Top Stories for January 2013

Bureau publishes final rules

The CFPB has published two more of its recently issued final rules affecting lending. Today's Federal Register includes these final rules

FHA MMI Fund changes

The Federal Housing Administration (FHA) has announced a series of changes that will allow the agency to better manage risk and further strengthen the health of the Mutual Mortgage Insurance (MMI) Fund.(1/31/2013)

Columbian drug trafficker and organization designated

Treasury has announced the OFAC designation of the Colombian criminal organization Los Rastrojos, and drug trafficker Diego Perez Henao (alias "Diego Rastrojo") as Specially Designated Narcotics Traffickers (SDNTs) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). In unrelated actions, 42 entries were removed from the SDN List. See BankersOnline's January 30, 2013, OFAC Update for details.(1/31/2013)

FOMC Statement

The Federal Reserve Board has released the statement issued by the Federal Open Market Committee (FOMC) following its recent meeting. The target range for the federal funds rate was kept at 0 to ¼ percent. The Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. The existing policy of reinvesting principal payments from holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction was also continued.(1/31/2013)

Curry addresses FFIEC conference

Comptroller Curry discussed the importance of consumer compliance in bank supervision during the Federal Financial Institutions Examination Council™s Consumer Compliance Specialists Conference.(1/31/2013)

FDIC consumer alert

A Consumer Alert has been issued by the FDIC about fraudulent emails that appear to have been sent by the regulator. The fraudulent emails are addressed to the attention of the "Accounting Department" and purport to notify recipients that "ACH and WIRE transactions" are being blocked until "a special security software" is installed.(1/31/2013)

FTC announcements

The FTC has announced the results of an empirical study of companies that are in the business of buying consumer debts and trying to collect on them; a settlement banning certain automobile debt consultants; and the payment of $7.4 million in refunds to victims of a bogus credit card scheme.(1/31/2013)

Bureau ATR/QM Rules published

The previously issued CFPB final rule on Ability to Repay and Qualified Mortgage Standards (ATR/QM Rule), and the Bureau's previously announced proposal to amend the final rule both appear in today's Federal Register. See our January 10 Top Stories for more information.(1/30/2013)

Mortgage interest rates decrease

The Federal Housing Finance Agency (FHFA) has released the December 2012 national average contract mortgage rate for the purchase of previously occupied homes by combined lenders report, which indicates a decrease of 0.07% from the November 2012 report.(1/30/2013)

Treasury OFR to chair international committee

A Treasury press release has announced that the Office of Financial Research (OFR) has been selected to chair an international committee overseeing the launch of the Legal Entity Identifier (LEI), a global standard for financial data. The LEI is a code that uniquely identifies parties to financial transactions and links to their basic "business card" information. By standardizing the identification of these entities, the LEI should provide financial companies and global financial regulators a better view of true exposures and counterparty risks across the world’s financial system.(1/30/2013)

FDIC Community Banking Committee adds members

The FDIC has announced the selection of eight new members of its Advisory Committee on Community Banking. The sixteen-member committee provides input to the agency on a wide variety of topics, including current examination policies and procedures, credit and lending practices, deposit insurance assessments, insurance coverage and regulatory compliance.(1/30/2013)

Federal Register feature highlighted

Our readers may have noticed that we have begun providing links to articles in the new e-journal version of the Federal Register instead of the traditional three-column eyestraining excerpts from the legacy format still provided as a holdover from the days when the daily government journal was printed and mailed. A recent blog post on the Federal Register's home page highlights enhancements in the display of rules that can help readers better understand complex documents.(1/30/2013)

Bureau publishes Remittance Rule postponement

The CFPB has published in today's Federal Register its rule delaying the effective date of its Remittance Transfer Rule (subpart B of Regulation E), mandated by section 1073 of the Dodd-Frank Act. A new effective date will be announced "later this year."(1/29/2013)

Dodd-Frank stress test and CCAR results dates

The FRB has announced that results from the Dodd-Frank supervisory stress tests will be released on March 7, and the related results from the Comprehensive Capital Analysis and Review (CCAR) will be released on March 14. Results will be released for both exercises at 4:30 p.m. ET.(1/29/2013)

Curry on the circuit

Comptroller Curry was busy delivering two presentations yesterday one before the American Securitization Forum in Las Vegas, and the other at the Bank Director: Acquire or Be Acquired Conference in Scottsdale.(1/29/2013)

