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Top Stories for March 2013

  • LATE-BREAKING: Agencies issue Biggert-Waters guidance

    The FDIC has issued FIL-14-2013 with an interagency statement of guidance by the FDIC, OCC, FRB, NCUA and Farm Credit Administration on the revisions to the Flood Disaster Protection Act made by the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters). The guidance lists the sections of Biggert-Waters that were effective upon enactment (July 6, 2012) and those that won't be effective until regulations are issued.(3/29/2013)

  • FHFA Community Financial Institution asset cap

    The Federal Housing Finance Agency (FHFA) has published a notice of the revised cap on average total assets for a "Community Financial Institution," which went into effect January 1, 2013. The cap was increased from $1.076 billion to $1.095 billion.(3/29/2013)

  • Proposed Fannie and Freddie forced placement restrictions

    The FHFA has published a notice and request for input on a possible approach that would direct Fannie Mae and Freddie Mac to restrict certain lender-placed insurance practices. The FHFA proposal would restrict certain sales commissions paid to sellers or servicers and prohibit sellers and servicers from receiving remuneration associated with an insurance provider ceding premiums to a reinsurer owned by, affiliated with or controlled by the seller or servicer. Comments will be received through May 28, 2013.(3/29/2013)

  • HUD allocates over $513M in disaster relief

    HUD has announced the release of over $513 million in disaster relief to nine states to assist in recovery from natural disasters in 2011 and 2012.(3/29/2013)

  • OFAC SDN List removals

    The names of one entity and eleven individuals have been removed from the OFAC SDN list. Details on the removals have been posted in a BankersOnline OFAC Update.(3/29/2013)

  • Contract mortgage rate report

    The FHFA has released the February 2013 National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders report. The rate, used as an index in some adjustable-rate mortgage (ARM) contracts, was 3.43 percent, an increase of 0.08% from January 2013.(3/29/2013)

  • Corporate system resolution costs updated

    The NCUA has issued its semi-annual update of costs and estimates of the losses associated with the Corporate System Resolution, the performance of the NCUA Guaranteed Notes Program, and the total anticipated assessments that credit unions will pay during the life of the Stabilization Fund.(3/29/2013)

  • Bureau publishes proposed student loan servicer rule

    The CFPB has published in the Federal Register a previously-announced proposed rule that would establish the Bureau's supervisory authority over certain nonbank covered persons participating in the market for student loan servicing. Comments are requested by May 28, 2013.(3/29/2013)

  • Complaint data released

    The CFPB has announced the release of its collection of consumer financial complaint data, which has been increased from 19,000 to 90,000 cases. The database contains information on complaints received by the Bureau about credit cards, mortgages, student loans, bank accounts, services and other consumer loans.(3/29/2013)

  • CFPB card fee limit rule published

    The final rule amending § 1026.52 of Regulation Z to restrict application of the 25 percent fee limit in that section to fees imposed during the first year after account opening has been published in the Federal Register. The amendment, which is effective immediately, has been posted to Regulation Z in BankersOnline's Alphabet Soup.(3/28/2013)

  • Call Center closed tomorrow

    The NMLS Call Center announced that it will be closed on Friday, March 29, for Good Friday.(3/28/2013)

  • Fannie and Freddie foreclosure prevention

    The FHFA has released its Fourth Quarter 2012 Foreclosure Prevention Report (also known as the Federal Property Manager's Report). The data indicates Fannie Mae and Freddie Mac completed over 540,000 foreclosure prevention actions during 2012. The agency also announced a new simplified loan modification initiative to further assist troubled borrowers, which will be operational on July 1.(3/28/2013)

  • FRB to conduct household finances study

    A Federal Reserve Board press release has announced the commencement in April 2013 of the FRB's Survey of Consumer Finances. The study is conducted every three years to provide policymakers with important insight into the economic condition of all types of American families.(3/28/2013)

  • Consumers and Mobile Financial Services report

    The Consumer and Mobile Financial Services 2013 report has been released by the Federal Reserve Board. The report details consumers' use of mobile financial services and indicates the utilization of mobile phones to access bank services significantly increased.(3/28/2013)

  • Mortgage quality improves

    The fourth quarter 2012 Mortgage Metrics Report has been published by the Office of the Comptroller of the Currency. The report indicates the overall quality of first-lien mortgages serviced by large national and federal savings banks improved from the third quarter and from the same period of 2011.(3/28/2013)

