Latest Compliance - OCC Topics

Steve Cross, Deputy Comptroller for Compliance Management, addressed the students attending ABA's National Graduate School of Compliance Management and discussed several developments in fair lendin

The OCC is using new fair lending examination procedures. In 1993, the OCC issued "interim" fair lending exam procedures and implemented the current era of fair lending examinations.

OFAC sets a compliance goal that may be useful for preventing the movement of funds by known terrorists and others, but the goal is nearly impossible to achieve - particularly for small banks.

As of March, 1998, the OCC had made 27 referrals to the US Department of Justice under the fair lending referral procedures. This number could seem high, but in fact it is not.

On ABA's annual Compliance Symposium (teleconference), Steve Cross, OCC's Deputy Comptroller for Compliance Management, stated that his agency is seeing an increase in complaints based on matched p

by Kathy Curtis

Several states have CRA laws. Some of these are modeled on the federal law, but others carry additional requirements and measurements.

They've warned us that they would do it, and now it is happening. The regulatory agencies will impose penalties for HMDA violations. The most recent penalty was imposed by the OCC.

The OCC has announced that it will take preparedness for Year 2000 into consideration when reviewing applications.

Question: We're still confused about what source to use for income data for CRA purposes. Do you have any advice?