Links in “Agencies”

NACHA is hosting a webinar next week which will focus on the new Same Day ACH rule. The event will help viewers to understand how Same Day ACH affects them, and how it will improve prenotes, reversals, returns, and NOC processes. The webinar takes place on Wednesday, March 2. [2/26/16]

Gibraltar Private Bank and Trust Company was assessed a $2.5 Million civil money penalty for Bank Secrecy Act Violations. This penalty is following a Cease and Desist Order as well as a Consent Order from the OCC. [2/25/16]

CFPB has just released a 1 hour 39 minute video of its 2/3/16 field hearing in Louisville, KY, on checking account access, including a speech by CFPB's director, Richard Cordray. [2/25/16]

The CFPB announced two separate actions against Citibank for illegal debt sales and debt collection practices. The combined fiscal impact from refunds and fines total $53 million and are related to selling credit card debt with inflated interest rates, failing to forward consumer payments promptly to debt buyers and falsification of court documents filed in debt collection cases in New Jersey state courts. [2/24/16]

The Financial Action Task Force (FATF) released a 71-page guide on Money or Value Transfer Services (MVTS) that includes guidance to countries, authorities, participants and financial institutions in applying a risk-based approach to MVTS with an emphasis that not all MVTS providers should be categorized as high-risk. [2/24/16]

The FDIC released the quarterly earnings report that shows Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reported aggregate net income of $40.8 billion in the fourth quarter of 2015 with 57% of the 6,182 insured institutions reporting year-over-year growth in quarterly earnings. While merging issues are observed in the report, the overall picture shows improvement. [2/24/16]

Democrats on the U.S. Senate Committee on Banking, Housing, and Urban Affairs continue to press the Republican controlled Committee to approve the backlog of President Obama's nominees. The panel's Democrat members note that none of the 16 pending nominees were approved in 2015. This point was countered by Chairman Shelby who has publicly stated that the panel will not move any nominations until the President appoints a Vice Chairman for Supervision at the Federal Reserve. [2/24/16]

Though its probably been a year or two (or 10 or 20) since your school days, the idea still rings true that the best way to prepare for an examination is to know what is going to be on the examination. That was true in then, and it's true in a compliance examination, too. Spending time becoming familiar with what the examiners will be working with in your next examination is a vital part of a well-rounded compliance program. And since the FDIC updated its manual in December 2015 with some fairly significant changes, it's the perfect time for a study session. [2/23/16]

Last year, a number of federal regulatory agencies approved the Joint Final Rules on Margin and Capital Requirements for Covered Swap Entities. These Final Rules become effective on April 1, 2016. What might this mean? Some have speculated they may greatly influence the ability of various financial institutions to hedge their assets and liabilities. [2/23/16]

Rick Metsger, the NCUA Board Vice Chairman called upon credit unions to embrace NCUA goals that reflect the quickly evolving economic environment. He stated four goals: announcement of a final field-of-membership rule, creation of a policy to enable credit unions to join together under one charter, development of recommendations to improve key NCUA processes, and continuing to assist credit unions in meeting members' needs. [2/23/16]