  • Citigroup Consent Order

    The Federal Reserve Board has announced the execution of a Consent Order with Citigroup, Inc., regarding the development and submission of an acceptable written plan to remedy deficiencies in its BSA/AML compliance program and those of its subsidiaries.(3/27/2013)

  • Telephone debt collection fee scam

    The Federal Trade Commission has announced a settlement and order issued in an action filed against debt collectors who allegedly misled consumers into paying unnecessary fees and falsely threatening them with lawsuits. The collectors violated the FTC Act and the Fair Debt Collection Practices Act by deceptively charging consumers an additional $18.95 fee for payments authorized by telephone made by electronic checks or credit or debit card payments. Restitution of $799,958 will be paid to the victims.(3/27/2013)

  • FRB balance sheet

    The FRB has released the March 2013 quarterly report on Federal Reserve balance sheet developments.(3/27/2013)

  • Community bank directors workshop

    The OCC will host a workshop in Syracuse, New York, on May 6–8, 2013, for directors of national community banks and federal savings associations.(3/27/2013)

  • ATM notice rule published

    The Bureau's final rule amending Regulation E's § 1005.16 to eliminate the "at or on" surcharge notice requirement, has been published in the Federal Register. Regulation E in BankersOnline's Alphabet Soup has been updated with the change.(3/26/2013)

  • Bernanke on monetary policy and global economy

    In a speech at a conference hosted by the Bank of England and London School of Economics, Chairman Bernanke discussed the lessons learned from the international banking crisis. He noted "that the recent crisis, despite its many exotic features, was in fact a classic financial panic."(3/26/2013)

  • Seattle workshop for community bank directors

    The OCC has announced that a workshop, "Mastering the Basics: A Director's Challenge," designed exclusively for directors of institutions supervised by the OCC, will be held in Seattle on April 29 – May 1, 2013. (3/26/2013)

  • Bureau financial education program

    The CFPB Blog features an article on the progress of the Bureau's financial education program.(3/26/2013)

  • FDIC State Profiles

    The FDIC has posted the Fourth Quarter 2012 State Profiles, a quarterly data sheet report of banking and economic conditions in individual states.(3/26/2013)

  • Bureau announces final Reg Z card rule

    The CFPB has announced a Regulation Z final rule revising a 2011 Federal Reserve rule limiting certain credit card fees. The revision was made in response to a federal court decision that blocked implementation of a provision of the Fed's rule on the 25% limitation on the fees that an issuer may require a consumer to pay. The revisions will be effective on publication in the Federal Register.(3/25/2013)

  • OCC Flood CMP

    A $26,950 civil money penalty (CMP) has been imposed by the OCC for violations of the Flood Disaster Protection Act. Details are posted on the BOL Flood Penalties Watch page.(3/25/2013)

  • Regulators increase ILDR loan data fields

    A joint press release has been issued by federal and state bank regulators announcing an increase in the number of required loan data fields in the Interagency Loan Data Request (ILDR). The FDIC has also issued FIL-12-2013 regarding the announcement.(3/25/2013)

  • Gruenberg and Cordray at NCRC conference

    FDIC Chairman Gruenberg and CFPB Director Cordray offered remarks at the National Community Reinvestment Coalition 2013 Annual Conference on Friday in Washington.(3/25/2013)

  • FDIC Board meeting notice

    The notice of the March 19, 2013, meeting of the FDIC Board has been published in the Federal Register.(3/25/2013)

  • New feature for Info Tech Exam Handbook

    The FFIEC has announced the addition of a new feature to the Information Technology Examination Handbook InfoBase. Users may now register to receive notifications of additions, changes, and deletions to the InfoBase.(3/25/2013)

  • Response to CFPB Student Loan Affordability Initiative

    The Bureau has reported that over 500 responses have been received in its Student Loan Affordability Initiative, and reminded the public that the deadline for further responses is April 8, 2013.(3/25/2013)

  • Bureau updates Reg E to drop ATM notice

    The CFPB Blog has announced the agency's issuance of a final rule amending Regulation E to eliminate the "at or on" ATM fee notice requirement, implementing an amendment to the Electronic Fund Transfer Act enacted in December 2012. The rule will be effective on publication in the Federal Register, but ATM owners should check for any state law requirements before removing any of these notices.(3/22/2013)

