Links in “Agencies”

FinCEN has imposed a civil money penalty against a money services business, BPI Inc. The MSB began receiving citations in 2005, but did not adequately address examiners' findings of deficiencies in its AML system including: internal controls, independent testing, training, and suspicious activity reporting. FinCEN's director Jennifer Calvery explains that the civil money penalty "highlights that money services businesses cannot ignore their anti-money laundering responsibilities, or their examiners." [8/29/14]

Due to recent data breaches, legislators are evaluating reasonable expectations for effected institutions in protecting consumers' privacy and financial security. A key point of discussion has been whether free credit monitoring for effected consumers should be required of financial institutions following a data breach. Though it is currently up to the discretion of the institution, that may not be the case for long. [8/29/14]

The CFPB is publishing a proposed amendment to Regulation C (HMDA) for public comment. The changes focus on adding and clarifying several reporting elements for institutions, as well as amending institutional and transactional coverage under the regulation. The public comment period is open through October 29, 2014. [8/29/14]

In a meeting held August 27, 2014, the SEC unanimously approved a set of final rules which will change the reporting requirements and offering process of publicly issued, asset-backed securities. Regulation AB II, in its initial stages four years ago, is undergoing finalization. Issuance-related requirements will be effective one year following publication in the Federal Register; disclosure-related requirements will be enforced two years following final publication. [8/29/14]

CFPB staff intends to offer Q&As on the TILA-RESPA integrated disclosure rules, but only via a series of webinars. Here's a recap of the Q&A from the 8/26/14 webinar co-hosted by the CFPB and the FRB. [8/29/14]

In response to the NCUA's proposed changes to NCUA Rules and Regulations Parts 721 and 741, NASCUS addressed a number of other issues regarding the dual chartering system for credit unions. One such comment recommended that the NCUA be more flexible rather than use the 25 percent limit as a blanket restriction. [8/28/14]

McWatters of the NCUA Board named "providing regulatory relief for credit unions" his first priority when outlining his vision for the agency. Find out what else is occupying his priority list here. [8/28/14]

Office of Inspector General's report finds that Fannie Mae voided a contract to buy loans with lender Taylor Bean in 2000. But Freddie Mac and Ginnie Mae began buying loans in 2002, and when the lender's fraud scheme was uncovered, it was well on its way to bankruptcy, causing the two other GSEs to lose billions. Better communication between the government agencies is recommended. [8/28/14]

NACHA has announced amendments to its Operating Rules that it believes will reduce the number of ACH transactions that result in exceptions and returns. Among other changes, the new rules lower the existing threshold for unauthorized transactions and expand NACHA’s authority to enforce rules related to unauthorized transactions. Furthermore, they've adopted fraud detection rules for investigating "outlier" transactions. See more coverage on the story here and here. [8/27/14]

The CFPB is joining in with other departments to protect servicemembers, veterans, and their family members who are attending college. A signed agreement establishes the framework for sharing complaints; making fraud, deception, and misleading information known; and formalizing a student complaint system. [8/27/14]