News » Weekly Regulatory Update™
Our editors conduct ongoing search for major regulatory pronouncements from the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency, National Credit Union Administration, and Office of Thrift Supervision. We provide a brief summary of the new releases and links to the original source each week.
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August 26, 2010
S.A.F.E. Act Mortgage Loan Originator Registration Requirements: Joint Final Rule
The Office of the Comptroller of the Currency, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration, and the National Credit Union Administration (collectively, the agencies), published a final rule on July 28, 2010, to implement the S.A.F.E. Mortgage Licensing Act of 2008 (S.A.F.E. Act).
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August 25, 2010
Alternatives to the Use of Credit Ratings in OCC Regulations: Advance Notice of Proposed Rulemaking
OCC seeks comment on two rulemakings regarding alternatives to the use of credit ratings in OCC regulations, as required in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
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August 19, 2010
BSA/AML: Update on the Continuing Illicit Finance Threat Emanating from Iran
The Financial Crimes Enforcement Network (FinCEN) issued Advisory FIN-2010-A008 on June 22, 2010. The advisory supplements information previously provided on the serious threat of money laundering, terrorism finance, and proliferation finance emanating from the Islamic Republic of Iran and provides guidance to financial institutions regarding United Nations Security Council Resolution (UNSCR) 1929, adopted on June 9.
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August 19, 2010
FFIEC Announces Availability of 2009 Small Business, Small Farm, and Community Development Lending Data
The four federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC)1 —the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision—announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings institutions, pursuant to the Community Reinvestment Act (CRA).
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August 16, 2010
Federal Reserve announces final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices
The Federal Reserve Board announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.
http://www.federalreserve.gov/newsevents/press/bcreg/20100816d.htm
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August 16, 2010
Federal Reserve proposes rule to revise escrow account requirements for jumbo mortgages
The Federal Reserve Board proposed a rule to revise the escrow account requirements for higher-priced, first-lien "jumbo" mortgage loans. The proposed rule, which implements a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, would increase the annual percentage rate (APR) threshold used to determine whether a mortgage lender is required to establish an escrow account for property taxes and insurance for first-lien jumbo mortgage loans. Jumbo loans are loans exceeding the conforming loan-size limit for purchase by Freddie Mac, as specified by the legislation.
http://www.federalreserve.gov/newsevents/press/bcreg/20100816a.htm
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August 16, 2010
Financial Regulators Adopt Guidance on Reverse Mortgage Products
The Federal Financial Institutions Examination Council (FFIEC) released guidance on reverse mortgage products. The guidance, adopted by each of the financial regulators,1 emphasizes the consumer protection concerns raised by reverse mortgages and the importance of financial institutions mitigating the compliance and reputation risks associated with these products.
http://www.ncua.gov/news/press_releases/2010/JR10-0816ReverseMortgages.pdf
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August 11, 2010
Federal Reserve implements legislation regarding effective dates for gift card rules
The Federal Reserve Board on Wednesday announced its approval of an interim final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009. For gift certificates, store gift cards, and general-use prepaid cards produced prior to April 1, 2010, the legislation and interim final rule delay the August 22, 2010, effective date of these disclosures until January 31, 2011, provided that several conditions are met.
http://www.federalreserve.gov/newsevents/press/bcreg/20100811a.htm
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August 11, 2010
Truth in Savings Act—Regulation DD: Revised Examination Procedures
The revised procedures reflect recent changes to Regulation DD requiring all financial institutions to disclose on periodic statements the aggregate dollar amounts charged for overdraft fees and for returned item fees (for the statement period and the year-to-date). Previously, only institutions that promoted or advertised the payment of overdrafts had to disclose aggregate amounts. These changes became effective January 1, 2010.
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August 11, 2010
Truth in Savings Act—Regulation DD: Revised Examination Procedures
The revised procedures reflect recent changes to Regulation DD requiring all financial institutions to disclose on periodic statements the aggregate dollar amounts charged for overdraft fees and for returned item fees (for the statement period and the year-to-date). Previously, only institutions that promoted or advertised the payment of overdrafts had to disclose aggregate amounts. These changes became effective January 1, 2010.