FTC shuts down another debt relief scam

A Florida U.S. District Court has, pending resolution of a case filed by the FTC, temporarily shut down a Tampa telemarketer that allegedly operated a credit card interest rate reduction scam. The case is the seventh brought by the FTC in the past three months against telemarketers pitching allegedly phony debt relief services to financially distressed consumers who could least afford to lose money.(1/29/2013)

$10 million BSA/AML CMP

An OCC news release has announced the assessment of a ten million dollar civil money penalty (CMP) against TCF National Bank, Sioux Falls, South Dakota, for BSA violations including late filing of SARS, structured cash transactions, and failure to identify potential terrorist financing. A cease and desist order (C&D) issued in July 2010 directed the bank to correct deficiencies in its BSA and anti-money laundering programs.(1/28/2013)

FDIC enforcement actions

The FDIC has released a list of 71 administrative enforcement actions taken against banks and individuals in December 2012. The orders included civil money penalties (CMPs) of $22,290 for 4 Flood Act violations and $27,500 for 2 HMDA violations. See the BankersOnline Flood Penalties Watch and HMDA Heaven pages for details.(1/28/2013)

FEMA to suspend communities

FEMA has published two final rules identifying communities scheduled for suspension under the National Flood Insurance Program due to their noncompliance with the floodplain management requirements of the program. The suspensions will be effective on February 20 and March 4, 2013, respectively.(1/28/2013)

OCC renews OTS advisory committee

The OCC has announced the renewal of the charter for the Minority Depository Institutions Advisory Committee (MIDIAC). The original charter was issued by OTS. The committee includes eight officers and directors of minority depository institutions and other depository institutions with a commitment to supporting minority depository institutions of all types, sizes, operating strategies, and geographic areas. Its first meeting, open to the public, will be held on March 5, 2013, in Washington, D.C.(1/28/2013)

Additional TARP auctions announced

Treasury has announced plans to sell all of its preferred stock and subordinated debt positions in eleven institutions using a modified Dutch auction methodology, to domestic qualified institutional buyers and certain domestic institutional accredited investors commencing on or about January 28, 2013.(1/28/2013)

Low-income CU loan program

The NCUA has announced plans to make $9.5 million in loans from the Community Development Revolving Loan Fund available in 2013 to low-income credit unions.(1/28/2013)

SDN List Updated

Treasury has announced the OFAC-designation of seven individuals and two entities; the deletion of one individual; and a change to an existing entry. The designations include leaders of M23 in the Democratic Republic of the Congo, and a company and individuals linked to the North Korean weapons of mass destruction program. More information is available in BankersOnline's January 24, 2013, OFAC Update. (1/25/2013)

FHC list

The list of bank holding companies that have become or elected as of January 23, 2013, to be treated as financial holding companies (FHCs) under the provisions of the Bank Holding Company Act has been released by the Federal Reserve Board.(1/25/2013)

Workshop for community directors

The OCC will host a workshop March 4-6 in Louisville, Kentucky, for directors of national community banks and federal saving associations. The workshop is limited to the first 35 registrants. Additional information on the workshop series and online registration are available at https://www.seiservices.com/occ/welcome.aspx (click on Expand All) or call (240) 485-1700.(1/25/2013)

FDIC launches community affairs webinar series

FDIC FIL-2-2013 has announced the launch of a community affairs webinar series for bankers. The series will highlight strategies for institutions to consider that may complement other efforts to promote community development and expand access to the banking system. The first webinar will be held February 6, 2013, from 1:30 p.m. to 2:30 p.m. (ET). Online registration is available but must be completed by February 4.(1/25/2013)

Fake OCC correspondence

OCC Alert 2013-1 warns of fictitious correspondence, purportedly issued by the OCC, regarding funds allegedly under the control of the OCC and other government entities. The correspondence may be distributed via e-mail, fax, or postal mail. It indicates that funds are being held by Bank of America, and that the recipient will be required to pay a mandatory express service charge to have the funds released. A sample of the fake correspondence is linked below the Alert.(1/25/2013)

Cordray re-nominated

The President has announced his nomination of Richard Cordray to continue as Director of the CFPB. (1/25/2013)

NMLS maintenance scheduled

NMLS will undergo system maintenance on Saturday morning, January 26th from 7-9 am ET. NMLS and NMLS Consumer Access will be unavailable during the upgrade.(1/25/2013)

