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Top Stories for February 2013

  • Lew confirmed as Secretary of Treasury

    A Treasury press release has announced that Jacob J. Lew has been confirmed by the Senate to serve as the 76th Secretary of the Treasury.(2/28/2013)

  • Curry on affordable housing

    In a speech before the National Association of Affordable Housing Lenders, Comptroller Curry discussed the benefits and strengths of affordable housing, community development finance, and the public welfare investment authority.(2/28/2013)

  • Cordray on the CFPB and CUs

    In prepared remarks for a meeting of the Credit Union National Association in Washington, D.C., CFPB Director Cordray discussed the interaction between the CFPB and credit unions. He also reviewed the establishment of the Bureau™s Credit Union Advisory Council and the Ability-to-Repay rule.(2/28/2013)

  • Calvery: FinCEN™s mission and financial institutions' role

    In a presentation at the Securities Industry and Financial Markets Association Anti-Money Laundering and Financial Crimes Conference, FinCEN director Calvery discussed the broad mission of the agency. She stressed the important role played by financial institutions as FinCEN's eyes and ears in the fight against terrorists and other criminals.(2/28/2013)

  • NCUA amends chartering manual

    The NCUA has published a final rule expanding the definition of "rural district" in its Chartering and Field of Membership Manual. (2/28/2013)

  • Taliban money supplier designated

    Treasury has designated Mullah Ahmed Shah Noorzai, the owner and operator of UN-designated Roshan Money Exchange (RMX) for providing financial services to the Taliban. RMX stores and transfers funds and profits in support of Taliban military operations as well as the Taliban's role in the Afghan narcotics trade. Two other individuals and an entity were also designated. See the February 26, 2013, BOL OFAC Update for more information.(2/27/2013)

  • FinCEN issues tax-refund fraud advisory

    FinCEN Advisory FIN-2013-A001 has been issued as a reminder and update of Advisory FIN-2012-A005 on tax-refund fraud and related SAR filing responsibilities.(2/27/2013)

  • Follow the NMLS conference

    The fifth annual NMLS Conference and Training is under way in San Antonio, Texas. Follow the activities in real time on the NMLS Blog. (2/27/2013)

  • NMLS to publish registrant disciplinary actions

    The NMLS has announced that disciplinary action information reported by a federally registered MLO on his or her most recent MU4R will become publicly available in NMLS Consumer Access on March 18, 2013.(2/27/2013)

  • Mortgage interest rates and house prices rise

    The Federal Housing Finance Agency (FHFA) has issued news releases announcing a monthly rise in mortgage interest rates and a quarterly rise in house prices.(2/27/2013)

  • Monetary Policy Report presented to Congress

    Chairman Bernanke presented the semiannual Monetary Policy Report to the Senate Committee on Banking, Housing, and Urban Affairs. He also summarized the current economic conditions and discussed the details of the report.(2/27/2013)

  • Discount rate meetings minutes

    The minutes of the January 14 and January 28, 2013, discount rate meetings of the Federal Reserve Board have been released.(2/27/2013)

  • FRB releases fourth quarter 2012 data

    The Board has released fourth quarter 2012 data for automated clearinghouse, check, Fedwire funds, Fedwire securities, and national settlement services.(2/27/2013)

  • OCC celebrates its 150th birthday

    A news release has been issued by the OCC on the 150th anniversary of President Lincoln's signing of the National Currency Act on February 25, 1863, which created the country™s oldest regulatory agency.(2/26/2013)

  • FDIC and EC discuss SIFIs

    An FDIC press release has announced a meeting with the European Commission (EC) to discuss issues related to the resolution of banks and systemically important financial institutions (SIFI™s) and to deposit insurance regimes.(2/26/2013)

  • The new NCUA

    Chairman Matz unveiled the new NCUA as more responsive to emerging risks, industry challenges and credit unions™ needs, in a keynote speech at the opening day of the Credit Union National Association™s Government Affairs Conference in Washington, D.C. A new look for the regulators consumer websites and a video about the value of saving were also announced.(2/26/2013)

  • FATF revises AML/CFT guidance

    FATF has issued revised Guidance which aims to provide support in designing Anti-Money Laundering and Terrorist Financing (AML/CFT) measures that meet the goal of financial inclusion, without compromising the measures that exist for the purpose of combating crime. The revision reflects the changes made to the FATF Recommendations in 2012 and focuses in particular on the reinforcement of the risk-based approach (RBA), as a general and underlying principle of all AML/CFT systems.(2/26/2013)