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August 10, 2010
Agencies Issue Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings in the Regulatory Capital Guidelines
The federal banking agencies (agencies) have agreed to publish an advance notice of proposed rulemaking (advance notice) regarding alternatives to the use of credit ratings in their risk-based capital rules (capital rules) for banking organizations. The advance notice is issued in response to section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act), enacted on July 21, 2010, which requires the agencies to review regulations that (1) require an assessment of the credit-worthiness of a security or money market instrument and (2) contain references to or requirements regarding credit ratings. In addition, the agencies are required to remove such references and requirements and substitute in their place uniform standards of credit-worthiness, where feasible.
http://www.federalreserve.gov/newsevents/press/bcreg/20100810a.htm
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August 03, 2010
NCUA Posts Overdraft Fee Notice for Credit Unions to Inform Members
The National Credit Union Administration has posted the Federal Reserve Board's sample notice - What You Need to Know about Overdrafts and Overdraft Fees – for credit unions to send to members in time to meet notification requirements under the Fed's revised Regulation E.
http://www.ncua.gov/news/press_releases/2010/MR10-0803OverdraftFeeNoticeCU.pdf
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July 28, 2010
Federal Agencies Issue Final Rules to Implement S.A.F.E. Act Requirements for Registration of Mortgage Loan Originators
Federal agencies issued final rules today requiring residential mortgage loan originators who are employees of national and state banks, savings associations, Farm Credit System institutions, credit unions, and certain of their subsidiaries (agency-regulated institutions) to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). The final rules are being issued by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and National Credit Union Administration (the agencies).
http://www.federalreserve.gov/newsevents/press/bcreg/20100728a.htm
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July 22, 2010
Bank Secrecy Act/Anti-money Laundering: Regulations Imposing Restrictions on Mexican Banks for Transactions in U.S. Currency
The advisory discusses a recent change in Mexican financial regulations applying to Mexican (credit) banks that could affect the operations of U.S. financial institutions. The new anti-money laundering (AML) regulations will restrict the amounts of cash (banknotes and coins) denominated in U.S. dollars that Mexican banks may receive. The Mexican regulations will still allow certain transactions up to relatively low-value thresholds. The regulations do not restrict noncash transactions denominated in U.S. currency (e.g., wire transfers, ACH payments, credit card transactions, traveler’s checks). The new Mexican regulations are intended to mitigate risks of laundering proceeds of crime tied to narcotics trafficking and organized crime.
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July 20, 2010
Federal Reserve announces agreement with the Treasury Department regarding a reduction of credit protection provided for the Term Asset-Backed Securities Loan Facility (TALF)
The Federal Reserve Board on Tuesday announced that it had agreed with the Treasury Department that it was appropriate for Treasury to reduce from $20 billion to $4.3 billion the credit protection provided for the Term Asset-Backed Securities Loan Facility (TALF) under the Troubled Asset Relief Program (TARP). The Board had authorized up to $200 billion in TALF loans, but when the program closed on June 30, 2010, there were $43 billion in loans outstanding.
http://www.federalreserve.gov/newsevents/press/monetary/20100720a.htm
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July 06, 2010
Property Assessed Clean Energy (PACE) Programs: Supervisory Guidance
The Office of the Comptroller of the Currency (OCC) is issuing this guidance to alert national banks to concerns and regulatory expectations regarding certain state and local lending programs for energy retrofitting of residential and commercial properties, frequently termed a Property Assessed Clean Energy (PACE) program. PACE or PACE-like (PACE) programs use the municipal tax assessment process to ensure repayment. Under most of these programs, such loans acquire priority lien, thereby moving the funds advanced for energy improvements ahead of existing first and subordinate mortgage liens.1 This lien infringement raises significant safety and soundness concerns that mortgage lenders and investors must consider. Reflecting these concerns, the Federal Housing Finance Agency (FHFA) today issued the attached statement directing actions that Fannie Mae, Freddie Mac, and the Federal Home Loan Banks should undertake to protect their operations with regards to such programs.
