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Bureau Acting Director Mulvaney Statement on the OCC Short-Term, Small-Dollar Lending Announcement
May 24, 2018 / Source: CFPB
Bureau Acting Director Mulvaney Statement on the OCC Short-Term, Small-Dollar Lending Announcement MAY 23, 2018 WASHINGTON, D.C. – Today, Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney issued the following statement in response to a bulletin from the Office of the Comptroller of the Currency (OCC) regarding short-term, small-dollar credit: “I applaud Comptroller Otting’s…
Comptroller Urges Banks to Meet Consumers’ Short-Term, Small-Dollar Credit Needs
May 24, 2018 / Source: OCC
NR 2018-51 FOR IMMEDIATE RELEASE May 23, 2018 Contact: Bryan Hubbard (202) 649-6870 Comptroller Urges Banks to Meet Consumers' Short-Term, Small-Dollar Credit Needs WASHINGTON — Comptroller of the Currency Joseph Otting today issued the following statement regarding the release of his agency’s bulletin encouraging national banks and federal savings associations to offer responsible short-term, small-dollar…
House Passes Most Significant Pro-Growth Financial Regulatory Reform in Generation
May 23, 2018 / Source: Financial Services Committee
Press Releases House Passes Most Significant Pro-Growth Financial Regulatory Reform in Generation Washington, May 22, 2018 – Today, the House of Representatives voted 258-159 to pass the “Economic Growth, Regulatory Relief and Consumer Protection Act,” which represents the most significant pro-growth financial regulatory reform package since the passage of Gramm-Leach-Bliley nearly a generation ago. “For far…
Correction to Administrative Ruling FIN-2018-R002
May 23, 2018 / Source: FinCEN
Correction to Administrative Ruling FIN-2018-R002: Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Automatic Rollovers or Renewals The Financial Crimes Enforcement Network (FinCEN) issued an administrative ruling on Wednesday, May 16, 2018 to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial…
Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms
May 23, 2018 / Source: OCC
NR 2018-50 FOR IMMEDIATE RELEASE May 22, 2018 Contact: Bryan Hubbard (202) 649-6870 Comptroller of the Currency Congratulates House on Passage of Important Regulatory Reforms WASHINGTON—Comptroller of the Currency Joseph M. Otting issued the following statement upon passage by the U.S. House of Representatives of Senate Bill 2155, the “Economic Growth, Regulatory Relief and Consumer…
President Donald J. Trump Signs S.J.Res. 57 into Law
May 22, 2018 / Source: White House
STATEMENTS & RELEASES President Donald J. Trump Signs S.J.Res. 57 into Law BUDGET & SPENDING Issued on: May 21, 2018 On Monday, May 21, 2018, the President signed into law: S.J.Res. 57, which nullifies the Bureau of Consumer Financial Protection bulletin regulating indirect auto lenders for compliance with the Equal Credit Opportunity Act.
Statement of the Bureau of Consumer Financial Protection on enactment of S.J. Res. 57
May 22, 2018 / Source: CFPB
Statement of the Bureau of Consumer Financial Protection on enactment of S.J. Res. 57 MAY 21, 2018 Today the President signed into law a bipartisan Congressional resolution disapproving a rule that was in the form of guidance issued by the Bureau of Consumer Financial Protection (Bureau) about indirect auto lender compliance with the Equal Credit…
GDPR: The Looming Impact on US Banks
May 21, 2018 / Source: Bankinfo Security
GDPR: The Looming Impact on US Banks Brett King, CEO of 'Neobank' Moven, Discusses Pitfalls for Financial Institutions The EU's General Data Protection Regulation, which will be enforced beginning May 25, has significant implications for how financial institutions worldwide handle customer data, says Brett King, CEO of Moven, an all-digital bank, or “neobank.” “Unstructured data collection…
Hensarling: Committee Must Examine Allegations of Latest Fannie Mae Backdoor Schemes
May 21, 2018 / Source: Financial Services Committee
Press Releases Hensarling: Committee Must Examine Allegations of Latest Fannie Mae Backdoor Schemes Media Reports Raise Serious Questions About America’s Biggest Bailed Out Failed Company Washington, May 18, 2018 – House Financial Services Committee Chairman Jeb Hensarling released the following statement following media reports that high ranking Fannie Mae employees have been intentionally violating their government prohibition on…
Federal Reserve and OCC extend comment period for proposed rule tailoring leverage ratio requirement
May 21, 2018 / Source: FRB
May 18, 2018 Federal Reserve and Office of the Comptroller of the Currency extend comment period for proposed rule tailoring leverage ratio requirements Board of Governors of the Federal Reserve System Office of the Comptroller of the Currency For release at 2:00 p.m. EDT The Federal Reserve Board and the Office of the Comptroller of…
Last Minute Implementation Concerns – Beneficial Ownership Webinar is Now Available!
May 18, 2018 / Source:
Last Minute Implementation Concerns – Beneficial Ownership Webinar is now available! Find it by going to —> News & Events —> Past Events —> Past Webinars View Webinar Here
OCC Enforcement Actions and Terminations for May 2018
May 18, 2018 / Source: OCC
NR 2018-47 FOR IMMEDIATE RELEASE May 17, 2018 Contact: (202) 649-6870 OCC Enforcement Actions and Terminations for May 2018 WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations….