  • Save like Mike on the CFPB Blog

    The CFPB as a participant in America Saves Week has posted on its Blog Save like Mike video to encourage consumers to save money, reduce debt, and build wealth.(2/26/2013)

  • FDIC enforcement actions

    The FDIC has released a list of its January 2013 enforcement actions, which included two CMP orders totaling $14,540 relating to violations of flood insurance requirements. Details have been posted to BOL's Flood Penalties Watch page. It does not appear from the orders that the new Biggert-Waters $2,000 per violation penalty was imposed.(2/25/2013)

  • OFAC levies CMP on bank

    OFAC has announced that Bank of Guam has agreed to remit $27,000 to settle potential civil liability for two apparent violations of the Iranian Transactions Regulations. The base penalty of $20,000 was increased due to aggravating circumstances surrounding the violations.(2/25/2013)

  • Burma designations and general license

    The designation of a Burma bank and its addition to the SDN list under the Burma Sanctions program have been announced by OFAC. In addition, a general license has been issued to authorize additional economic activity in Burma. Click here for further details.(2/25/2013)

  • Treasury to sell TARP stock and debt

    Treasury has announced its intention to sell at auction on or about February 25, 2013, all of its preferred stock and subordinated debt TARP investments in nine institutions.(2/25/2013)

  • NMLS releases fourth quarter 2012 reports

    The fourth quarter 2012 Nationwide View of State-Licensed Mortgage Entities and the NMLS Federal Registry Quarterly Report have been released by the NMLS.

  • G.20 released

    The FRB has released the December 2012 G.20 Finance Companies owned and managed receivables outstanding and auto loans: terms of credit report.(2/25/2013)

  • Comment period extended

    The FRB extended the comment period from March 31, 2013, to April 30, 2013, on a proposed rule to implement the enhanced prudential standards and early remediation requirements established under Dodd-Frank for foreign banking organizations and foreign nonbank financial companies supervised by the Board.(2/25/2013)

  • FATF plenary actions

    The Financial Acton Task Force (FATF) Plenary held on February 20-22, 2013, adopted the Methodology for Assessing Technical Compliance with the FATF Recommendations and the effectiveness of AML/CFT systems; Guidance on AML/CFT measures and financial inclusion; and Guidance on conducting National Risk Assessments. The FATF also issued a statement on Turkey, and an update on AML/CFT Improvements in Ghana and Venezuela. The FATF is an inter-governmental body established in 1989 whose objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.(2/25/2013)

  • National mortgage settlement progress

    HUD has announced the publication of a progress report on the distribution of over $45 billion to more than 550,000 homeowners. The funds were released pursuant to an agreement with the nation's five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. [Full Report; Data Map](2/22/2013)

  • OFAC penalty agreement

    OFAC and a medical supply company have agreed upon a $404,100 payment to settle the firm's potential civil liability for alleged violations of the Iranian Transactions and Sanctions Regulations. (2/22/2013)

  • NMLS Ombudsman meeting agenda

    The agenda of the February 26, 2013, meeting with the NMLS Ombudsman to be held in San Antonio, Texas, has been posted.(2/22/2013)

  • Free FDIC telephone seminars

    FDIC FIL-6-2013 announces the scheduling of 15 free telephone seminars on deposit insurance coverage designed for bank officers and employees. Eleven sessions will provide participants with an overview of the rules for determining deposit insurance coverage for all account ownership categories, along with an introduction to deposit insurance tools and resources available from the FDIC. Four sessions will focus primarily on the rules and coverage for formal revocable trust accountholders whose trust deposits at one bank exceed $1,250,000. [Dates and registration details] (2/22/2013)

  • SEC 2013 exam priorities

    The SEC has announced its 2013 examination priorities covering a wide range of issues at financial institutions and other related entities.(2/22/2013)

  • Bureau bloggers active

    The CFPB has posted four Blog articles focusing on student loan burdens and tips for service members style="margin-left:5px; padding-left:25px; margin-top:0px; margin-bottom:0px; list-style-type:circle">

  • Student debt and health care
  • Stopping the student debt domino effect
  • Student debt and schools
  • Hit or myth (on servicemembers' finances)(2/22/2013)