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June 30, 2010
Incentive Compensation: Interagency Guidance on Sound Incentive Compensation Policies
The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision, is issuing the attached guidance on sound incentive compensation policies and practices. The guidance is intended to assist banking organizations in designing and implementing incentive compensation arrangements that do not encourage imprudent risk-taking and that are consistent with the safety and soundness of the organization. The guidance is effective June 25, 2010.
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June 28, 2010
Federal Reserve to implement changes to Payment System Risk policy in early 2011
The Federal Reserve Board on Monday announced that it will implement changes to its Payment System Risk (PSR) policy in early 2011. A specific implementation date will be announced at least 90 days in advance. In December 2008, the Board adopted revisions to the policy and said that the Federal Reserve would implement these changes between late 2010 and early 2011.
http://www.federalreserve.gov/newsevents/press/other/20100628a.htm
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June 17, 2010
Agencies Propose to Expand Scope of Community Reinvestment Act Regulations to Encourage Depository Institution Support for HUD Neighborhood Stabilization Program Activities
The federal bank and thrift regulatory agencies today announced a proposed change to the Community Reinvestment Act (CRA) regulations to support stabilization of communities affected by high foreclosure levels. The proposed change specifically would encourage depository institutions to support the Neighborhood Stabilization Program (NSP) administered by the U.S. Department of Housing and Urban Development (HUD).
http://www.federalreserve.gov/newsevents/press/bcreg/20100617c.htm
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June 15, 2010
Federal Reserve announces final rules to protect credit card users from certain practices
The Federal Reserve Board approved a final rule to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider interest rate increases imposed since the beginning of last year.
http://www.federalreserve.gov/newsevents/press/bcreg/20100615a.htm
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June 15, 2010
Bank Secrecy Act/Anti-Money Laundering: Notification on the Release of the Revised BSA/AML Examination Manual
An interagency notification provides information about revisions to the "Bank Secrecy Act/Anti-Money Laundering Examination Manual."
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June 09, 2010
Flood Disaster Protection Act: Guidance Regarding Lapse and Extension of FEMA's Authority to Issue Flood Insurance Contracts
Guidance to assist lenders in dealing with lapses in the authority of FEMA to issue and renew flood insurance policies under the National Flood Insurance Program.
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June 03, 2010
Community Reinvestment Act: List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Bank communilty revitalization activities in designated areas of the United States may receive Community Reinvestment Act consideration in 2010.
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May 28, 2010
Federal Reserve announces schedule for small-value auctions of term deposits through the Term Deposit Facility
The Federal Reserve has scheduled three small-value auctions of term deposits through its Term Deposit Facility (TDF) over the next two months. These auctions are a matter of prudent planning and have no implications for the near-term conduct of monetary policy.
http://www.federalreserve.gov/newsevents/press/monetary/20100528a.htm
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May 28, 2010
Federal Reserve announces clarifications to Regulation E and Regulation DD final rules pertaining to overdraft services
The Federal Reserve Board announced final clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services.
http://www.federalreserve.gov/newsevents/press/bcreg/20100528a.htm
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May 20, 2010
Unlawful Internet Gambling Enforcement Act of 2006: Examination Procedures
Interagency guidance and examination procedures (PDF 135KB) address financial institutions' compliance with Treasury's and the FRB's rule regarding the "Unlawful Internet Gambling Enforcement Act of 2006.