NMLS Ombudsman meeting

An open meeting with the NMLS Ombudsman will be held on Tuesday, February 26, 2013, 2:00 5:00 p.m., in San Antonio, Texas, prior to the NMLS Annual Conference. Conference registration is not required to attend the meeting. Additional information is available on the NMLS Ombudsman page.(1/25/2013)

NCUA regs review list for 2013

The NCUA has announced the list of regulations it plans to review in 2013. Comments concerning the listed regulations may be submitted via email.(1/25/2013)

TCO members added to OFAC list

Treasury has announced the designation by OFAC of seven individuals and one entity involved with three transnational criminal organizations (TCOs), the Camorra, the Yakuza, and the Brothers' Circle, under Treasury's authority targeting transnational organized crime. This action freezes any assets these persons may have within the jurisdiction of the United States and generally prohibits any transactions with them by U.S. persons. In addition, unrelated changes have been made to six existing entries on the SDN List. BankersOnline's January 23, 2013, OFAC Update has more information.(1/24/2013)

SR Letter on outsourcing internal audit

The Federal Reserve Board has issued SR13-1 announcing its issuance of a supplemental policy statement on the internal audit function and its outsourcing. The guidance does not apply to community banking organizations with total consolidated assets of $10 billion or less.(1/24/2013)

Curry to discuss accountability of independent directors

A news release from the OCC has announced the appearance of Comptroller Curry in London before a public session of the Parliamentary Commission on Banking Standards to discuss the OCC's approach to ensuring accountability of independent directors at federal banks and thrifts.(1/24/2013)

OCC Bulletin on proposed social media risk guidance

OCC Bulletin 2013-2 discusses the recently announced FFIEC proposed guidance addressing the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media.(1/24/2013)

Bank settles Fair Housing claim

HUD has announced that a Minnesota bank will pay a loan applicant $12,000 to settle a claim under the Fair Housing Act that the bank required him to provide unnecessary documentation to establish he would continue receiving disability income for three years before they would approve his mortgage loan.(1/24/2013)

House Price Index up

The Federal Housing Finance Agency (FHFA) has released the November 2012 House Price Index, which reports house prices rose 0.6 percent on a seasonally adjusted basis from October to November 2012.(1/24/2013)

Matz on CU recovery and NCUA priorities

NCUA Chairman Matz discussed the industry's post-recession recovery and the agency's priorities for 2013 in an interview available on CUbroadcast, an online video information service featuring credit union innovators, success stories and game changers.(1/24/2013)

FFIEC proposes social media guidance

The Federal Financial Institutions Examination Council has announced and published proposed guidance on the applicability of consumer protection and compliance laws, regulations, and policies to activities conducted via social media by banks, savings associations, and credit unions, as well as nonbank entities supervised by the Consumer Financial Protection Bureau and state regulators. Comments on the proposal are due by March 25, 2013.(1/23/2013)

Remittance transfer rule postponed

As anticipated, the CFPB has announced a delay in the implementation of its previously announced international remittance transfer rule, which would have become effective February 7, 2013. A new effective date was not announced.(1/23/2013)

House Price Index release schedule

FHFA has announced the 2013 schedule for the release of the House Price Index report.(1/23/2013)

Written Agreement executed

The Federal Reserve Board has announced the execution of a Written Agreement with the Flathead Holding Company of Bigfork, Bigfork, Montana.(1/23/2013)

January NCUA YouTube video

The NCUA has posted its January 2013 economic video on YouTube.(1/23/2013)

OFAC imposes CMP

OFAC has announced its issuance of a $10,000 civil money penalty (CMP) to settle apparent violations of the Iranian Transaction Regulations. The penalty was imposed on a non-financial entity.(1/22/2013)

Treasury sale of GM stock

Treasury has updated the status of its previously announced plan to sell its remaining shares of GM common stock.(1/22/2013)

HSBC to pay $249 million to borrowers

The FRB and OCC have issued a joint press release announcing an agreement in principle has been reached with HSBC to pay $249 million in cash and other assistance to its mortgage borrowers. The agreement is similar to those recently announced with other mortgage loan servicers.(1/22/2013)

OCC enforcement actions

The OCC has released the list of new enforcement actions recently taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.(1/22/2013)

Minnesota bank closed

The FDIC has announced the closing of 1st Regents Bank, Andover, Minnesota, and the transfer of all its one office's deposits to First Minnesota Bank, Minnetonka, Minnesota.(1/22/2013)