  • SDGT added to OFAC List

    Treasury has announced the designation of an entity as a Specially Designated Global Terrorist. Details are available in a BankersOnline OFAC Update.(3/22/2013)

  • OFAC CMP

    OFAC has released information on the payment of a $20,800 civil money penalty (CMP) by a non-financial corporation to settle potential civil liability for alleged violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations.(3/22/2013)

  • FHFA index rises

    The Federal Housing Finance Agency (FHFA) has issued the January 2013 House Price Index (HPI), which rose 0.6 % from the previous month.(3/22/2013)

  • Updated leveraged lending guidance

    A joint OCC, FRB and FDIC press release has been issued to announce updated supervisory guidance on leveraged lending. The update replaces guidance issued in April 2001 and covers transactions characterized by a borrower with a degree of financial leverage that significantly exceeds industry norms.(3/22/2013)

  • G.20 Finance Companies report

    The Federal Reserve Board has released the January 2013 G.20 Financing Companies owned and managed outstanding and auto loans: terms of credit report.(3/22/2013)

  • OCC Central District risk analysis report

    The OCC has issued a news release and fact sheet announcing the results of its fourth quarter 2012 risk analysis covering the nine states in the agency's central district. The report indicates the financial performance of community banks is improving and the number of problem banks has declined.(3/22/2013)

  • CFBP indirect auto lending guidance

    The Bureau has issued Bulletin 2013-02 and a news release on new guidance for indirect auto lenders for compliance with the Equal Credit Opportunity Act (ECOA). The agency also posted a Blog article for consumers on shopping for automobile financing.(3/22/2013)

  • Community bank failures: FDIC and GAO testify

    In testimony before the Subcommittee on Financial Institutions and Consumer Credit, House Committee on Financial Services, FDIC Directors Eberley and Edwards and Chief Economist Brown testified on the state of community banking and the findings of the FDIC Community Banking Study, a comprehensive review based on 27 years of data on community banks. In addition, GAO Director Evans discussed the results of a GAO study on the causes and consequences of recent failures of community banks.(3/21/2013)

  • HUD proposes change to Direct Endorsement program

    HUD has published a request for comments on a proposed rule that would move the timing for FHA's pre-endorsement review of loans originated by Direct Endorsement lenders from before closing to post-closing. HUD requests comments, due by April 22, 2013, on whether the shift in time would reduce the processing time before closing.(3/21/2013)

  • Curry on CRA

    In remarks before the National Community Reinvestment Coalition, Comptroller Curry discussed the CRA and its impact on encouraging financial institutions to lend to local small businesses and participate in community development.(3/21/2013)

  • FOMC statement and economic projections

    The Federal Reserve Board has issued the statement, economic projections, and materials from the Federal Open Market Committee March 19–20, 2013, meeting. The Committee decided to keep the target range for the federal funds rate at 0 to ¼ percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6½ percent.(3/21/2013)

  • Fourth quarter trading revenue report

    The OCC has announced that insured U.S. commercial banks and savings institutions reported trading revenue of $4.4 billion in the fourth quarter of 2012, down $908 million, or 17 percent, from $5.3 billion in the third quarter, but $1.8 billion, or 73 percent, higher than in the fourth quarter of 2011. Full quarterly report.(3/21/2013)

  • Bureau presents FDCPA report to Congress

    The CFPB Blog has announced the presentation to Congress of its annual report of the agency's activities relating to the Fair Debt Collections Practices Act (FDCPA).(3/21/2013)

  • FIL on HPML appraisal requirements

    The FDIC has issued FIL-11-2013 on the previously announced interagency final rule establishing new appraisal requirements for higher-priced mortgage loans (HPMLs). See the January 18, 2013, BOL Top Stories for the more on the regulators' action.(3/20/2013)

  • Calvery on FinCEN's anti-money laundering efforts

    In her presentation at the 18th Annual International AML and Financial Crime Conference, FinCEN Director Calvery reviewed where cutting-edge analytical efforts are taking the agency as it seeks to remain out in front of emerging payment systems, identify and track third-party money launderers, and uncover trends and patterns in the BSA data.(3/20/2013)