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May 10, 2010
Board authorizes small-value offerings of term deposits under the Term Deposit Facility
The Federal Reserve Board has authorized up to five small-value offerings of term deposits under the Term Deposit Facility (TDF) to be conducted in coming months. The Board had indicated in its announcement on April 30 that it anticipated conducting such small-value offerings. These small-value offerings are designed to ensure the effectiveness of TDF operations and to provide eligible institutions with an opportunity to gain familiarity with term deposit procedures. The development of the TDF and the small-value TDF offerings are a matter of prudent planning and have no implication for the near-term conduct of monetary policy.
http://www.federalreserve.gov/newsevents/press/monetary/20100510b.htm
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May 04, 2010
Concentrations: Final Guidance: Interagency Guidance on Correspondent Concentration Risks
The Office of the Comptroller of the Currency, Federal Reserve Board, Federal Deposit Insurance Corporation, and the Office of Thrift Supervision (collectively, the agencies) are issuing the final Interagency Guidance on Correspondent Concentration Risks (guidance). This guidance outlines the agencies’ expectations for financial institutions to identify, monitor, and manage credit and funding concentrations to other institutions on a standalone and organization-wide basis, and to take into account exposures to the correspondents’ affiliates. Institutions also should be aware of their affiliates’ exposures to correspondents as well as the correspondents’ subsidiaries and affiliates. In addition, the guidance addresses the agencies’ expectations for financial institutions to perform appropriate due diligence on all credit exposures to and funding transactions with other financial institutions.
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April 30, 2010
Federal Financial Regulatory Agencies Issue Final Guidance on Correspondent Concentration Risks
The guidance highlights the need for institutions to identify, monitor, and manage correspondent concentration risk on a standalone and organization-wide basis. The guidance also reinforces the supervisory view that financial institutions should perform appropriate due diligence on all credit exposures to, and funding transactions with, other financial institutions as part of their risk management policies and procedures. The guidance does not supplant or amend applicable regulations such as Limitations on Interbank Liabilities (Regulation F).
http://www.federalreserve.gov/newsevents/press/bcreg/20100430a.htm
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April 30, 2010
Federal Reserve Board approves amendments to Regulation D authorizing Reserve Banks to offer term deposits
The Federal Reserve Board has approved amendments to Regulation D (Reserve Requirements of Depository Institutions) authorizing the Reserve Banks to offer term deposits to institutions that are eligible to receive earnings on their balances at Reserve Banks. These amendments incorporate public comments on the proposed amendments to Regulation D that were announced on December 28, 2009.
http://www.federalreserve.gov/newsevents/press/monetary/20100430a.htm
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April 30, 2010
Federal Reserve Board approves amendments to Regulation D authorizing Reserve Banks to offer term deposits
The Federal Reserve Board has approved amendments to Regulation D (Reserve Requirements of Depository Institutions) authorizing the Reserve Banks to offer term deposits to institutions that are eligible to receive earnings on their balances at Reserve Banks. These amendments incorporate public comments on the proposed amendments to Regulation D that were announced on December 28, 2009.
http://www.federalreserve.gov/newsevents/press/monetary/20100430a.htm
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April 29, 2010
Agencies Release Revised Bank Secrecy Act/Anti-Money Laundering Examination Manual
The Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. The revised manual reflects the ongoing commitment of the federal and state banking agencies to provide current and consistent guidance on risk-based policies, procedures, and processes for banking organizations to comply with the Bank Secrecy Act and safeguard operations from money laundering and terrorist financing. The 2010 version further clarifies supervisory expectations since the August 24, 2007 update. The revisions again draw upon comment from the banking industry and examination staff.
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April 23, 2010
Board to hold four public hearings on Home Mortgage Disclosure Act
The Federal Reserve Board announced that it will hold four public hearings, beginning in July, on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act. The act requires mortgage lenders to provide detailed annual reports of their mortgage lending activity to regulators and the public. Consumers, community and consumer organizations, mortgage lenders, and other interested parties will be invited to participate in the hearings.
http://www.federalreserve.gov/newsevents/press/bcreg/20100423a.htm
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April 21, 2010
U.S. Government Unveils New Design for the $100 Note: Government to Currency Users: Know Its Features So You Can Know It's Real
Officials from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System and the United States Secret Service unveiled the new design for the $100 note. Complete with advanced technology to combat counterfeiting, the new design for the $100 note retains the traditional look of U.S. currency.
