Bank Notes

  • October 20, 2017
    On Friday, October 20, 2017, the OCC issued a Bank Supervision Policies and Procedures Manual ( PPM 5000-43 ) on Impact of Evidence of Discriminatory or other Illegal Credit Practices on Community Reinvestment Act Ratings. The PPM addresses the considerations the OCC will take to address “compliance downgrades” on CRA performance evaluations in the future. The PPM sets forth two principles that...
  • October 19, 2017
    On Thursday, October 19, 2017, the FDIC issued a press release announcing several personnel changes. Chief Information Officer Howard Whyte has more than 20 years of information technology and security experience in the federal government, military, and private sector. Office of Complex Financial Institutions Director Ricardo Delfin has served as deputy director of the Resolution Policy Branch in...
  • October 18, 2017
    On Wednesday, October 18, 2017, the CFPB outlined principles for protecting consumers when they authorize third-party companies to access their financial data to provide certain financial products and services. These principles are intended to help foster the development of innovative financial products and services, increase competition in financial markets, and empower consumers to take greater...
  • October 17, 2017
    On Tuesday, October 17, 2017, the OCC issued a bulletin to inform national banks, federal savings associations, and insured federal branches and agencies of foreign banks about key fields examiners will typically use to validate the accuracy and reliability of home mortgage loan data collected beginning in 2018 pursuant to the Home Mortgage Disclosure Act (HMDA) rule issued October 15, 2015. The...
  • October 17, 2017
    On Tuesday, October 17, 2017, the OCC, the Board of Governors of the Federal Reserve, the FDIC, and the National Credit Union Administration issued a press release exempting real estate-related transactions from appraisal requirements in major disaster areas as declared by President Trump. The exemptions will be in effect for a three-year period from the date of declaration. Included are parts of...
  • October 13, 2017
    On Friday, October 13, 2017, the OCC released an updated list of permissible activities for national banks and federal savings associations. The publication entitled, "Activities Permissible for National Banks and Federal Savings Associations, Cumulative," updates the list of permissible activities to reflect applicable precedent for national banks, streamlines certain entries for readability,...
  • October 13, 2017
    On Friday, October 13, 2017, the OCC issued a press release to announce Bob Phelps will be its next Deputy Comptroller for Supervision Risk Management, effective October 30, 2017. In this role, Mr. Phelps will serve as chair of the OCC’s National Risk Committee, which is charged with identifying primary and emerging areas of risk to the federal banking system and ensuring that the risks are...
  • October 12, 2017
    On Thursday, October 12, 2017, the CFPB filed suit in federal court against the Federal Debt Assistance Association, LLC, and the Financial Document Assistance Administration, Inc., service providers from Baltimore, MD, for presenting themselves as affiliated in some way with the federal government. The CFPB also alleged the companies’ debt-validation programs violated the law by falsely...
  • October 12, 2017
    On Thursday, October 12, 2017, the Federal Reserve issued a press release regarding plans to continue its previously announced periodic testing of the Term Deposit Facility (TDF) with one operation in October. These operations are aimed at ensuring the operational readiness of the TDF and providing eligible institutions with an opportunity to maintain familiarity with term deposit procedures. The...
  • October 11, 2017
    On Wednesday, October 11, 2017, the OCC issued a press release that Amy Friend, Senior Deputy Comptroller and Chief Counsel, will retire from federal service and step down from her position on November 11, 2017. “Amy has made far-reaching contributions to the OCC and to the federal banking system,” said Acting Comptroller of the Currency Keith Noreika. “Her work at the agency and on Capitol Hill...

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