  • FEMA community suspensions

    FEMA has published two notices of Suspension of Community Eligibility from participation in the Federal flood insurance program for noncompliance with floodplain management requirements. The suspensions will be effective April 16 and May 2, 2013.(3/20/2013)

  • Fair lending webinar announced

    The NCUA has issued a news release announcing the hosting of "Fair Lending Examination Program and Compliance Assistance," a free webinar, on April 4, 2013.(3/20/2013)

  • Economic Update on YouTube

    The March 2013 Economic Update video has been posted on the NCUA's YouTube channel.(3/20/2013)

  • NCUA updating fixed assets regulation

    The NCUA has published a proposal to amend its regulation on federal credit union ownership of fixed assets to make the rule easier to work with. Comments are due by May 20, 2013.(3/20/2013)

  • April 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 April 2013 will be subject to HOEPA under the APR trigger test. Use the FRB H.15 report 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.(3/19/2013)

  • FinCEN posts virtual currencies guidance

    FinCEN has announced its most recent guidance, Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies, in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of persons who use convertible virtual currencies or make a business of exchanging, accepting, and transmitting them.(3/19/2013)

  • OFAC Burma FAQs

    OFAC has issued frequently asked questions (FAQ) regarding recent steps the United States has taken to ease economic and trade sanctions against Burma.(3/19/2013)

  • Agency releases on CRA FAQ proposal

    A joint press release has been issued by the OCC, FRB and FDIC requesting comment on the proposed revisions to "Interagency Questions and Answers Regarding Community Reinvestment," published in Monday's Federal Register.(3/19/2013)

  • FTC settles Equifax charges

    The FTC has announced a final order settling charges that Equifax Information Services LLC had violated the Fair Credit Report Act by selling lists of consumers who were late on their mortgages.(3/18/2013)

  • Stress test reporting requirements proposed

    The OCC has issued a news release announcing proposed reporting requirements for annual stress tests for institutions with covered assets of $10-80 billion.(3/18/2013)

  • CRA Q&A update proposed

    The OCC, FRB and FDIC have published a proposal to clarify the Interagency Questions and Answers Regarding Community Reinvestment to address several community development issues. Five of the Q&A pairs would be updated, and two would be added. Comments on the proposed changes are due by May 17, 2013.(3/18/2013)

  • TIC data

    The January 2013 Treasury International Capital (TIC) data report has been released.(3/18/2013)

  • FRB annual financials

    The Federal Reserve Board has released the 2012 combined annual financial statements for the Federal Reserve Banks, and for the individual Reserve Banks.(3/18/2013)

  • FedFlash

    The March 2013 issue of FedFlash has been published by Federal Reserve Bank Services. This edition features articles on FedLine User authentication enhancements, changes to check adjustment requirements, new FedReceipt RTNs, processing of Canadian items, and FedACH SameDay Service.(3/18/2013)

  • Two CA CUs closed and liquidated

    The NCUA has announced the closing and liquidation of I.C.E. Federal Credit Union, Inglewood, and Pepsi Cola Federal Credit Union, Buena Park, both in California. There have been four federally insured credit union liquidations in 2013.(3/18/2013)

  • Bureau proposes oversight of student loan servicers

    The Consumer Financial Protection Bureau has announced a proposed rule that would allow it to federally supervise large student loan servicers. The proposal would define as a "larger participant" any nonbank student loan servicer that handles more than 1 million borrower accounts, thereby bringing it under CFPB supervision. A factsheet on the proposed rule was also posted.(3/15/2013)

  • Greek businessman added to OFAC list

    Treasury has announced the designation of a Greek businessman for his participation in a scheme to aid Iran in evading international oil sanctions. His related companies and vessels were also designated and added to the SDN List. For more information see the BankersOnline March 14, 2013, OFAC Update.(3/15/2013)

  • CCAR results

    The Federal Reserve Board released the results of the Comprehensive Capital Analysis and Review (CCAR), which evaluates the capital planning processes and capital adequacy of the largest bank holding companies. The capital plans of 14 financial institutions were approved, two conditionally approved, and two rejected.(3/15/2013)

  • Curry discusses community bank supervision

    In a presentation at the independent Community Bankers of America Annual Convention in Las Vegas, Comptroller Curry discussed the impact community banks have on their communities, and supervision activities of the OCC.(3/15/2013)