http://www.federalreserve.gov/newsevents/press/other/20100421a.htm
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April 21, 2010
Federal Reserve System publishes annual financial statements
The Federal Reserve System released the 2009 annual comparative financial statements for the combined Federal Reserve Banks, the 12 individual Federal Reserve Banks, the limited liability companies (LLCs) that were created to respond to strains in financial markets, and the Board of Governors. The individual and combined Reserve Bank financial statements and those of the consolidated LLCs and the Board are audited annually by an independent auditing firm.
http://www.federalreserve.gov/newsevents/press/other/20100421b.htm
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April 16, 2010
Fraudulent Regulatory Agency Issuances: Fraudulent Correspondence Attributed to Officials of the Office of the Comptroller of the Currency
A variety of fictitious correspondence, allegedly issued by the Office of the Comptroller of the Currency (OCC) regarding funds purportedly under the control of the OCC and other government entities is in circulation. Correspondence may be distributed via e-mail, fax, or postal mail. Any document claiming that the OCC is involved in holding any funds for the benefit of any individual or entity is fraudulent. The OCC does not participate in the transfer of funds for, or on behalf of, individuals, business enterprises, or governmental entities.
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April 15, 2010
Federal Regulators Release Model Consumer Privacy Notice Online Form Builder
Eight federal regulators released an Online Form Builder that financial institutions can download and use to develop and print customized versions of a model consumer privacy notice. The Online Form Builder, based on the model form regulation published in the Federal Register on December 1, 2009, under the Gramm-Leach-Bliley Act, is available with several options. Easy-to-follow instructions for the form builder will guide an institution to select the version of the model form that fits its practices, such as whether the institution provides an opt-out for consumers.
http://www.federalreserve.gov/newsevents/press/bcreg/20100415a.htm
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April 14, 2010
Overdraft Protection: Opt-in Requirements and Related Marketing Issues
This bulletin is intended to provide guidance to national banks on implementation of a final rule establishing new opt-in requirements relating to overdraft protection programs. This bulletin transmits and summarizes the final rule. This bulletin also reminds national banks that any marketing or supplementary materials associated with the opt-in procedures – or their overdraft protection programs generally – must comply with Federal Trade Commission Act (FTC Act) standards. Marketing must not be unfair or deceptive to consumers, and should provide consumers with timely, clear, accurate, and balanced information that will promote informed decision making
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April 09, 2010
Matz Provides Insights into Future of Corporate Credit Unions
Responding to questions after speaking to 800 officials at the Texas Credit Union League Annual Meeting in Grapevine, Texas, National Credit Union Administration Chairman Debbie Matz provided further insights into the future of the corporate credit union system.
http://www.ncua.gov/news/press_releases/2010/MA10-0409MatzProvidesInsightsintoCorporateCUsFuture.pdf
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March 31, 2010
OTS Issues Information to Help Consumers Find the Right Mortgage Loans
The Office of Thrift Supervision (OTS) issued information today in support of Financial Literacy Month to educate consumers about a new mortgage process required by the Real Estate Settlement Procedures Act and about the impact of a consumer’s credit score on the interest rate of a mortgage loan.
http://www.ots.treas.gov/?p=PressReleases&ContentRecord_id=b49ab5e8-0518-b795-2a57-da315c7f01ad
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March 26, 2010
Matz Encourages Credit Unions to Explore Enhanced Foreclosure Relief Programs
Praising a new Obama Administration initiative to help consumers avoid home foreclosures, National Credit Union Administration Chairman Debbie Matz today encouraged the nation?s credit unions to redouble efforts to work with members who are seeking ways to deal with troubled mortgages.