  • CFPB Consumer Advisory Board meets

    This year's first meeting of the CFPB Consumer Advisory Board was held yesterday, February 20, 2013. The Bureau plans to post a video of the Board's discussion and testimony offered during the session. Director Cordray's remarks at the meeting have been posted.(2/21/2013)

  • Kingpin designation

    Treasury has announced the designation of Colombian national Jose Evaristo Linares Castillo as a Specially Designated Narcotics Trafficker (SDNT) pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). Details are available in BankersOnline's February 20, 2013, OFAC Update.(2/21/2013)

  • Justice settles fair lending charge with Texas bank

    The Department of Justice has announced a settlement with an Alice, Texas, bank to resolve allegations that it engaged in a pattern or practice of loan pricing discrimination against Hispanic borrowers. The bank, with 13 offices in Texas and $341 million in assets, agreed to pay $700,000 to about 2,000 Hispanic loan applicants, monitor its loans for potential pricing discrimination, provide equal credit opportunity training to its employees, and revise its pricing policies.(2/21/2013)

  • OFAC to host financial symposium

    OFAC has announced it will host a Financial Symposium in Washington, DC on Tuesday, March 19, 2013. (2/21/2013)

  • FOMC minutes and statement

    The minutes and statement from the January 29-30, 2013, meeting of the Federal Open Market Committee (FOMC) has been released by the Federal Reserve Board.(2/21/2013)

  • NCUA and state regulators cooperate to identify LICUs

    The NCUA has announced that it is working with state regulators to identify state chartered credit unions that can be designated as low-income credit unions (LICUs). A LICU designation can provide certain regulatory benefits to qualifying state-chartered credit unions under certain circumstances and when state law permits.(2/21/2013)

  • $25 million in unauthorized debits

    A federal court at the request of the FTC has issued an order temporarily halting a scheme that charged hundreds of thousands of consumers' bank accounts and billed their credit cards more than $25 million without their consent.(2/21/2013)

  • March 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 March 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.(2/20/2013)

  • Charge-off and delinquency rates

    The FRB has released the report of charge-off and delinquency rates on loans and leases at commercial banks for the fourth quarter of 2012.(2/20/2013)

  • FDICconnect adds online connections

    FDIC FIL-5-2013 has announced the offering of three new online business transactions through FDICconnect, a secure transaction-based website for FDIC-insured institutions. Institutions may now submit interagency bank merger applications, notices of change in control, and notices of change of director or senior executive officer using the portal.(2/20/2013)

  • Michigan CU liquidated

    The NCUA has announced the liquidation of Amez United Credit Union, Detroit, Michigan.(2/20/2013)

  • Credit card robocaller banned from telemarketing

    The FTC has announced a settlement banning the architect of an operation that allegedly distributed illegal robocalls offering credit card interest rate reduction programs, extended automobile warranties, and home security systems.(2/20/2013)

  • CFPB explains qualified mortgages

    In an article posted on the CFPB Blog, the regulator explains the process involved in the design of the Ability-to-Repay/Qualified Mortgage rule, the transitional period, and its expectation of a recovery of the mortgage market.(2/19/2013)

  • OCC enforcement actions

    A list of recent enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations has been released by the OCC.(2/19/2013)

  • Chicago bank closed

    The FDIC has announced the closing of Covenant Bank, Chicago, Illinois, and the assumption of all its deposits by a New Orleans bank.(2/19/2013)

  • Mississippi storm relief

    The FDIC's FIL-4-2013 has announced steps intended to provide relief to financial institutions and facilitate recovery in areas of Mississippi affected by severe storms, tornadoes, and flooding.(2/19/2013)

  • FDIC proposes rule on foreign branch deposits

    The FDIC has published a proposed rule that would amend its deposit insurance regulations to clarify that deposits in foreign branches of United States banks are not FDIC-insured deposits.(2/19/2013)

  • Credit card scam victims to receive refunds

    The FTC has issued a news release announcing that all identified victims of a credit card interest rate scam will receive a full refund. Checks have been mailed to 330 consumers who allegedly were duped by marketers using illegal robocalls to deceptively claim they could reduce consumers' credit card interest rates.(2/19/2013)

