Links in “Agencies”
- CFPB Submits Online Company Complaint Form for Comment
The CFPB requested comments by February 2, 2015 on a form that will allow companies to participate in its Company Portal. This portal allows companies to view and respond to complaints through the complaint handling system. [12/4/14]
- CFPB Provides Guidance on Using Social Security Disability Income in Mortgage Lending
The CFPB recently issued a bulletin on how financial institutions should use income from social security disability benefits to determine repayment eligibility. In particular, the bulletin focuses on when it is not necessary to obtain verification from a physician concerning the length of the applicantâs disability. [12/4/14]
- Two Enforcement Actions Terminated
The Federal Reserve Board has terminated enforcement actions for Metro North Bancshares of Minnesota and United Security Bancshares of California. Search the full list of effective enforcement actions here. [12/3/14]
- CRA Examination Schedule Revealed
The OCC has released the schedule of CRA examinations to be conducted during the first quarter of 2015. Public comment on the institutions scheduled for review is strongly encouraged and will be considered as part of the examination. [12/3/14]
- Swiss HSBC’s Faux Pas
HSBC's Switzerland-based private bank agreed to pay $12.5 million to settle charges by the SEC for providing services to US clients without being properly registered and qualified to offer such services. The bank serves as an example to any institution offering services to non-domestic clients. [12/3/14]
- Former CFPB Official Takes No. 2 Post at HUD
Nani Coloretti, who served as COO in the CFPB's early years, has been confirmed by the Senate to serve as deputy secretary of HUD. [12/3/14]
- FBI Issues Alert about Destructive Malware
The FBI has issued a flash alert about a highly malicious and destructive malware attack against an unnamed American company. The attack, which is believed to have been against Sony Pictures Entertainment, involved wiper malware that, among other things, can overwrite the master boot record causing an operating system to fail. [12/3/14]
- Christmas Comes Early for BSA Officers
The long-awaited day has arrived! The FFIEC has released the revised BSA/AML Examination Manual. Among the revisions are new CTR and SAR E-Filing requirements, guidance on the extension of SAR filing for continuing activity, and guidance related to currency transaction aggregation for businesses and exemptions. The online manual is available here. [12/3/14]
- OCC Fees to Rise in 2015
The OCC announced that it will raise fees for all asset categories starting January 1, 2015. The announced fee hikes are an effort to offset increased supervisory obligations incurred under the Dodd-Frank Wall Street Reform Act and the Consumer Protection Act. [12/2/14]
- CFPB Paints Prepaid Financial Services Regulation with a Broad Brush
The CFPB recently proposed far-reaching regulations that outline requirements for prepaid financial products. In addition, the proposed regulations regulate benefit cards, payroll cards, tax refund cards, student financial aid disbursement cards, as well as mobile and electronic accounts. [12/2/14]
