Links in “OCC”

Topics covered at the $99 workshops including Mastering the Basics, Risk Assessment, Compliance Risk and Credit Risk. Workshops are held throughout the country and require advance registration. [1/16]

FinCEN and OCC combine for $461 million in fines of JPMorgan Chase for willfully violating BSA by failing to report suspicious transactions arising out of Bernard L. Madoff’s decades-long, multi-billion dollar fraudulent investment scheme. Financial institutions could benefit from a consideration of the key weaknesses cited by regulators. [1/8]

Fed Reserve, FDIC, and the OCC issued 149 new enforcement actions in 2013, a 47% decrease from 2012, when regulators issued a total of 281 actions. [12/30]

American Express settles allegations that it used to deceptive marketing and unfair billing practices in selling credit card add-on products to its customers. $59.5 million will go to restitution to customers and $16.2 million will to go three separate penalties to the CFPB, the FDIC and the OCC. [12/26]

OCC's 3rd quarter mortgage industry report notes ongoing overall improvement. Key elements include increase in current mortgages (91.4% up from 88.6% in 2012), decreases in early stage delinquency (2.6% down from 15.5% a year ago), and foreclosures (48% reduction). [12/24]

Fall 2013 outlook notes overall strategic risk as elevated, noting focus on individual bank's strategic business plans for growth, cyber security threat management, competition impact, BSA/AML dynamic shifting towards new money laundering methods, and market volatility and price risk. [12/20]

On Friday the 13th, the OCC closed $160 million Texas Community Bank, the 2nd Texas bank closure this year and the 24th in the nation, less than half the number of banks closed last year. [12/16]

The agency, which battles the perception that it is too close to the institutions it oversees, is criticized for its practice of putting examiners "in residence" at large institutions, particularly when examiners have been at an institution for more than five years. [12/6]

Industry observers note the signs of the FDIC, OCC and CFPB moving toward enforcement actions and new rules. [12/3]

OCC and FDIC follow through on threat to kill deposit advance loans by issuing guidance that makes it likely that few banks will continue to offer these products. What the CFPB will do remains to be seen. [12/2]