http://www.ncua.gov/news/press_releases/2010/MA10-0326MatzForeclosureReliefProg.pdf
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March 25, 2010
OCC 2010-14, Truth in Lending Act: Guidance
The Board of Governors of the Federal Reserve System (FRB) published Consumer Affairs letter CA 09-12 on November 9, 2009, to provide clarity on certain amendments to Regulation Z, which implements the Truth in Lending Act. In 2008, the FRB revised Regulation Z to prohibit creditors from making higher-priced mortgage loans “based on the value of the consumer’s collateral without regard to the consumer’s repayment ability as of consummation, including the consumer’s current and reasonably expected income, employment, assets other than the collateral, current obligations, and mortgage-related obligations.”1 These revisions took effect for applications received on or after October 1, 2009. Letter CA 09-12 provides guidance in the form of answers to frequently asked questions regarding Regulation Z’s repayment ability rule for higher-priced balloon mortgage loans with terms of less than seven years.
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March 23, 2010
Federal Reserve announces final rules to restrict fees and expiration dates on gift cards
The Federal Reserve Board on Tuesday announced final rules to restrict the fees and expiration dates that may apply to gift cards. The rules protect consumers from certain unexpected costs and require that gift card terms and conditions be clearly stated.
http://www.federalreserve.gov/newsevents/press/bcreg/20100323a.htm
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March 19, 2010
OCC Reports Declining Derivatives Credit Exposures
The credit exposure from derivatives activities declined 18 percent in the fourth quarter of 2009, and by 50 percent during the year, the Office of the Comptroller of the Currency reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities.
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March 17, 2010
Federal Banking Agencies Issue Policy Statement on Funding and Liquidity Risk Management
The federal banking agencies, in conjunction with the Conference of State Bank Supervisors (CSBS), released a policy statement today on their expectations for sound funding and liquidity risk management practices. This policy statement, adopted by each of the agencies, summarizes the principles of sound liquidity risk management issued previously and, when appropriate, supplements them with the "Principles for Sound Liquidity Risk Management and Supervision" issued in September 2008 by the Basel Committee on Banking Supervision.
http://federalreserve.gov/newsevents/press/bcreg/20100317a.htm
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March 15, 2010
Credit Unions Must Comply With New Overdraft Rules for Debit and ATM Cards Issued by the Federal Reserve
New Federal Reserve rules give debit and ATM card users additional options regarding overdrafts. In the coming months, banks, credit unions, and other financial institutions must offer you the ability to make decisions about overdrafts for transactions made with your debit or ATM cards.
http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm
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March 11, 2010
Community Reinvestment Act: 2010 Interagency Questions and Answers
The 2010 Interagency Questions and Answers include updates, revisions and a technical edit to one question and answer. The new question and answer provides examples of ways an institution could determine that its community services are targeted to low- and moderate-income individuals.
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March 11, 2010
Federal Reserve releases agreements with foreign central banks to reestablish temporary dollar swap facilities
The Federal Reserve publicly released the text of three agreements with foreign central banks to reestablish temporary dollar swap facilities and announced that, starting Thursday, it would disclose information weekly on use of the swap lines by each of the counterparty central banks.
http://www.federalreserve.gov/newsevents/press/monetary/20100511a.htm
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March 09, 2010
Federal Reserve announces results of auction of $25 billion in 28-day credit
The Federal Reserve conducted an auction of $25 billion in 28-day credit through its Term Auction Facility. The awarded loans will settle on March 11, 2010, and will mature on April 8, 2010. The stop-out rate shown above will apply to all awarded loans.
http://www.federalreserve.gov/newsevents/press/monetary/20100309a.htm
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March 05, 2010
Bank Secrecy Act/Anti-Money Laundering: Beneficial Ownership Guidance
The interagency guidance clarifies and consolidates existing regulatory expectations for financial institutions obtaining beneficial ownership information for certain accounts and customer relationships. The guidance reminds financial institutions that a fundamental component of effective Bank Secrecy Act/Anti-Money Laundering compliance programs is the requirement that financial institutions know their customers, including beneficial owners of certain accounts.
