Links in “Agencies”
- Strong Profits for Banks Reported
The FDIC reported aggregate net income of $40.3 billion in the fourth quarter of 2013, a $5.8 billion (16.9 percent) increase from the $34.4 billion in earnings that the industry reported a year earlier. Improving economy and correlating drop in loan-loss provisions main factors. [2/26]
- NCUA Chair Matz Warns CUs Against Cyber Terrorists
Instead of cyber-thieves, NCUA Chair Debbie Matz warns of a worse scenario, hackers motivated by terrorism. [2/25]
- 1st Alliance Pays for Fee-Splitting
The $83,000 CMP for illegal splitting of real estate settlement fees may have been much larger, but for First Alliance internal identification, reporting to the Bureau, admitting liability and informing on others involved. [2/25]
- FinCEN Goes Official on GSEs
Federal Register provides details on FinCEN new requirements for GSEs (Fannie Mae, Freddie Mac, etc.) to require AML-program-like requirements and monitoring. Impact on mortgage lending to be seen. [2/25]
- FRB Seeks Transparency through Applications Report
FRB anticipates bi-annual report starting this year that will provide information on applications (e.g., branch, expansion, mergers, acquisitions, etc.) including the number of approvals, denials, and withdrawals, and the primary reasons for withdrawals. [2/25]
- Latest OCC Enforcement Orders Released
Trends in Cease and Desists (C&Ds) show improvement, with only one newly issued compared to six terminations of such enforcement orders. [2/24]
- New FATCA Requirements Target Offshore Tax Evasion
Treasury Department finalized FATCA requirements for due diligence, reporting, and withholding requirements for certain accounts that seeks to remove foreign law impediments to compliance and fulfill information reporting objectives as InterGovernmental Agreements (IGA) provide support. [2/24]
- FinCEN Focuses on Mortgage Fraud
FinCEN finalizes anti-money laundering (AML) regulations regarding SAR filing issues as they relate to mortgage fraud and money laundering. [2/21]
- CFPB’s Deputy Director Speaks to Mortgage Bankers Association
Sharp words spoken by Deputy Antonakes who doesn't mince remarks to mortgage industry citing failures of the past and expectations of the future. CFPB boldly affirms the need for paradigm shift as "business as usual is over." [2/20]
- FDIC Promotes Savings
The FDIC released a statement encouraging consumers to use the upcoming America Saves Week (2/24/2014 to 3/1/2014) as a time to begin or continue saving towards financial goals. Advocacy seems much needed given other recent articles that show savings rates dropping with nearly half of Americans having more credit card debt then savings. [2/19]
