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Former president and CEO of NBRS Financial prohibited from participating in the banking industry
August 20, 2018 / Source: FRB
Press Release August 17, 2018 Federal Reserve Board prohibits former president and CEO of NBRS Financial from participating in the banking industry For release at 10:00 a.m. EDT The Federal Reserve Board on Friday announced it is prohibiting Jacob H. Goldstein, a former president and CEO of NBRS Financial, Rising Sun, Maryland from participating in…
Revisions to Impact of Evidence of Discriminatory or Other Illegal Credit Practices on CRA Ratings
August 17, 2018 / Source: OCC
OCC BULLETIN 2018-23 Subject: Community Reinvestment Act Date: August 15, 2018 To: Chief Executive Officers and Compliance Officers of National Banks, Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties Description: Revisions to Impact of Evidence of Discriminatory or Other Illegal Credit Practices on Community Reinvestment Act…
Federal Reserve to offer seven-day term deposits on August 23
August 17, 2018 / Source: FRB
Press Release August 16, 2018 Federal Reserve to offer seven-day term deposits on August 23 For release at 10:00 a.m. EDT The Federal Reserve plans to continue its previously announced periodic testing of the Term Deposit Facility (TDF) with one operation in August. These operations are aimed at ensuring the operational readiness of the TDF…
Federal Reserve Board announces termination of enforcement actions
August 17, 2018 / Source: FRB
Press Release August 16, 2018 Federal Reserve Board announces termination of enforcement actions with Flagstar Bancorp, Inc., and Santander Holdings USA, Inc. For release at 11:00 a.m. EDT The Federal Reserve Board on Thursday announced the termination of the enforcement actions listed below: Flagstar Bancorp, Inc., Troy, Michigan Supervisory Agreement, issued by the Office of…
Future Efforts Toward Advancing API Standardization Across the Financial Services Ecosystem
August 15, 2018 / Source: NACHA
API Standardization Industry Group Releases White Paper Outlining Group’s Approach, Progress and Future Efforts Toward Advancing API Standardization Across the Financial Services Ecosystem POSTED AUGUST, 14 2018 HERNDON, Va. — Aug. 15, 2018 — NACHA—The Electronic Payments Association’s API Standardization Industry Group (ASIG) today released a white paper – API Standardization – Shaping the Financial Services Industry –…
Bank Accounting Advisory Series Updated
August 15, 2018 / Source: OCC
NR 2018-78 FOR IMMEDIATE RELEASE August 15, 2018 Contact: Stephanie Collins (202) 649-6870 Bank Accounting Advisory Series Updated WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released an update to the Bank Accounting Advisory Series (BAAS). The BAAS covers a variety of topics and promotes consistent application of accounting standards among…
Federal Reserve Board announces termination of enforcement actions
August 14, 2018 / Source: FRB
Press Release August 14, 2018 Federal Reserve Board announces termination of enforcement actions with HSBC North America Holdings, Inc., Capital Funding Bancorp, Inc. and CFG Community Bank, and CommerceWest Bank For release at 1:15 p.m. EDT The Federal Reserve Board on Tuesday announced the termination of the enforcement actions listed below: HSBC North America Holdings,…
FBI Warns of ‘Unlimited’ ATM Cashout Blitz
August 14, 2018 / Source: KrebsonSecurity
The Federal Bureau of Investigation (FBI) is warning banks that cybercriminals are preparing to carry out a highly choreographed, global fraud scheme known as an “ATM cash-out,” in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to fraudulently withdraw millions of dollars in just a few…
Regulation P Updated To Implement Legislation Amending Gramm-Leach-Bliley Act
August 13, 2018 / Source: CFPB
Bureau of Consumer Financial Protection Updates Regulation P To Implement Legislation Amending Gramm-Leach-Bliley Act Changes Will Ease Burden on Financial Institutions and Reduce Risk of Consumer Confusion AUG 10, 2018 WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (Bureau) today finalized amendments to implement legislation that allows financial institutions that meet certain requirements to…
Counterfeit Official Bank Checks of Gate City Bank, Fargo, N.D.
August 13, 2018 / Source: OCC
Alert 2018-10 Subject: Counterfeit Official Bank Checks Date: August 8, 2018 Description: Gate City Bank Counterfeit Official Bank Checks of Gate City Bank, Fargo, N.D. To: Chief Executive Officers of All National Banks and Federal Savings Associations; All State Banking Authorities; Chair, Board of Governors of the Federal Reserve System; Chair, Federal Deposit Insurance Corporation; Conference of…
FRB fines Citigroup
August 13, 2018 / Source: FRB
Press Release August 10, 2018 Federal Reserve Board fines Citigroup $8.6 million for the improper execution of residential mortgage-related documents and announces termination of 2011 enforcement action For release at 11:00 a.m. EDT The Federal Reserve Board on Friday announced an $8.6 million fine against Citigroup for the improper execution of residential mortgage-related documents. The…
August Compliance Huddle is Now Available!
August 10, 2018 / Source:
August 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. August Compliance Huddle is Now Available!