Health care fraud webinar

A webinar to discuss health care fraud and its increasing occurrence in the U.S. financial system will be held at 1 pm ET on January 23, 2013 by FinCEN and the FBI.(1/22/2013)

Escrow rule published

The CFPB has published, in the January 22, 2013, Federal Register, its previously announced final rule, "Escrow Requirements under Truth in Lending Act." We've identified an error in the Bureau's document. On page 4753 of the Federal Register, in revised  1026.35(b)(1), the reference to Regulation X should be cited as 12 CFR 1024.17(b), not 24 CFR 3500.17(b).(1/22/2013)

NEW BOL Section - Final Rules

Are you overwhelmed by the flood of final rules? Our BOL community has posted in many of the Bankers' Threads forums with discussions on the proposed regulations, but now the final rules are out. So that we can separate what was from what is, we have created an individual forum for each of the new rules. Check out our Final
Dodd-Frank Rules Discussions Section to review and discuss each of the new rules.(1/22/2013)

Bureau press call announces MLO compensation rule

The CFPB has announced the final Loan Originator Compensation rule. The rule

• prohibits steering incentives
• bans "dual compensation"
• sets qualification and screening standards for a more level playing field between state-licensed and federally-registered MLOs
• generally prohibits mandatory arbitration of disputes and financing of credit insurance premiums. This provision will be effective June 1, 2013.

The remainder of the rule will be effective January 10, 2014. No action was taken on an earlier proposal to require that MLOs offer loans without upfront origination charges. [Final rule (541-page PDF) ; Summary](1/18/2013)

Bureau finalizes Reg B appraisal rule

In another in the recent flurry of final rules, the Bureau has announced it has issued a final rule amending its Regulation B to implement Dodd-Frank Act ECOA amendments. Institutions will both have to inform applicants for first-lien mortgage loans they will receive a free copy of appraisals and other home-value estimates, and provide the copies promptly or a minimum of three days before closing. The rule will be effective January 18, 2014.(1/18/2013)

Agencies issue final HPML appraisal rules

A joint news release by the FRB, CFPB, FDIC, FHFA, NCUA and the OCC has announced the issuance of the final rule establishing new appraisal requirements for "higher-priced mortgage loans." The rule implements amendments to TILA made by the Dodd-Frank Act (DFA). Mortgage loans are "higher-priced" if they are secured by a consumer's home and have interest rates above certain thresholds. The rule requires written appraisals based on an inspection of the interior of a property, and a free copy of any appraisal report for the consumer. It also requires a second appraisal, at no cost to the consumer, involving purchases of certain "flipped" properties. The final rule [311-page PDF] will be effective January 18, 2014.(1/18/2013)

Bureau comments on Servicing Rules

The CFPB has posted a Blog entry and Director Cordray's prepared remarks at the Bureau field hearing in Atlanta on the new mortgage loan servicing rules that were issued yesterday (see Thursday's Top Stories).(1/18/2013)

COPPA rule published

The Federal Trade Commission has published in the Federal Register its previously-announced revision of its regulations at 16 CFR Part 312, "Children's Online Privacy Protection Rule." The amended rule will become effective July 1, 2013.(1/18/2013)

FATCA final regs to combat offshore tax evasion

Treasury and the IRS have announced the issuance of comprehensive final regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA). The regulations provide additional certainty for financial institutions and government counterparts by finalizing the step-by-step process for U.S. account identification, information reporting, and withholding requirements for foreign financial institutions (FFIs), other foreign entities, and U.S. withholding agents.(1/18/2013)

Drug traffickers designated

Treasury has announced designation of the leader, Fausto Isidro Meza Flores, several key family members, and three companies of the Meza Flores drug trafficking organization, all of which help facilitate the operations of the organization. For details see the January 17, 2013, BOL OFAC Update page.(1/18/2013)

Flood CMP

The FRB has announced the assessment of a $3,419 civil money penalty against The Commercial and Savings Bank of Millersburg, Ohio, for violation of the Flood Act. See the BOL Flood Penalties page for details.(1/18/2013)

FRB announces nationwide payments study

The Financial Services Policy Committee of the Conference of Presidents of the Federal Reserve Banks has announced plans to conduct a study of the current volume and composition of electronic and check payments in the U.S. The study will consist of three surveys to estimate the annual number, dollar value and composition of retail noncash payments.(1/18/2013)

OCC community directors workshop

A workshop for directors of national community banks and federal savings associations will be held by the OCC February 11-13, 2013, in Little Rock, Arkansas.(1/18/2013)

