule The OCC, FRB and FDIC have published a to request comment on a proposed rule that would implement a quantitative liquidity requirement consistent with the liquidity coverage ratio standard established by the Basel Committee on Banking Supervision. The proposed requirement is designed to promote the short-term resilience of the liquidity risk profile of internationally active banking organizations.
- Illinois severe weather guidanceFIL-55-2013 has been issued as guidance to help financial institutions and facilitate recovery in areas of Illinois recently affected by severe storms, straight-line winds, and tornadoes.
- Prohibition orders issued prohibition orders against three individuals to prohibit them from participating in the affairs of any federally insured financial institution.
- CRA exams scheduled have released public lists of institutions for which they have scheduled CRA examinations during the first quarter of 2014.
- FATCA IGAs with Cayman Islands and Costa RicaTreasury press release has announced that the United States has signed intergovernmental agreements (IGAs) with the Cayman IslandsCosta Rica to implement the Foreign Account Tax Compliance Act (FATCA). The Act, enacted in 2010, seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of payments made to foreign financial institutions that do not agree to identify and report information on U.S. account holders.
November 27, 2013
- Company to pay $91 million OFAC penalty Treasury has announced a $91,026,450 settlement—a record amount outside of the banking industry—with Weatherford International Ltd. and its subsidiaries and affiliates (Weatherford) regarding potential liability for violations of Cuban Assets Control, Iranian Transaction and Sanctions, and Sudanese Sanctions regulations. The base penalty for the 586 violations totaled over $107 million. OFAC determined that Weatherford's conduct was willful, and various executives and senior management knew or had reason to know of the conduct that led to the violations. The penalty was mitigated because Weatherford had not been subject to prior OFAC penalties, took significant remedial steps to ensure future compliance, and substantially cooperated with OFAC's investigation.
- SDN List removals OFAC has removed the names of various individuals and entities previously listed on the SDN List with counter narcotics designations. Information regarding the listings removed has been posted in a BankersOnline OFAC Update
- Commercial bank exam manual update The Federal Reserve Board has published the October 2013 semi-annual update of the Commercial Bank Examination Manual. It can be viewed as one document (1,878 pages) or by section
- October residential construction stats
HUD and the Census Bureau have issued a joint press release announcing October 2013 residential construction statistics.
- Discount rates meeting minutes
The minutes of the Federal Reserve Board discount rates meetings from October 7–October 28, 2013, have been released.
- Third Quarter 2013 QBP - earnings decline
An FDIC press release has announced the publication of the September 30, 2013, issue of the Quarterly Banking Profile (QBP), which reports insured commercial banks and savings institutions aggregate net income of $36.0 billion in the third quarter of 2013, a $1.5 billion (3.9 percent) decline from the $37.5 billion in profits reported a year earlier. This is the first time since the second quarter of 2009 (17 quarters) that earnings registered a year-over-year decline. Chairman Gruenberg issued a press conference statement on the report.
November 26, 2013
- NMLS reports The NMLS has released the Third Quarter 2013 Nationwide View of State-Licensed Mortgage Entities and the NMLS Federal Registry Quarterly reports.
- FHFA conservatorship reports A Federal Housing Finance Agency (FHFA) news release has been issued to announce the release of a Progress Report on the initiatives contained in the Strategic Plan for the Enterprise Conservatorships and the 2013 Conservatorship Scorecard
- G.20 Finance Companies report The Federal Reserve Board has released the September 2013 G.20 Finance Companies Owned and Managed Receivables Outstanding Report.
November 25, 2013
- CFPB report on regulatory impact on banksThe Bureau has the results of a study it conducted on the operational effects of certain regulations for banks, in order to better understand the day-to-day activities financial institutions perform to comply with regulations. The Bureau reviewed operational activities of seven banks ranging in asset size from under $1 billion to over $100 billion by interviewing employees and executives. The study focused on activities relating to compliance with Regulations DD (Truth in Savings Act), E (Electronic Fund Transfer Act), P (Gramm-Leach-Bliley Act financial privacy requirements), V (Fair Credit Reporting Act), and relevant sections of the Fair Credit Reporting Act.
- CDIAC meeting records released The Federal Reserve Board has released the records of the April 5, 2013, and November 8, 2013, meetings of its Community Depository Institutions Advisory Council (CDIAC).
- CU succession planning webinar The NCUA will host a free succession planning webinar on December 17, 2013, at 2 p.m. ET. The session will discuss the importance of establishing an effective succession plan for all levels of a credit union's leadership and management.
- NCUA Consumer Protection Update video The NCUA has announced that the latest installment in its Consumer Protection Update series, which provides an overview of the protections provided by the Servicemembers Civil Relief Act and the Military Lending Act, is available on the NCUA You Tube channel.