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March 05, 2010
Low-Income Credit Unions Can Apply for 2 Percent Stimulus Funds
The Community Development Capital Initiative program, designed to increase lending in low-income communities, enables Treasury to invest low-cost capital in specific financial institutions, including certain certified Community Development Financial Institution (CDFI) credit unions. Low-income credit unions (LICUs) must apply for funding by April 2, 2010, and uncertified LICUs must apply for CDFI certification by April 16, 2010.
http://www.ncua.gov/news/press_releases/2010/MA10-0305Audio.pdf
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March 04, 2010
Temporary Corporate Credit Union Share Guarantee Program Extended
The National Credit Union Administration has extended the expiration date of NCUA’s Temporary Corporate Credit Union Share Guarantee Program (TCCUSGP) from March 31, 2012, to June 30, 2012.
http://www.ncua.gov/news/press_releases/2010/MR10-0304Corporate.pdf
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March 03, 2010
Federal Reserve announces proposed rules to protect credit card users from certain practices
The Federal Reserve Board proposed a rule amending Regulation Z (Truth in Lending) to protect credit card users from unreasonable late payment and other penalty fees and to require credit card issuers to reconsider increases in interest rates.
http://www.federalreserve.gov/newsevents/press/bcreg/20100303a.htm
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March 02, 2010
Federal Reserve Banks announce completion of check processing infrastructure changes
The Federal Reserve Banks have completed the reduction in paper check processing infrastructure that was begun in late 2003. With the discontinuation of paper check processing at the Atlanta office, all paper check processing is now handled at the Cleveland office. The Atlanta office serves as the Reserve Banks' processing location for electronic check processing.
http://www.federalreserve.gov/newsevents/press/other/20100302a.htm
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February 22, 2010
Board releases online publication on new overdraft rules for debit and ATM cards
The Federal Reserve Board proposed clarifications to aspects of its November 2009 final rule under Regulation E (Electronic Fund Transfers) and its December 2008 final rule under Regulation DD (Truth in Savings) pertaining to overdraft services. The proposals are intended to address questions that have arisen and to provide further guidance regarding compliance with certain aspects of the final overdraft rules.
http://www.federalreserve.gov/newsevents/press/bcreg/20100219a.htm
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February 18, 2010
Tax Refund Anticipation Loans: Guidance on Consumer Protection and Safety and Soundness
The policy statement sets forth the Office of the Comptroller of the Currency’s (OCC) expectations for national banks involved in providing tax refund-related products, including refund anticipation loans (RAL).
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February 18, 2010
Consumer Advisory and Policy Statement Regarding Tax Refund-Related Products
Refund anticipation loans and similar products present particular consumer protection and safety and soundness risks due to their unique repayment and cost structures, and banks’ reliance on third-party tax preparers to offer the products. The OCC consumer advisory and policy statement clarify and enhance existing guidance necessary to address those concerns.
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February 18, 2010
Federal Reserve approves modifications to the terms of its discount window lending programs
The Federal Reserve Board announced that in light of continued improvement in financial market conditions it had unanimously approved several modifications to the terms of its discount window lending programs.
http://www.federalreserve.gov/newsevents/press/monetary/20100218a.htm
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February 17, 2010
Comptroller’s Licensing Manual Updated
This booklet contains policies and procedures to guide a national bank in submitting a request to the Comptroller of the Currency (OCC) to establish or relocate a branch or relocate its main office.
http://www.occ.treas.gov/corpbook/group2/public/pdf/branches.pdf
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February 15, 2010
FFIEC Issues 2009 Mortgage Fraud White Paper: The Detection and Deterrence of Mortgage Fraud Against Financial Institutions
The primary objective is to help examiners understand, identify, and detect mortgage fraud schemes and elements. The white paper defines various types of fraud, gives examples of how individuals commit fraud, provides a list of red flags, and outlines best practices.
http://www.ncua.gov/news/press_releases/2010/MR10-0216_MgtFraud.pdf
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February 12, 2010
Economics Working Paper: Fair Lending Analysis of Mortgage Pricing: Does Underwriting Matter?