  • FDIC Consumer Newsletter

    The Winter 2013 issue of the FDIC Consumer Newsletter has been published. This edition features tips on way consumers can protect their money, with articles on key things to know about resolving common financial problems, avoiding scams, safely conducting mobile banking, and understanding federal deposit insurance coverage.(3/15/2013)

  • Community Affairs webinar

    FDIC FIL-10-2013 announces a webinar, Opportunities for Community Banks — Federal Guarantee Programs that Support Export Lending to Small Business, to be held on April 18, 2013. (3/15/2013)

  • NCUA Board meeting

    The NCUA has posted a report of actions taken by its Board at its March 14, 2013, meeting.(3/15/2013)

  • OFAC launches new SDN search tool

    Treasury announced OFAC's launch of a new version of its SDN search tool, and posted an FAQ on its use.(3/14/2013)

  • BHC Supervision Manual

    The Federal Reserve Board has published the January 2013 update of the Bank Holding Company Supervision Manual, available as a single PDF file or separate topic sections.(3/14/2013)

  • DSR and FOR reports

    The FRB has released the 2012 third quarter household debt service ratio (DSR) and financial obligations ratio (FOR) reports.(3/14/2013)

  • Reg II Debit Card FAQs updated

    The frequently asked questions (FAQs) regarding Reg II (Debt Card Interchange Fees and Routing) previously published by the FRB have been updated.(3/14/2013)

  • MSA revisions to affect 2014 data

    The FFIEC has announced that Bulletin 13-01 from the Office of Management and Budget (OMB) on revised delineations of Metropolitan Statistical Areas, although effective immediately, will not affect HMDA data collection until January 1, 2014.(3/14/2013)

  • NCUA 2013 Exam Focus webinar

    The NCUA will host a free webinar, "Examination Issues for 2013," on Wednesday, March 27, 2013, at 2 p.m. ET. Questions may be submitted in advance.(3/14/2013)

  • Electronic payment processor banned

    The FTC has announced that, under the terms of a court settlement, a payment processor and two principals are banned from processing electronic payments. The defendants were charged with debiting, or attempting to debit, millions of dollars from tens of thousands of consumers' bank accounts without their consent. The settlement order also requires the defendants to pay $950,000 to be distributed to consumers defrauded by the scheme(3/14/2013).

  • Bureau recruiting examiners

    The CFPB has posted a "help wanted" ad on its Blog to recruit examiners of large banks and nonbank companies. Applications will be accepted through March 22, 2013.(3/14/2013)

  • Escrow Rule small creditors exemption

    The Bureau has posted an article explaining the exception for small creditors in rural or underserved counties applicable to its new Escrow Rule, which requires the creation of escrow accounts for HPMLs (higher priced mortgage loans). Other new rules relating to the Ability to Repay, HOEPA Counseling, and HPML Appraisals are also discussed.(3/13/2013)

  • FTC updates "dot.com" advertising guide

    The Federal Trade Commission has released new guidance for mobile and other online advertisers that explains how to make disclosures clear and conspicuous to avoid deception. The updated FTC staff guidance, .com Disclosures: How to Make Effective Disclosures in Digital Advertising, takes into account the expanding use of smartphones with small screens and the rise of social media marketing. It also contains mock ads that illustrate the updated principles.(3/13/2013)

  • Term deposits auction results

    The Federal Reserve Board has released the results of its auction of 28-day term deposits held on March 11, 2013.(3/13/2013)

  • New Call Report provisions

    FDIC FIL-9-2013
    reminds reporting institutions of the proposed new and revised provisions for the June 30, 2013, Call Report. The changes include new and revised items for consumer deposit account balances, certain types of service charges on consumer deposit accounts, types of international remittance transfers offered, trade names on websites, certain high-risk loans, and certain capital transactions with stockholders.(3/13/2013)

  • FHFA Refinance Report

    The Federal Housing Finance Agency has announced that its December 2012 Refinance Report has been released, showing that 2012 HARP refinances exceeded earlier estimates for the program.(3/13/2013)

  • North Korean bank and chairman designated

    Treasury has announced the designation of Foreign Trade Bank, North Korea's primary foreign exchange bank, and its chairman, along with the chairman of the Second Economic Council as supporters of proliferators of weapons of mass destruction (WMD). Their names and those of two other individuals were added to the SDN List. Further information is available in a BOL OFAC Update.(3/12/2013)