Extension of Limited Exception from Beneficial Ownership Requirements
August 8, 2018 / Source: FinCEN
Extension of Limited Exception from Beneficial Ownership Requirements for Legal Entity Customers of Certain Financial Products and Services with Rollovers and Renewals Extension_Temp_Exceptive_Relief.pdf65.29 KB Immediate Release August 08, 2018 On May 16, 2018, the Financial Crimes Enforcement Network (FinCEN) issued a 90-day limited exceptive relief to covered financial institutions from the obligations of the Beneficial…
Back2Basics: Reg. Z – Home Equity Webinar is Now Available!
August 8, 2018 / Source:
Back2Basics – Reg. Z – Home Equity Webinar is Now Available! It can be found under “News & Events” “Past Events” “Past Webinars.” View Webinar Here
BCFP Collaborates With Regulators Around The World To Create Global Financial Innovation Network
August 8, 2018 / Source: BCFP
BCFP Collaborates With Regulators Around The World To Create Global Financial Innovation Network AUG 07, 2018 WASHINGTON, D.C. – The Bureau of Consumer Financial Protection (BCFP), working in collaboration with 11 financial regulators and related organizations, is announcing an initiative to create the Global Financial Innovation Network (GFIN). The network will seek to provide a more…
HMDA Data Publication
August 8, 2018 / Source: FFIEC & CFPB
HMDA Data Publication The HMDA data and reports are the most comprehensive publicly available information on mortgage market activity. The data and reports can be used along with the Censusdemographic information for data analysis purposes. Available below are the data and reports for HMDA data collected in or after 2017. For HMDA data and reports for…
Former CEO And Chief Loan Officer Of Failed Sonoma Valley Bank Sentenced To Multi-Year Prison Terms
August 7, 2018 / Source: FDICIG
PRESS RELEASE FOR IMMEDIATE RELEASE Friday, August 3, 2018 Former CEO And Chief Loan Officer Of Failed Sonoma Valley Bank, And Borrower’s California Attorney, Sentenced To Multi-Year Prison Terms For Bank Fraud And Other Crimes Court Ordered Asset Forfeiture of Defendant’s Interest in Real Estate Worth Approximately $20,800,000 as Proceeds of the Crimes SAN FRANCISCO…
Wells Fargo faces tax credit probes, new problems with mortgage borrowers
August 7, 2018 / Source: Reuters
Wells Fargo faces tax credit probes, new problems with mortgage borrowers NEW YORK (Reuters) – Wells Fargo & Co (WFC.N) is facing government probes into its use of low-income housing tax credits, and has also set aside $8 million to compensate borrowers who were incorrectly denied mortgage modifications under a federal assistance program, the bank…
OCC Releases CRA Evaluations for 40 National Banks and Federal Savings Associations
August 3, 2018 / Source: OCC
NR 2018-75 FOR IMMEDIATE RELEASE August 2, 2018 Contact: (202) 649-6870 OCC Releases CRA Evaluations for 40 National Banks and Federal Savings Associations WASHINGTON — The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 1, 2018…
FDIC Issues List of Banks Examined for CRA Compliance
August 3, 2018 / Source: FDIC
Press Releases FDIC Issues List of Banks Examined for CRA Compliance FOR IMMEDIATE RELEASE August 3, 2018 Media contact: Greg Hernandez (202) 898-6984 [email protected] The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the…
The FDIC’s Governance of Information Technology Initiatives
August 2, 2018 / Source: FDICIG
The FDIC’s Governance of Information Technology Initiatives Thursday, July 26, 2018 The Federal Deposit Insurance Corporation (FDIC) Office of Inspector General issued an audit report that highlights challenges and risks facing the FDIC with respect to the governance of its information technology (IT) initiatives. The audit focused on key components of the FDIC’s IT…
Federal Reserve issues FOMC statement
August 2, 2018 / Source: FRB
Press Release PDF August 01, 2018 Federal Reserve issues FOMC statement For release at 2:00 p.m. EDT Information received since the Federal Open Market Committee met in June indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate. Job gains have been strong, on…
Business Combinations: Updated Comptroller’s Licensing Manual
July 31, 2018 / Source: OCC
OCC BULLETIN 2018-22 Subject: Business Combinations Date: July 31, 2018 To: Chief Executive Officers of All National Banks, Federal Savings Associations, and Federal Branches and Agencies; Department and Division Heads; All Examining Personnel; and Other Interested Parties Description: Updated Comptroller's Licensing Manual Summary On November 14, 2017, the Office of the Comptroller of the Currency (OCC)…
OCC Begins Accepting National Bank Charter Applications From Financial Technology Companies
July 31, 2018 / Source: OCC
NR 2018-74 FOR IMMEDIATE RELEASE July 31, 2018 Contact: Bryan Hubbard (202) 649-6870 OCC Begins Accepting National Bank Charter Applications From Financial Technology Companies WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will begin accepting applications for national bank charters from nondepository financial technology (fintech) companies engaged in the…
Senate Agrees with House to Renew Flood Insurance Program for 4 Months
July 31, 2018 / Source: Insurance Journal
Senate Agrees with House to Renew Flood Insurance Program for 4 Months July 31, 2018 Congress avoided a lapse in the federal flood insurance program when the Senate today voted 86-12 to extend authorization for the program by four months to Nov. 30. The National Flood Insurance Program would have expired at the end of…