Bureau issues Servicing Rules

The CFPB has announced its issuance of final rules to establish new, strong protections for struggling homeowners facing foreclosure. The rules also protect mortgage borrowers from costly surprises and runarounds by their servicers. The rule will

FDIC approves joint appraisal rule

The FDIC Board approved Wednesday a joint final rule with new appraisal requirements for "higher-risk mortgage loans" (consumer-home-secured loans with rates above a threshold). This rule requires an inspection of a building's interior, and a second appraisal of recently "flipped" properties at no cost to the consumer, among other provisions. January 18, 2014, is the effective date.(1/17/2013)

February 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 February 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.(1/17/2013)

Beige Book update

The FRB has updated the Beige Book with economic data available from each of the twelve Federal Reserve Districts as of January 4, 2013.(1/17/2013)

Goldman Sachs and Morgan Stanley to assist mortgage customers

A Federal Reserve Board press release announces that the Fed has reached in principle agreements with Goldman Sachs and Morgan Stanley to make cash payments of $557 million and provide other assistance to eligible mortgage borrowers. The agreements are similar to those announced last week with ten other mortgage servicing companies.(1/17/2013)

Nominations open for FinCEN BSAAG

FinCEN has posted a notice and request for the public to nominate financial institutions and trade groups for a three-year term on its Bank Secrecy Act Advisory Group (BSAAG). (1/17/2013)

November TIC data

The Treasury International Capital (TIC) data for November 2012 is available.(1/17/2013)

ICE helps catch ID thief

A news release issued by U.S. Immigration and Customs Enforcement (ICE) details how ICE Tampa Homeland Security investigation special agents and Tampa police were able to apprehend an illegal immigrant who was impersonating a North Carolina resident.(1/17/2013)

CFPB mortgage policy field hearing

The Bureau's bloggers have issued an invitation to attend a field hearing on mortgage policy, featuring remarks from Director Cordray. The hearing will be held at Georgia State University in Atlanta, on January 17, 2013, beginning at 11 a.m. ET.

Editor's note: Given the Bureau's penchant for making significant announcements at such gatherings, it's likely that one or more of the remaining final MRAPLA rules will be announced at tomorrow's meeting.(1/16/2013)

TALF repayment

Treasury and the Federal Reserve Board have announced the full repayment with interest of Treasury's investment in the Term Asset-backed-securities Lending Facility (TALF).(1/16/2013)

Term deposit auction results

The FRB has announced the results of its auction on January 14, 2013, of $3 billion in 28-day term deposits.(1/16/2013)

January FedFlash

The January 2013 issue of FedFlash features articles on the migration of FedLine user authentication enhancements, a reminder to file a current board resolution and official authorization list, new FedReceipts RTNs, and 2013 financial service fees.(1/16/2013)

Community bank director workshops

The OCC has issued a news release announcing the schedule for its 2013 community director workshops. (1/16/2013)

MMF reform comment period extended

Treasury has announced that the Financial Stability Oversight Council has extended to February 15, 2013, the comment period for proposed recommendations for money market mutual fund (MMF) reform, at the request of the Chairman of the SEC.(1/16/2013)

Regulators hit JPMorgan Chase with C&D Orders

The FRB has announced that it has issued two cease and desist (C&D) orders against JPMorgan Chase & Co., relating to its risk-management, financial and internal audit, and its BSA and AML programs. In two additional releases coordinated with the Fed's news, the OCC announcing similar C&D orders against JPMorgan Chase Bank, N.A. [OCC1; OCC2] (1/15/2013)

Friend named OCC chief counsel

The OCC has announced its appointment of Amy Friend as chief counsel, succeeding Julie Williams. Ms. Friend formerly served as chief counsel to the Senate Banking Committee where she played an integral role in the development of the Dodd-Frank Act.(1/15/2013)

FTC consumer complaint email scam

The FTC has issued a warning to small businesses regarding an email that appears to be from the agency with the subject line “ NOTIFICATION OF CONSUMER COMPLAINT. The email is not from the FTC and clicking on any links may install a virus or spyware.(1/15/2013)

PSA phone scams warning

Treasury, in partnership with the Social Security Administration and Department of Veterans Affairs is utilizing a new public service announcement (PSA) to warn and educate viewers on how to avoid becoming a victim of phone scams involving identity theft and fraud.(1/15/2013)

FEMA to suspend communities

The Federal Emergency Management Agency (FEMA) has published two final rules announcing lists of communities scheduled for suspension for noncompliance with the floodplain management requirements of the National Flood Insurance Program, effective January 16, 2013, and February 6, 2013, respectively.(1/14/2013)

December Housing Scorecard

A joint HUD and Treasury press release has announced the release of the December 2012 edition of the comprehensive report of the U.S. housing market (the "Housing Scorecard").(1/14/2013)

Curry discusses 2013 opportunities and challenges

In a presentation before the California Bankers Association's annual bank presidents seminar, Comptroller Curry reviewed some of the challenges and opportunities facing the financial industry in 2013. He noted "it's important that all of us – supervisors and financial institutions alike address risks to safety and soundness realistically so that we are well prepared to take advantage of the opportunities that a recovering economy will present."(1/14/2013)

FDIC to weigh final appraisal rule

The FDIC is scheduled to discuss the issuance of a final rule on Higher-Risk Mortgage Appraisal Requirements at its board meeting tomorrow. The Board, Bureau, FDIC, FHFA, NCUA, and OCC published a proposed rule to amend Regulation Z and related regulations on September 5, 2012. (1/14/2013)

Washington bank closed

The FDIC has announced the closing by the Washington State Department of Financial Institutions of Westside Community Bank, University Place, Washington, and the transfer of all deposits to Sunwest Bank, Irvine, California.(1/14/2013)

NCUA webinar on serving low-income members

A free webinar, "Strategic Issues for Serving Low-income Members," will held by the NCUA on January 23, 2013, at 2 p.m. ET. (1/14/2013)

Grant proposals sought by NCUA

A press release has been issued by the NCUA to announce a grant initiative to award a low-income designated credit union with $50,000 for a proposal that results in long-term savings to a credit union through collaboration.(1/14/2013)

OFAC issues new advisory

OFAC has issued an Advisory on the use of exchange houses and trading companies to evade sanctions against Iran. The advisory highlights some of the practices used to circumvent U.S. and international economic sanctions concerning Iran.(1/11/2013)

Lew nominated for Treasury

The White House has announced that President Obama has nominated Jacob Lew, current White House Chief of Staff, to serve as the next Secretary of the Treasury. Outgoing Treasury Secretary Geithner offered comments in support of Lew's nomination.(1/11/2013)

Cordray discusses Ability-to-Repay rule

CFPB Directory Cordray discussed the recently announced Ability-to-Pay Rule at the January 10, 2013, field hearing held in Baltimore. A video recording of his presentation is on the Bureau's Blog.(1/11/2013)

Minority owned banks

The Federal Reserve Board has released its list of minority-owned financial institutions and their branches as of September 30, 2012.(1/11/2013)

Check processing reminder

Federal Reserve Financial Service has issued a reminder that as of December 31, 2012, all paper items are processed in the Atlanta Office.(1/11/2013)

FedFocus

The January 2013 issue of FedFocus has been posted and features articles on Account Management Information (AMI) Premium Services, the continuation of the America the Beautiful Quarters Program, and a reminder there are only two months left to switch customers to direct deposit of federal benefit checks.(1/11/2013)

NCUA January 2013 board meeting

A Board Action Bulletin has been posted by the NCUA relating the actions taken at the January 10, 2013, meeting of its board.(1/11/2013)

Cartel operatives designated

OFAC has announced the designation of two key Sinaloa Cartel operatives, including a senior lieutenant of the cartel and the father-in-law of Sinaloa drug lord Joaquin "Chapo" Guzman Loera. This action, under the Foreign Narcotics Kingpin Designation Act (Kingpin Act), prohibits U.S. persons from conducting financial or commercial transactions with these two individuals, and also freezes any assets they may have under U.S. jurisdiction. More information is available in BankersOnline's January 9, 2013, OFAC Update. (1/10/2013)

Term deposits auction

The FRB has announced the offering at auction on Monday, January 14, 2013, of $3 billion in 28-day term deposits through its Term Deposit Facility. This offering is part of ongoing small-value operations designed to provide eligible institutions with an opportunity to become familiar with term deposit operations.(1/10/2013)

Large commercial banks report

The FRB has released the September 30, 2012, report of insured U.S. chartered commercial banks that have consolidated assets of $300 million or more, ranked by consolidated assets.(1/10/2013)

Your Money Is Safe video

The NCUA has announced the release of a new consumer video, Your Money Is Safe.(1/10/2013)