  • Fake OCC correspondence

    OCC Alert 2013-2 has been issued concerning fake letters, faxes and emails that appear to have been sent by the OCC about funds purportedly being held for the benefit of the recipient. A sample letter is attached to the Alert.(3/12/2013)

  • NCUA Report

    The March 2013 issue of The NCUA Report has been published. The issue features important NCUA Board actions and key issues for credit union volunteers and management.(3/12/2013)

  • NCUA town meeting online

    The recording of the February 5, 2013, NCUA town meeting/webinar is available online. The session features discussions on current initiatives by the NCUA and the CFPB.(3/12/2013)

  • The Bureau in Des Moines

    The CFPB Blog has announced a field hearing will be held on the Bureau's Consumer Complaint Database in Des Moines, Iowa, on March 28, 2013. The event is free and open to the public but a RSVP is required.(3/12/2013)

  • Georgia bank closed

    The FDIC has announced the closing of Frontier Bank, LaGrange, Georgia. The bank's deposits were assumed by HeritageBank, South Albany, Georgia.(3/11/2013)

  • Elder financial abuse

    In its final Blog entry for National Consumer Protection Week, the Bureau has posted an article on "Recognizing elder financial abuse."(3/11/2013)

  • Call Report revisions proposed

    FDIC FIL-8-2013 has been issued with a request for comment on proposed revisions to the Call Report that generally would take effect in June 2013. Comments must be submitted by April 22, 2013.(3/11/2013)

  • Housing Scorecard

    HUD and Treasury have issued a joint press release announcing the February 2013 Housing Scorecard, a comprehensive report on the U.S. housing market.(3/11/2013)

  • FTC staff report on mobile payments

    The FTC has released a staff report, "Paper, Plastic — or Mobile?," based on a 2012 workshop which examined payment options available to consumers.(3/11/2013)

  • Currency in circulation update

    The FRB has released the 2012 annual update of its Currency and Coin data, which includes everything you could ever want to know about the Fed's currency and coin operations last year, and more.(3/11/2013)

  • OCC workshops in Philly

    The OCC has announced the hosting of two workshops, "Risk Assessment for Directors" and "Credit Risk: A Director's Focus," in Philadelphia on April 16–17, 2013.(3/11/2013)

  • NCUA workshops schedule

    The schedule for fifteen free training workshops has been announced by NCUA. The first workshop will be held in Richmond, Virginia, on March 22, 2013.(3/11/2013)

  • North Koreans added to SDN list

    Treasury has announced its addition of three individuals to its SDN List under the asset freeze provisions of United Nations Security Council Resolution 2094, passed on March 7, 2013. See BOL's OFAC Update for details.(3/8/2013)

  • FinCEN reminder

    FinCEN has issued a reminder to financial institutions that they can no longer use "legacy" filing formats after March 31, 2013, and that any financial institutions that continue to file reports in paper format may be subject to civil money penalties.(3/8/2013)

  • Treasury to shed more CPP assets

    A Treasury press release has announced the agency's intent to sell several preferred stock and subordinated debt Capital Purchase Program (CPP) investments. The auctions are expected to commence on or about March 11, 2013.(3/8/2013)

  • Bank stress test results

    The Federal Reserve Board has released the summary results of the most recent round of bank stress tests. The results indicate the nation's largest bank holding companies have continued to improve their ability to withstand an extremely adverse hypothetical economic scenario and are collectively in a much stronger capital position than before the financial crisis.(3/8/2013)

  • FRB reports

    The FRB has issued the March 2013 Z.1 Flow of Funds and the G.19 Consumer Credit reports.(3/8/2013)

  • FedFocus

    The March 2013 issue of FedFocus has been posted featuring the 2013 Payments Study, which will examine the nation's aggregate volume and composition of payments. The triennial study was first conducted in 2001.(3/8/2013)

  • Curry on BSA/AML compliance

    In an oral statement and written testimony before the Senate committee on Banking, Housing, & Urban Affairs, Comptroller Curry discussed the BSA/AML compliance programs at U.S. financial institutions and the OCC's role in conducting compliance examinations.(3/8/2013)

  • NCUA Board agenda posted

    The agenda for the March 14, 2013, meeting of the NCUA Board has been posted.(3/8/2013)

  • FTC shuts down loan scams

    Due to FTC action, a federal court has banned marketers of a California-based company from providing modification services for auto loans and for any other type of debt; and marketers of mortgage relief services scams have agreed to surrender assets and halt operations.(3/8/2013)

  • Bureau says tax time is time to save

    In another of its series of articles observing National Consumer Protection Week, the CFPB has suggested that tax time is the perfect time for consumers to think about starting a savings program.(3/8/2013)

  • FRB term deposits auction

    The Federal Reserve Board has issued a news release announcing the offering on March 11, 2013 of $3 billion in 28-day term deposits.(3/7/2013)

  • Beige Book update

    The Beige Book has been updated by the FRB with data current as of March 6, 2013.(3/7/2013)

  • Mortgage relief scam victims to receive $1 million

    The Federal Trade Commission has announced the mailing of 17, 213 refund checks totaling over $1 million to consumers who were deceived by an operation that charged an up-front fee for bogus mortgage relief services and posed as a government mortgage assistance program.(3/7/2013)

  • What can a student do?

    The latest article in the CFPB Blog series for National Consumer Protection Week provides tips on ways students can protect themselves from excessive student loan debt.(3/7/2013)

  • ID theft tops FTC complaint list

    The Federal Trade Commission has released its annual Consumer Sentinel Network Data Book, which details and analyzes consumer complaints filed with the agency during 2012. Identity theft topped the list for the 13th straight year, at 18% of complaints filed. This is the first year in which complaints about payday loans were separately reported as a subcategory of the Banks and Lenders complaint group.(3/6/2013)

  • Self-disclosure reduces OFAC CMP

    OFAC has announced a non-financial entity has paid a $139,650 civil money penalty (CMP) to settle two alleged violations of the Cuban and Iranian sanctions regulations. The base penalty for both violations of $206,889 was reduced due to the voluntary self-disclosure by EGL, Inc., of one of the violations.(3/6/2013)

  • FRB 2011 Debit Card report

    The Federal Reserve Board has issued a press release announcing the publication of a report on the volume and value, interchange fee revenue, certain issuer costs, and fraud losses related to debit card transactions in 2011. The report, required by the Electronic Fund Transfer Act (EFTA), is the second in a series published every two years.(3/6/2013)

  • OCC announces directors workshop

    "Mastering the Basics: A Director's Challenge," a workshop for directors of national community banks and federal savings associations, will be hosted by the OCC in Chicago on April 8–9,2013.(3/6/2013)

  • OCC Bulletin on STIF reporting requirement

    OCC Bulletin 2013-8 provides guidance to banks that offer short-term collective investment funds (STIF). The guidance describes the process for making electronic disclosures to the OCC. To facilitate the reporting requirement, which becomes effective July 1, 2013, the OCC has established a secure file transfer protocol (FTP) website and created a standardized data collection template.(3/6/2013)

  • CRA ratings released

    The FDIC has released the ratings received by state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Three of the 75 listed banks received an outstanding rating, and three were listed as needing improvement.(3/6/2013)

  • CU Quarterly U.S. Map Review

    The NCUA has announced the publication of its fourth quarter 2012 U.S. Map Review, a report of key state-level indicators for federally insured credit unions, including employment rates and home price changes.(3/6/2013)

  • FATF issues new country-wide risk assessment guidance

    The Financial Action Task Force (FATF) has adopted a new guidance document intended to assist in the conduct of money laundering and terrorist financing risk assessments at the country or national level.(3/6/2013)

  • FinCEN proposes FBAR changes

    FinCEN has published a proposal to update the current Report of Foreign Bank and Financial Accounts (FBAR) to standardize it with other BSA electronically filed reports and add the capability for a third party preparer to file the report. Comments on the proposal are due by May 6, 2013.(3/5/2013)

  • Goals for Fannie and Freddie released

    The Federal Housing Finance Agency (FHFA) has released the 2013 Conservatorship Scorecard for Fannie Mae and Freddie Mac.(3/5/2013)

  • Curry discusses operational risk

    In a speech at the annual conference of the Institute of International Bankers held in Washington, D.C., Comptroller Curry stressed the importance of operational risk. He noted that it is at the top of the OCC's safety and soundness concerns for the large banks it supervises.(3/5/2013)

