Links in “Agencies”
- Credit Unions Included in FFIEC Cybersecurity Assessment Trial
The Federal Financial Institutions Examinations Council (FFIEC) announced that it is launching a pilot program in which it will assess the sufficiency of the financial institutionâs cybersecurity policies and procedures. The Council stated that, of the 500 financial institutions to be reviewed, half will be credit unions of various assets sizes. [7/2/14]
- New Guidance for HELOCs
The HELOC guidance promotes an understanding of potential exposures and describes consistent, effective responses to HELOC borrowers unable to meet their contractual obligations. The appropriate accounting and reporting procedures for HELOCs nearing their end-of-draw periods are also discussed. [7/2/14]
- NAFCU Comment Letter on Associational Common Bonds Questions Threshold Requirements
NAFCUâs comment letter on NCUA proposed rule on associational common bonds relates concern with the threshold requirement to determine an associationâs independence and purpose. Specifically, NAFCU is questioning the need for the one-year operation period before a new association can be considered for a membership expansion request. [7/1/14]
- 84 Credit Unions Fined for Late Call Reports
NCUA meant business when it said it would fine credit unions for filing their 5300 Call Reports after the filing deadline. Last month 84 credit unions were assessed fines with the largest individual fine being $10,000. [7/1/14]
- What about Cordray’s Actions Before He Was Confirmed?
The U.S. Supreme Court's ruling that Pres. Obama exceeded his Constitutional recess appointment authority when he filled three vacancies on the NLRB brings into question the validity of the actions taken by CFPB's Cordray during the 18 months after he was appointed, but before he was confirmed. Here is one opinion about the likely outcome. [7/1/14]
- A Modern Twist to an Old Rule
As part of NCUA's Regulatory Modernization Initiative, the NCUA Board proposes revising two of NCUA's appraisal regulations. [7/1/2014]
- New “as of” Date for Bank Annual Stress Tests
The FDIC proposes to modify the âas-ofâ dates for financial data (that covered banks will use to perform their stress tests) as well as the reporting dates and public disclosure dates of the annual stress tests for both $10 billion to $50 billion covered banks and $50 billion covered banks. [7/1/2014]
- $9B BNP Fine Intended to Serve as Wake-up Call to Shareholders
Justice Department says the $9 billion fine against France's BNP Paribas will hopefully be a wake-up call to shareholders about the importance of holding corporate chiefs accountable for following the law. The bank was accused of falsifying records to conceal funneling billions of dollars from blocked nations through its U.S. operations. [7/1/14]
- Final Rule on Information Security Standards
The Board of Governors of the Federal Reserve System (Board) is amending Appendix D-2 of Regulation H and Appendix F of Regulation Y to correct citations to rules on privacy of consumer financial information. [7/1/2014]
- CRA Consideration Expanded to New Areas
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced the availability of the 2014 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities will receive Community Reinvestment Act (CRA) consideration as "community development." [7/1/2014]