  • Calvery on FinCEN's mission and responsibilities

    In a presentation before the Florida International Bankers Association Anti-Money Laundering Conference, FinCEN Director Calvery discussed the mission and responsibilities of the agency. She addressed designing the defense against money against money laundering; the production, collection and dissemination of financial intelligence; international information exchange; and enforcement.(2/19/2013)

  • NCUA Report

    The January 2013 NCUA Report has been posted. The monthly online newsletter highlights important NCUA Board actions and key issues for CU volunteers and management.(2/19/2013)

  • FedFlash

    The February 2013 issue of FedFlash has been posted by FRB Services.(2/19/2013)

  • TIC data

    The Treasury International Capital (TIC) data for December 2012 have been released.(2/19/2013)

  • Loan originator compensation rules published

    The CFPB has published, in today's Federal Register, its final Regulation Z Loan Originator Compensation Rule, which was announced by the Bureau on January 18 and issued on January 20, 2013.(2/15/2013)

  • al-Qa'ida AQIM leader designated

    A senior leader of an al-Qa'ida violent extremist group known as the Lands of the Islamic Maghreb (AQIM), who has played a key role in the group's ongoing terrorist activities in North Africa and Mali has been designated by Treasury as a SDGT and added to the SDN List. See the BOL OFAC Update Page for the details.(2/15/2013)

  • Curry on status of Dodd-Frank reforms

    In oral testimony before the Senate Banking Committee, Comptroller Curry presented a status report on the efforts of the OCC to implement the regulatory reforms required by Dodd-Frank. A written statement required by 12 U.S.C. 250 was also delivered to the Committee.(2/15/2013)

  • Bureau publishes FOIA and confidentiality rule

    The CFPB has published in the Febuary 15, 2013, Federal Register a final rule on "Disclosure of Records and Information," which establishes procedures for the public to obtain information from the Bureau under the Freedom of Information Act, the Privacy Act of 1974, and in legal proceedings. The publication also establishes the Bureau's rule regarding the confidential treatment of information obtained from persons in connection with the exercise of its authorities under Federal consumer financial law.(2/15/2013)

  • FTC to look at ID theft effects on elderly

    The Federal Trade Commission has announced a one-day workshop in Washington on May 7, 2013, exploring how identity theft impacts older Americans.(2/15/2013)

  • NCUA Board meeting agenda

    The agenda for the February 21, 2013, meeting of the NCUA Board has been posted. The open portion of the meeting will discuss the final rules regarding expanded definition of "rural district" and permissible investments.(2/15/2013)

  • Mortgage servicing rules published

    The CFPB is publishing, in the February 14, 2013, Federal Register, its final Regulation X and Regulation Z Mortgage Servicing Rules, which were issued by the Bureau on January 17, 2013. Both rules will be effective on January 10, 2014.(2/14/2013)

  • CFPB announces mortgage rules implementation plan

    The CFPB has announced plans for supporting the mortgage lending industry's implementation of recently-issued final rules over the next several months, including inter-agency coordination for examination and enforcement under the rules, plain-language guides to assist smaller affected businesses, updates to the Bureau's official interpretations of the rules to provide compliance guidance, a series of readiness guides to assist the industry in creating workable compliance plans, and the education of consumers about the new protections afforded by the rules.(2/14/2013)

  • Cordray testifies before Senate banking committee

    CFPB Directory Cordray presented written testimony before the Senate Committee on Banking, Housing, and Urban Affairs regarding the implementation of portions of the Dodd-Frank Act. His testimony focused on the implementation of recently announced new rules including ability-to-repay, loan originator compensation, and mortgage servicing, and the impact of the rules on smaller financial institutions.(2/14/2013)

  • FHA to speed approval for Sandy victims

    HUD Secretary Donovan has announced that the Federal Housing Administration (FHA) will speed the approval of applications of multifamily apartment owners in New York and New Jersey seeking to refinance their mortgages, substantially rehabilitate their properties or construct new developments in areas impacted by Hurricane Sandy.(2/14/2013)

  • NMLS Call Center RFP

    A Request for Proposal (RFP) has been posted by NMLS State Regulatory Registry LLC, inviting parties interested in providing call center services for NMLS to complete a Request for Statement of Qualifications (RFQ). The deadline to file an intent to respond to the RFQ is February 20, 2013.(2/14/2013)

  • Curry on OCC enforcement policy

    In a speech before the Women in Housing and Finance, Comptroller Curry discussed the OCC enforcement policy and independent foreclosure review agreements.(2/14/2013)

  • FTC delivers Fair Debt Collection Practices Act scorecard to CFPB

    The FTC has issued a news release announcing the presentment of its annual letter to the CFPB concerning enforcement of the Fair Debt Collection Practices Act.(2/14/2013)

  • CFPB tips for checking credit report

    The CFPB has posted an article explaining ways for consumers to check a credit report for errors.(2/14/2013)

  • Agencies publish HPML appraisal rule

    The CFPB, OCC, FHFA, FRS, and NCUA are publishing in the February 13, 2013, Federal Register their previously-issued final rules on appraisals for higher-priced mortgage loans. The rule implements amendments to TILA made by the Dodd-Frank Act. 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 will be effective January 18, 2014.(2/13/2013)

  • CFPB to look out for tribal consumers

    The CFPB has announced the execution of a Memorandum of Understanding (MOU) with the Navajo Nation Department of Justice to share certain information. This is the first time that the CFPB has entered into an MOU with a tribal government. (2/13/2013)

  • Written Agreement with Alabama SLHC

    The Federal Reserve Board has issued a press release announcing the execution of a Written Agreement with Commonwealth Savingshares Corporation, of Huntsville, Alabama, a registered savings and loan holding company (SLHC).(2/13/2013)

  • FDIC approves proposed insurance clarification

    The FDIC has announced the approval for publication of a notice of proposed rule (NPR) to clarify whether deposits in foreign branches of U.S. banks are FDIC-insured. A video of the discussion and approval of the NPR at the February 12, 2013, FDIC Board meeting is available.(2/13/2013)

  • OFAC SDN List announcement

    Treasury has announced that on or about February 22, 2013, OFAC will be migrating the Specially Designated Nationals (SDN) List data (and other sanctions-related information) that it maintains on its server to a new location. As a result, the IP address for this content will be changing.(2/13/2013)

  • Net worth restoration webinar

    An NCUA news release has announced the agency will host "Net Worth Restoration Plans: A Path to Recovery," a free webinar, at 2 p.m. ET on February 20, 2013.(2/13/2013)

  • NCUA now on LinkedIn

    The NCUA has issued a press release announcing the launch of a new business page on the social network LinkedIn. The page will provide the credit union industry up-to-the-minute news, job postings and exclusive information on upcoming recruitment events.(2/13/2013)

  • Peak Daylight Overdrafts report

    The first quarter 2012 peak daylight overdraft and related fees report has been released by the FRB.(2/13/2013)

  • Study reveals credit report errors

    The Federal Trade Commission has announced the results of a study of the U.S. credit reporting industry that revealed that five percent of consumers had errors on one of their three major credit reports that could lead to their paying more for products such as auto loans and insurance.(2/12/2013)

  • CFPB warns mortgage companies of legal obligations

    A CFPB press release has announced the issuance of Bulletin 2013-01 advising mortgage companies about their legal obligations that protect consumers during loan transfers between mortgage servicers. When handing over the processing of loans, mortgage servicers should not lose paperwork, lose track of a homeowner's loss mitigation plans, or hinder a consumer's chances of saving a home from unnecessary foreclosure.(2/12/2013)

  • Smart Disclosure Data Community launched

    Treasury has announced on its Blog the launch of the Smart Disclosure Data Community, a first-of-its-kind centralized platform containing over 400 smart disclosure data sets and resources from dozens of agencies across government. Using the Community, entrepreneurs and innovators can access free Federal data to create the consumer applications, products, and services of the future.(2/12/2013)

  • FEMA rescinds Flood Purchase Guidelines

    FEMA has rescinded its Mandatory Purchase of Flood Insurance Guidelines, according to a notice on its Resource Library page. The document had been made obsolete by the Biggert-Waters Flood Insurance Reform Act of 2012.(2/11/2013)

  • HUD final rule on FHA violations

    HUD has announced its issuance of a final rule finalizing a national standard for determining whether a housing practice results in a discriminatory effect that violates the Fair Housing Act.(2/11/2013)

  • Virginia CU placed into conservatorship

    The NCUA has announced that it has assumed control of NCP Community Development Federal Credit Union of Norfolk, Virginia.(2/11/2013)