  • Gruenberg on resolution of international SIFIs

    In remarks before the annual Washington Conference of the Institute of International Bankers, FDIC Chairman Gruenberg addressed the challenges in developing the capability to manage the orderly resolution of a systemically important financial institution (SIFI) with extensive cross-border operations.(3/5/2013)

  • NCUA tips to avoid financial traps

    Chairman Matz has reminded CU members and consumers to visit the agency's websites for tips on avoiding scams and protecting financial well-being.(3/5/2013)

  • 2012 Financial Report of U.S. Government

    Treasury's Financial Management Service has released the 2012 Financial Report of the U.S. Government. [Index; Summary; Full Report](3/5/2013)

  • Bureau tips to avoid buyer's remorse

    As part of a series for National Consumer Protection Week, the CFPB Blog features an article with tips for servicemembers to protect against buyer's remorse when making big financial decisions.(3/5/2013)

  • CRA ratings and exam schedule

    The OCC has released the ratings received by thirty-four national banks and federal savings associations that were recently evaluated for compliance with CRA and the second quarter 2013 CRA examination schedule. Six of the institutions receiving CRA ratings in February were listed as "outstanding."(3/4/2013)

  • FDIC Consumer News hot tips

    In observance of National Consumer Protection Week, the FDIC has released a list of the most popular articles recently published in the FDIC Consumer News, the regulator's quarterly newsletter.(3/4/2013)

  • Bernanke on long-term interest rates

    In a speech at the annual Monetary/Macroeconomics Conference, Chairman Bernanke discussed why long-term interest rates are so low in the United States and in other major industrial countries.(3/4/2013)

  • FSA interim rule on maximum farm loan rates

    The Farm Service Agency (FSA) has published an interim rule amending its regulations that specify interest rates on guaranteed farm loans. The rule becomes effective May 3, 2013, and comments are due by June 3, 2013.(3/4/2013)

  • Board proposes Reg HH amendments

    The Federal Reserve Board has published a proposal to amend its Regulation HH ("Designated Financial Market Utilities") to authorize a Federal Reserve Bank to open interest-bearing accounts and provide certain financial services for financial market utilities that are designated as systematically important, as permitted under section 806(a) of the Dodd-Frank Act. Comments are due by May 3, 2013.(3/4/2013)

  • CU earnings set record

    The NCUA has announced that based on December 31, 2012, call report data, credit unions earned $8.5 billion in 2012, the most ever reported.(3/4/2013)

  • Foreign Exchange Rates report

    The February G.5 Foreign Exchange Rates report has been released by the Federal Reserve Board.(3/4/2013)

  • Project Catalyst update

    An article in the CFPB Blog updates the activities of its Project Catalyst, a program to support the creation and growth of innovative consumer financial products and services.(3/4/2013)

  • HUD launches Fair Housing app

    HUD has announced its release of a housing discrimination mobile application (app) for iPhone and iPad. The app uses the latest technology to provide a quick and easy way to learn about housing rights, file housing discrimination complaints, and inform the housing industry about its responsibilities under the Fair Housing Act.(3/1/2013)

  • $9.3 billion foreclosure agreements amended

    A joint OCC/FRB press release has announced amendments to the agencies' enforcement actions against 13 mortgage servicers for deficient practices in mortgage loan servicing and foreclosure processing. The servicers are required to provide a total of $9.3 billion in payments and other assistance to borrowers.(3/1/2013)

  • CRA exam schedule

    The FDIC has posted its CRA examination schedule for the second quarter 2013.(3/1/2013)

  • Prohibition orders

    The NCUA has issued orders prohibiting two former employees of Texas and Oklahoma federal credit unions from participating in the affairs of any federally insured financial institution.(3/1/2013)

  • OCC promotes consumer protection awareness

    In activities promoting National Consumer Protection Week (NCPW), the OCC distributed educational materials on Capitol Hill about a variety of consumer protection and financial services issues.(3/1/2013)

  • Foreign holdings of U.S. securities report

    Treasury has posted information on the issuance of a preliminary report of the foreign portfolio holdings of U.S. securities as of June 30, 2012.

First published on: 
02/28/2013
Filed under: 
Compliance
Lending
Operations
Security
Technology

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