Former bank executives and auditors charged

The SEC has announced the filing of a Complaint in Federal District Court charging three former executives at Norfolk, Virginia-based Bank of the Commonwealth of understating millions of dollars in losses and masking the true health of the bank's loan portfolio at the height of the financial crisis. In addition, an Order has been issued against two KPMG auditors for hiding loan losses in the audit of a filed Nebraska bank.(1/10/2013)

CFPB offers tax filing advice for service members

The Blog features an article on tax filings by service members and special military rules for the Earned Income Tax Credit (EITC).(1/10/2013)

SDGTs added by OFAC

OFAC has designated two Sudanese nationals as Specially Designated Global Terrorists and added their names to the SDN List. For more information see BankersOnline's January 8 OFAC Update. (1/9/2013)

FRB discount rate meeting minutes

The minutes of the Federal Reserve Board discount rate meetings of November 19 and December 10, 2012, have been released.(1/9/2013)

Consumer Credit report

The FRB has released the November 2012 G.19 Consumer Credit report.(1/9/2013)

FDIC Board notice of meeting

The notice of the January 15, 2013, meeting of the FDIC Board has been posted.(1/9/2013)

MARS telemarketers out of business

The FTC has issued a press release announcing a settlement order resolving charges against a nationwide scam operating from the Dominican Republic and banning the defendants from providing mortgage assistance relief. The defendants were charged with violating the FTC Act and the Mortgage Assistance Relief Services Rule, a/k/a the MARS Rule.(1/9/2013)

Mortgage servicers to pay

A joint news release has announced that ten mortgage serving companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The agreement calls for $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance. The agreement includes Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.(1/8/2013)

B of A settles with Fannie Mae

Fannie Mae has announced a comprehensive settlement with Bank of America, including a $10.3 billion agreement on existing and prospective repurchase requests on approximately 30,000 specified loans and an additional $1.3 billion related to servicing issues. As part of the agreement, B of A will transfer servicing rights of over 940,000 loans to specialty servicers.(1/8/2013)

Bureau publishes regulatory agenda

The CFPB published its semiannual regulatory agenda, covering the period from October 1, 2012 through October 1, 2013, in today's Federal Register. Of note are an anticipated September 2013 final rule under the TILA/RESPA disclosure integration initiative, and plans for a joint final rule (with the Fed) in August 2013 amending Regulation CC. Gathering and reporting business lending data under Regulation B is described as a "long-term" action.(1/8/2013)

NCUA and CFPB to co-host town hall webinar

Chairman Matz and Director Cordray will host a free town hall webinar on February 5, 2013, at 3 pm. ET. A broad discussion will be held regarding new developments in financial regulation, including CFPB's recently finalized regulations, proposed rules, and enforcement efforts.(1/8/2013)

Wisconsin CU shuttered

The Wisconsin Office of Credit Unions has liquidated New Covenant Missionary Baptist Church Credit Union, Milwaukee, Wisconsin, and appointed the NCUA as liquidating agent.(1/8/2013)

NCUA Report

The January 2013 NCUA Report has been published. It includes highlights of NCUA actions and articles from the Chairman, board members and regional directors.(1/8/2013)

CFPB field hearing Thursday

The CFPB has issued an invitation to join a field hearing featuring remarks by Director Cordray on mortgage policy to be held in Baltimore on January 10, 2013, at 11 am. ET.(1/8/2013)

IRS truncated TIN proposal

The IRS has published a proposed rule that would allow (but not require) truncation of all but the last four digits of an SSN, ITIN, or ATIN (adoption TIN) on payee copies of information returns in the Forms 1099, 1098, and 5498 series (except Form 1098-C). Truncation would not be permitted on information returns submitted to the IRS. The proposed rules may be relied upon prior to publication of final regulations. Comments on the proposal are due by February 21, 2013.(1/7/2013)

BHC Performance Report user's guide

The FRB has posted online a user's guide for the Bank Holding Company Performance Report, including the definitions of the financial ratios and other items.(1/7/2013)

CRA ratings

The ratings assigned by the FDIC in October 2012 to state nonmember banks for compliance with the Community Reinvestment Act (CRA) have been released. Of the 104 institutions listed, 6 received "outstanding" ratings and 5 were rated "needs to improve."(1/7/2013)

NCUA sues J.P. Morgan and others

A suit has been filed by the NCUA in Federal District Court against J.P. Morgan Securities (as successor-in-interest to Washington Mutual Bank), WaMu Capital Corp., Long Beach Securities Corp., and WaMu Asset Acceptance Corp., alleging violations of federal and state securities laws in the sale of $2.2 billion in mortgage-backed securities to three corporate credit unions.(1/7/2013)

Reg Z comment period ending

The comment period ends today on the CFPB's proposal to amend 1026.51 of Regulation Z to remove the independent ability-to-pay requirement for consumers who are 21 and older, and permit credit card issuers to consider income to which such consumers have a reasonable expectation of access.(1/7/2013)

Militant groups added to OFAC list

Treasury has designated two militant groups fomenting violence and instability in the Democratic Republic of the Congo (DRC). Treasury said that the action against Mouvement du 23 Mars (M23) and the Forces Démocratiques de Libération du Rwanda (FDLR) was taken pursuant to Executive Order (E.O.) 13413, which targets persons contributing to the conflict in the DRC. U.S. persons are now prohibited from providing any support to M23 and the FDLR. Additionally, a previously designated entity and an individual were removed from the SDN List. See the BOL OFAC Update page for details.(1/4/2013)

FOMC minutes released

The Federal Reserve Board has announced the release of the statement and minutes of the December 11-12, 2012, meeting of the Federal Open Market Committee (FOMC).(1/4/2013)

Swap dealers guidance

An OCC news release has announced a notice of guidance to financial institutions that are or may become swap dealers regarding the submission of requests for a transition period pursuant to Section 716(f) of the Dodd-Frank Act. Written requests must be submitted by January 31, 2013.(1/4/2013)

FHFA foreclosure prevention report

The Third Quarter 2012 Foreclosure Prevention Report a/k/a the Federal Property Manager's Report has been issued by the Federal Housing Finance Agency (FHFA). The Report has information on state delinquencies and an updated, interactive Borrower Assistance Map for Fannie Mae and Freddie Mac mortgages, with information on delinquencies, foreclosure prevention activities and Real Estate Owned (REO) properties. (1/4/2013)

Call Report FIL

FIL-1-2013 has been issued by the FDIC regarding the December 31, 2012, call report. Information regarding new Schedule RI-C is included.(1/4/2013)

NCUA board meeting agenda

The agenda for the January 10, 2013, meeting of the NCUA Board has been posted.(1/4/2013)

GAO bank failure report

The Government Accountability Office (GAO) has released a report analyzing the causes and consequences of recent bank failures. The study indicates that states where the housing market had experienced strong growth in the prior decade experienced 10 or more commercial bank or thrift (bank) failures between 2008 and 2011. The failures of banks with less than $1 billion in assets were largely driven by credit losses on commercial real estate (CRE) loans. The failed banks also had often pursued aggressive growth strategies using nontraditional, riskier funding sources and exhibited weak underwriting and credit administration practices. (1/4/2013)

HUD and B of A settle discrimination case

HUD has announced an agreement with Bank of America to settle a claim that it refused to provide financing to a lesbian couple, in violation of HUD's Equal Access Rule, which was effective March 5, 2012.(1/3/2013)

OFAC CMPs

A $191,700 settlement between OFAC and Ellman International, Inc., to settle potential civil liability for apparent violations of the Iranian Transactions Regulations has been announced. (1/3/2013)

2012 forex rates report

The G.5A Annual Foreign Exchange Rates Report for 2012 has been released by the Federal Reserve Board.(1/3/2013)

OCC CRA ratings

The OCC has released the ratings for thirty national banks and savings associations that were recently evaluated for CRA compliance. Five of the institutions received "Outstanding" ratings.(1/3/2013)

HMDA and LARs webinar

The NCUA has announced it will host a free webinar about the Home Mortgage Disclosure Act (HMDA) and Loan Application Registers (LARs). Entitled "HMDA: Accuracy and Timeliness," the webinar is scheduled for Thursday, January 24, 2013, at 2:00 p.m. EST.(1/3/2013)

Reactivating lapsed MLO registrations

The NMLS has posted a Renew-Reactivate Page for registered mortgage loan originators (MLOs) who failed to new renew their registration by the December 31, 2012, deadline.(1/2/2013)

Notice of Prohibition

The NCUA has issued a press release announcing a Notice of Prohibition banning a former employee of a Florida credit union from participating in the affairs of any federally insured financial institution. The former employee had been convicted of embezzlement and misapplication of credit union funds, sentenced to 15 months in prison, and ordered to pay restitution of more than $161,000.