  • FMS temporary procedures for agency deposits

    Treasury's Financial Management Service (FMS) has issued temporary procedures for making federal agency deposits in the Northeast due to the aftermath of the blizzard in the event financial institutions normally used for the deposits are closed, delayed in opening, or have limited hours of operation.(2/11/2013)

  • FRB written agreement

    The execution of a Written Agreement with Countricorp, White Sulpher Springs, Montana, a registered bank holding company, has been announced by the Federal Reserve Board.(2/8/2013)

  • Community Development Investments newsletter

    The OCC has posted the latest edition of Community Development Investments, an electronic newsletter, which describes how national banks and federal savings associations can implement the Treasury's State Small Business Credit Initiative (SSBCI) to increase the amount of credit available for small businesses.(2/8/2013)

  • NCUA special meeting

    The NCUA has announced the scheduling of a special closed Board meeting for today, February 8, 2013.(2/8/2013)

  • City phone service takes CFPB consumer complaints

    The CFPB has announced that consumers with access to the Newark, New Jersey, "4311" hotline will be connected with the Bureau's Office of Consumer Response for questions and complaints about financial products and services.(2/8/2013)

  • FedFocus

    The February 2013 issue of FedFocus has been posted by FRB Services. It features articles on the FedACH Risk Alert Service, business continuity tips, the end of the Go Direct campaign, and new FEDucation opportunities.(2/8/2013)

  • Bogus mortgage scammers settle with FTC

    The Federal Trade Commission has announced that the defendants behind an operation that allegedly preyed on vulnerable homeowners have agreed to settle Federal Trade Commission charges that they lured people into paying $1,995 or more by holding out bogus promises that they could help them avoid foreclosure and renegotiate their mortgages.(2/8/2013)

  • G.19 Consumer Credit report

    The Board has released the December 2012 G.19 Consumer Credit report.(2/8/2013)

  • Fair Housing Act settlement

    HUD has announced it has reached an agreement with the mortgage division of a national bank to settle allegations that the lender violated the Fair Housing Act by requiring a home loan applicant on paid maternity leave to return to work before the lender would approve a home loan.(2/7/2013)

  • $5.4 billion CDBG funds for Sandy victims

    A news release has been issued by HUD announcing the allocation of $5.4 billion in Community Development Block Grant (CDBG) Disaster Recovery funding to five states and New York City.(2/7/2013)

  • OFAC Issues Iran and Syria FAQs and Guidance

    Treasury has announced a series of actions that tighten sanctions on Iran's access to its oil revenues and further expose the Iranian government's continued abuse of human rights. Key provisions of the Iran Threat Reduction and Syria Human Rights Act of 2012 (TRA) that go into effect today expand the scope of sanctionable transactions with the Central Bank of Iran and designated Iranian financial institutions by restricting Iran's ability to use oil revenue held in foreign financial institutions as well as preventing repatriation of those funds to Iran. The U.S. Department of the Treasury, in consultation with the U.S. Department of State, also designated one individual and four entities for their involvement in the Iranian government's censorship activities. OFAC has published an FAQ relating to the key provisions of the TRA and Clarifying Guidance on humanitarian assistance and Related Exports to the Iranian people. OFAC also made a number of updates to SDN listings under its IRAN designation. BankersOnline's February 6, 2013, OFAC Update has details.(2/7/2013)

  • FTC targets tax relief scammers

    The Federal Trade Commission has announced an agreement with American Tax Relief LLC and its principal to settle allegations that they bilked consumers out of more than $100 million in a phony tax relief scam. The settlement calls for the defendants to pay more than $15 million in cash and assets to settled the charges.(2/7/2013)

  • U.S. cartel-related companies designated

    Treasury has announced the designation of Filemon Garcia Ayala and two of his companies located in Mexico, pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act) for their links to Los Zetas, the violent Mexican drug cartel. In addition to the entities located in Mexico, Treasury is also identifying three U.S. companies affiliated with Filemon Garcia Ayala as blocked property pursuant to the Kingpin Act. This action prohibits U.S. persons from conducting financial or commercial transactions with these designees, and also freezes any assets they may have under U.S. jurisdiction. More information is available on BankersOnline's February 5, 2013, OFAC Update.(2/6/2013)

  • OFAC announces beta SDN search tool

    OFAC has announced its beta release of a new "fuzzy logic" SDN search tool that will run in parallel with its older exact character search tool for about a month before replacing the older search aid.(2/6/2013)