This paper focuses on potential interaction between the mortgage underwriting and pricing decisions for fair lending analysis of mortgage pricing.
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February 12, 2010
NCUA Approves Low-Income CU Interim Capital Rule
The Board of the National Credit Union Administration (NCUA) unanimously approved an interim final rule regarding use of secondary capital by low-income designated credit unions (LICUs). The move by NCUA comes less than a week after the Treasury Department announced details of the new Community Development Capital (CDC) Program, an initiative aimed at expanding financial institution lending in low-income areas, and will enable LICUs to participate in the Program. The interim rule changes NCUA rules concerning redemption of secondary capital by LICUs.
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February 09, 2010
Federal Reserve announces results of auction of $50 billion in 28-day credit through its Term Auction Facility
On February 8, 2010, the Federal Reserve conducted an auction of $50 billion in 28-day credit through its Term Auction Facility. The awarded loans will settle on February 11, 2010, and will mature on March 11, 2010. The stop-out rate 0.250 will apply to all awarded loans.
http://www.federalreserve.gov/newsevents/press/monetary/20100209a.htm
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February 05, 2010
Regulators Issue Statement on Lending to Creditworthy Small Businesses
The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement on prudent lending to creditworthy small business borrowers. The regulators recognize that small businesses play an important role in the economy and know that some are experiencing difficulty in obtaining or renewing credit.
http://www.federalreserve.gov/newsevents/press/bcreg/20100205a.htm
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February 05, 2010
Regulators Issue Statement on Lending to Creditworthy Small Businesses
The federal financial regulatory agencies and the Conference of State Bank Supervisors (the regulators) issued a statement on prudent lending to creditworthy small business borrowers. The regulators recognize that small businesses play an important role in the economy and know that some are experiencing difficulty in obtaining or renewing credit.
http://www.federalreserve.gov/newsevents/press/bcreg/20100205a.htm
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February 04, 2010
Regulators Issue Statement on Lending to Creditworthy Small Businesses
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision published in the Federal Register on January 28, 2010, a final rule amending risk-based capital requirements relating to the Financial Accounting Standard Board’s (FASB) adoption of Statement No. 166, Accounting for Transfers of Financial Assets - an Amendment of FASB Statement No. 140 (FAS 166) and FASB Statement No. 167, Amendments to FASB Interpretation No. 46(R) (FAS 167). This bulletin transmits and summarizes the interagency final rule.
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February 03, 2010
Federal Reserve launches a new website for bank directors
The Federal Reserve launched a website to help new bank directors learn how they can work to ensure the safety and soundness of their institutions. The website, BankDirectorsDesktop.org, also provides a refresher course for experienced board members.
http://www.federalreserve.gov/newsevents/press/other/20100203a.htm
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February 03, 2010
NCUA Extends Comment Period on Community Chartering Proposal
The National Credit Union Administration (NCUA) Board has extended the comment period from March 1 to April 15 on proposed revisions to the NCUA Chartering and Field of Membership Manual. The Board’s intent is to enable stakeholders to focus attention on proposed revisions to the corporate credit union rule with the comment period closing March 9.
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February 03, 2010
New Capital Program Open to Credit Unions
Credit unions will be eligible to participate in a new Treasury Department program aimed at expanding financial institution lending in low-income areas. Details of the TARP Initiative for Community Development Financial Institutions, which was first announced by President Barack Obama in October, were finalized today by the Treasury Department. Participation is open to financial institutions, including low-income credit unions that have been designated as Community Development Financial Institutions, and its funding will be available under the Troubled Assets Relief Program (TARP).
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February 01, 2010
Ben S. Bernanke formally sworn in to second term as chairman of the Board of Governors of the Federal Reserve System
Ben S. Bernanke was formally sworn in for a second four-year term as Chairman of the Board of Governors of the Federal Reserve System at a ceremony Wednesday afternoon in the atrium of the Board's main building in Washington.
http://www.federalreserve.gov/newsevents/press/other/20100201a.htm