Federal Reserve announces results of offering of seven-day term deposits on May 17
May 18, 2018 / Source: FRB
Press Release May 17, 2018 Federal Reserve announces results of offering of seven-day term deposits on May 17 For release at 3:30 p.m. EDT On May 17, 2018, the Federal Reserve conducted a floating-rate offering of term deposits through its Term Deposit Facility. The operation offered seven-day term deposits with the rate set equal to…
Beneficial Ownership Requirements for Products and Services with Automatic Rollover or Renewals
May 17, 2018 / Source: FinCEN
RULING FIN-2018-R002 Issued: May 16, 2018 Subject: Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Automatic Rollovers or Renewals The Financial Crimes Enforcement Network (FinCEN) is issuing this ruling to provide a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial Ownership Requirements for…
Current Expected Credit Losses: Notice of Proposed Rulemaking
May 17, 2018 / Source: OCC
OCC BULLETIN 2018-13 Subject: Current Expected Credit Losses Date: May 16, 2018 To: Chief Executive Officers of All National Banks and Federal Savings Associations; Federal Branches and Agencies of Foreign Banks; Department and Division Heads; All Examining Personnel; and Other Interested Parties Description: Notice of Proposed Rulemaking Summary On May 14, 2018, the Office of the…
FILs Summary of Deposits Survey: Filing for June 30, 2018
May 16, 2018 / Source: FDIC
Financial Institution Letters FIL-27-2018 May 15, 2018 Summary of Deposits Survey Filing for June 30, 2018 Printable Format: FIL-27-2018 – PDF (PDF Help) Summary: The Summary of Deposits (SOD) is the annual survey of branch office deposits as of June 30 for all FDIC-insured institutions, including insured U.S. branches of foreign banks. All institutions with branch offices…
Federal Reserve Board announces termination of enforcement actions
May 16, 2018 / Source: FRB
Press Release May 15, 2018 Federal Reserve Board announces termination of enforcement actions with Barclays Bank plc and Oklahoma Capital Bank For release at 11:00 a.m. EDT The Federal Reserve Board on Tuesday announced the termination of the enforcement actions listed below: Barclays Bank plc, London, England and Barclays Bank plc, New York Branch, New…
Former Camargo Bank President Sentenced to Prison
May 15, 2018 / Source: FDICIG
PRESS RELEASE FOR IMMEDIATE RELEASE Friday, May 4, 2018 Former Camargo Bank President Sentenced to Prison OKLAHOMA CITY – Former First State Bank of Camargo President STEPHEN GREGORY WARD, 53, of Edmond, Oklahoma, has been sentenced to eighteen months in prison for conspiring to misapply bank funds, announced Robert J. Troester, Acting U.S. Attorney for the…
Chili’s Hit By Data Breach, Credit And Debit Card Information Compromised
May 15, 2018 / Source: HUFFPOST
Chili’s Hit By Data Breach, Credit And Debit Card Information Compromised The breach is believed to have occurred between March and April. By Jenna Amatulli Chili’s is reporting some less than hot news. The restaurant chain’s parent company, Brinker International, announced last week some outlets were “impacted by a data incident, which may have resulted…
Military Lending Act: New Comptroller’s Handbook Booklet and Rescissions
May 14, 2018 / Source: OCC
OCC BULLETIN 2018-11 Subject: Military Lending Act Date: May 11, 2018 To: Chief Executive Officers and Compliance Officers of National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Description: New Comptroller's Handbook Booklet and Rescissions Summary The Office of the Comptroller of the Currency…
Premium Finance Cash Refunds and Beneficial Ownership Requirements for Legal Entity Customers
May 14, 2018 / Source: FinCEN
Premium Finance Cash Refunds and Beneficial Ownership Requirements for Legal Entity Customers FIN-2018-R001.pdf FIN-2018-R001 Premium Finance Cash Refunds and Beneficial Ownership Requirements for Legal Entity Customers Issued Date May 11, 2018 The Financial Crimes Enforcement Network (FinCEN) is issuing this ruling to provide exceptive relief to covered financial institutions with respect to the application of…
FFIEC Issues New Customer Due Diligence and Beneficial Ownership Examination Procedures
May 11, 2018 / Source: FFIEC
Press Releases For Immediate Release May 11, 2018 FFIEC Issues New Customer Due Diligence and Beneficial Ownership Examination Procedures The Federal Financial Institutions Examination Council (FFIEC) today issued new examination procedures on the final rule, “Customer Due Diligence Requirements for Financial Institutions,” issued by the Financial Crimes Enforcement Network (FinCEN) on May 11, 2016. These…
May Compliance Huddle is Now Available
May 11, 2018 / Source:
May Compliance Huddle is now available to view. A monthly, peer-to-peer forum that is driven by the topics and issues that attendees wish to talk about and explore. May Compliance Huddle 2018
FinCEN Reminds Financial Institutions that the CDD Rule Becomes Effective Today
May 11, 2018 / Source: FinCEN
FinCEN Reminds Financial Institutions that the CDD Rule Becomes Effective Today Contact Steve Hudak (703) 905-5149 Immediate Release May 11, 2018 The Financial Crimes Enforcement Network (“FinCEN”) reminds financial institutions and their customers that the final rule, “Customer Due Diligence Requirements for Financial Institutions” (the CDD Rule) becomes effective today. FinCEN issued the CDD Rule,…
Spring 2018 rulemaking agenda
May 11, 2018 / Source: CFPB
Spring 2018 rulemaking agenda By Kelly Cochran – MAY 10, 2018 The Bureau’s general purpose, as specified in section 1021 of the Dodd-Frank Act, is to implement and enforce federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial…