Links in “FDIC”

Six federal agencies approved a final rule that defines "qualified residential mortgage" and exempts their securitization from the risk retention requirement. [10/23/14]

The FDIC announced an Advisory Committee meeting to be held October 29th on the topic of economic inclusion and expanding access to financial services for under-served populations. This meeting is open to the public, and will also be streamed live via the internet. [10/14/14]

The FDIC will be hosting a free teleconference on October 22 relevant to all FDIC-supervised institutions. The focus will include regulatory and compliance issues centered on ability to repay, qualified mortgages, and loan officer compensation final rules. [10/9/14]

The FDIC and CFPB have teamed up to create a Spanish version of "Money Smart for Older Adults." This tool is designed to help older adults identify, respond to, and prevent financial exploitation. [10/8/14]

Don't forget, call reports for third quarter 2014 must be received by the FDIC by October 30, 2014. The notice clearly states, "no extensions of time for submitting Call Report data are granted." [10/3/14]

For the 10-year period between 2002 and 2012, the OCC issued 157 appeal decisions, the FDIC issued 63, and the Federal Reserve Board issued 25, while the NCUA’s Supervisory Review Committee issued only six and sided with the examiners in all six cases. The professor who authored this recent study believes that the low number of appeals indicate that the NCUA appeals process is likely less understood and less functional than the process in place at other agencies. Or maybe credit unions just don’t feel that, given the track record, there is any point. [10/2/14]

The FDIC jumps into the fray to give its advice regarding the security vulnerability known as Shellshock. [9/30/14]

This time it is Merrick Bank in Utah that is hit for unfair and deceptive practices over its "PAYS Plan," a payment protection plan that the FDIC found full of misrepresentations and disclosure failures to the tune of $1.1 million in civil penalties and $15 million in restitution. [9/30/14]

Federal judge rejects the FDIC's $40 million lawsuit against directors and officers of a North Carolina community bank that went under in 2009. The judge found that they had a rational business purpose and acted in good faith in signing off on a group of loans at the height of the housing boom, thus shielding them from liability. [9/17/14]

An FDIC white paper points out that 90% of the underbanked and unbanked have a mobile phone and 71% have a smart phone. CUNA is urging the CFPB to minimize the regulatory burdens associated with offering mobile banking services so that credit unions and smaller institutions can pursue this avenue. [9/11/14]