  • Treasury sets price for Citigroup notes

    The price for an offering of Citigroup subordinated notes and an intent to sell six additional preferred stock and subordinated debt CPP investments has been announced by Treasury.(2/6/2013)

  • FDIC Board meeting notice

    A notice for the February 12, 2013, meeting of the FDIC Board has been posted. One of the matters on the agenda is a Notice of Proposed Rulemaking on the agency's definition of "Insured Deposit."(2/6/2013)

  • GOP Senators leveraging Cordray nomination

    The nomination of Richard Cordray as Director of the CFPB has rekindled the debate on the structure of the Bureau itself. Recent letters from Senator McConnell (R-KY) to President Obama and from Senator Portman (R-OH) to Director Cordray detail the issues at the core of the discussion.(2/5/2013)

  • January SLOOS

    The Federal Reserve Board has posted the results of the January 2013 Senior Loan Officers Opinion Survey (SLOOS) on bank lending practices.(2/5/2013)

  • CRA ratings

    The FDIC has announced the ratings assigned in November to state nonmember banks for compliance with CRA. Of the 89 institutions listed, three received "outstanding" ratings and three were graded "needs to improve."(2/5/2013)

  • Treasury alert on suspicious email

    An alert has been issued by Treasury Financial Management Service regarding emails that appear to be sent by Customer Support at the Service. Recipients should disregard the messages.(2/5/2013)

  • Marketable borrowing estimates

    The current estimates of net marketable borrowing for the January,March,April, and June 2013 quarters have been released by Treasury.(2/5/2013)

  • OFAC CMP announced

    The payment of a $97,695 civil money penalty (CMP) by a non-financial entity to settle alleged violations of Iranian Transactions Regulations and Executive Order 13382 has been announced by OFAC.(2/4/2013)

  • FTC action shuts down debt collector and freezes assets

    A U.S. district court has issued an Order in a case filed by the FTC shutting down a Houston-based debt collection operation that is alleged to have illegally used insults, lies, and false threats to collect on payday loans. The assets of the operation were frozen, the defendants banned from engaging in debt collection, and a receiver appointed to take control of the business while the FTC moves forward with the case.(2/4/2013)

  • CRA ratings

    The OCC has released the ratings received by 44 national banks, federal savings assocations, and insured federal branches of foreign banks recently evaluated for compliance with CRA. Four of those listed received outstanding ratings.(2/4/2013)

  • 2012 FOIA annual report

    The Federal Reserve Board has released its annual report on information requests under the Freedom of Information Act (FOIA) for fiscal year 2012.(2/4/2013)

  • Foreign exchange rates

    The G.5 Foreign Exchange Rates report for January 2013 has been released by the Federal Reserve Board.(2/4/2013)

  • Sandy victims foreclosure relief extended

    HUD and FHFA have issued a joint press release announcing that the Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac will extend expiring protections against foreclosure actions against homeowners whose properties were damaged or destroyed due to Hurricane Sandy. Foreclosure protection was also announced for Sandy victims in Pennsylvania(2/1/2013).

  • Receivables and Auto Terms report

    The November 2012 G.20 Finance Companies Owned and Managed Receivables Outstanding and Auto Loans: Terms of Credit report has been issued by the Federal Reserve Board.(2/1/2013)

  • Health care fraud webinar

    An informational webinar was held by FinCEN and the FBI on January 23, 2013, to discuss the increasing trend of fraudulent health care activity occurring within the U.S. financial system. A video recording of the session is available.(2/1/2013)

  • Prohibition orders issued

    The NCUA has announced that it has issued nine orders prohibiting the named individuals from participating in the affairs of any federally insured financial institution. All of the individuals are former officers or employees of various credit unions.(2/1/2013)

  • Bureau seeks student account experiences

    The Bureau has issued a press release announcing the publication of a "Notice and Request for Information Regarding Financial Products Marketed to Students Enrolled in Institutions of Higher Education."(2/1/2013)

  • Antonakes named acting deputy

    The CFPB also announced that Steve Antonakes will serve as Acting Deputy Director of the Bureau until a replacement for the departing Raj Date is named.(2/1/2013)

First published on: 
01/31/2013
Filed under: 
Compliance
Lending
Operations
Security
Technology

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